Special Advertising Section - Crain's New York · PDF fileNew York’s Real Estate...

Special Advertising Section

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New York’s Real Estate Community: Like No Other Special Advertising Section

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A NOTE FROM OUR PUBLISHERThe real estate industry in New York City is unlike any other in the world: spectacular architecture, iconic buildings, a storied skyline and a consortium of talented professionals who all coalesce to create a bustling and philanthropic business community. To celebrate this distinct group, Crain’s Custom Connections Studio has created this special section, dedicated to showcasing what makes this community tick.

In the first article, which starts on Page S4, Crain’s Custom Connections Studio will take a deep look at the philanthropy of the real estate industry, and how marquee-name CEOs and presidents are giving back to their city in the form of generous donations and stunning renovations.

We then look on Page S6 at REBNY’s pivotal role in the real estate industry - from creating a sense of community and advocating for its needs to providing educational programs and curating a robust database of real estate information.

The last section is a series of interviews with real estate professionals who discuss their thoughts on the industry, their ideas for the year ahead and how the real estate landscape will continue to evolve in an ever-changing marketplace.

We hope you enjoy New York’s Real Estate Community: Like No Other, and if you have any thoughts or comments, please reach out to us. We love hearing from our readers.

Best,

Jill Kaplan V.P. & Publisher Crain’s New York Business

TABLE OF CONTENTS S2 Introduction

S3 New York University

S4 In New York City, the Real Estate Industry’s Philanthropy is a Matter of Course

S5 U.S. Green Building Council

S6-10 The Real Estate Board of New York: Serving a Community Vital to the City’s Prosperity

S7 Avison Young

S8 Paramount Building – 1501 Broadway

S9 3 Hudson Boulevard

S11 Lee & Associates

S12 Moinian

S13 Emerge 212

S14 CBRE

S15 The Durst Organization

S16-36 Interviews with Industry Executives and Veterans

S17 TF Cornerstone

S18 Goulston + Storrs

S19 Cushman & Wakefield

S20 Douglas Elliman

S21 EVO Real Estate Group

S23 The Vortex Group LLC

S25 Paragon

S26 The Marino Organization

S27 Sherwood Equities

S29 Jack Resnick & Sons

S30 Handler Real Estate Organization

S31 PI Capital

S33 Jones Lang LaSalle

S35 SL Green

S37 Silverstein Properties

New York’s Real Estate Community: Like No Other is published by Crain’s Custom Connections Studio. For more information, please contact Trish Henry at (212) 210-0711 or [email protected]. The digital edition can be viewed online at crainsnewyork.com/realestate2014.

Special Advertising Section

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S4

The real estate titans who develop and manage the buildings that define New York City are also pillars of philanthropy. They sustain and strengthen a wide-range of non-profits by not only providing generous financial support, but also sharing their resources and expertise.

At Carnegie Hall, a $10 million gift from Judith Res-nick and Burton Resnick – chief executive officer at Jack Resnick & Sons, Inc. – is part of the more than $205 million raised towards the $224 million renova-tion of the Studio Towers atop the landmark building. The overhaul, to be completed this year, includes new ensemble rooms, practice rooms and teaching studios, said Susan Brady, director of development at Carnegie Hall.

Similarly, at Lincoln Center, Tamar Podell – the senior vice president of planning and development – called its 40-year-old real estate development council “a true partner in our evolution and development.” The council has raised more than $23 million for the arts organiza-tions and training academies on the 16-acre campus.

“They made a huge difference, providing unrestricted operating support” that keeps the lights on and helps Lincoln Center bring performing arts programs to schools, libraries and other communities, Ms. Podell said.

Support from the real estate industry to help the Robin Hood Foundation’s 240 poverty-fighting organizations “is immeasurable,” said Susan Sack, the managing director of real estate. “The real estate community has come in, time and time again,” with expertise to nego-tiate a lease, design a building or find the right contrac-tor, Ms. Sack added.

Pro bono help from The Georgetown Company, a developer, along with reduced fees from the architec-tural firm Gensler and the design consultancy Penta-gram, made it possible last fall for Robin Hood to open

the KIPP NYC College Prep, a charter high school in the Bronx. The foundation has also raised nearly $80 million over the last quarter century to fund the grants for its projects.

Annual unrestricted contributions from real estate leaders total about $50 million for UJA-Federation of New York, said Mark Medin, a senior vice president. That helps 100 agencies across the metropolitan area provide human, educational and leadership services.

“The real estate community is among the most, if not the most, committed, long-term philanthropic element of the New York Jewish community when it comes to the UJA- Federation as with much of the New York philanthropic community,” Mr. Medin said.

Larry Silverstein, the chief executive officer of Silver-stein Properties, is among the major players “who give themselves as mentors, leaders and role models to encourage others to become active in supporting UJA,” Mr. Medin added.

At the newly expanded Queens Museum in Flushing Meadows-Corona Park, a fundraising campaign asks developers to “ adopt” for “tens of thousands of dollars” or add models of their new buildings to the 895,000 structures in the museum’s 9,500-square-foot Pan-orama of the City of New York, said Tom Finkelpearl, president and executive director.

The campaign, which supports educational program-ming, “has been quite attractive to the real estate com-munity,” he said. To date, the real estate industry has brought in about $30,000 of the $100,000 raised.

And in choosing to renovate the miniature Battery Park City or build a Lilliputian model of the new Yankee Sta-dium, the real estate community upholds its tradition of enriching the city with its visionary philanthropy.

The city’s iconic museums, performing arts centers and non-profits all benefit from a generous real estate community

IN NEW YORK CITY, THE REAL ESTATE INDUSTRY’S PHILANTHROPY IS A MATTER OF COURSE

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From the two-family homes that dot Staten Island to the skyscrapers that line the island of Manhattan, the city’s real estate industry continues to leave its enduring signature on residential and commercial landscapes.

Fostering a sense of community within the industry and lending a voice to their concerns in its working relationships with the city and state – as well as provid-ing the information, professional tools and networking gatherings critical to development, ownership, manage-ment and brokerage – is the 118-year-old Real Estate Board of New York (REBNY).

“We bring together every element of real estate – resi-dential and commercial brokerage, owners, managers, financial institutions, attorneys, architects and plan-ners,” said REBNY President Steven Spinola. “And at different times, every element is sitting in the room, sharing their efforts and making it a better and more professional industry.”

As a trade organization, REBNY enables members to stay abreast of issues and trends important to their work. Its efforts encompass running accrediting licens-ing programs, seminars and panel discussions, as well as producing real estate market reports. And last year, it implemented a transmission system that updates shared residential listings every hour.

As an advocacy organization, REBNY articulates the real estate community’s concerns, providing input in the city’s direction and policies, from recommending incentive programs that helped in rebuilding Lower Manhattan after 9/11 to proposing ways to protect buildings from storms following Hurricane Sandy. REBNY’s advocacy work is informed not only by its members’ experiences, but also by top experts in vari-ous fields, such as planners and attorneys specializing in zoning issues.

Last year and for the first time ever, REBNY – through its Jobs for New York committee – actively supported 22 city council candidates in local races, with 18 elected to office.

“We are non-partisan and support candidates that are pro-good job creation and pro-environment that would generate investment for the city of New York,” said Mr. Spinola.

And with real estate accounting for 34 percent of the locally-generated tax revenues, “the city is dependent on the real estate industry,” Mr. Spinola added, “and we are dependent on the city. Our objective is to make sure the city continues to grow so that the 34 percent can continue to rise.”

A GUIDE TO REBNY’S SERVICES

Meeting the Industry’s Needs A multi-faceted association, REBNY provides a pletho-ra of services. Here’s a snapshot of its activities:

Brokerage Services oversees all issues and meetings associated with commercial and residential brokerage.

Within commercial and residential brokerage are more than 27 standing committees organized by geographic location, according to Eileen Spinola, senior vice presi-dent of brokerage services and education. Meetings are opportunities to share timely information about devel-opments or trends in specific areas and exchange ideas for strengthening or overcoming a challenge in the locale. The meetings also facilitate networking among members working in those locations.

Among its other efforts, commercial brokerage bestows awards for “The Most Ingenious Deal of the Year for Sales and Leasing,” “The Most Ingenious Deal of the Year for Retail” and “The Most Promising Commercial Sales Person (Rookie) of the Year.” Additionally, “The Louis Smadbeck Memorial Broker Recognition Award” pays tribute to a commercial practitioner for lifetime achievement. For commercial retail, REBNY bestows two “Most Ingenious Deal of the Year” awards – one for creativity and the other for impact upon an area.

Within the residential division, REBNY presents “The Most Ingenious Deal of the Year for Sales and Rent-als Award,” “The Henry Foster Lifetime Achievement

REBNY wears countless hats on behalf of the real estate industry – from teacher to advocate to reporter

THE REAL ESTATE BOARD OF NEW YORK: SERVING A COMMUNITY VITAL TO THE CITY’S PROSPERITY

(continued on S10)

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A Different ApproachTo New York Real Estate

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S10

Award” and “The Most Promising Residential Sales Person (Rookie) of the Year Award.”

Education encompasses professional development initiatives, including a formal continuing education program for licensed agents and qualifying courses to become licensed agents. It also offers coursework for attaining the designation of New York Residential Specialist and Certified Negotiation Expert. Plans are underway to launch coursework for Certified Buyer Representative in the spring and Certified Commercial representative in the fall.

Management Services keeps members informed on important matters – from best practices to new regula-tions – through committee meetings, special seminars and guest speakers.

Last year, REBNY formalized the new sustainability committee, whose activities range from advising the city on pertinent issues and bills to supporting a 30 percent reduction in carbon emissions, according to Angela Pinsky, senior vice president of management services.

As a primary liaison between different levels of govern-ment and owners and managers, management services assists city agencies in formulating new policies and regulations by providing additional expertise. The department also helps members navigate different agencies for their individual projects, and it pursues policy reform to address systemic concerns.

The division looks forward to creating positive and open relationships with the new mayor and the city council, said Ms. Pinsky, and also submitting proposals to facilitate the industry’s ability to satisfy the mayor’s property development agenda.

Membership expedites applications to join REBNY and responds to members’ inquiries. Within REBNY, there are different levels of membership, but “there’s something available for anyone who wants to join,” said Maryann Aviles, vice president of membership and publications.

Publications produces Diary & Manual, an annual book that includes REBNY committees, a complete ros-ter of REBNY members and the organization’s services, and also covers issues like code of ethics and practices and land-use regulations. The department also pro-duces the annual journal for the gala banquet, which it organizes, too.

Public Affairs collaborates with government affairs and other departments to advance issues important to REBNY’s membership, according to Jim Whelan, senior vice president of public affairs. The department addresses big picture policy and political issues facing the industry, including assembling coalitions of diverse members to partner on common priorities, such as job creation, landmark reform and smart-growth policies. And with REBNY members providing the lion’s share of private-sector unionized construction jobs and unionized building service workers, Public Affairs is developing additional strategies for helping to facili-tate the creation of good jobs and housing for all New Yorkers.

Research offers members not only a database of real estate information, but also prompt responses to phone calls on everything from a property’s size and tax as-sessment to its landmark status. It also issues a quar-terly, citywide residential sales report and a bi-annual retail report on major Manhattan corridors – and last year, it created two reports on New York City land-mark-designated areas that showed impact of land-marking on housing development.

Looking ahead, research will focus on housing produc-tion, with particular attention on developing affordable units.

“It’s an important city need, and important for our industry to build housing that meets that need,” said Michael Slattery, senior vice president in charge of research.

(continued from S6)

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The Moinian Group CONGRATULATES THIS YEAR'S HONOREES

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WE LOOK FORWARD TO A SUCCESSFUL 2014

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New York, NY 10019 212.808.4000 www.Moinian.com

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Isabelle Sedghi VP ext. 277 Matthew Klimberg Asst. VP ext. 571

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Thank YouWe are grateful to our tenants and the New York brokerage community

for your support during the past year.

Member®

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Douglas Durst Jonathan Durst

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We especially acknowledge the following individuals and firms with whom we worked closely in 2013:

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Edward Weiss CUSHMAN & WAKEFIELD

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Nicholas WeldCBRE

Steve WinterCBRE

Robert YaffaCASSIDY TURLEY

Brett J. ZelnerLCB26 ENTERPRISES

Ross ZimbalistCBRE

CN016394.indd 1 1/7/14 10:43 AM


S16

What prompted your entry into real estate? During college, I spent my summers interning at a real estate company and fell in love with the physical, tangi-ble characteristics of the industry. You can see it, touch it and improve it – and actually see the results.

What’s the largest deal you’ve done in your career so far? I’m working on it now, so I can’t actively discuss the deal, but prior to this my largest was the sale of a 130,000-square-foot office building at 160 Fifth Avenue.

Who is your role model in the industry? Why? I admire the self-made individual—anyone who started at home plate without contacts, family backing or special connections, but managed to build a successful career in real estate.

How is being a broker in New York City different from being a broker elsewhere? The competition in New York City real estate is fierce – definitely more so than in other major metropolitan areas around the nation. To succeed as a sales profes-sional you must be tenacious and continually striving to be the best.

How is technology changing the work you do? Technology enables me to gather the latest market information, stay organized and work deals more effi-ciently on a daily basis.

What neighborhoods in the city represent hidden gems, and why? The Upper East Side, from Lexington to the East River, offers a great deal of opportunity for land assemblages and development. The avenues are zoned with a high Floor Area Ratio (FAR), and the vast majority of the properties aren’t landmarked or located in a historic district.

What are the biggest opportunities/challenges the real estate community faces in 2014? The biggest challenge will be interest rates—when they will rise, how quickly, and how that will impact the market. The biggest opportunity will be economic growth, which has picked up over the last several quarters and could help property values despite in-creasing rates.

What’s the outlook for the residential market in 2014? The population of New York City is growing, so the demand to either rent or buy housing will remain great in the New Year. The challenge, then, will be develop-ing enough housing to keep up with demand – and also offering housing alternatives that meet a variety of income levels.

What are the top three qualities clients should con-sider when searching for a broker? Firstly, and most importantly, clients should find someone who exhibits honesty and integrity. Secondly, they should seek a broker who is hungry and eager to succeed on the client’s behalf. Thirdly, clients should look for a successful track record of negotiating and closing transactions.

What advice would you give to someone who is inter-ested in becoming a real estate broker? Find a senior broker who is honest, well-known in the industry and willing to take on and mentor a junior broker. The knowledge and guidance of a veteran is an unmatched resource when starting off in the real estate industry.

Bio Randy Modell joined Ariel Property Advisors as a Vice President of investment sales in 2012. He is responsible for executing sales of the company’s exclusive listings and business development initiatives in Manhattan below 96th Street.

Mr. Modell began his real estate career at ABS Partners in January 2001 where he assisted the firm’s principals in all aspects of acquisitions, leasing, and management for their in-house portfolio, and handled numerous investment sales and retail and office tenant repre-sentative assignments. He also served as a consultant for several high net worth clients of the firm, assisting them with leasehold and minority interest valuations and strategies.

In 2006, Mr. Modell’s brokerage activity was recognized by the Real Estate Board of New York (REBNY), which presented him with the coveted Young Broker of the Year Award.

After leaving ABS in 2010, Mr. Modell joined Extell Development where he assisted developer Gary Barnett in site assemblages, tenant buyouts, and off-market acquisitions.

Mr. Modell earned a master’s of science degree in Real Estate Development from the Columbia University Graduate School of Architecture, Planning, and Preser-vation, and a bachelor’s degree in Finance from Yeshiva University. He is a member of the Young Men’s/Wom-en’s Real Estate Association of New York and REBNY, where he also has served as an instructor for continu-ing education courses.

Originally from Michigan, he lives with his wife, Re-becca in the Upper West Side of Manhattan. He can be reached at 212.544.9500, ext 17 or via email at [email protected].

RANDY MODELL, INVESTMENT SALES PROFESSIONAL

Ariel Property Advisors

INTERVIEWS WITH INDUSTRY EXECUTIVES AND VETERANSThe real estate community is made up of a vast number of professionals who span multiple verticals and each have unique skill sets that bring value to their organization. In this section, Crain’s Custom Connections Studio interviewed past REBNY rookie of the year award winners, executives and veterans of the New York City real estate scene and asked them to share their thoughts on market opportunities, predict upcoming challenges and growth potential, sound off on the intersection of real estate and technology and more.

Additionally, these real estate leaders share their personal stories and advice, such as what drew them to the New York City sphere, and how clients can pinpoint the perfect broker for their specific needs. Read invaluable wisdom from leaders like Randy Modell, Investment Sales Professional at Ariel Property Advisors; James Nelson, Partner, Massey Knakal; David Stockel, Associate Director, Cushman & Wakefield; Stephen C. Winter, Vice President,

Companies; and Simon Ziff, President, Ackman-Ziff.

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S22

What prompted your entry into real estate? I was initially planning on interning at a financial institution after my sophomore year of college, but the internship fell through. I spoke with several people close to me, and a family friend mentioned commercial real estate. He put me in touch with a couple executives at different brokerage firms and I ended up interning in the business for a handful of summers, learning what a dynamic work environment it was. I initially interned in research and had some interaction with office leasing brokers, which was when I realized that office leasing specifically was of most interest to me. I started work-ing at Cushman & Wakefield in January of 2007 and have been here since.

What is the largest deal you have done in your career so far? My team represented C.V. Starr & Co. (now known as Starr Companies) in their New York headquarters re-location/expansion for about 140,000 rental square feet in 2009. I believe it was the seventh largest relocation throughout New York City that year.

Who is your role model in the industry? Why? I don’t know that I have one role model in the industry, but a couple people I would name include John Picco, a Cushman & Wakefield Executive Director, for his professionalism and industry knowledge, and Peter Van Duyne, a Cushman & Wakefield Executive Director, for his creative thinking and problem solving. My role model in life has always been my father.

How is being a broker in New York City different from being a broker elsewhere? The first difference that comes to mind is the complex-ity of the New York City office market. Being a broker involved in corporate work in other markets within and outside the U.S., I have noticed that the business terms and leases have a higher level of sophistication here. The other glaring difference is the size of the New York City market. With an office inventory around 400 million square feet, we actually have three sub-mar-kets (downtown Manhattan, Midtown Manhattan and Midtown South) that are comparable in size to other cities in the U.S.

How is technology changing the work you do? Through my entire career, technology has played an integral role in how I accomplish my day-to-day tasks. Whether it’s going to meetings and answering emails

simultaneously, or utilizing tools such as LinkedIn and Facebook to network and get in touch with new prospective clients, technology enables me to work efficiently and accomplish more each day.

What neighborhoods in the city represent hidden gems, and why? I believe the Times Square South neighborhood pres-ents tremendous value. With the tech firms and the rest of the Technology, Advertising, Media and Informa-tion (TAMI) sector we work with getting pushed out of Midtown South due to price and availability. Times Square South has become an area with more favorable pricing, great amenities and transportation, and great loft buildings that allow for a variety of creative office installations.

What are the biggest opportunities/challenges the real estate community faces in 2014? I believe the new West Side office developments offer great opportunities for companies who want to be in a fresh neighborhood with brand new office supply, while still having convenient transportation and great amenities. For large users, there seem to be excellent branding opportunities, as well.

One challenge we have encountered is the lack of growth in the financial sector compared to past years. Given that this sector has historically been the largest, there is some concern as to what effect that will have on the market overall. Some of the ‘60s and ‘70s skyscrap-ers that traditionally housed these financial institutions could face some leasing challenges next year.

What are the top three qualities clients should con-sider when searching for a broker? The top three qualities a client should consider when searching for a broker include choosing a reputable firm, choosing a broker that’s experienced and well-versed on the commercial real estate market, and choosing a broker that you’re comfortable with. One of our most successful brokers once told me “at the end of the day, it is about whether or not you trust your advisor” – and I believe that to be true.

What advice would you give to someone who is inter-ested in becoming a real estate broker? Firstly, getting an internship or applying to a training program like Cushman & Wakefield’s new Professional Real Estate Program (PREP) is a great way to get in

DAVID STOCKEL ASSOCIATE DIRECTORCushman & Wakefield

(continued on S24)

PS022_CN_20140113.indd 1 1/9/14 3:17 PM

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CN016377.indd 1 12/26/13 1:51 PM


S24

the door and learn how a full-service commercial real estate firm operates. Be prepared to work hard, work efficiently and work creatively for a very long time. Most people probably do not realize this career is a marathon, not a sprint. It is easy to work long days, make a ton of cold calls and do what is asked of you for six, 12 or 18 months. The key is sustaining that level of work. Those who get complacent will have a tough time lasting in this business given the high level of competition.

Bio David Stockel joined Cushman & Wakefield in January of 2007 as an Associate Broker. Prior to joining the team with John Picco and Peter VanDuyne, he was fin-ishing his requirements at Boston University’s School of Management. His client list includes C.V. Starr & Co., Inc., General Reinsurance, Doral Bank, O’Connor Davies Munns & Dobbins LLP, Bryan Cave LLP, Eisne-rAmper LLP, Amherst Securities Group LP, Desmarais LLP, Progress Software, AppNexus, C&K Properties, Siemens and The United States Olympic Committee.

Key assignments › Represented C.V. Starr & Co., Inc. in their New York

Headquarters relocation of 141,000rsf at 399 Park Avenue in what was the 7th largest new lease in Man-hattan in 2009.

› Represented Desmarais LLP in the leasing of 45,000rsf at 230 Park Avenue.

› Represented Amherst Securities Group LP in estab-lishing their first New York office at 444 Madison Avenue.

› Represented Bryan Cave LLP in the disposition of 13,000rsf at 1290 Avenue of the Americas.

› Represented EisnerAmper LLP in the disposition of 16,000rsf at 6 East 43rd Street.

Education, Memberships and Awards › Bachelor’s Degree in Business Management, Boston

University School of Management.

› Member of the Real Estate Board of New York, Boston University Real Estate Alumni Association, CoreNet Global.

› Benefit Committee member for the Samuel Waxman Cancer Research Foundation’s Millennial Society for the past three years.

› Recipient of SL Green’s 2009 “Rookie of the Year” award, given to the top producing broker with three years’ experience or less.

› Active member of Israel Bonds New Leadership Division.

› Active member of C&W’s Innovation Initiative Committee.

› Active member of C&W’s Emerging Broker Program.

› Active member of the Young Men’s & Women’s Real Estate Association.

(continued from S22)

PS024_CN_20140113.indd 1 1/9/14 3:18 PM

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KAT HWANGSKH Realty

SINCLAIR LICBRE, Inc.

DANIEL WILPONCBRE, Inc.

PETER SHIKARCBRE, Inc.

PETER ROSENLOWWinslow & Company, LLC

BRETT MASLINAdams & Company, LLC

SIMONE LILLIANSinvin Realty, LLC

WILLIAM W. CARRWilliamson, Picket, Gross, Inc.

MARC O. ELLMANEllman Realty Advisors

CURTIS WOODSIDERice & Associates, LLC

BRIAN SIEGELThe Lawrence Group, LLC

JONATHAN BOCKColdwell Banker

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ROBERT MEHLMANRegency Realty Advisors, Ltd.

SHAI SUSTIKManhattan Residential, Inc.

BRETT GARTNERWinslow & Company, LLC

WAYNE SIEGELColdwell Banker

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SETH KESSLERCornerstone Group

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S28

What prompted your entry into real estate? I was first drawn to the real estate industry as a student. I took a course at Penn State University in 1985 – Real Estate 301 with Professor Ken Lusht – and soon after decided to enter into the real estate arena.

What’s the largest deal you’ve done in your career so far? The largest deal of my career isn’t a property transac-tion, but a business partnership. In 1994, I forged a partnership with Larry Ackman, who currently serves as the chairman of Ackman-Ziff.

Who is your role model in the industry? Why? There are a great deal of professionals I admire, but Larry Silverstein – the chief executive officer of Silver-stein Properties – and Burton Resnick, chief executive officer of Jack Resnick & Sons, are at or near the top of my role model list. They get it – they’re savvy, peerless and consummate philanthropists.

How is being a broker in New York City different from being a broker elsewhere? There’s certainly a major distinction between being a broker here in New York City and practicing real estate elsewhere. The primary difference is the level of sophis-tication on the capital side of the business. There’s a lot more that goes into it here.

How is technology changing the work you do? Technology plays a pivotal role in my work – and as it advances, so does the way I conduct business. The real estate industry is using technology to enhance every aspect of what we do, from deal management to market research to mining capital sources. Even something as simple as communicating with clients and building relationships is linked to and influenced by new tech-nologies.

What are the biggest opportunities/challenges the real estate community faces in 2014? One issue facing the real estate community could be too much momentum. Real estate professionals have to stay grounded in order to effectively perceive the market around them and make the wisest decisions possible.

What’s the outlook for the residential market in 2014? Again, there seems to be a great deal of momentum in

the residential market – perhaps too much. But overall, I would say there is a positive outlook for the coming months.

What are the top three qualities clients should con-sider when searching for a broker? Clients should keep these three qualities top of mind when seeking the right broker: first, look for a high-lev-el relationship that will invite success and help realize your vision; secondly, find a broker who displays integrity and trust; and third, match yourself with a strong, functioning team committed to accomplishing your goals.

What advice would you give to someone who is inter-ested in becoming a real estate broker? For young professionals just getting their start in the real estate industry, my advice is simple: work hard to find a great team. Working with colleagues who are as talented and passionate as you are will challenge you, force you to learn and operate at your best, and, ulti-mately, place you on a path to success.

Bio Simon Ziff serves as president of Ackman-Ziff, a posi-tion he assumed in 1995. Since joining the firm as an analyst in 1989, Simon personally has arranged over $20 billion of debt, mezzanine and equity financings for some of the nation’s foremost real estate developers and owners while solidifying the firm’s relationships with key capital sources. Simon has engineered the firm’s collaborative culture which functions as a magnet for financial talent.

Simon received a B.S. in Finance from Pennsylvania State University, and an M.S. in Real Estate Finance from New York University. In May 2002, New York University awarded Simon its distinguished Real Estate Alumni Award. He has also been recognized by the Real Estate Board of New York, the Most Promising Commercial Salesperson of the Year Award” and six times as the recipient of its “Most Ingenious Deal of the Year award. In January 2010 Simon was named a mem-ber of the Real Estate Board of New York’s commercial board of directors for the second time.

In January 2012, Simon received the Louis Smadbeck Broker Award from the Real Estate Board of New York in recognition of his positive influence over the past 17 years. Please contact Simon at [email protected].

SIMON ZIFF PRESIDENTAckman-Ziff

PS028_CN_20140113.indd 1 1/9/14 3:18 PM

Behind every successful Building Owner is a host of incredibly talented Brokers and steadfast Tenants.

Jack Resnick & Sons thanks the following Firms and the Brokers who represented them, as well as our existing Tenants that renewed their commitment to New York City in 2013.

Jack Resnick & SonsOwners &Builders Since 1928

110 East 59th Street New York, NY 10022

212-421-1300 www.resnicknyc.com

Proud to be a member of

City University of New York255 GREENWICH STREET

represented by:Stephen Siegel, David Hollander &

Richard Levine of CBRE, Inc.

NYCHSRO Medical Review, Inc.199 WATER STREET

represented by:Mark Ravesloot & William Iacovelli

of CBRE, Inc.

Olympus U.S. Management LLC485 MADISON AVENUE

represented by:Gary Greenspan, Jonathan Serko,

Mitchell Barnett, Barry Zeller, David Malawer & Andrew Ross of Cushman & Wakefi eld

Made Man Barbershop, Inc.170 WEST 23RD STREET

represented by:Matt Cohen

of The Lansco Corporation

Panthera Corporation8 WEST 40TH STREET

represented by:James Saunders & Earle N. Cutlerof Newmark Grubb Knight Frank

Braun & Goldberg110 EAST 59TH STREET

Quick Park Chesapeake LLC401 EAST 80TH STREET

Neil Kaplan, D.D.S.133 EAST 58TH STREET

Cynthia R. Gomez, D.D.S.133 EAST 58TH STREET

Parkstar Clean Corp.401 EAST 80TH STREET

Carl Meese, D.D.S133 EAST 58TH STREET

New York Public Library110 EAST 59TH STREET

UMG Recording, Inc.1755 BROADWAYrepresented by:

Scott Gottlieb of CBRE, Inc.

Epsilon Data Management LLC199 WATER STREET

represented by:Stephen Bellwood & John Boyle III

of Cassidy Turley

Bloom Real Estate Group LLC485 MADISON AVENUE

represented by: Scott M. Bloom

of Bloom Real Estate Group

An American Craftsman, Inc.205 WEST 57TH STREET

represented by: Francine Kayden

of Midtown Commercial Real Estate

First Avenue Liquors, Inc.1516 FIRST AVENUE

represented by: Shannon McAlister of SLMC Corp.

Beech Hill Securities, Inc.880 THIRD AVENUE

represented by:Lisa Kiehl of Jones Lang LaSalle

Zibro Family Management485 MADISON AVENUE

represented by:John Brod & Laura Pomerantz

of PBS Real Estate

United States of America315 HUDSON STREET

Garden of Eden170 WEST 23RD STREET

Martin Kent, D.D.S.133 EAST 58TH STREET

Defi nitions Personal Fitness, Inc.133 EAST 58TH STREET

Wells Fargo Bank, N.A.1755 BROADWAY

Fairway GS LLC255 GREENWICH STREET

represented by:Allen Cooperman of Welco Realty & Jason Pruger

of Newmark Grubb Knight Frank

Lenox Hill Hospital/North Shore-Long IslandJewish Health Systems, Inc.

110 EAST 59TH STREETrepresented by:

Brian Waterman & Brent Ozarowskiof Newmark Grubb Knight Frank

The Weisscomm Group, Ltd.199 WATER STREET

represented by:Robert Yaffa & Wayne Van Aken

of Cassidy Turley

Applegreen LLC485 MADISON AVENUE

represented by:Shawn S. Harooni & Norman Bobrow

of Norman Bobrow & Co., Inc.

First Southwest Company485 MADISON AVENUE

represented by:Michael Moorin

of Newmark Grubb Knight Frank

Microdot LLC133 EAST 58TH STREET

Ninepeaks Capital Management, LP880 THIRD AVENUE

Ban’s Custom Tailor401 EAST 80TH STREET

Escape Nail Spa, Inc.401 EAST 80TH STREET

Cubit Corporation133 EAST 58TH STREET

Manhattan Sports Performance LLC133 EAST 58TH STREET

La Crosta Pizza Restaurant430-36 EAST 72ND STREET

Knickerbocker 72, Inc.430-436 East 72nd St.

Proud to be a member of

CN016393.indd 1 1/7/14 10:43 AM

212.398.1888handler-re.com

TIME OUT…to say

“thank you.”

As we move into the New Year, the principles and associates of Handler Real Estate would like to stop and say “thank you” to the brokerage community. We’re grateful for all of your support this past year – and we’re pleased to note that our building portfolio is now effectively 100% leased. Thanks for your help in achieving this milestone at our premium properties: 561 7th Avenue, 263 West 38th Street and 315 West 39th Street.

Every now and then, it’s important

to take a break from the usual

course of business and acknowledge

those who have helped you

get where you are.

Contact Scott Galin: [email protected]

We wish you all the best in 2014 – and we look forward to our future work with the brokerage community. Together, we make quite a successful team.

Every now and

to take a brea

course of bus

those who hav

get where you

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136-18 39th Avenue, 12th Floor, Flushing NY 11354


S32

What prompted your entry into real estate? It was luck that brought me into real estate. While a se-nior at Colgate College, I wasn’t quite sure what I want-ed to do after graduation. Several of my friends were headed to New York City, so I figured I’d visit the career service center and explore relevant opportunities. As luck would have it, Massey Knakal had their résumé deadline that day, so I gave it a shot. I was hired to work as an associate for Bob Knakal’s team, which was the best experience I could ask for getting started in the business. That was 15 years ago – the rest is history.

What’s the largest deal you’ve done in your career so far? I sold 102-08 West 57th Street (formerly Shelly’s) to Hilton Land Vacations for $63 million. It was a 100,000-plus building square feet site. Today, I’m asking $139 million for 100 Vandam. If it sells, it will be more than double my largest sale.

Who’s your role model in the industry? Why? Bob Knakal and Paul Massey, without question. Even after being in the business for years, there are always questions that pop up – and if neither Bob nor Paul has the answer, there may not be one! They have also developed a platform second to none while receiving universal respect in the business.

How is being a broker in New York City different from being a broker elsewhere? I’ve never brokered in another city, but I would imagine our market is far more competitive. I’ve heard there are over 20,000 brokers who work in New York City. Every major firm in the world is here. However, once you obtain the business, it’s a lot easier to sell, since we have interested buyers from around the globe. A broker in a secondary or tertiary market may not have that benefit.

How is technology changing the work you do? I was at first skeptical of social media, but now I em-brace it. I use Twitter, LinkedIn and YouTube. I also have a monthly e-blast with my blog. Now, when I attend an industry event, several people will say, “I saw your video” or “I read your blog.” It’s a great way to stay top of mind for my audience.

What are the biggest opportunities/challenges the real estate community faces in 2014? Owners have an opportunity: to sell at premium prices while rates stay low for buyers to lock in. We started

with very little inventory in 2013 after the mass selloff in 2012 due to the capital gains increase. As a result of the supply demand imbalance, pricing rose close to 15 percent in Manhattan this year. Discretionary sellers began to list their properties, and inventory has now risen. Thus, we think it should be ideal circumstances for sales in 2014 – leading to a record year.

What’s the outlook for the residential market in 2014? I’m equally bullish on the residential market for 2014. The Manhattan listing inventory was also severely depleted after 2012 – it dropped from 7,500 listings to 5,000 in 2013. There is very little new supply coming to market, as only three percent of the Manhattan landscape is available land, so there is virtually nowhere left to build.

What are the top three qualities clients should con-sider when searching for a broker? When selecting a broker, an owner should: be confident the broker is looking out solely for their best interests, even if the advice is not to sell at the present time; pick a specialist with a proven track record in their neigh-borhood, plus a product type; and select the broker with access to the largest pool of buyers and a willing-ness to cooperate with the brokerage community.

What advice would you give to someone who is interested in becoming a real estate broker? My advice would be to specialize in a specific discipline – like investment sales, residential rentals or retail leas-ing – in a defined neighborhood. Then, align yourself with a firm possessing the best platform and training for your chosen discipline.

Bio James Nelson brings to every real estate transaction he works on the determination to win, the tenacity and hard work to succeed, and the confidence that comes from years of experience in the field. At Massey Knakal Realty Services since 1998 and a partner since 2004, James has been involved in the sale of approx-imately 260 properties and loans with an aggregate value of over $1.9 billion. He is also a partner in MKRO I, Massey Knakal’s value-added private equity real estate fund.

JAMES NELSON PARTNERMassey Knakal Realty Services

PS032_CN_20140113.indd 1 1/9/14 3:19 PM

I N S P I R E D

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S34

What prompted your entry into real estate? I grew up in a hardworking, blue-collar Brooklyn neighborhood – my father was a cop and my mother a nurse. They were extremely supportive and encourag-ing, but our thinking was limited in terms of business opportunities. “Successful” people would strive to be-come doctors or lawyers, so I worked incredibly hard to land an internship at the Brooklyn District Attorney’s Office, working there the summer prior to my junior year of college. I had an incredible experience and was fortunate to meet a great mentor – I truly admired his work, and by the end of the internship, I was sold on law school later returning to the DA.

At the end of the summer, I asked for my mentor’s guidance; much to my surprise, he said, “go make money – I promise you crime will still be here if you later decide this is what you want to do.” I took that advice to heart, and throughout my junior and senior years of college, I researched and canvassed every New York City real estate organization I could find. I landed at Massey Knakal the next summer, working within the Investment Sales market. I knew brokerage would allow me to learn the business. However, I ultimately believed there was more action and opportunity in leasing. I found the Wheel Program at CBRE (an 18-month, highly competitive rotational program offered by the firm), and was fortunate enough to be selected by man-agement. The rest is history. I became obsessed with the real estate business and the New York City market.

What’s the largest deal you’ve done in your career so far? Negotiating my deal with Jay Cross to join Related. Jay Cross, Hudson Yards and Related were the only opportunities capable of convincing me to leave CBRE. CBRE was an incredible organization and I learned from the top professionals in the brokerage world, but the chance to join Related and work on the lease-up of Hudson Yards was unbeatable.

Who’s your role model in the industry? Why? I have many. In both business and life, it’s important to know how to lead, but it’s equally important to know how to follow – especially in the commercial real estate world, where the learning curve is steep and many ar-eas require expertise. When I was at CBRE, I looked up to Bob Alexander, John Maher and Paul Myers. They were instrumental in the early days of my career.

At Related, everyone from the mailroom to the Chair-man’s office is a pro. My core team – led by Jay Cross and anchored by Bruce Warwick, Philippe Visser, Andrew Cantor, Andy Rosen, Michael Samuelian and Dean Shapiro – are all professionals I truly admire. Additionally, Stephen Ross, Jeff Blau and Bruce Beal are individuals I admire deeply. No organization can be great without great leadership.

How is being a broker in New York City different from being a broker elsewhere? Sheer size. The Manhattan Market is 340 million square feet. To put that into perspective, the amount of avail-able space in Manhattan (46.6 million square feet with a 12.2% availability rate) is higher than the entire in-ventory in Downtown Los Angeles (31.3 million square feet) or the Dallas CBD (28.8 million square feet). The fluidity and competitive nature of the New York City marketplace is unmatched.

How is technology changing the work you do? The information exchange and prospecting of the tenant world has changed drastically. Everything hap-pens incredibly fast today, and you need to be in front of it all. When Bob Alexander and other legends of the brokerage industry were growing up in the business, they had to read every trade publication that existed to remain up-to-speed on the market and uncover oppor-tunities. Today, if you’re not constantly on the phone, reading about the marketplace or attending breakfast, lunch and dinner meetings, you’ll get left in the dust.

What neighborhoods in the city represent hidden gems, and why? My colleagues and the New York City community can certainly argue I’m biased, but if you don’t think Hud-son Yards is the next big thing in our city, I’d invite you to our offices to see what we’re doing. This year, we will see tremendous development momentum as we finalize plans for a marquee anchor tenant at 30 Hudson Yards and commence construction on the platform and the remaining towers in the Eastern Rail Yards. The new #7 subway station will also open this year along with the last section of the High Line. It’s absolutely incredible, and with all of the momentum we have, it is no longer a dream – it’s a reality.

What are the biggest opportunities/challenges the real estate community faces in 2014? Eighty percent of buildings in New York City are over

STEPHEN C. WINTER VICE PRESIDENTRelated Companies

(continued on S36)

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S36

70-years-old, and Manhattan has added very little new product in the past 20 years, especially relative to other global markets. London in the past two decades has added roughly 40 percent of new product to the mar-ket, and Hong Kong has added just below 60 percent of new office product. New York has added less than 10 percent of new product to its office stock.

Blue chip corporations demand efficient floor plates, state-of-the-art technology, resilient infrastructure systems and unparalleled amenities to remain globally competitive. We need to continue to add new office product to allow businesses to run their organizations in New York efficiently and effectively.

What’s the outlook for the residential market in 2014? We have seen very strong demand for high-end luxury condominium product, as evidenced by the swift sales pace at One Madison. We expect that in 2014, the demand from local as well as international buyers will continue for quality, for-sale residences in marquee locations. The rental market also remains strong, and we have already seen demand for new rental product as evidenced by several inquiries for new space launching soon at 500 West 30th Street.

What are the top three qualities clients should consider when searching for a broker? Market knowledge, market knowledge and market knowledge.

What advice would you give to someone who is inter-ested in becoming a real estate broker? First, I would highly recommend the brokerage busi-ness to anyone looking to enter the real estate busi-ness. The brokerage business is incredibly challenging, but for someone starting out, there’s no better way to learn. Train yourself to be fearless, but also smart and calculated. Canvass every brokerage firm in the city, big and small. Meet with as many brokers as you can. Align yourself with a great mentor. And once you enter the brokerage world, keep your head down for at least 18 months. Learn every building and every tenant that ex-ists in your market. Read every lease you can get your hands on. Live at the office, protect your reputation and be ethical.

Bio Stephen C. Winter, vice president at Related Companies, was the 2012 winner of the Real Estate Board of New York’s “Most Promising Commercial Salesperson of the Year” award. Prior to joining Related Companies, Stephen was with CBRE where he completed the company’s highly competitive Wheel Program. While at CBRE, Stephen played an integral role in Baker and Hosteller’s 148,000 s/f renewal and expansion lease at 630 Fifth Avenue, as well as obtaining prestigious tenants at Boston Properties’ 140,000 s/f vacancy at 399 Park Avenue. Stephen holds a B.A. from Sacred Heart University and graduated summa cum laude.

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Joseph ArtusaSenior Vice [email protected]

Camille McGratty Vice [email protected]

Roger SilversteinExecutive Vice [email protected]

Silverstein Properties would like to thank the following brokers for a successful 2013:

Jeremy MossSenior Vice [email protected]

1177 Avenue of the Americas 120 Broadway 120 Wall Street 529 Fifth Avenue 7 World Trade Center

Benchmark PropertiesMichael BeydaFrancisco Rodriguez

Cassidy TurleyHarry KrausmanEric J. Thomas

CBREJason Frazier Richard Levine Silvio PetrielloNicholas WeldRoss Zimbalist

Colliers InternationalAlan J. DesinoDavid ErvolinaEric FerrielloRobert D. GoodmanRobert KennedyLeon ManoffRobert TunisKevin Wong

Coldwell BankerThomas P. Sullivan

CresaJeffrey A. BakerMichael McKenna Marcus RaynerJane RoundellEd Wartels

Cushman & WakefieldDavid GlassmanJoseph Cabrera Whitten MorrisRory Murphy James Searl

Fountain Realty GroupDavid Gomez

Jones Lang LaSalleHoward Hersch Brian HigginsChristopher KrausMitti LiebersohnKenneth A. Siegel

Lee & AssociatesKenneth Salzman

Newmark Grubb Knight FrankBarry Goodman Matthew T. Leon

Norman Bobrow & Co.Shawn Harooni

Rosenhaus Real EstateRichard Rosenhaus

StudleyMichael GlavanWilliam MontanaIra SchumanMarc Shapses

Vortex GroupTim FreydbergRick Marek

Williamson Picket GrossBrian Kapchan

CN016367.indd 1 12/26/13 1:44 PM

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