QuarterlyMetroNewYork

THE METROPOLITAN NEW YORK CHAPTER

METRO NY CHAPTER2014 OFFICERSPresidentEric P. Haims, MAIJerome Haims Realty, Inc.(212) 687-0154ehaims@jeromehaimsrealty.com

First Vice PresidentSharon Y. Locatell, MAIAppraisers and Planners, Inc.(212) 683-1122slocatell@appraiser-plan.com

Second Vice PresidentJohn A. Katinos, MAICushman & Wakefield, Inc.(212) 841-5061john.a.katinos@cushwake.com

SecretaryAlice Palmisano, SRABrown Harris Stevens(212) 508-7331apalmisano@bhsusa.com

TreasurerWilliam P. McKenna, MAIM&T Bank(212) 350-5578wmckenna@mtb.com

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It is rather amazing that exactly 30 years ago my father,Jerome Haims, took the oath of office as 1983 President ofthe Metropolitan New York Chapter of the Appraisal Institute.

I was in eighth grade, attended his installation dinner andremember saying to myself that someday I would like to beChapter President. Now here I am, 30 years later, your 2014Chapter President. I think one of the things which makes the appraisalprofession so great is the many family connections that existamong our members. There are numerous family affiliations inour chapter and in our profession in general where the art ofappraising and a passion for doing it has been passed downfrom generation to generation. It is an honor to be your 2014 Chapter President. I wantour members to know that I will always take my role as chapterpresident very seriously and put the chapter’s interests first. I have had the benefit of learning from a excellent group ofpast chapter presidents which includes Marilyn Weitzman, JoelLeitner, Kenny Wong, Steve Schleider, Theresa Nygard and EricLewis. I plan to take all that I have learned from each and everyone of these leaders and use it during my term. I am very pleased with the current direction of theAppraisal Institute. The organization has made great strides inthe past few years. The Candidate for Designation program hasbeen a huge success with our chapter welcoming a recordnumber of newly designated members in 2013. I am excitedabout the first new designations in 20-years - the GeneralReview Specialist and the Residential Review Specialist. I am infavor of the new point system for continuing education whichrewards designated members for taking advanced educationand passing the examination. I am encouraged by theproposed standards of valuation practice that could serve as analternative for valuation professionals where national or otherstandards are not required. I have numerous, important goals, local, regional andnational, for 2014 which I would like to share with you. I plan on expanding the reach and, thereby, the awarenessthat people have regarding the Metro NY Chapter of theAppraisal Institute. This will include offering joint events andnetworking opportunities with other professional organizations. I intend to improve communications with the nationalorganization and will be active on a national level includingattending the national meetings in Austin, Texas in August. Iwill make sure that our national officers and board membersunderstand and take into consideration the Metro New YorkChapter’s position when it comes to important AppraisalInstitute matters. I also plan on being active on the Regional level and will beattending both the Second Quarter joint regional meeting withRegion IV in Southbury, Connecticut in April and the Fourth

Quarter regional meeting in Saratoga,New York in September. I will strive to foster the continued financial health of ourchapter for 2014 and will work closely with 2014 SponsorshipChair Marc Nakleh and 2014 Treasurer Bill McKenna to assurethis happens. I intend to continue to improve our chapter’scommunication both to our members and to the outside worldwith the use of Social Media. As such, I will work closely with2014 Communications Chair Michael Neal. In the past few months, I have been very busy working withConnie Puccio and various committee chairs planning theupcoming year. We will offer quality programs to our members in 2014 andI will work closely with Program Chairs Brian Corcoran, SharonLocatell and Joel Leitner to continue our chapter’s high level ofinteresting and diverse programs. As is traditional, we will begin the year on January 13thwith a joint Economic Forecast breakfast meeting with theCounselors of Real Estate where we will again here from MarkZandi, Chief Economist at Moody’s Analytics. There will be a full complement of educational courses for2014. I would like to commend and thank Amanda Aaron, ourchapter’s 2014 Education Chair, and Connie Puccio for alreadyplanning our chapter’s educational offerings for 2014. I plan onadding new and interesting courses, including the ReviewTheory – Residential course and the Review Theory – Generalcourse and the Review Case Studies – Residential and ReviewCase Studies – General to our list of chapter courses as soon asthey become available to local chapters. We will also offer threeto four seminars during 2014 and I thank Bill Picoli for agreeingto be 2014 Seminar Chair. As for the June outing for chapter members and industrycolleagues, we want it to be fun and exciting and I will workwith Christophe Porsella and Robert Nardella, 2014 SpecialEvents Chairs, to make sure it is an engaging, memorable event. I would like to thank Patrick Craig and Alice Palmisano foragreeing to co-chair the 2014 September Conference, ourannual premier event. We have already started work andselected a topic about which I am extremely excited: “TheFuture of Midtown East and Midtown West”. We plan onhosting two panels comprised of city officials, developers,zoning experts and preservationists, as well as a keynotespeaker, to make this year’s conference a must attend event. In conclusion, I look forward to serving as ChapterPresident and will work closely with the officers and board ofdirectors. The goal for all of us is to grow, innovate, expand,enhance our members’ professional knowledge and continue tosecure our reputation as one of the Appraisal Institute’s verybest chapters.

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PRESIDENT’S MESSAGE

President’s Message Eric P. Haims, MAI

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Outgoing President's Message Eric B. Lewis, MAI

OUTGOING PRESIDENT'S MESSAGE

2013, as it turned out, was a very good year for theMetropolitan New York Chapter of the AppraisalInstitute.

First and foremost, I need to thank our sponsors,without whom we couldn’t be the presence we arein this industry.

We had tremendous sponsor support this year. Wewere also fortunate to have very strong committeechairs who provided outstanding leadership andresults.

Here are some of the high-notes:

- Joel Leitner quarterbacked our Programs chair,and along with Brian Corcoran, and SharonLocatell, put on 4 very well attended andsuccessful events which featured such luminariesas Mark Zandi of Moody’s Analytics, DavidCheiken of Brookfield Properties, David VonSpreckelsen of Toll Brothers City Living, and PaulAllegretti and Lenny Beaudoin of CBRE.

- The dynamic duo of John Katinos and MarcNakleh organized and executed one of our mostsuccessful September conferences to date wherewe heard from speakers Scott Rechler of RXR andNYC Police Commissioner Ray Kelly and alsobenefitted from panelists Bill Shanahan, AdelaidePolsinelli, Gene Speigleman, and Pamela Liebman.

- A special thanks goes out to Rob Nardella whostepped in and organized a fantastic June outingwhere we cruised around lower Manhattan,enjoyed good food, good drink, great company,and yes, learned a bit about NYC’s architecture.

- Under Steve Schleider’s watch as the CandidateGuidance chair, our chapter welcomed a total of 8new MAIs to our ranks this year, the highestnumber in recent memory.

- Eric Haims, our 2014 President, was also our2013 sponsorship chair and truly raised the bar forus in sponsorship commitments, benefitting us all.

- Thanks to Kenny Wong and Art Chiaramonte,our Seminars and Education Committee chairs,respectively, our chapter offered 20 classes and 3seminars and stayed in the black overall.

- Finally, thanks to Michael Neal, ourcommunications committee chair, our chapter hasentered the social media world with a presence onTwitter.

For all of this years’ successes, 2013 was not without loss. Ruth Agnese’s passing in April wasundoubtedly the low-point of our year, perhaps thechapter’s lowest point in recent memory. To losesuch a wise, active, and engaged friend andcolleague was devastating, on a personal andprofessional level. But we are all better people forhaving known Ruth and naming our Chapter’sPerson of the Year Award after her and establishinga scholarship in her name will ensure that hermemory and spirit live on.

Then, on December 7, Alex Hesterberg passed away,another huge, huge presence in our chapter and ourprofession. Our chapter, along with the CREs plan tohonor Alex at the January 13, 2014 joint economicforecast.

Ruth and Alex, you will be sorely missed.

Before I close, I want to express my sincere thanksto all of you. It has been an honor to serve this greatchapter and all of the highly talented people whocomprise it.

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The Chapter held its Annual Conference on September 19thwith an all-star group of panelists and speakers whoaddressed the topic of “New York City: World Capital forReal Estate Investment” from their expert points of view onresidential, commercial and retail real estate.

Moderated by Brian Corcoran, Cushman & Wakefield, thesession panelists included Pamela Liebman, President andCEO, The Corcoran Group; Adelaid Polsinelli, Senior Director,Eastern Consolidated; William Shanahan, Vice Chairman,CBRE; and Gene Spiegelman, Vice Chairman, Cushman &Wakefield.

Raymond W. Kelly, Commissioner, New York City PoliceDepartment, served as pre-luncheon keynote speaker.

Scott Rechler, CEO, RXR Realty, served as luncheon keynotespeaker including a presentation.

(Continues on page 5)

September Conference

Patron Sponsors:

JDM Real Estate Co.Aaron Valuation

R.D. Geronimo Ltd.Regional Appraisal Associates

Friends Sponsors:

The Metro New York Chapter thanks the following sponsors of the September Conference:

PEARSON PARTNERS, INC.WMSHUBERT & CO.,INC

Supporters Sponsors:

Media Sponsor:

EVENTS

At the 2013 Conference, a stellar panel of real estate industry experts agreed thatNew York’s fast moving market is and will continue to be a number one global cityfor investment. (L to R): Conference co-chairs Marc Nakleh and John Katinos and2013 Chapter President Eric Lewis, Cushman & Wakefield; Adelaide Polsinelli,Eastern Consolidated; Gene Spiegelman, Cushman & Wakefield; Pamela Liebman,The Corcoran Group; William Shanahan, CBRE; conference moderator BrianCorcoran, Cushman & Wakefield.

2013 Chapter President Eric Lewis and ConferenceChairs Marc Nakleh and John Katinos, all Cushman &Wakefield, with (second from left) Raymond Kelly,Commissioner New York City Police Department.

Keynote speaker, ScottRechler, CEO, RXR Realty

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September Conference (Continued from page 4)

EVENTS

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Holiday Party and Installation Dinner

EVENTS

On December 11th at Robert atop the Museum of Arts & Design overlooking Columbus Circle,2014 Chapter President Eric Haims was sworn into office by his father, Jerome Haims, makingthem the first father/son presidents of the Metro NY Chapter, 30 years removed.

The evening also included tributes to past presidents Alex Hesterberg, who passed awayearlier in the week, and Ruth A. Agnese whom the Chapter lost in April. The Ruth AgnesePerson of the Year award recipient was a surprised Dan Sciannameo of Albert ValuationGroup who said it was Ruth who told and taught him that “you had to give back.”

The formal program and dinner were followed by attendees rocking out to the DJ’s greatmusic selections.

The Metro New York Chapter thanks thefollowing sponsors of the December 11thInstallation Dinner:

Aaron ValuationAlbert Valuation Group NY, Inc.Appraisers and Planners Inc.

Cushman & Wakefield, Inc.Houlihan & O’Malley Real Estate ServicesJerome Haims Realty, Inc.KTR Real Estate AdvisorsLandauer Valuation & AdvisoryLeitner Group Inc.Marshall & Stevens

Metropolitan Valuation Services, Inc.Pearson Partners, Inc.Regional Appraisal Associates, Inc.Steven J. Schleider, MAI and Martin B.Levine, MAIThe Weitzman Group, Inc.

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Holiday Party and Installation Dinner (Continued from page 6)

EVENTS

2014 Chapter President Eric Haims is sworn in by hisfather, past president Jerome Haims

Theresa Nygard, KTR Real Estate Advisors, swears inthe 2014 board of directors.

2013 President Eric Lewis, Cushman & Wakefield,with master of ceremonies Sharon Locatell,Appraisers and Planners

Brian Corcoran, Cushman & Wakefield remembersAlex Hesterberg's wit, wisdom, wardrobe and 30year battle with cancer.

Joel Leitner, trustee of the Erica Ruth AgneseEducational Fund, remembers Ruth A. Agnese

2014 President Eric Haims’ acknowledgement ofSteve Schleider, Metropolitan Valuation Services, asthe Chapter’s Education Sponsor

Dan Sciannameo, Albert Valuation Group, recipientof the Ruth A. Agnese Person of the Year Award withRuth’s son, John Agnese, Metropolitan ValuationServices

2014 President Eric Haims’ acknowledgement ofRobert Nardella, Cushman & Wakefield, Inc., asthe Chapter’s Seminar Sponsor

Past President Jerome Haims with 2014 PresidentEric Haims and family.

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The Chapter mourns the loss ofAlexander G. Hesterberg, who diedpeacefully on December 7, 2013surrounded by his loving familyafter a very long and courageousbattle with Non-Hodgkin’s Lymphoma. Alex was the belovedhusband of Valerie (nee Price) for42 years; adored father of Alexander (Liza) and Matthew(Maya); and loving “Papa” to hisfive cherished grandchildren:

Royce, Brendan, Hayden, Mason and Kensington.

Born in Brooklyn, NY on July 4, 1946, Alex was a son of the lateAlexander and Ruth Hesterberg. He was one of their six children and is survived by his sisters, Ann Hannan, FrancesMcDonald, Winifred Morello, his brother Gregory Hesterbergand many loved nieces and nephews. His brother, Henry Hesterberg preceded him.

A Managing Director and former head of Global Real EstateValuation for Deutsche Bank, Alex was a member of the Appraisal Institute (MAI) and a past President of the Metropoli-tan New York Chapter. In addition, he was a Counselor of RealEstate (CRE) and a Fellow of the Royal Institute of CharterSurveyors (FRICS). Alex, a proud veteran, was a graduate ofBrooklyn Prep and Georgetown University.

Donations in Alex’s memory can be made to The Monter Cancer Center North Shore-LIJ Health Systems Foundation125 Community Drive Great Neck, NY 11021.

Other losses this year include the passing on September 3,2013 of Sanford Brunswick, father of Long Island AI member,Elinor Brunswick, MAI. Sandy had been active in the real estate industry for over 60 years. Many of you will rememberhis remarkable stories and history of Long Island and Queenswhere his father, Armand Brunswick, MAI was one of the firstmembers of the Appraisal Institute.

Long-time member Doris Silber, announced the passing of herhusband, Ben Silber, on November 23, 2013, the same day astheir son Steven's birthday. Ben's interests were in social work,sports and family. Ben left Doris well fortified with 4 sons, theirwives, 6 grandchildren, and wonderful memories.

Joel Leither has established aneducational trust for Erica, thedaughter of past president RuthAgnese who passed away in April.Ruth was an extraordinary contributor to the Chapter overmany years and helping the family with college expenses is away to pay it forward.

Donations in the trust name, TheErica Ruth Agnese Irrevocable

Education Trust, can be made to: Joel Leitner, Trustee, TheLeitner Group Inc., 79 Madison Avenue, 8th Floor, New York,NY 10016.

In Memoriam

The Metro NY Chapter joined forces with the Association of RealEstate Women (AREW) to jointly host an October 1st luncheonprogram entitled “Workplace Strategies”. Guest speakers werePaul Allegretti, Senior Managing Director, Asset Services/Tri-State Portfolio, CBRE and Lenny Beaudoin, Senior ManagingDirector, Workplace Strategy, CBRE.

2014 AREW President Erin Bond, New York Law School; Joel Leitner, The LeitnerGroup; 2013 AREW President Lina Telese, Zetlin & DeChiara; 2013 Chapter President Eric Lewis, Cushman & Wakefield

October Joint Luncheonwith AREW

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New Chapter MAIsThe Chapter welcomed a record number of newly-designated MAIs in 2013 andcongratulates each for their achievement.

Here are five new MAIs who were awardedtheir certificates the second half of 2013.

Roman Rubinchek receiving his MAIcertificate from Robert Hedrick, MAI atthe September Conference.

Didi Yep receiving her MAI certificatefrom Robert Nardella, MAI at theSeptember Conference.

Sherif Elshoubri receiving his MAIcertificate from Eric Haims, MAI at theInstallation Dinner.

Betsy Mak receiving her MAI certificatefrom Eric Lewis, MAI at the InstallationDinner.

Doug Geddes receives his MAIcertificate from Steven Schleider, MAI at the Installation Dinner.

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2014 EDUCATION SCHEDULE

The Metro NY Chapter of the Appraisal Institute

2014 Education Schedule JANUARYJANUARY 13 & 15USING THE HP12C FINANCIAL CALCULATOR (GE3)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pm - Cost: $295

JANUARY 17 – FEBRUARY 7GENERAL APPRAISER MARKET ANALYSIS &HIGHEST AND BEST USE (G4)(FRIDAYS - JAN. 17, 24, 31, FEB. 7)Location: The Real Estate Board of NY, 570 Lexington Avenue, NY, NYTime: 9am-5pm - AI Price: $595 / Full Price: $625

JANUARY 31 – FEBRUARY 28BASIC APPRAISAL PRINCIPLES (R5)(4 Fridays: Jan. 31, Feb. 7, 14, 28 (no class 2/21)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY Time: 9am-5pm - Cost: $495

FEBRUARYFEBRUARY 5TH7 HOUR USPAP UPDATELocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pm AI Price: $195 / Full Price: $225

FEBRUARY 24 & 25REAL ESTATE FINANCE, STATISTICS & VALUATIONMODELING (SMF)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pm - Cost: $295

MARCHMARCH 3 – 12BASIC APPRAISAL PROCEDURES (R6)(MARCH 3, 5, 10 & 12)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY Time: 9am-5pm - Cost: $95

MARCH 24-28ADVANCED MARKET ANALYSIS & HIGHEST AND BEST USELocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $745 / Full Price: $1,065

APRILAPRIL 2BUSINESS PRACTICES & ETHICSLocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pmAI Price: $195 / Full Price: $225

MAYMAY 5 & 615 HOUR USPAPLocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pm - Cost: $295

MAY 13-21GENERAL APPRAISER SALES COMPARISON APPROACH (G5) (MAY 13, 14, 20 & 21)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pmAI Price: $595 / Full Price: $625

JUNEJUNE 47 HOUR USPAP UPDATE Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pmAI Price: $195 / Full Price: $225

JUNE 5-13GENERAL APPRAISER SITE VALUATION & COSTAPPROACH (G6) (JUNE 5, 6, 12 & 13)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pmAI Price: $595 / Full Price: $625

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2014 EDUCATION SCHEDULE

The Metro NY Chapter of the Appraisal Institute

2014 Education Schedule (continued)JULYJULY 21-28ADVANCED INCOME CAPITALIZATION(JULY 21-25 & 28)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $675 / Full Price: $965

SEPTEMBERSEPTEMBER 10-19GENERAL APPRAISER INCOME APPROACH PART I(G7) (SEPTEMBER 10, 12, 17 & 19)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $595 / Full Price: $625

OCTOBEROCTOBER 17 HOUR USPAP UPDATELocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NYTime: 9am-5pm - AI Price: $195 / Full Price: $225

OCTOBER 14-23GENERAL APPRAISER INCOME APPROACH PARTII (G7) (OCTOBER 14, 16, 21 & 23)Location: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $595 / Full Price: $625

NOVEMBERNOVEMBER 10-13GENERAL APPRAISER REPORT WRITING & CASESTUDIESLocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $695 / Full Price: $725

DECEMBERDECEMBER 3BUSINESS PRACTICES & ETHICSLocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NY - Time: 9am-5pmAI Price: $195 / Full Price: $225

REGISTRATION

TO REGISTER FOR ANY OF THE COURSES OR SEMINARS,PLEASE CONTACT THE CHAPTER OFFICE AT:

866-966-3710 OR VIA E-MAIL AT: metronyai@aol.com

ALL CLASSES TAKE PLACE AT: Association of the Bar of the City of NY,42 W. 44th St., NYC (Unless indicated)

Online Education:Online Education: Learn at your own pace anytime, anywhere.

Top-notch Appraisal Institute courses and seminars come

straight to your desktop with online education! Learn from

any computer anywhere, whenever you have time. It's easy,

convenient and a great way to get the education you want.

Check out the current course listing now!

http://www.appraisalinstitute.org/education/online-education-view_programs.aspx

Courses towards the Review Designationswill be added to the schedule shortly.

A full list of Continuing Education Seminarswill be posted to the Chapter website shortlyat www.aimetrony.com

2013 SPONSORS

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Aaron ValuationAppraisers and Planners Inc.Capital Appraisal ServicesColliers International

Leitner Group Inc.Massey Knakal Realty ServicesNew York Community BankRegional Appraisal Assocs.Wilrock Appraisal & Consulting, Inc

Albert Valuation Group NY, Inc.

AVISON YOUNG

Brown Harris Stevens

CBRE

Jerome Haims Realty, Inc.

Joseph J. Blake & Associates

Landauer Valuation & Advisory

Pearson Partners, Inc.

Originators Group, LLC

The Weitzman Group, Inc.

Wm. Shubert & Co.

The Metropolitan New York Chapter of the Appraisal InstituteWould Like to Thank the 2013 Chapter Sponsors:EDUCATION SPONSOR

GOLD LEVEL

SILVER LEVEL

SEMINAR SPONSOR

PLATINUM LEVEL

KTR Real Estate Advisors, LLC

Goldstein, Rikon, Rikon & Houghton, P.C.

MurrayHill Properties