CRAINSNEW YORK BUSINESS

NEW YORK BUSINESS® JANUARY 16 - 22, 2017 | PRICE $3.00 SPHERES OF INFLUENCE A guide to the people and players connected to the two most powerful New Yorkers in the universe Page 16

VOL. XXXIII, NO. 3 WWW.CRAINSNEWYORK.COM BAGEL 19 ways TOURISTS MAKER to make MAY SOON IS ON A money in FLOCK TO real estate THIS FILM ROLL in 2017 P. 6 AND TV P. 13 PROP SHOP NEWSPAPER P. 65

P001_CN_20170116.indd 1 1/13/17 8:44 PM NEW YORK. NEW CITY.

From the World Trade Center to Hudson Yards to One Vanderbilt to Brooklyn and beyond, New York is a city transformed. At CBRE, we are proud to be at the forefront of our changing skyline—constantly moving forward, consistently creating real advantage for our clients.

CN018118.indd 1 1/6/17 6:41 PM JANUARY 16 - 22, 2017 CRAINSNEW YORK BUSINESS

FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE

Cuomo school of higher ed 4 AGENDA 5 IN CASE YOU MISSED IT GOV. ANDREW CUOMO made national headlines this month Warehouse 6 SPOTLIGHT businesses when he shared a stage with Sen. Bernie Sanders to an- are begin- 8 WHO OWNS THE BLOCK ning to feel nounce a plan to offer free tuition at New York’s state boxed in and city universities to certain students. One person who 9 REAL ESTATE almost missed the event was SUNY Chancellor Nancy Zim- 10 VIEWPOINTS pher. She had been on vacation when word came that the 12 THE LIST governor was about to make news. She quickly flew home. “We had heard there was going to be an announcement FEATURES late the week before,” said one source familiar with the 13 MAKE MONEY IN REAL ESTATE policy discussions. That the chancellor’s office was hardly involved in the If the legislature 15 BROKERS’ OUTLOOK 16 TRUMP TRAIN decision shows the extent to which the governor’s policy passes Cuomo’s is being made without much input from key stakeholders, 18 SCHUMERVERSE even if it’s designed for maximum political impact. plan, they should SUNY officials did manage to get Cuomo to tie free tu- fund it based on ition at two- and four-year state schools to a requirement tuition SUNY says that students be enrolled full time. That’s a key element in the eyes of Zimpher, who has made completing school it needs to operate a cornerstone of her tenure, which ends June 30. And it’s one reason SUNY officials are championing the policy, even though they were only marginally involved in creating it. “We’re thrilled about it,” the source said. P. 65 Suri Bieler Not so thrilled by Cuomo’s plan were officials at private schools. They feel it could put them at a competitive disadvantage. Members of the Commission on In- 65 GOTHAM GIGS dependent Colleges & Universities in New York didn’t learn about the policy until 66 SNAPS they read the press release Jan. 3. “We want all students to be treated equally,” said the organization’s president, Mary Beth Labate, whose first day on the job happened 67 PHOTO FINISH to be Jan. 3. “We want the same financial aid for every student, and the student and CORRECTION family can figure out how to apply it.” St. Vincent’s Hospital was a customer of County Oil. One can practically hear Cuomo daring the legislature to block his tuition plan The seller was misstated in “The dirty secret in for students who come from households making $125,000 or less. But Cuomo’s your basement,” published Jan. 9 go-it-alone approach may ultimately hurt him. The governor pegs the cost of the free tuition program at $163 million, a figure education officials say is low. SUNY, meanwhile, is asking Albany to renew legislation giving it the power to raise tuition after failing to get it passed last year. It’s one thing for government to cover students’ tuition; it’s another to give schools the authority to set tuition at the levels they need to operate. If the lawmakers pass Cuomo’s plan, they should fund it based on the tuition SUNY sets. Otherwise the proposal will become an unfunded mandate that will ultimately undermine the very students it’s intended to help. ON THE COVER PHOTO: Crain’s composite

CONFERENCE CALLOUT FEBRUARY 16 DIGITAL DISPATCHES MEET NEW YORK’S Go to CrainsNewYork.com REGULATORS READ New York Cruise THOUSANDS OF New York Lines acquired New businesses are overseen by the York Water Taxi from > Business Integrity Commission, the Durst Organiza- the Department of Investigation tion. New York Water and the Department of Taxi said its closure Consumer Affairs. Those agency was the result of failing heads will detail their priorities. to win the citywide NEW YORK ferry contract. LORELEI SALAS, ATHLETIC CLUB Department of n New York businesses have lost an esti- 8 to 9:30 a.m. mated $40 million in revenue from street Consumer Affairs [email protected] commissioner closings and barriers around Trump Tower. n CenterLight Health System sold its Vol. XXXIII, No. 3, January 16, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of June 27, July 11, July 25, Aug. 8, Aug. 22 and Dec. 19, by Crain Communications Inc., 685 Third Medicaid-managed long-term-care Select Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send plan to Bronx for-profit Centers Health Care. address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. For subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. n The city approved a $177 million tax (GST No. 13676-0444-RT) ©Entire contents copyright 2017 by Crain Communications Inc. All rights reserved. break for the $4 billion project at 50 Hudson Yards. RYAN BROWN, BUCK ENNIS RYAN

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20170116.indd 3 1/13/17 8:56 PM WHAT’S NEW January 16, 2017

AGENDAWhen old motor oil is used for heat, ensure New Yorkers don’t get burned

very time a car or truck gets its oil changed, something must be done with the used lubricant, which contains flecks of metal that are absorbed when combustion engines run. This being New York City, it is not surprising that some entre- Epreneurs have managed to turn that liability into a business opportunity. As Rosa Goldensohn reported in a Crain’s cover story last week, compa- nies have been picking up used motor oil, mixing it with more valuable heating oil and selling it as fuel to building owners. The operators call it DIRTY SECRET: Unbeknownst to most customers, used motor oil sometimes is added to heating fuel. “recycling,” which is encouraged by the federal government as a better alternative to disposing of the used oil as hazardous waste. But if not done right, the practice is bad for New York’s air, economy little oversight, as random checks never happen and prosecutors focus on and public health. Goldensohn’s investigation found plenty of reasons to schemes that have yielded convictions in the past. worry, notably a failure to enforce city and state regulations that forbid the Two civil lawsuits have been filed by building owners who say they sale or burning of used motor oil in hazardous ways. Rarely does anyone contracted to buy virgin fuel and instead got a mix of 15% to 25% used test oil as it is delivered to the nearly 20,000 residential and commercial motor oil. But there’s no guarantee they will win. A judge even dismissed furnaces citywide that burn some form of it. About 3,000 of the buildings, the cases, which were reinstated on appeal, and they almost certainly rep- including hospitals, schools and apartment complexes, use No. 4 heat- resent a small fraction of the blending going on in New York. The finan- ing oil, which is heavy enough to combine cial rewards are too great, the disincentives with motor oil into something that burns. Regulators and prosecutors must too weak and the supply of used motor oil Few buildings, however, have the powerful too plentiful for blending not to be happen- boilers required to legally and cleanly burn work together so building owners ing en masse, as insiders assert. the mixture. know the fuel they are getting is safe City, state and federal regulators need In an industry where customers are vul- to sit down together and figure out how to nerable and health is at stake, relying on the ensure that building owners know what oil honor system is a terrible idea. Unscrupulous suppliers and truckers have they are getting and have the proper furnaces to burn it. More than just been cheating for years, using a variety of techniques to deliver less oil consumer protection is at stake; incomplete combustion of contaminated than they charge for. City investigators recently documented the malfea- oil leads to particulate matter settling in New Yorkers’ lungs—increasing sance by recording phone conversations and seizing records, and every the risk of asthma, heart problems and other ailments. We have little faith two or three years authorities make a big bust. Blending oil, however, gets that anything is being done to stop that. — THE EDITORS

FINE PRINT Despite widespread criticism—and massive fines—for allowing workers to create unauthorized accounts, Wells Fargo will be retained by the de Blasio administration to process payments for the Department of Finance. The city is in the first year of a five-year, $1.3 million contract with the bank. San Francisco and Chicago dumped Wells Fargo after the scandal, as did the state governments of California and Illinois.

BY GERALD SCHIFMAN STATS

A DEAL BROKERED by the Cuomo administration will close the Indian Point nuclear plant by 2021 after half a century of use. The plant 25 WORDS OR LESS END POINT supplies a significant portion of New York City’s power, but other

sources are poised to fill the void. AND THE CITY

Let’s get one Miles between REPLACEMENT MEGAWATTS TO COME FROM TRANSMISSION UPGRADES “ Indian Point 30 and the Bronx Completed thing clear: Completed energy- 130 upgrades to efficiency MW downstate Rocco is Megawatts of electricity initiatives transmission produced by Indian Point, 600 MW not known 2,069Practiceabout Area 25% Breakdown of what for Crain's Top 30 lines New York [pieCity andchart] Westchester consume Planned for screwing Area Percentage AC Trans- 1,000 MW anybody Audit and accounting 37.5% mission Planned Tax 28.8% upgrade 1,000 MW Champlain —Rocco Commisso, new owner ManagementExpected advisory monthly services 33.6% Hudson increase to metro of the New York Cosmos, Power $0–$3 area energy bills Express affirming his pledge to pay caused by Indian Point’s closure employees back wages

GETTY ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCES: New York State Department of Public Service, Reuters

4 | CRAIN’S NEW YORK BUSINESS | January 16, 2017

P004_CN_20170116.indd 4 1/13/17 8:44 PM AGENDA ICYMI CRAINSNEW YORK BUSINESS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan executive assistant Devin Arroyo, 212.210.0701 EDITORIAL editor Jeremy Smerd Strong bank earnings set up managing editor Brendan O’Connor assistant managing editors Erik Engquist, Jeanhee Kim, Robin D. Schatz showdown over regs rollback web editor Amanda Fung copy desk chief Telisha Bryan NE OF THE TRUMP ADMINISTRATION’S art director Carolyn McClain top eco- photographer Buck Ennis nomic priorities is easing regulation on Wall Street senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger to help the economy reach the president-elect’s goal reporters Rosa Goldensohn, O Jonathan LaMantia, Caroline Lewis, of 4% annual GDP growth—roughly double its historic pace. Addie Morfoot In the meantime, it’s worth measuring just how much Wall data reporter Gerald Schifman web producer Peter D’Amato Street has thrived during the allegedly heavy-handed Obama columnist Greg David contributing editors Tom Acitelli, presidency. Consider JPMorgan Chase, the nation’s largest Theresa Agovino, Erik Ipsen, Cara S. Trager bank and New York’s largest private employer. ADVERTISING www.crainsnewyork.com/advertise The bank last week said that 2016 revenue grew by 2%, advertising director Irene Bar-Am [email protected] or to $96 billion, fueled by a 10% increase in core loans thanks 212.210.0133 to a strengthening economy, and earnings rose to a record senior account managers Zita Doktor, Rob Pierce, Stuart Smilowitz, $25 billion. Even better, head count grew companywide for Debora Stein sales coordinator Devin Arroyo the first time in five years. CEO Jamie Dimon called the results 212-210-0701, [email protected] “strong,” and they came even though the bank holds 25% ONLINE general manager more capital on its books than five years ago, the result of Rosemary Maggiore 212.210.0237 RECORD [email protected] stiffer regulatory capital requirements intended to give the EARNINGS: Dimon has no CUSTOM CONTENT bank a larger cushion to withstand the next economic storm. director of custom content complaints. Patty Oppenheimer 212.210.0711 Other banks showed similar gains. [email protected] Good as things are, investors are betting big that a Trump multicultural sales manager Giovanni Perla [email protected] administration will be even better for New York banks’ fortunes. Apart from whatever regulatory relief comes, senior custom marketing manager Sonia David, [email protected] banks are poised to benefit as the Federal Reserve raises interest rates. Higher rates are good for banks because EVENTS they can charge more for loans. Of course, rising rates also can seriously slow an economy—which is the last thing www.crainsnewyork.com/events director of conferences & events Trump wants. A big question in the months to come is whether Federal Reserve Chairwoman Janet Yellen, who Courtney Williams, 212.210.0257 [email protected] has said the Fed should act to prevent the economy from overheating, will be replaced with a more pliant central manager of conferences & events banker when her term expires next January. — AARON ELSTEIN Adrienne Yee, [email protected] events coordinator Ashlee Schuppius, [email protected] AUDIENCE DEVELOPMENT director of audience & content City asks Watson to answer 311 calls DATA POINT recreational marijuana use is now partnership development The city is using IBM Watson’s super- legal. The surging legalization wave has Michael O’Connor, 212.210.0738 NEW YORK CITY TRAFFIC [email protected] computer to bring machine learning improved the magazine’s fortunes. Sub- CRAIN’S 5BOROS to its customer service hotline. The DEATHS FELL FOR THE THIRD scriptions have doubled in the past 18 www.5boros.com Irene Bar-Am, 212.210.0133 $24 million upgrade is expected to STRAIGHT YEAR—TO 229 IN 2016. months, according to Matt Stang, chief [email protected] speed up and refine the process of revenue officer. REPRINTS answering questions about city services PEDESTRIAN DEATHS, HOWEVER, reprint account executive Krista Bora and fielding complaints. More New York Trump hires 212.210.0750 INCREASED—FROM 139 TO 144. PRODUCTION Donald Trump picked former Mayor production and pre-press director Commercial properties’ tax bill rises Rudy Giuliani to advise on cyber­ Simone Pryce Although tax rates remained flat, security issues and tapped Dr. David media services manager Nicole Spell assessed values of commercial prop- amenities, such as a recreation center, Shulkin, who ran Beth Israel Medical SUBSCRIPTION CUSTOMER SERVICE www.crainsnewyork.com/subscribe erties led to an average 29.3% jump in in addition to affordable housing. Center in Manhattan from 2005 to [email protected] tax bills. The average bill is expected 2009, to lead the Department of Veter- 877-824-9379 (in the U.S. and Canada). to reach $111,000 this year, up from Cuomo moves to cap drug prices ans Affairs. Shulkin would be the first $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print nearly $86,000 in 2013. The commercial Gov. Andrew Cuomo said he wants to Obama administration holdover. subscriptions with digital access. tax rate is 10.574%, up from 10.288% cap how much Medicaid pays for cer- To contact the newsroom: in the last year of the Bloomberg tain high-end drugs. The state said its www.crainsnewyork.com/staff 685 Third Ave., New York, NY 10017-4024 administration. Medicaid drug costs have increased by phone: 212-210-0100 fax: 212-210-0799 $1.7 billion in three years. Drugmakers Entire contents ©copyright 2017 Met postpones expansion plan whose products exceed the cap would Crain Communications Inc. All rights reserved. ©CityBusiness is a registered The Metropolitan Museum of Art put have to refund the state the difference trademark of MCP Inc., used under license on hold its $600 million project to cre- and face a tax. The state legislature, agreement. ate a new wing dedicated to modern which blocked a similar effort last year, CRAIN COMMUNICATIONS INC. and contemporary art. It will instead would have to approve the plan. BOARD OF DIRECTORS chairman Keith E. Crain focus on repairs. The museum, which president Rance Crain last year said it was facing a $10 million Verizon’s Yahoo to part ways with Mayer treasurer Mary Kay Crain, Cindi Crain deficit and planned staff reductions, said Yahoo CEO Marissa Mayer will not senior executive vp, William Morrow Hamilton letters up for auction executive vp, director of strategic it expects to balance its budget by 2020. stay on when Verizon’s $4.8 billion deal Sotheby’s plans to put dozens of operations Chris Crain to acquire the search-engine company letters penned by Alexander Ham- executive vp, director of corporate operations K.C. Crain Affordable housing with a twist closes, regulatory filings show. Yahoo ilton on the block this week in senior vp, group publisher David Klein BFC Partners broke ground on an said that it was reducing its board size hopes that interest in the found- vp/production, manufacturing David Kamis affordable housing development that and the departure was not related to chief financial officer Bob Recchia ing father fueled by the Broadway chief information officer Anthony DiPonio will come with a 300-seat arts venue. any disagreement with the company. hit exploring his life will generate founder G.D. Crain Jr. [1885-1973] The Bronx Music Hall is part of the sales of up to $2 million. The most chairman Mrs. G.D. Crain Jr. [1911-1996] $160 million 305-unit Bronx Commons High Times pulls up roots valuable letter deals with George secretary Merrilee Crain [1942-2012] housing complex. BFC also is develop- The pot bible, founded in a Greenwich Washington’s neutrality on the war ing a former Crown Heights, Brooklyn, Village basement in 1974, is mov- between England and France.

armory that will include community ing this spring to Los Angeles, where ISTOCK, BLOOMBERG

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20170116.indd 5 1/13/17 8:43 PM AGENDA SPOTLIGHT RESTAURANTS

After a family split, a serial entrepreneur is born BY LANCE PIERCE Matt Pomerantz takes his bagel biz in a new direction BY PAT WECHSLER

he dream of becoming a bagel mogul began for Matt Pomerantz when he and his brother, Adam, were working in finance after college. Both were living in Greenwich Village, and both hated that on weekends they couldn’t find a decent bagel nearby. Sure, there were bagels; it was New York City, after all. But not Tthe kind the Pomerantz boys had eaten as kids while hanging out at their dad Murray’s clothing store on the Lower East Side: hand-rolled, kettle-boiled, crispy on the outside, soft on the inside. “We grew up going to places like Ratner’s and eating bagels and lox practically every day,” Matt said. In 1995, the brothers converted a pottery shop on Sixth Avenue, between West 12th and 13th streets, into a bagel bakery. They named the store Murray’s Bagels. “Opening a store that made bagels the way my father remembered them was something I wanted to do for him,” Matt said. Somewhere along the line, though, the brothers stopped working together. The reason is a family secret as closely held as their bagel recipe. Matt says they had different views on where to take the business, and the rest is personal. The brothers are now competitors. In 1999 Matt opened a second Murray’s Bagels on Eighth Avenue, between West 22nd and 23rd streets. Seven years later, after making a success of his Chel- sea store, he started an entirely new franchise, Zucker’s Bagels & Smoked Fish, which has stores in TriBeCa and near Grand Central, plus a third on Colum- bus Avenue that opened in December. Adam, meanwhile, started Leo’s Bagels in Hanover Square in the financial district in 2008. Zucker is their mother’s maiden name; Leo is their great uncle. The websites for the Pomerantz sons’ bagel businesses have similar About Us sections, except Matt is the main actor in his stores’ history, and Adam, who declined to be interviewed for this article, in his. RISING FORTUNES: Matt From a single store to a chain Pomerantz in Zucker’s subterranean kitchen For years after opening the Chelsea Murray’s Bagels, Matt hung on to the senior operations job at Merrill Lynch that paid his bills. But eventually he gave up the security to pursue his passion. “At some point when you’re doing two really demanding things like I was, you say to yourself, ‘Hey I’m having a lot more fun over here, so why not just focus on that?’ ” He teamed up with Dan Pace, a friend he met at his first job after college. Their dream is to create a busi- ness model for Zucker’s that can be replicated throughout the city and possibly across the country. They hope to open their fourth Zucker’s this year, likely in Manhattan, then consider their options for future growth. Those options probably won’t include franchising, however. The bagel busi- ness has a high initial capital investment for ovens, ventilation and other equip- ment and then ramps up over several years. “We are prepared to deal with nega- tive cash flow at the beginning in a way that franchisees might not be,” Matt said. Bagel businesses take longer to start but have more staying power than most other food businesses, he said. Zucker’s $1.25-each bagels are prepared with artisan ingredients such as un- bromated high-gluten flour. There’s nothing particularly healthy about bagels, but Zucker’s does offer trendy health-food ingredients such as flax and oat bran. The TriBeCa store sells nine types of salmon, including wild Coho and a David Burke pastrami salmon. Some of Matt’s famous friends—chefs Tom Colicchio, Marc Murphy and FOCAL POINTS Glenn Harris, among others—have created sandwiches for the menu. Yet it’s critical to the co-founders to maintain Zucker’s homey feel. In the new Upper West Side store, the partners spent extra to preserve the tin ceiling and the metal ZUCKER’S BAGELS & SMOKED FISH carvings, discovered behind plywood during the renovation. “We wanted to go from being a mom-and-pop to a much bigger enterprise, FOUNDED 2006 but we wanted to take our time and keep a positive cash flow,” Pace says. Behind LOCATIONS Three: TriBeCa, midtown east and the Upper West Side the scenes, the partners are experimenting with using an Uber-like service FOUNDERS AND MAJORITY EQUITY OWNERS Matt Pomerantz to handle their deliveries and are centralizing their cooking—other than the and Dan Pace, with a few friends as minority investors bagels—in a midtown commissary. Still, at the root of Murray’s and Zucker’s is the old profession of making bagels EMPLOYEES 100 by hand. Most of their rollers have been doing it for decades. They are already PROFITABLE “Very good double-digit EBITA growth.” making above the new minimum wage of $11. Recently, in the hot, cramped IMPACT OF THE MINIMUM-WAGE INCREASE “Very little,” since most basement at Zucker’s TriBeCa, Joel Cepeda filled in for his father, who returned of the workers already make above the new minimum wage to the Dominican Republic for his mother’s funeral. PLAN FOR GROWTH Pomerantz and Pace plan to open a fourth location “I started rolling when I was 12, but it takes years before you can call yourself this year, likely in Manhattan, then evaluate future growth in the other four a roller,” said Cepeda, now in his 30s and working full time for the city Depart- boroughs, as well as in other cities across the nation. ment of Environmental Protection. “I used to work here, so of course when my

BUCK ENNIS dad had to leave, I would fill in. It’s all about family here.”■

6 | CRAIN’S NEW YORK BUSINESS | JANUARY 16, 2017

P006_CN_20170116.NEW.indd 6 1/13/17 8:43 PM Upcoming Content Dedicated to the Topic of Real Estate 2017 Sections: Crain’s Real Estate: On the Market This in-depth section is dedicated to analyzing trends and insights in the commercial real estate sector. Issue dates: 3/20, 6/19 and 11/6

Real Estate Roundtable A thought leadership section showcasing interviews with CRE marketplace leaders surrounding current real estate trends in NYC. Issue date: 5/1

Crain’s Corporate Relocation Guide This section will provide readers with everything they need to know when considering corporate relocation in and around NYC; offering tips, best practices and step-by-step guidance. Issue date: 10/23

For advertising inquiries, contact Rob Pierce at 212-210-0412 or [email protected]

CN018119.indd 1 1/11/17 11:39 AM CRAIN'S 2017 Real Estate Full Page Ad.indd 1 1/6/17 12:16 PM AGENDA WHO OWNS THE BLOCK REAL ESTATE

Clock tower strikes in Queens Durst acquisition could be home to borough’s tallest building

BY TOM ACITELLI

he Durst Organization last month 29–28 41ST AVE. bought a large, L-shaped devel- Father-son developers Jack and Joshua ART DECO CLOCK TOWER opment site in Long Island City Guttman of Brooklyn acquired this 104- from investors who had run out unit apartment building—and an adja- cent 320-square-foot lot—in May 2010 Tof resources to build what would have been a for $12.75 million. The 12-story build- 914-foot-high, 70-story ing was erected in 1928. Studio rentals luxury-condo tower. there start at $1,875 per month. 41–24 29TH ST. Although Durst does Landlord Regina Holdings of Long 29–27 QUEENS PLAZA NORTH not intend to build as Island City acquired this trio of low- The Durst Organization bought the 89-year-old high, its Queens Plaza rise apartment buildings with 48 units landmark in December for $173.4 million, with in May 2004 for $6.3 million. The firm North project is only plans to build an apartment building up to 750 feet took out a $4 million mortgage on slightly less ambitious. tall. The deal included several other parcels (iden- them from JPMorgan Chase in May. It seeks to capitalize on tified here by red dots) around the clock tower: 29–11 41st Ave., 29–43 41st Ave., 29–17 41st a sustained boom in the Ave., 29–47 41st Ave. and 29–23 Queens Plaza area, where low-slung warehouses are being North. Property Markets Group and the Hakim replaced with office and apartment towers. Organization had spent $133 million in 2014 and 2015 assembling the same properties with the The 102-year-old, family-run firm, whose aim of constructing a 914-foot condo tower. Those holdings include 4 Times Square, 1 Bryant plans fell through amid rising construction costs Park and a major stake in 1 World Trade Cen- and a faltering luxury-condo market. ter, wants to build 1,000 rental apartments— not luxury condos as the previous owners planned—with a tower that could rise 750 feet into the air, enough to make it the city’s tallest building outside Manhattan. Regardless of what is built, one distinct feature will remain: a landmarked, art deco clock tower constructed in the late 1920s for the Bank of Manhattan. At 14 stories, it was the tallest com- mercial building in 29-21 41ST AVE. Queens until 1990, An LLC controlled by Sagamore when 1 Court Square Capital, an investment firm in opened just south of Scottsdale, Ariz., bought this site Queensboro Plaza. in December 2010 for $6.3 mil- Despite the surge in lion. Three years later, construction commenced on a 16-story, 183- high-rise construc- room Hilton Garden Inn, which tion, including a opened in early 2015. It was Long 42-story building in Island City’s 25th hotel, according to the LIC Partnership, a develop- the works at 29–40 ment booster group. Northern Blvd., the 50-story commercial Court Square tower, owned by Citi- 29–11 QUEENS PLAZA NORTH group, remains the tallest in the outer bor- oughs—for now. ■ Harry Gross, a Manhattan-based developer and investor, acquired the retail building 29–40 NORTHERN BLVD. that was here for $10.4 million in June 2006. In mid-2016, Gross wrapped up develop- Simon Baron, a development firm led ment of a 31-story tower that includes a by Jonathan Simon and Matthew Baron, Courtyard by Marriott on the lower 15 floors acquired this site in April 2014 for and the 132-unit Aurora apartment com- $53.25 million. It included a two-story plex on the upper stories. One-bedrooms commercial building. The developers are start at more than $2,000 per month. currently constructing a 42-story, 467- unit apartment building featuring an indoor swimming pool. They expect to fin- ish the project next year. GOOGLEMAPS.COM

8 | CRAIN’S NEW YORK BUSINESS | January 16, 2017

P008_CN_20170116.indd 8 1/13/17 6:55 PM AGENDA REAL ESTATE

Gearing up for a fight Self-storage industry vows to resist exclusion from manufacturing zones BY ROSA GOLDENSOHN

ore than a year ago, Mayor pose “the big threat” to manufacturing. would open up,” he Bill de Blasio announced a “They’re kind of cash cows,” Fried- said. “But they’re not.” 10-point plan to spur the man said of self-storage facilities, “and SNL has retained city’s manufacturing sec- have very low operating costs and can lobbying firm Con- Mtor. Point No. 2 was to limit the number basically push out other uses.” Man- nelly McLaughlin & of hotels and self-storage facilities in des- ufacturers are treasured by advocates Woloz to help beat ignated industrial business zones (IBZs). because they tend to offer good wages back the zoning The plan has made few headlines and benefits, and they provide a rare proposal. WHAT’S IN STORE? Self-storage advocates argue the city’s plans since, largely because the administra- path to the middle class for people lack- “We haven’t really to limit facilities in certain zones won’t boost manufacturing. tion is still working on a bill that insiders ing a college degree. seen any evidence expected months ago. But self-storage But self-storage business owners that banning indus- operators have been gearing up for a see themselves as an important cog in tries—banning self- storage—is going affordable and appropriately zoned sites fight, and for good reason: City Hall is the city’s economy and resent being to bring manufacturing back,” said and, thus, look to suburbia instead. backed by manufacturers and advocates lumped in with hotels. Bronx-based Michael Woloz, the firm’s chief strate- In some areas of the city, self-storage who frown on self-storage because, they SNL Development Group, which builds gist. “The city should not be engaging in is less of a concern to manufacturers say, it occupies large buildings on key self-storage facilities for CubeSmart and policies that ban whole industries from than high-end office tenants, retailers sites, creates few jobs and pays low wages. other companies, estimates that 40% of growing and providing a service—a and hotels are, said Leah Archibald, Moreover, the industry is growing. customers who rent its spaces are local valuable service—that businesses and executive director of the Evergreen Owners of storage businesses argue businesses, such as landscapers who residents need.” exchange, which manages IBZs in that they have become scapegoats for need to warehouse equipment and orga- North Brooklyn. Those uses raise rents a manufacturing exodus that will con- nizations required to retain documents. Sector is shell of former self and property values, edging out manu- tinue regardless. David Schwartz, executive director of The city lost more than 8,000 man- facturers, she said. But the mayor has The mayor’s legislation is likely to the New York Self Storage Association, ufacturing jobs between 2001 and not announced plans to cut down on require self-storage facilities to obtain says the industry is booming in response 2011, according to a July study from office or retail spaces in IBZs. special permits to open in IBZs, a costly to demand, and investors have noticed. the Center for an Urban Future, and in The City Council seems inclined to and time-consuming obstacle intended “You have companies—private equity this century the sector has accounted approve the regulations once the Depart- to preserve sites for manufacturers. groups, big money groups, big property for only about 2% of the city’s jobs. ment of City Planning readies them. Adam Friedman, executive direc- groups—all looking at self-storage as But it has stabilized and even grown in “The council has a long-standing tor of the Pratt Center for Community the place to go now,” Schwartz said. the city as of late, adding nearly 4,000 commitment to supporting manufac- Development and the city’s leading Booting self-storage would do noth- jobs between 2011 and 2016. Advo- turing and industrial employment and cheerleader for manufacturing, said non­ ing to spur industry, he said. cates say successful city manufacturers looks forward to aligning our rules to industrial commercial uses, such as for “If manufacturing plants or busi- want to expand further in Brooklyn, better promote these critical jobs,” a hotels, entertainment and self-storage, nesses were going to open up, then they Queens and the Bronx but cannot find spokeswoman said in a statement. ■

Council to unveil sweeping construction-safety legislation Lawmakers respond to rash of worker deaths with package of 18 bills BY JOE ANUTA AND ROSA GOLDENSOHN

ity Council members plan construction workers. faster than the pace of to introduce a slew of bills “Unsafe construction sites endan- construction. this week in response to an ger the lives of workers and anyone The federal Occupa- increase in construction unfortunate enough to be nearby,” said tional Safety and Health Cdeaths and injuries during the city’s Mark-Viverito, who is sponsoring the Administration counted building boom. bills along with 13 other council mem- 31 construction deaths in The package includes 18 pieces of bers and Manhattan Borough Presi- the city during the past legislation and could have sweeping dent Gale Brewer. “The Construction two years, while the city, consequences for the industry. Safety Act will not only help prevent using different criteria, Crane operation and licensing accidents; it will make sure that con- counted 24. One of the would be more strictly monitored, as tractors who violate site safety laws are council bills would com- would troubled firms and smaller con- held fully accountable.” pel the city to count all struction sites, where accidents have The real estate industry pushed such fatalities. been more prevalent. Penalties would back against the bills, saying many of “There is no other DEADLY DAY: A crane fell in midtown in 2015, killing one. be increased for various violations. the ideas were ill-conceived and would industry where workers The package of bills, the Con- curb the city’s growth. The legislation die at such an alarming struction Safety Act, is led by Council is scheduled to be introduced Jan. 18. rate without significant preventative Safety Act will help government do Speaker Melissa Mark-Viverito, who recourse,” said Councilman Jumaane its part in ensuring this atmosphere of is an ally of Mayor Bill de Blasio. But Accidents increased Williams, a sponsor of several of the safety truly exists by reducing safety the mayor could come to view some During the past two years, near- bills, including one to prevent serious violations and strengthening crane of the bills as threats to his ambitious record amounts of money were spent injury from falls, the most common regulations.” goals for housing development or too to construct residential, office and type of accident on a construction site. Components of the act are likely empowering of construction-worker institutional buildings across the five “It is the responsibility of the devel- to spark a fight between construction unions, with whom he has clashed. boroughs. Injuries and deaths on opers and construction companies to unions, which advocate for the city to The mayor has already expressed construction sites rose in the same ensure there is an atmosphere of safety require the use of apprenticeship pro- skepticism for one of the measures, a time period, and according to a 2015 at construction sites,” the Brooklyn grams, and developers who oppose

BLOOMBERG, BUCK ENNIS bill to require training programs for Crain’s investigation, they were rising councilman said. “The Construction such requirements. ■

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 9

P009_CN_20170116.indd 9 1/13/2017 5:29:36 PM P010_P011_CN_20170116.indd 10 10 |

CRAIN’S NEWYORKBUSINESS will costNewYork dearly Staying a‘sanctuarycity’ New York great again Immigrants made Mayor shouldworkwith Trump criminalaliens todeport Foreigners repopulatedneighborhoodsandpoweredthecity’s resurgence A taxpayer-funded city ID-card program or has threatened to destroy the undocumented individuals, may the learning identity the of some of these vent government federal the from low to them roam streets. the membersCouncil have to al decided Regrettably, de Blasio and most City dividuals convicted of serious crimes. harm by undocumented deporting in Protect law-abiding residents from fallout. political the blame others to shield themselves from Blasio and most other city leaderswill sequences. If is history any guide, de a financialwith crisis far-reaching con- aftersoon InaugurationDay, triggering $82 billion withheldbudget—will be tion—as much as $7billion of city’s the but all will guaranteepolicy alarge por cel funding federal to such cities. President-elect Donald Trump to can to keep it that way despite apledge by and Mayor deBlasio Bill has vowed tion officials.New York is one them, of the firstthe time. York’s population above 8.5million for resurgence the led that has New taken depleted by flight the the 1970s in and century. the neighborhoods filled They percentage since turn the of last the inotherborn countries, highest the tion gains. great again. Here’s how: cess. It have who is they made New York rolecrucial city’s inthe economic suc again—that immigrants have played a mostthe current data makes clear— Comptroller Scott Stringer that includes GREG DAVID AGENDA In an extraordinary move to pre Trump’s message to cities was clear: New York’s blind adherence to this Some 40%of New Yorkers were ● They have fueledthecity’s popula vides tovides immigra federal law enforcementlocal pro limits cooperation the that “sanctuary city” is one that paign pledgepaign to deport implement his cam- Trumpald doto will AS IS THE CASE President-elect Don one really knows what many other issues, no ly. report Anew from illegal country in the people are who those

|

J anuary with so so with 16,2017 ------

substance and clarity. For example, on es on immigration have more added word the use “felon,” his later speech ported. Although it doesn’t specifically sition de be that aliens will criminal mented individuals. as favoring deportation of undocu all by wrongly characterizing his position tors have to change tried narrative this in immigration limbo. Trump’s detrac butgally trapped families here- ille with law-abiding on fairly dealing tional dialogue ana begin then borders and only is the to secure Next, his plan records.criminal without dividuals here illegally—not undocumented in- first convicted deport felonswho are own actions. to deflect responsibilityfrom their ing lectured by city politicians trying to remain wise be skeptical be when calamity hits,cal New Yorkers would fundsfederal stop flowing theand fis database. In months the when ahead, half ofhalf self-employed all residents. too,neurial, representing greater than than half. than accounttries for barely more in certain sectors. They in certain are 77% of longer apply. in the U.S.in the do. They are more entrepre yearweeks per than New Yorkers born work longer hours week per and more than New York is. Immigrants also dependent on such workers big cities, only Miami is more entirethe population. Among percentage than share their of 46% of workforce, the ahigher they drivetheeconomy. 14% of immigrants. The top 10coun Dominicanthe Republic, make up only York, people from leading the source, vastthe majority of newcomers. In New Trump’s website articulates his po Trump’s to clarion has been call It that is true immigrants dominate Immigrants account for ● ● ● In most cities, one group represents They comefromeverywhere. Stereotypes ofwheretheyworkno They cometowork, and - financial crisis be withheld, causinga federal aidtothecitywill all butguarantees that De Blasio’s rigidideology BY BOBFRIEDRICH NUMBER 3.3M outside theU.S. residents born ------

of NYC ofNYC for revenue, sig- to we see can expect and inclusion. preachingthose loudest for tolerance andbigotry xenophobia—ironically by raise subject the are of racism, accused climate.litical Individuals merely who are simply not possible intoday’s- po bate and any rational discussion of it Unfortunately, worthy this de policy is essential to maintaining safe streets. of not seriouscrimes, of issued those undocumented individuals convicted priorities mean deportation the of overstays.visa ” gang threats members, security [and] orities include will removing criminals, priorities.set enforcement …Our pri any law-enforcement activity, we will Aug. 31inArizona, he said, “As with port those convicted those port of seriouscrimes. to take, though he has pledged to de- measures President Trump decides ly andnot at will be risk for whatever migrants in New York are here- legal that just about of half our fi and 68%of But cooks. consider of hairdressers, 70%of drivers nursing-home employees, 74% now arrive with abachelor’s degree. educated more than ever; than aquarter immigrantsThese are morealso largest the be near inthe future. side the U.S.side the same The applies nancial analysts were out born In acity with an insatiable appetite It is reasonable to infer that those Of course, vast the majority of im

in the cityin the and will immigrant group second-largestthe from are China now ferent. immigrants are dif and engineers. workers tech to New entrants ● The newest of seriouscrimes viduals convicted documented indi- and un- deporting lieve identifying stream voters be fense. other minor of or guilty of some a parking ticket Many main - - - IMMIGRANTS’ SHARE ------of theincomeincity of allNew Yorkers of theself-employed of allworkers CrainsNewYork.com. GREG DAVID at blogsregularly harm New to all Yorkers. risk butcause also great will financial ble that not will only put our safety at its policy. sanctuary-city It’s agam abysscial by refusing to negotiate on risk plunging city the into finan the serious crimes. individualsed and convicted those of law-abidingbetween undocument nals. Incredibly, no distinction is made any time—not even dangerous crimi under anydeported circumstances at mindset dictates that no one should be ingreatall peril. putsence to policy a sanctuary-city us to budge from adher ideological their shoulders of city leaders.Their refusal dollarsfederal rest will squarely on the financialcaused crisis the lossby of ity. But make no mistake about it: The positionstheir culpabil to deflect own detractors no distorting time lose his surelywill blamed be for as this his es. The new Trump administration nificanttax and nuisance-fee increas and small-business owner. complex in Queens. He an is accountant Oaks Village Co-op, a10,000-resident Bob Friedrich president is of Glen actly the opposite. the actly forbad New America. York proves ex plied that immigration was somehow then-candidate Trump’s campaign im The morefundamental point that is The mayoreager all too seems to Their “progressivedamned” citybe 32% ■ 40% ■ 46% 53% ------1/13/2017 5:42:33 PM

BUCK ENNIS VIEWPOINTS

City’s real-estate policy: Not merely bad, but bizarre Zoning, rent and landmark rules drive up housing costs BY JOSHUA STEIN

f a martian landed in New York zoning changes have o en reduced would help developers assemble sites RENT REGULATION City, tried to rent an apartment permitted density and made large proj- and build new housing. e market, leaves less and then asked why it’s so di cult ects harder to build. e Bloomberg not an expensive government agency, housing for those and expensive, our extraterres- administration relaxed some rules, but would push down rents. is is actually who need it. Itrial visitor would gasp at the explana- we still have a long way to go. happening now in the unregulated part tion—and at the city’s pathetic strategy Large projects in particular typical- of the city’s rental market. We just need to solve the problem. ly need discretionary approvals. is to extend this trend by phasing out the No, I take that back. It is obvious allows local elected o cials to block regulated part. and increase land values while produc- that the martians actually did land them—but based on politics, not plan- ● Landmarking. Another program ing a few units of a ordable housing at many decades ago, took over New York ning. Replicated citywide, this dynamic with good intentions, it also makes de- great but hidden cost. We should think City housing policy and have been creates a systematic obstacle to major velopment harder and more expensive. bigger than that. running it ever since. How else to ex- projects. But the city needs those proj- Do we really need 139 historic districts e suggested changes in these three plain laws that seem like they’re from ects to house its growing population and more than 35,000 landmarked areas, heretical as they may sound, another planet? and hold down rents. We should loosen properties? Every one represents a po- would spur development citywide. Yes, Every week headlines talk about the zoning and the need for discretionary tential obstacle to an assemblage or, at new projects o en target the high-end. need to save the housing market by re- approvals, or at least eliminate the de best, an extra cost to  x up an existing at’s no surprise: ey’re o en the viving the 421-a property tax break for facto veto rights of local politicians. property. Developers create almost no most expensive and highest-quality new apartment construction. But we ● Rent regulation. is policy caus- a ordable housing in landmarked ar- products on the market. In an ordinary should dig deeper. To cra the right es the overconsumption of housing, eas. So landmarking not only places housing market, though, people move. solutions, we have to understand what leaving less for others who need it. extra burdens on property owners, but Reduction of pressure at the top eventu- caused the problems. I’d start by taking City Hall cares a lot about such things, it also imposes severe costs and con- ally reduces pressure everywhere. If the a hard look at three major government if you believe the campaign against straints on development, thus helping city wants to do that cost-e ectively, it programs. Airbnb. Rent regulation also makes it to keep rents high. must look critically at existing programs ● Zoning. What began as a great hard to assemble development sites to If New York City cares about hous- that hinder development. ■ idea is today a maze of pitfalls and create denser and better housing. Ten- ing a ordability, we should make it eas- all-too-discretionary opportunities that ants have lifetime statutory rights that, ier, not harder, for developers to build. Joshua Stein is sole principal of Joshua substantially slow down development astoundingly, are better than home Whatever a new 421-a looks like, it will Stein PLLC, a commercial real estate and increase its cost. Over the years ownership. Phasing out rent regulation merely incentivize individual projects law rm in Manhattan.

About that Second Avenue subway… Readers take dim view of the MTA; thankful for printed Crain’s

REGARDING “Second Ave- station was added; and which was washed out by of the 19th century, be applied is to privatize Year. nue subway’s lesson— the Second Avenue sub- Sandy. such as Belmont, were the process, selecting ERIC J. LOBENFELD don’t do it again, do it way tunnels that extend It’s poor management, more imaginative and the manager not on the Partner better” (editorial, Jan. 9): into Harlem—but alas, poor planning and lack capable than today’s basis of low cost but on Hogan Lovells e streets of New there are no trains there, of funding that account government-employed the basis of competence, York City are paved or between midtown and for the legacy of tunnels engineers. Perhaps the imagination and vision. I JUST WANTED to reach over with many unful- downtown. In Brooklyn to nowhere, as empty chief lesson ought to be MITCHELL LANGBERT out and thank you  lled subway expansion we tore down the Myrtle as the Metropolitan to privatize construction guys for keeping a Avenue el but Transportation Author- of future subways so that STILL LOVING PRINT print edition. I’ve been never tried to ity’s broken promises. new thinking can add I read your editorial reading Crain’s for about replace it—hey, Maybe if the subways to the lessons learned. called “ e rules Crain’s a decade. It keeps me it’s a poor area, can reap all the revenue Recall lives by” (editor’s note, connected to New York unlike the from MTA bridge and that a latter-day Bel- Jan. 9). I just wanted to City. Upper East Side. tunnel tolls, we can mont, Donald Trump, tell you how much I look As someone who We also tore expand the subways to completed the Wollman forward to Crain’s every moved across the bridge down the con- serve more “two-ride” Rink in a few months, day and the weekly print two years ago, Crain’s nection between neighborhoods. when it had taken the edition. helps me still feel con- the Broadway AARON BILLER city under Mayor Koch I’ve been a Crain’s nected, even though I line and the L years not to complete it. print reader for at least travel into the city less projects. Time does not train at Eastern Parkway, THE SUBWAY WAS orig- Public construction 15 years—probably and less. As someone permit us to contemplate which might have served inally built by private in New York is disgrace- longer. I always  nd it who has a retail store the wasted dollars, but as an alternative for East concerns, including fully corrupt, riddled to have news and views in Manhattan and an let me name a few: the New York and Canarsie August Belmont, a by the Wicks Law and I couldn’t get anywhere e-commerce operation Archer Avenue expan- commuters when the L representative of the by the ham-handed else. Now every morn- in New Jersey, it’s nice to sion to eastern Queens; train tunnel is shut down Rothschild interests in management of a long ing I look forward to the still be able to be “in the the Nostrand Avenue in 2019. And we wasted America and namesake list of inept, bureaucratic Crain’s Morning 10. k n ow.” extension to Kings Plaza, $500 million on the new of the Belmont Raceway. agencies. Perhaps the Keep up the good ANDREW JACOBS Brooklyn, where not one South Ferry station, Private industrialists one lesson that ought to work, and happy New Jam Paper & Envelope

CRAIN’S WELCOMES SUBMISSIONS to its opinion pages. Send letters to [email protected]. Send columns of 475 words or fewer to [email protected]. Please

BUCK ENNIS include the writer’s name, company, address and telephone number.

JANUARY 16, 2017 | CRAIN’S NEW YORK BUSINESS | 11

P010_P011_CN_20170116.indd 11 1/13/2017 5:31:53 PM AGENDA THE LIST REAL CAPITAL ANALYTICS’ TOP PROPERTY SALES Biggest commercial transactions in NYC in 2016, ranked by price

SQ. FT. OR ADDRESS/ NO. OF UNITS/ TOP FOUR PROPERTY TYPE/ TRANSACTION PRICE PRICE PER INTEREST 100% VALUE CLOSE SUBMARKET (IN MILLIONS)1 SQ. FT. OR UNIT CONVEYED2 (IN MILLIONS) DATE BUYER(S) SELLER(S) SALES 787 Seventh Ave. $1,941 1,706,007 100% $1,941 1/27 CalPERS/ AXA Group 1 Office $1,138 CommonWealth Midtown west Partners 388-390 Greenwich St. (Citigroup) $1,884 2,634,670 100% $1,884 6/10 Citigroup SL Green 2 Office $715 Downtown 1285 Sixth Ave. (PaineWebber Building) $1,650 1,749,000 100% $1,650 5/20 RXR Realty/ AXA Group/ 3 Office $943 China Life JPMorgan Chase Midtown west Insurance 550 Madison Ave. $1,417 852,830 100% $1,417 5/26 Olayan Group/ Chetrit Group/ 4 Office $1,661 Chelsfield Clipper Equity Midtown east 1095 Sixth Ave. $1,153 1,116,129 49% $2,353 7/27 HKMA Caisse de DépÔt/ 5 Office $2,108 Callahan Capital LIST RANK 1 Midtown west Partners 11 Madison Ave. $1,040 2,285,043 40% $2,600 8/11 PGIM Real Estate SL Green ADDRESS 6 Office $1,138 787 Seventh Ave. Midtown south PRICE PER UNIT 1221 Sixth Ave. (formerly of McGraw-Hill) $1,031 2,600,000 45% $2,290 12/28 Invesco Real CPP Investment Board $1,138 7 Office $881 Estate on behalf of Midtown west China Investment Corp. 10 Hudson Yards $946 1,813,465 44% $2,150 8/1 Allianz Related Cos./OMERS 8 Office $1,186 Midtown west 1211 Sixth Ave. (News Corp Building) $858 1,937,895 49% $1,750 6/15 Callahan Capital Beacon Capital Partners 9 Office $903 Partners on behalf Midtown west of Caisse de DépÔt 5 Times Square $800 1,132,865 50% $1,600 1/21 RXR Realty David Werner 10 Office $1,412 Real Estate Midtown west 1 Water St. $700 2,545,000 49% $1,429 5/20 China Investment Brookfield Asset 11 Office $561 Corp. Management Downtown 460-520 Second Ave. (Kips Bay Court) $620 894 100% $620 12/8 Blackstone Group Phipps Houses LIST RANK 2 12 Apartment $693,512 ADDRESS Midtown east 388-390 Greenwich St. 1250 Broadway $565 702,763 100% $565 11/1 Global Holdings Jamestown/MHP 13 Office $804 Real Estate Services PRICE PER UNIT Midtown west $715 693 Fifth Ave. $525 96,514 100% $525 6/10 Fimalac Thor Equities 14 Office $5,440 Midtown east 850 Third Ave. $463 613,664 100% $463 3/17 MHP Real Estate Shorenstein Properties 15 Office $754 Services/ Midtown east HNA Group 85 Tenth Ave. $417 601,000 50% $835 12/1 Vornado Realty Related Cos. 16 Office $1,389 Trust Midtown west 432 Park Ave. (retail condo) $411 74,816 100% $411 6/20 Macklowe CIM Group 17 Retail $5,495 Properties/QInvest Midtown east 420 E. 54th St. (River Tower at Sutton Place) $390 323 100% $390 1/28 GreenOak/Slate Equity Residential 18 Apartment $1,207,430 Property Group Midtown east LIST RANK 3 80 South St. $390 42,694 100% $390 3/16 China Oceanwide Howard Hughes Corp. ADDRESS 18 Development site $9,135 Holdings 1285 Sixth Ave. Downtown PRICE PER UNIT 18-36 Columbia Heights (Watchtower Building) $340 733,000 100% $340 8/3 Kushner Cos./ Jehovah’s Witnesses $943 20 Office $464 CIM Group Brooklyn 285 Madison Ave. $334 550,000 85% $393 9/27 RFR Realty GreenOak 21 Office $715 Midtown east 441 Ninth Ave. $330 423,000 100% $330 12/6 Cove Property EmblemHealth 22 Office $780 Group/ Midtown west Baupost Group 45 W. 139th St. (Savoy Park) $315 1,790 100% $315 7/11 Fairstead Capital L&M Development 23 Apartment $175,978 Partners/Citigroup Upper Manhattan 275 Madison Ave. $273 305,849 100% $273 8/19 RPW Group RFR Realty 24 Office $893 Midtown east 144 E. 48th St. (The Buchanan) $270 289 100% $270 3/3 Madison Realty David Tausik/ LIST RANK 4 25 Apartment $934,256 Capital/USAA Cotswold Group Midtown east Real Estate ADDRESS 550 Madison Ave. In case of a tie in the transaction price, properties are listed in numerical order of address. 1-The list does not include sales for which no price was made public. 2-Partial-interest transactions are included at the prorated share of the 100% property value. Real Capital Analytics Inc., headquartered in New York City, is an independent data and analytics firm focused on the investment PRICE PER UNIT

BUCK ENNIS market for commercial real estate. RCA offers comprehensive data on commercial property transactions that take place around the world. Visit rcanalytics.com. $1,661

12 | CRAIN’S NEW YORK BUSINESS | January 16, 2017

P012_CN_20170116.indd 12 1/13/2017 10:24:11 AM REAL ESTATE | MARKETSUBJECT OPPORTUNITIES | CATEGORY HOW TO MAKE Interest rates are up, and the retail and luxury markets are down. But despite predictions for a lackluster 2017, there are still plenty of ways to buy, sell, build and borrow your way to big bucks $$$ IN BY JOE ANUTA AND DAN GEIGER REAL ESTATE BUILD

MIDDLE-MARKET RENTALS Yes, there is a glut of luxury rentals sprouting up on Manhat- tan’s West Side, in Long Island City and in downtown Brooklyn. But elsewhere, demand 1is strong and supply is short. “Neighborhoods like Midwood and Prospect Lefferts Gardens in Brook- lyn and Harlem in Manhattan don’t have a lot of newly built rental product and are great places to build at the right price point,” said Jeffrey Simpson, THE BUILDING BOOM CEO of Greystone Development. Developers used is slowing, but there’s to rely on 421-a tax abatements to help finance rent- still no bust in sight. al projects, an incentive that expired at the start of 2016. But land prices have begun to fall recently, making some market-rate rental projects feasible again, Simpson said. A revised 421-a program, re- portedly in the works in Albany, would be an added bonus for those who buy land now.

RETAIL SPACE IN TRANSIT HUBS The retail mar- ket has taken a hit as high rents prompted an uptick in vacancies and a spate of price cuts. But retail space connected to mass-transit hubs 2is still a sure bet, as record ridership ensures a steady supply of customers. Susan Fine, president of Oasis Development, recently spearheaded construction spurred in part by the impending 18-month shut- struction, so there is plenty of work to go around. of a 16,500-square-foot mini mall—dubbed Turn- down of the L train, a bummer for locals but a po- Market-rate firms such as HAP Investments have Style—in the Columbus Circle station, then leased tential buying opportunity for savvy developers. already heeded the call. A year ago the company the space to an eclectic mix of food and fashion ten- created an affordable-housing arm with the aim of ants. The $14.5 million project has done well, and …AND THE SOUTH BRONX The New York Times diversifying its business. Fine said Metropolitan Transportation Authority recently named the once-desolate neighbor- leaders want to build out more stations. “They have a hood one of 52 places to visit around the world. BIOTECH LABS The tech industry surprised mandate from the governor to monetize their assets.” The Chetrit Group and Somerset Partners are the real estate sector when it began gob- 5building more than 1,500 apartments in what they bling up millions of square feet about a de- MID-MARKET CONDOS The top of the condo are dubbing the Piano District. The state’s econom- cade ago. So what’s the next sleeping giant? market has softened, but jobs are up and crime ic-development arm has taken notice and late last 7Lindsay Ornstein, a principal at real estate ser- is down, meaning demand for housing will year issued a request for proposals to develop a 13- vices firm Transwestern, says it will be biotech. continue to grow as long as banks continue to acre rail yard adjacent to Chetrit and Somerset’s site. “It’s definitely poised to grow in the city,” Orn- 3lend. “Housing for the middle of the market is go- stein said. In December the city announced it ing to be stable and strong,” said Boaz Gilad, head AFFORDABLE HOUSING While it involves more will provide $100 million for a new applied-life- of Brookland Capital, especially in places like... red tape and lower returns than, say, high-end sciences campus at an undisclosed location along condos, affordable units are virtually guar- the East River. Meanwhile Alexandria, a real estate …BUSHWICK, where Gilad just finished sell- anteed to be leased in perpetuity in a sector development and investment firm that caters to the ing spots in a 21-unit building at prices that 6of the market that is not subject to the same ebb life-sciences industry, is aiming to break ground on ranged from $400,000 to $700,000. Land pric- and flow that besets others. In 2014 Mayor Bill de a third office building on its East Side campus— es have skyrocketed the past two years, but he Blasio put a record $7.8 billion into the city’s 10- once it lands an anchor tenant.

BUCK ENNIS 4suspects they will return to more reasonable levels, year capital plan to fund affordable-housing con- CONTINUED ON PAGE 14

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 13

P013_P014_CN_20170116.indd 13 1/13/2017 6:33:57 PM REAL ESTATE | MARKET OPPORTUNITIES

buyers are already looking at other East Side proper- ties that will be in the range of future segments of the line. Another project that could create an upside is the Brooklyn-Queens Connector, a streetcar system proposed by the mayor.

LUXURY CONDO DEBT High-end condos are poised for distress. Super towers continue to rise in places like Billionaire’s Row, but sales of these ultra-pricey pads have stalled. 16The upcoming oversupply will allow investors to buy portions of a high-end project’s debt, either at a discount or low enough in the capital stack to take control at a discount. Richard Mack, co-founder of the Mack Real Estate Group, plans to provide luxu- HUDSON YARDS gets lots of hype, but ry developers with cash infusions in return for siz- midtown remains able ownership stakes that will ensure him profits ripe for office growth. even if the units are sold with steep price cuts.

WITH A PARTNER Buying New York real es- tate still requires huge amounts of capital. WORK and the fact that nearly three-quarters of city resi- One workaround is to partner with owners dents are tenants—means there will almost always who bought when prices were a fraction of IN CONSTRUCTION The industry posted a re- be upward pressure on rents. “The proof is in the 17what they are today. “I’m seeing a lot of demand cord 147,100 jobs last year, and developers are pudding,” said Adam Hess of Brooklyn investment among real estate investors to partner with long- still facing wait times of up to two years for brokerage TerraCRG. “Companies like Blackstone time real estate owners,” said Martin Polevoy, a certain types of projects. However, spending and Related are the smartest guys in the game, and co-head of DLA Piper’s real estate practice. Such 8on construction, which hit $43.1 billion, is expected they’re making big bets on multifamily.” partnerships allow investors to bring the cash to re- to dip slightly in 2017. Some jobs are more lucrative position or redevelop a property, then profit on the than others. The International Union of Operating MIDTOWN OFFICES Park Avenue, long the upside without being saddled with the costs of hav- Engineers Local 14 has a near monopoly on crane city’s most prestigious office corridor, has ing bought the property in today’s heated market. operations. Members of this exclusive club can earn lost out to newer development as big tenants up to $500,000 annually. such as BlackRock have decamped for plac- SELL 13es like Hudson Yards. But investing in midtown office AT A REAL ESTATE TECH FIRM Nearly all major buildings still looks like a good bet if president-elect SPECIALTY LOANS Banks have pulled back investors in property technology (aka prop- Donald Trump follows through on promises to cut on lending, especially for land deals and tech) said they expect to match or exceed their corporate taxes and unwind financial regulation. properties that are being upgraded or rede- investments in 2017, according to a recent sur- That could allow financial-services firms, Manhat- veloped. The dearth of financing has opened 9vey by tech accelerator MetaProp NYC and the Real tan’s largest set of office tenants by volume, to grow 18the door for providers of alternative financing—both Estate Board of New York. MetaProp co-founder again after years of contracting. “Smart money will senior mortgages and mezzanine debt—who can Zachary Aarons predicts flashy technologies such continue to invest in some of the larger, well-located easily net returns of 8% to 12%. Josh Zegen, a man- as virtual reality residential marketing will expand, office buildings that have big floors that can attract aging principal at Madison Realty Capital, a firm that while many other behind-the-scenes processes, like financial firms,” said Paul Glickman, a broker at JLL. did about $1 billion of specialty real estate financing lease management, are ripe for innovation. “You’re deals in 2016, estimates he’ll do more of such loans going to see a lot of boring, a lot of sexy and not CO-OPS Condo development has boomed this year. Even if banks start lending again, real estate much in between,” he said. in the city, but few investors have paid at- values have fallen in recent months, meaning most tention to the quiet but lucrative business banks will be unwilling to refinance, because that AS A SAFETY MANAGER Site safety manag- of buying residential co-ops. Real estate in- debt may be worth more than they feel comfortable ers, who need 10 years of experience be- 14vestor Myles Horn has made a career of purchasing lending against a property’s new value. Lenders like fore they can get a license, are required at blocks of sponsor units, usually at 30% or 40% of Zegen can step in with pricier replacement debt to all buildings topping 10 stories, and at the their market value. To win the cooperation of the take the place of the capital the banks won’t lend. 10moment there simply aren’t enough of them to go co-op, Horn often offers to make lobby, hallway and around. Inspectors’ salaries run into the six figures, elevator improvements as part of the work, which in YOUR (BROOKLYN) HOME Kings Coun- but instead of paying them outright, some develop- turn boosts the value of his units. “It’s a very good ty median home prices have continued to ers offer stakes in projects instead. “We fly under business,” Horn said, “especially in a down market, surge, reaching a record of $750,000 at the the radar,” said Michael Arvanites, president of the because you get to buy the units at a big discount.” end of 2016. “We don’t really know how Safety Professional Association, “but nothing big 19much room there is for growth in Brooklyn,” said gets built without a site safety manager.” ALONG FUTURE TRANSIT LINES A recent Jonathan Miller, head of appraisal firm Miller Sam- study by residential-listing website Street- uel. “But the market suggests there is plenty.” ■ IN REAL ESTATE LITIGATION New York City Easy found that real estate has always been a litigious indus- rents on Sec- try, but as the market goes through a correc- 15ond Avenue have shot tion and some projects become distressed, up nearly 30% over the 11the environment can turn even more hostile—which past five years in the is good news for lawyers. Demand will also remain run-up to the subway high for construction attorneys as the city has failed extension. “We have to stem the rise of accidents on jobsites (as of June represented investors 2016, accidents were up 62% year over year), and the who purchased prop- state’s scaffold law holds contractors automatically erty near the Second liable for any fall-related injury. Avenue line starting in 2009 and 2010,” said BUY Leo Leyva, co-chair of the real estate practice RENTAL BUILDINGS Even though a rush of at law firm Cole Schotz. new rental construction has softened the “They’re seeing a 25% high-end market, many investors will look jump in property values SECOND COMING: Subway expansion to grab existing multifamily units. New now that the subway is has sparked a 30%

BLOOMBERG 12York City’s continued population and job growth— finished.” Leyva said spike in nearby rents.

14 | CRAIN’S NEW YORK BUSINESS | January 16, 2017

P013_P014_CN_20170116.indd 14 1/13/17 6:49 PM REAL ESTATE | BROKERS’ OUTLOOK

Forecasts from five New York real estate experts BY ERIK IPSEN What impact Can we absorb Will growing Will rising What excites will Trump’s all the new office e-commerce interest rates and/or worries presidency have space going up sales sap retail dampen property you most about on NY’s real around the city? rents? buying and this year? & estate market? building? QA COLLIERS’ CORPORATE POLICY EACH SUBMARKET IS differ- RETAILERS WILL CONTINUE INTEREST RATES DETERMINE MIDTOWN HAS BEEN a net is not to comment on poli- ent. Hudson Yards has to rebalance their street the cost of debt and return loser of tenants this cycle, tics or related subjects. seen tremendous success, and online presences, on alternative investments. resulting in large availabili- and I think developers resulting in downsizings Higher interest rates in ties. These blocks represent N will continue to calibrate and closings. Hard-goods 2017 will likely lead to opportunity for tenants their construction to retailers will be replaced higher capitalization not wedded to midtown avoid an oversupply. The by more experience-ori- rates. These developments south or downtown and tate regiontate

s World Trade Center has ented operations with may cause a meaningful able to appreciate the ri adjustment in the value EL COHE been successful, but not tighter budgets. One result amenities and infrastruc-

A as much as Hudson Yards will be the death knell for of properties in New York ture of midtown. But these due to competition from the once-reliable annual and complications for bor- blocks are entering the Brookfield Place. Grand rent inflation that owners rowers with floating-rate market at the same time. If MICH

Colliers International Central will face further and investors counted on debts. Smart investors will availabilities coincide with President, t President, challenges from tenant when underwriting retail have already accounted a pause in job growth, the relocations to Hudson acquisitions. for this volatility in their midtown market could Yards and downtown. financing strategies. face challenges. THE KEY POINT is not his THE CITY NEEDS new office WHILE WE SAW an increase in I DOUBT THAT rising interest I’M EXCITED FOR the future background in New York buildings. The space being vacancy of retail space last rates will negatively impact of our city. It has become real estate but how the added looks like a lot on year, we also saw a couple investor demand. As long a magnet for the best and policies he implements paper, but Manhattan is a of the biggest retail deals as returns on property are the brightest across the will impact the national 400-million-square-foot in history, signed by Nike above long-term interest nation, and that can only RA and local economies. I am market, and Brooklyn and by Under Armour, rates, I would not be too accrue to our benefit.

TO optimistic that President adds 28 million square showing there is still an worried about falling sales It’s one of the reasons I Trump, backed by a feet. The new construction appetite for retail space in volumes. And don’t forget remain fundamentally AN Republican Congress, will likely to be added between Manhattan—a place that that interest rates will like- bullish on the market this S pursue a growth-oriented now and 2021 is between creates a presence for a ly be increasing because of year. If there is a worry, N set of policies that will 15 and 20 million square retailer’s brand. The sector better economic condi- it is that some outside boost the economy and, feet—a modest 3.5% to is under pressure from tions, which should lead to event, like a recession or JOH

Chief integration officer integration Chief by extension, commercial 4.7% of inventory. With e-commerce, but there is higher rents. financial stress in another Cushman & Wakefield real estate. continuing job growth, we still a place for brick-and- country, spills over to can absorb this increase. mortar stores in well-trav- here. eled corridors. I THINK HAVING someone NEW YORK IS a 500-mil- THERE IS NO question that NEW YORK IS becoming WE NEED JOB growth to with a strong New York lion-square-foot office retail leasing in certain more expensive and chal- absorb all of New York’s connection and enormous market. While there is neighborhoods has lenging, particularly for additional office space. real estate and business a lot of new space to reached a price level that investors that are publicly That’s a big concern. But a

DI experience will bring a absorb, new product will is challenging for retailers. traded. As interest rates clean and safe New York fresh outlook that should do well. Older space will These neighborhoods see increase, we might see will continue to attract

UAR be good for our city and be leased, too, but it is a lot of shopper traffic, stock prices drop, and this the workers, residents,

IG our economy in general. I not certain now how long and retailers want a pres- could slow activity in the businesses and visitors it R JLL

am excited by the change. this will take. Expansion ence there. But the market investment sales market. needs to thrive.

R of technology companies is in flux, and there is no In the end, however, New is critical for overall ab- question that retail pricing York is still on the top of sorption in the New York may have to become more every global investor’s PETE market. Without growth competitive to maintain list. A slowdown in sales in the technology and occupancy. velocity and pricing might other sectors, there could be viewed by investors as a , New York tristate region York , New President be bumps in the road. great opportunity to buy. THE PRESIDENT-ELECT knows THE 11.4 MILLION square NOT EVERYTHING CAN be pur- I ALWAYS THINK people’s WHAT EXCITES ME are 1 that sound infrastructure feet under construction chased online. For certain expectations are factored Vanderbilt, the most boosts real estate. As New in Manhattan will add 2.9 purchases, people want into current market dy- technologically advanced, Yorkers, we know that million square feet per to go to the store—for the namics. It’s the unexpect- infrastructure-enhanced,

N without the No. 7 subway year over the next four convenience, the personal ed that makes a market architecturally significant extension, there is no years. That represents less service or simply the change. building in the world, and CHI Hudson Yards; without the than 1% of the current experience. But retailers Brooklyn. With its loads

UR Transit Hub, there is no stock annually. The issue have to get creative to of opportunities for build-

T big growth at the WTC. I isn’t whether new space keep customers coming ing transformations, it’s CBRE R am looking to see if Presi- can be absorbed but what in. Many are looking to old becomes new again. dent Trump will continue will happen to older space. incorporate experiential What worries me are Vice chairman Vice this progress with funding New buildings, like 250 elements into the store. construction costs and the PETE for projects like the Farley W. 55th St., have been Space in highly visible amount of sublease space Post Office, the Javits leasing well. It’s the older locations with strong foot available, two things that I Center and others. buildings that are feeling traffic will continue to always worry about. the pinch. generate high rents. TRUMP BELIEVES IN the free OF THE 30 MILLION square feet SOME BRANDS HAVE been THIS WOULD BE more HIGH-PRICED, state-of-the- market and will lead in the pipeline in Man- able to justify high rents impactful for domestic art new construction will accordingly. His pro- hattan, only 12 million by using high-priced capital than foreign. There put pressure on existing posed tax reductions and are under construction locations as branding is still significant foreign supply. Going forward,

AN infrastructure investment or have an anchor tenant. opportunities. Some may capital seeking New York’s landlords will need to

M could stimulate the econo- Meanwhile, 13 million need to correct and down- relative economic stability, undertake renovations R my and boost demand for square feet are planned scale a bit, but pressure is and this will likely be true for a changing worker

TE office space by increasing with no anchor. Much of unlikely to come from on- even in a period of rising demographic. Fitness A hairman employment. Looser what’s being planned may line shopping. Brands are interest rates and lower centers, conference spaces,

W financial regulations could have to wait until the next developing strategies to returns. food-service areas and help leasing to the city’s cycle. If midtown south have e-commerce comple- other amenities must be AN Vice c I financial sector. But too and Times Square south ment brick-and-mortar. considered to cater to R

B much stimulus could over- stay tight, Brooklyn and This is particularly true as workforces, as should charge a market already Long Island City will be at- millennials have shown build-outs designed for

Newmark Grubb Knight Frank near full employment and tractive to tenants seeking a preference for in-store higher staff density with cause a crash. value and creative spaces. shopping experiences. more collaborative space.

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 15

P015_CN_20170116.indd 15 1/13/2017 10:25:18 AM POLITICS|ON THE D-TRAIN IVANKA TRUMP She stepped down from her job at the Trump Organization last week and has also left behind her fashion label. She will be the de facto rst lady and the most powerful daughter of INSIDE TRACK any president since Alice Roosevelt more than a century ago. Donald Trump wants to run the country like a business. These New Yorkers are his key hires BY AARON ELSTEIN

very new president brings friends and trusted advisers with him to the White House. But Donald Trump’s en- JARED KUSHNER tourage features an unprecedented number of New York The family of the president’s son-in-law has spent businessmen (and we mean men; very few women are about $2 billion acquiring Manhattan and Brook- part of the president-elect’s inner circle). In addition to Etheir Big Apple pedigree, these “great, great people” have something lyn real estate over the past decade. Kushner else in common: ey all stood by e Donald even when his pros- pledges to transfer “substantial assets” to entities pects for the presidency seemed distant at best. controlled by his mother and brother before taking an unpaid role as senior adviser to the president.

ANTHONY SCARAMUCCI A hedge-fund marketer and organizer of a Las Vegas confer- ence popular with the nancial STEPHEN SCHWARZMAN crowd, he was one of the few Wall The CEO of private equity rm Black- Streeters to publicly back Trump stone Group will chair the President’s during the campaign. His reward Strategic and Policy Forum, an will be a job in the White House economic-advisory panel. His rm intergovernmental affairs of ce. manages $360 billion worth of assets and is one of the nation’s leading real estate owners. Its lev- eraged-buyout portfolio includes 81 companies. Schwarzman’s personal fortune is estimated at $10 billion.

WILBUR ROSS The private-equity investor made billions turning around ailing steel mills, coal mines and manufac- turers of textiles and car parts. As Commerce Department secretary, the Trump cabinet’s voice for business, his extensive overseas holdings could present nettlesome con icts. AP, BLOOMBERG, GETTY IMAGES, ISTOCK AP,

16 | CRAIN’S NEW YORK BUSINESS | JANUARY 16, 2017

P016_P019_CN_20170116.indd 16 1/12/17 8:51 PM ROBERT MERCER IVANKA TRUMP The reclusive hedge-fund billionaire has no formal role She stepped down from her job at the Trump Organization in the administration, but his daughter Rebekah was a last week and has also left behind her fashion label. She will member of the transition team. The family also has a DAVID FRIEDMAN be the de facto rst lady and the most powerful daughter of stake in Breitbart, the right-wing website co-founded by Trump’s longtime bankruptcy lawyer any president since Alice Roosevelt more than a century ago. Trump’s chief strategist, Steve Bannon. has been named ambassador to Israel.

JASON GREENBLATT MICHAEL COHEN The Trump Organization’s chief lawyer will ABC News described the special counsel as serve as the administration’s special repre- Trump’s “pit bull.” He also ran for New York sentative for international negotiations. state Senate as a Democrat in 2010. Though he has no formal administration role, he CARL ICAHN remains Trump’s go-to guy for xing knotty The activist investor, acting as “special ad- problems. viser,” helped select prospective heads of the TOWER SEC and the EPA despite his having stakes TRUMP in numerous companies that are subject JAY CLAYTON to those agencies’ oversight. His fortune is He’s a partner at Wall Street law rm Sulli- pegged at $18 billion. van & Cromwell and represented Goldman Sachs when it received $10 billion in feder- al bailout money in 2008. He is expected to ease regulations as head of the SEC. FAMILY AFFAIRS

PRESIDENT-ELECT DONALD TRUMP last week said he would hand over control of the Trump Organization to his two adult sons, Eric (bottom left) and Donald Jr., until he completes his tenure in the White House. By refusing to cut nancial ties to his busi- ness, Trump ignored federal VINCENT VIOLA ethics of cials who declared A West Point graduate that the only way to avoid con icts of interest—and potential STEVEN MNUCHIN tapped to be secretary of the corruption—would be to sell the company A former Goldman Sachs partner Army, Viola worked as a gas- and put the proceeds in a blind trust. and an ex-board member at oline trader at the New York In deciding to retain his ownership Manhattan-based CIT Group, one Mercantile Exchange before interest in more than 500 companies, of the nation’s largest business making more than $1 billion with assets in more than 20 countries, lenders, Mnuchin has been from founding high-speed Trump risks violating the Constitution’s Emoluments Clause, a founding article that tapped to be Treasury secretary. trading rm Virtu Financial. bars any elected of cial from accepting a Federal disclosures indicate his “present, emolument, of ce or title, of any net worth is at least $166 mil- kind whatever” from any representative of lion, but it may be much more. a foreign state —which some observers say could include hotel bills or even greens fees GARY COHN at Trump-owned golf courses. He resigned as president of Trump lawyer Sheri Dillon dismissed those concerns. “Fair value exchanges,” such Goldman Sachs to serve as as paying for hotel stays, would not be con- director of the White House’s sidered emoluments, she said. Even National Economic Council, so, the Trumps have pledged a post that doesn’t require to donate to the U.S. Trea- Senate con rmation. Cohn sury any “pro ts” from foreign government pay- held Goldman shares worth ments to their hotels. more than $200 million. How those pro ts will be determined appears to be up to the Trumps and the ethics advisers and compliance of cials they’ve promised to hire. —A.E.

JANUARY 16, 2017 | CRAIN’S NEW YORK BUSINESS | 17

P016_P019_CN_20170116.indd 17 1/12/17 8:51 PM P016_P019_CN_20170116.indd 18

BLOOMBERG, BUCK ENNIS, GETTY IMAGES, LESLEY ADE, COURTESY OF SKDK, COURTESY OF MARATHON STRATEGIES POLITICS 18 |

CRAIN’S NEWYORKBUSINESS B SCHUMER NYC’s businessandpoliticalworld forthenation’sFormer staffers new topDemocratradiatethroughout some of city’s the top acks. have Others become top campaign and—as one from might famously the expect senator— media-savvy A GUIDETOTHE Anthony Weiner. achieved by former Rep. distinction most infamously adubious Schumerverse, the But it is possible cast to out be of Yassky for city comptroller (he didn’t). ron for state Senate (he won) and David for run they o ce, such as Daniel Squad- ernment relations. strategists, won o elected ce themselves or gone into gov- some of city’s the top acks. have Others become top campaign and—as one from might famously the expect senator— media-savvy Attorney Preet Bharara, former Wall Street regulator Benjamin Lawsky have out carved careers inNew York City.  include ey corruption-busting U.S. of Transportation Now: Commissioner, NYCDepartment forpolicy of transportation America’s Future;U.S.undersecretary Became: Executive director, Building Schumer job:Legislativedirector POLLY TROTTENBERG Schumer generally endorses his protégés when

|

CHUCK’S WORLD minority leader and will be the nation’s Democrat. the be powerful most will and leader minority o leaving President Obama and retired Senate become week—Schumer has next ce Reid Harry 1998.Now—with Sen. in Senate to the elected was of tender age 29 and at the 1980 in of House Representatives the won in aseat Schumer “Chuck” Charles native rooklyn Among potentialthe beneciaries are former Schumer sta members who Now: OwnerandCEO, MarathonStrategies communications director,campaign 2008 Clinton Senatorial CampaignCommittee;deputy campaign; communicationsdirector, Democratic Became: Nationalspokesman, Kerry-Edwards director, 2000–2004 Schumer job:Presssecretary/communications PHIL SINGER

|

JANUARY 16,2017 Press secretary/communications Presssecretary/communications BY ROSA GOLDENSOHN Strategies Now: Principal, Tobman Hudson TG Became: Principal, affairs, 2001–2005 intergovernmental Schumer job:Director, MICHAEL TOBMAN VERSE wife,Iris Weinshall of staffforSchumer’s Weinstein, chief former toElizabeth Married Manhattan senator,senator, Brooklyn/ Brooklyn/ Now: State Now: 2005–2007 2005–2007 Aide,Aide, Schumer job: Schumer job: SQUADRON SQUADRON DANIEL Staten Island Staten Island Now: Now: Assembly member, 1999 –2002 1999 –2002 constituent services, constituent services, Schumer job:Director,Schumer job: MICHAEL CUSICK Assembly member, Married toSchumeralumnaCathieLevineMarried Public affairs director,Became: Publicaffairs Schumer jobs:Presssecretary, 1994–1996; ran1998Senate Now: Managingdirector, campaign; chiefofstaff, SKDKnickerbocker JOSH ISAY 1999–2000 DoubleClick University lawschool University Now: Dean, Pace 2010–2014 Limousine Commission, chairman, Taxi and member, 2002–2009; Became: CityCouncil Subcommittee onCrime counsel, House Schumer job:Chief Schumer job: DAVID YASSKY University lawschool University Dean, Pace 1/12/17 9:11 PM Became: Seniorvicepresident, Schumer job:Communications communications directorfor Now: President, RisaHeller Global Strategy Group; Global Strategy director, 2005–2007 Gov. DavidPaterson Communications HELLER RISA RISA PREET BHARARA Schumer job: Chief CIRCLING THE counsel, Senate Judiciary Committee, 2005–2009 OUTER ORBITS Now: U.S. attorney, Southern District of NY BRADLEY TUSK Schumer job: Communica- tions director, 2000–2002. Became: Special assistant to Mayor Michael Bloomberg; dep- uty governor of Illinois; senior vice president, Lehman Brothers; campaign manager for Bloomberg, 2009. Now: CEO, Tusk Holdings CATHIE LEVINE Schumer job: Commu- DAVID YASSKY nications director, 1997–2000. Became: Schumer job: Chief Communications director, NYC comp- counsel, House troller, 2000–2001; publicist, ABC World Subcommittee on Crime News Tonight; executive director of media relations, ABC News, 2004–2008; vice STU LOESER CAROL Became: City Council president/communications, ABC News. Now: KELLERMANN member, 2002–2009; Schumer job: Press secretary/ principal, Morningside Strategies Schumer job: Ran his rst chairman, Taxi and communications director, Married to Schumer alumnus Josh Isay congressional campaign in 1980 and Limousine Commission, 2003–2005 LARRY SCOTT BLACKMON Schumer job: was his rst chief of staff in Congress 2010–2014 Became: Press secretary for Mayor Deputy state director. Became: Senior man- ager for public affairs, New York Jets; chief Michael Bloomberg, 2006–2012 Became: Deputy commissioner, NYC Now: Dean, Pace of staff/deputy commissioner, NYC Depart- Department of Finance; executive University law school Now: Founding principal, Stu ment of Small Business Services; deputy director, Learning Leaders; executive Loeser & Co. commissioner, NYC Department of Parks director and CEO, September 11 Fund and Recreation. Now: Vice president, com- Now: President, Citizens Budget munity and government affairs, FreshDirect Commission ROBIN CHAPPELLE GOLSTON Schumer HOWARD WOLFSON job: Constituent services aide, 1998 . Became: Chief of staff, NY Assembly, 2005– Schumer job: Communications 2007; vice president, government relations, director, 1998 Senate campaign JPMorgan Chase, 2011–2015. Now: Vice Became: Communications president, community and government director, 2008 Clinton affairs, EmblemHealth campaign; deputy mayor, PHIL GOLDFEDER Schumer job: Director, intergovernmental affairs, 2009–2011. Bloomberg administration Became: Assembly member, Queens, 2011– 2016. Now: Head of government relations, Now: Education program lead, BENJAMIN LAWSKY Yeshiva University Bloomberg Philanthropies Schumer job: Chief counsel, BLAKE ZEFF Schumer job: Communi- Senate Judiciary Committee, cations director, 2002–2005. Became: 1999–2001 Communications director, NYS Democratic Became: Assistant district Committee; national spokesman, 2008 Clin- ton campaign; managing director, Berlin- attorney, Southern District of Rosen; policy director, NYS attorney general, NY; special assistant to Andrew 2011–2012; columnist/politics editor, Cuomo, then attorney general; Salon. Now: Editor in chief, cafe.com chief of staff to Gov. Cuomo; ALEX DETRICK Schumer job: Upstate press superintendent, NYS Department secretary, 2006–2010. Became: Downstate of Financial Services, 2011–2015 press secretary, NYS attorney general. Now: Global communications director, Vice Media Now: CEO, the Lawsky Group RODNEY CAPEL Schumer job: Deputy state director, 1999–2001. Became: Political director, NYS Democratic Committee; dep- uty chief of staff, City Council Speaker Chris- tine Quinn; senior VP, Mercury; director of NYC intergovernmental affairs, Gov. Andrew Cuomo; executive director, NYS Democratic Committee. Now: Adviser to Cuomo ELIZABETH STANLEY Schumer job: Scheduler/special assistant, 1999–2000. JOSH VLASTO Became: Communications director, Rep. Nita Schumer job: Press Lowey; regional press secretary, Democratic RISA secretary, 2006–2010 Congressional Campaign Committee. Now: Lowey’s chief of staff HELLER Became: Deputy ALAN MAISEL Schumer job: Administrative communications director, Schumer job: Communications assistant, mid-1980s. Became: Assembly director, 2005–2007 then chief of staff, member, Brooklyn, 2006–2013. Now: City Gov. Andrew Cuomo; Became: Senior vice president, Council member, Brooklyn director, marketing and Global Strategy Group; ERIN MONJU Schumer job: Deputy press communications strategy, secretary, 2007–2008. Became: Press communications director for JPMorgan Chase secretary, McMahon for Congress; clerk for Gov. David Paterson Southern District of NY, U.S. District Court Now: Vice president, Now: President, Risa Heller and Second Circuit Court of Appeals. Now: MacAndrews & Forbes Communications Associate, Covington & Burling Married to Schumer alumnus Ryan Whalen

JANUARY 16, 2017 | CRAIN’S NEW YORK BUSINESS | 19

P016_P019_CN_20170116.indd 19 1/12/17 8:52 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS the Sky’s the Limit

to Celebrate Top Real Estate WE BELIEVE Pros at Annual Banquet THE CLIENT

GIVES EVERY INVESTMENT PURPOSE. his past year was an exciting one for New York EVERY PROPERTY A SOUL. EVERY TRANSACTION A PULSE. City real estate. The NYC residential sales market

hit a record high, with the value of all completed Real estate is a powerful asset. It helps define the business of a company. home sales transactions reaching $13.6 billion in The spirit of a startup. The values of an investor. We’re 43,000 employees the third quarter of 2016, according to the 2016 in over 60 countries, helping our clients put ideas into action in Statistical Abstract published by the Real Estate Board of New York New York City and around the world. Across industries. Within budgets. T(REBNY). The average sales price for a home in the third quarter And without fail. What can we do for you? cushmanwakefield.com/action was $1,018,000. And the action was not confi ned to Manhattan; both the Bronx and Staten Island saw a signifi cant increase in sales Member activity, and Brooklyn and Queens also posted gains.

There were some bumps. Manhattan retail leasing saw an adjustment after record asking rents in 2015, and investment sales settled in New York City in the fi rst half of 2016, following accelerated activity in the fi rst half of 2015. Broker confi dence in the current market and the market six months from now has dipped, according to REBNY’s Broker Confi dence Index, conducted after the third quarter of 2016.

Nonetheless, New York City’s real estate contributed $20.4 billion to locally generated tax revenue in the city in 2016, up 24.4% from fi scal 2013 to fi scal 2016.

Sparking all of the activity are the city’s real estate professionals. On Jan. 19, at its 121st Annual Banquet, REBNY will present seven awards to the movers and shakers who have had a powerful impact on the city’s real estate and are shaping the future of New York. For more insight to REBNY and the winners of the awards, read on. IDEAS INTO ACTION S1

Untitled-5 1 1/3/17 4:02 PM 2017 REBNY Section 9B.indd 1 1/12/17 5:59 PM CN018143.indd 1 1/6/17 6:43 PM WE BELIEVE THE CLIENT

GIVES EVERY INVESTMENT PURPOSE. EVERY PROPERTY A SOUL. EVERY TRANSACTION A PULSE.

Real estate is a powerful asset. It helps define the business of a company. The spirit of a startup. The values of an investor. We’re 43,000 employees in over 60 countries, helping our clients put ideas into action in New York City and around the world. Across industries. Within budgets. And without fail. What can we do for you? cushmanwakefield.com/action

Member

IDEAS INTO ACTION

Untitled-5 1 1/3/17 4:02 PM CN018143.indd 1 1/6/17 6:43 PM 1/6/17 6:30 PM 12/30/16 11:08 AM SOLID TO THE CORE THE SOLID TO COMMERCIAL| RESIDENTIAL | FINANCE | RETAIL NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE CN018137.indd 1 SLG-2370 SL Green REBNY Corporate Ad-2017_Crains_10.875x14.5_V2.indd 1 1/12/17 7:20 PM S4 S1 S7 S3 S3 S9 S11 S11 S17 S15 S12 S31 S19 S41 S37 S25 S35 S23 S28 S29 S36 S6, S20 S6, S13 – S14 S13 ...... MacQuesten ...... Realty MRP ...... SPS NYU ...... International Princeton ...... Group Rockefeller LLP SAX Capital...... Sebastian S22 ...... Green SL Table of Contents ...... Introduction ...... Advertisers Index of ...... Publisher from Letter ...... in Review Year The Financing ...... Creative ...... Education Continuing Marc Holliday Profi le ...... Profi Holliday Marc le ...... Profi Carl Weisbrod le ...... Profi Bill Dacunto le ...... MaryAnne Gilmartin Profi le ...... Profi Riguardi Peter le ...... Profi Ornstein Lindsay le ...... Profi Jed Walentas ...... Building Technology ...... Sustainability ...... Snapshot REBNY S5 S8 S21 S16 S18 S24 S38 S40 ...... Durst ...... Consolidated Eastern 212 ...... Emerge ...... Feil ...... Fisher Brothers Handler ...... & Sons Jack Resnick ...... Kamber ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS NEW TO CRAIN’S SUPPLEMENT ADVERTISING S2 S30 S10 S27 S32 S33 S26 S34 ...... City National Bank ...... City eld ...... Cushman & Wakefi Index of Advertisers Advertiser PagePage Advertiser Advertiser Page #3) ...... (1501 Broadway Young Avison ...... (Corporate) Young Avison Elliman ...... Douglas S3 Avison Young (1501 Broadway #1) ...... (1501 Broadway Young Avison #2) ...... (1501 Broadway Young Avison Argo their remarkable achievements. their remarkable Jill R. Kaplan Jill R. and Publisher President Vice Business York New Crain’s Behind each of New York’s majestic buildings is a unique story. These stories — stories These is a unique story. buildings majestic York’s New of Behind each the city’s to — contribute and deal-making innovation creativity, architectural of the world. around from visitors for a lure that are communities uniquely vibrant a building of in front in awe stand as they tourists the sight of by struck I’m often and appreciate stop us to all of to — an important reminder while taking photos meeting. our next rushing to before city our incredible of the grandeur professionals estate the real of and commitment the dedication to Thanks and evolve grow, to our neighborhoods continue boroughs, ve fi the throughout play. yes, and, and work live to Yorkers New for opportunities new – creating thrive (REBNY) York New of Board Estate with the Real partner to honored are We and the individuals within it who the industry of the contributions celebrate to learn you’ll pages, In the coming York. on New impact had a profound have being publicly rec- who are leaders nest fi the industry’s of some about more them for congratulate We Annual Banquet. 121st 19 at REBNY’s Jan. ognized achievements. their remarkable Celebrating the Power of Celebrating the Estate Community New York’s Real Sky’s the Limit 2017 REBNY Section 9B.indd 3 SOLID TO THE CORE

COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE

NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE

SLG-2370 SL Green REBNY Corporate Ad-2017_Crains_10.875x14.5_V2.indd 1 12/30/16 11:08 AM CN018137.indd 1 1/6/17 6:30 PM TWO WORK IN MONTHS FREE* BY MENTIONING THIS AD Expires 02/28/17 STYLE

FULLY FURNISHED

FULLY WIRED

3 COLUMBUS CIRCLE 125 PARK AVENUE 28 WEST 44TH STREET

REDEFINING REAL ESTATE At Emerge212, we know that one size or solution does not work for every business, especially a growing one. Count on us to customize our fully furnished office space to your needs, so you pay for the space that fits your business now. CONTACT US TO SCHEDULE A SHOWING FULLY SERVICED 877.741.0705

* Offer based upon market pricing and current availability. Valid on 13 month term only. A wholly-owned subsidiary of SL Green Realty Corp.

Untitled-4 1 1/3/17 3:59 PM CN018144.indd 1 1/6/17 6:38 PM Timeless Design. Timeless Location. Time for You.

An2icon2of2mid-century2modern2architecture, 12712Avenue2of2the2Americas2has2always2used2design to2inspire2and2elevate2the2workday.2An2extensive2top-to- bottom2renovation2will2dramatically2improve2views2and2 light2with2a2new2exterior2façade,2revive2the2plaza,2and2 reimagine2the2lobby’s2bold2design.2 www.1271AoA.com

Mary2Ann2Tighe John2Maher Howard2Fiddle Evan2Haskell 212298428000 212298428008 212298426525 212298428049 [email protected] [email protected] [email protected] [email protected]

Sarah2Pontius David2Caperna 212298427196 212265620530 [email protected] [email protected]

Ed2Guiltinan Jennifer2Stein 212228222018 212228222120 [email protected] [email protected] www.1271AoA.com

CN018133.indd 1 1/6/17 6:31 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Sky’s the Limit Thank You. starting to level off , which is resulting in more The fact that fi nancing became more diffi cult, BRANDED CONCEPT DEVELOP- GLEN EQUITIES LTD NEWMARK GRUBB KNIGHT FRANK REBNY Recap: MENT deals being made,” said Romer. “Sellers are as well, contributed to a decline in the condo We are grateful to the Alan Schwartz Jordan Brustein James Race Matthew Leon realizing that there is room for negotiations. market, as well—particularly on the “uber- The Year in Review New York brokerage Alexandra Turboff GOCHMAN GROUP Buyers are realizing that, as well. It’s giving luxury” end, Mermelstein said. community for your Mike Gochman OLMSTEAD PROPERTIES iven the hotly contested presidential the buyers more leverage than they’ve CAPSTONE REALTY ADVISORS, Steven Marvin INC. JLL election in November, 2016 was an had in the past. And given the number of “At the same time, when November came support in helping us Matthew Kurzban Robert Ageloff RKF eventful one for the country. The newly developed condos on the market, we about and there was concrete word on the lease over 900,000 SF Christian Allen Michael Pastor Gmood of the nation during the campaign are seeing more and more sponsors and street that 421-a was going to be back, in 2016. CBRE Matthew Astrachan Ariel Schuster aff ected New York City’s real estate market, developers starting to make concessions in there was defi nitely a sense of hope,” said Chris Corrinet Erin Grace Jackie Totolo Ramsey Feher Martin Horner by many accounts in the industry. Coupled order to sell units.” Mermelstein. “Prices started to rebound. Jared Freede Paul Ferraro SAVILLS STUDLEY with what some see as an oversupply of You are going to see more land sales and Paul Haskin Matt Ogle Lance Leighton condos, co-ops and hotel rooms in the city, Still, Romer has found that while units priced transactions take place in the fi rst quarter Annette Healey Scott Panzer Evan Margolin Nick Hilton Bill Peters Richard Schuham the market saw a slowdown in some areas, at $3 million and below are selling on a of 2017 than we did in 2016.” Douglas Durst Rocco Laginestra Shannon Rzeznikiewicz Greg Taubin according to REBNY’s Statistical Abstract for regular basis, the market north of $3 million Meredith Maher Patrick Smith SRS REAL ESTATE PARTNERS 2016. Here are some highlights. has been moving much slower. The hotel sector Joseph Mangiacotti Derek Trulson Molly Peters Dan Turkewitz Mark Kapnick Zachary Price Deborah van der Hayden The condo and co-op market Retail leasing The number of visitors, both from within the Clyde Reetz Damla Yerdelini TRANSWESTERN U.S. and overseas, has inched up since last Jonathan Durst Stephen Siegel Corey Zolcinski Andrew Hawkins Michael Wellen Although prices for condos went up, there REBNY’s Statistical Abstract shows that year. That has made for a hotel sector where KAUFMAN ORGANIZATION Rory Murphy Lindsay Ornstein COLLIERS INTERNATIONAL was less activity in the market than last year. average asking rents for retail in Manhattan inventory has ticked up to accommodate Elliot Warren Jonathan Tootell Sales of co-ops and condos in New York City, rose in 2016, with Midtown, the West Side and increased tourism. REBNY’s Statistical Peter Simel LEE & ASSOCIATES VICUS PARTNERS including Manhattan, dipped slightly from Upper Manhattan seeing an uptick. However, Abstract found that upscale and mid-priced THE CORCORAN GROUP Peter Braus Bert Rosenblatt 2015, though 2016 statistics only included asking rents dipped sharply on the East Side hotels are averaging the highest occupancy Paul Wexler Richard Kave Leo Russel the months through September 2016. and declined somewhat in Midtown South. rates, however, with luxury hotels seeing a Josef Yadgarov Brad Schwarz Jack Sheresky decline from 2015. The average daily room JP Sutro CUSHMAN & WAKEFIELD, INC. WHARTON PROPERTY ADVISORS However, developer David Ennis, founder of “It’s a terrible market,” said broker Norman rate for luxury hotels was just over $400, MURRO REALTY Richard Bernstein David Alperstein The Daten Group, a New York City commercial Bobrow, president of Norman Bobrow & Co., with room rates for upscale hotels averaging Andrew Braver Cosmo Montemurro Ruth Colp-Haber and residential developer, noted that when a tenant-representative commercial real over $200 and for mid-price hotels just under Frank Cento Connor B. Daugstrup WINICK REALTY the fi gures for 2016 are annualized, they estate fi rm. “There’s just not enough people $200. Robert Eisenberg Steven Baker could still exceed 2015. that are shopping in the stores to support the Glenn Isaacson Ken Hochhauser rents the landlords need to get in New York Jerry Swartz, the senior partner and founder Josh Kuriloff Jeff Winick David Rosenbloom One factor that may be contributing to City, other than on the major streets. Those of HKS Capital Partners, a real estate capital Justin Royce current trends, according to Ennis, is an are the only ones that are strong.” advisory fi rm, has found fi nancing for hotel Heather Sloan oversupply of residential condos. “There isn’t deals scarce. “Hotels are on the low end Tara Stacom Maria Travlos a collection of developers that gets together “It’s one thing if you’re asking $50 dollars a of the wish list of lenders right now,” said Peter Trivelas with the city and says, `Okay, how much foot or $80 a foot,” said Bobrow. “If you’re Swartz. “It’s very diffi cult to get them done.” Mark Weiss housing do we need?’” said Ennis. “It doesn’t asking $300 a foot you have to be doing a lot Barry Zeller work that way. It’s like the herd mentality. of business to pay those rents—unless that For completed hotels that have been DAVID S. KRISS REALTY Everyone rushes to develop when money is line of tourists comes in.” operating for less than a year, the sources David Kriss cheap and demand is high.” of fi nancing tend to be hedge funds, equity Kevin Schenone Residential housing permits funds or opportunity funds, he said. When “That’s what always causes these short- hotels have been operating for at least a year, term fluctuations but the long-term trend 2016 saw a steep decline in housing permits, conventional lenders are an option, he says. of [prices going] up is still in eff ect and will according to REBNY’s Statistical Abstract. be for the foreseeable future,” he said. “You While they hit 56,248 in New York City in Swartz isn’t alone. “In New York City, we are need to ride out structural issues that the 2015 — a number Michael Slattery, senior defi nitely seeing fewer hotel fi nancings,” markets may be facing.” These may include vice president for research at REBNY, called said Ari Hirt, managing director of debt and rising interest rates, weaker demand, higher “unprecedented,”— that number dipped to equity fi nancing for Mission Capital Advisors, unemployment, or oversupply of product 12,293 as of October 2016. a diversifi ed real estate capital markets relative to demand, he said. solutions fi rm headquartered in New York City. One reason was the expiration of 421-a, a tax Michael Romer, managing partner of Romer break for aff ordable housing that had been One reason is the law of supply and demand. Debbas, a law fi rm focused on real estate and extended until the end of 2015 but has not yet “There was concern about the supply of hotel other areas, believes the residential market was been reinstated. rooms in New York and about the number on hold while the election was being sorted out. of hotels coming online,” said Hirt. “While “When it became a reality [that] it was lenders are concerned about [supply] in “What we found is post-election, people not going to be back, that sort of stunned New York. I don’t believe they need to be as realized that the world will go on,” said Romer. the industry,” said residential developer concerned. New York has always absorbed “Deals were being made. And we really saw an Adam Mermelstein, a principal of Treetop whatever it has built—apartments, hotels.” uptick in our business after the election and Development. “You saw a sharp decline in the weeks since.” both in construction starts and land prices. Hotels being built today tend to be aff ordable Especially in secondary localized markets hotels, such as Holiday Inns and Hampton For 2017, Romer anticipates normalization within New York City, land prices dropped Inns, said Slattery. “We’re not building more in local real estate markets. “Price tags are dramatically.” Waldorf Astorias,” said Slattery. S7

CN018124.indd 1 1/6/17 6:40 PM

2017 REBNY Section 9B.indd 7 1/12/17 5:59 PM Durst_REBNY_ThankYou_2017-01-04.indd 2 1/5/17 3:03 PM Thank You. BRANDED CONCEPT DEVELOP- GLEN EQUITIES LTD NEWMARK GRUBB KNIGHT FRANK We are grateful to the MENT Alan Schwartz Jordan Brustein James Race Matthew Leon New York brokerage Alexandra Turboff GOCHMAN GROUP community for your Mike Gochman OLMSTEAD PROPERTIES CAPSTONE REALTY ADVISORS, Steven Marvin support in helping us INC. JLL Matthew Kurzban Robert Ageloff RKF lease over 900,000 SF Christian Allen Michael Pastor in 2016. CBRE Matthew Astrachan Ariel Schuster Chris Corrinet Erin Grace Jackie Totolo Ramsey Feher Martin Horner Jared Freede Paul Ferraro SAVILLS STUDLEY Paul Haskin Matt Ogle Lance Leighton Annette Healey Scott Panzer Evan Margolin Nick Hilton Bill Peters Richard Schuham Douglas Durst Rocco Laginestra Shannon Rzeznikiewicz Greg Taubin Meredith Maher Patrick Smith Joseph Mangiacotti Derek Trulson SRS REAL ESTATE PARTNERS Molly Peters Dan Turkewitz Mark Kapnick Zachary Price Deborah van der Hayden Clyde Reetz Damla Yerdelini TRANSWESTERN Jonathan Durst Stephen Siegel Corey Zolcinski Andrew Hawkins Michael Wellen KAUFMAN ORGANIZATION Rory Murphy Lindsay Ornstein COLLIERS INTERNATIONAL Elliot Warren Jonathan Tootell Peter Simel LEE & ASSOCIATES VICUS PARTNERS THE CORCORAN GROUP Peter Braus Bert Rosenblatt Paul Wexler Richard Kave Leo Russel Josef Yadgarov Brad Schwarz Jack Sheresky JP Sutro CUSHMAN & WAKEFIELD, INC. WHARTON PROPERTY ADVISORS MURRO REALTY Richard Bernstein David Alperstein Andrew Braver Cosmo Montemurro Ruth Colp-Haber Frank Cento Connor B. Daugstrup WINICK REALTY Robert Eisenberg Steven Baker Glenn Isaacson Ken Hochhauser Josh Kuriloff Jeff Winick David Rosenbloom Justin Royce Heather Sloan Tara Stacom Maria Travlos Peter Trivelas Mark Weiss Barry Zeller

DAVID S. KRISS REALTY David Kriss Kevin Schenone

CN018124.indd 1 1/6/17 6:40 PM

Durst_REBNY_ThankYou_2017-01-04.indd 2 1/5/17 3:03 PM 1/6/17 6:40 PM CNB MEMBER FDIC MEMBER CNB Owner, Owner, Owner, Owner, Owner, Owner, Owner, cnb.com/referrals City National National National National National National National National National National National National National National City City City City City City City City City City City City City City Associates CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs CPAs Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Associates Richard Moon & & & & & & & & & & & & & & Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Moon Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Richard Referred Cozette to to to to to to to to to to to to to to to to to to Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred Referred

compared to leading competitors on the following question: How likely are you to recommend [bank] to a friend or colleague? a friend to [bank] recommend to you are likely How question: on the following competitors leading to compared Top Ranked in Client Referrals.* in Client Ranked Top * Based on interviews conducted by Greenwich Associates in 2015 with more than 2200 executives at small and mid-sized businesses in California with sales of $1-500 million. CNB results are are CNB results $1-500 million. of sales with in California businesses mid-sized and small at 2200 executives than more in 2015 with Associates Greenwich by conducted on interviews Based * RESERVED. RIGHTS ALL BANK. CITY NATIONAL ©2017 Cozette Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Cozette Owner, Owner, Owner, Owner, Owner, Owner, Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano Napolitano & & & & & & & & & & & & & & & & & & & & Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Vergari Attorneys Attorneys Attorneys Attorneys Attorneys Attorneys Attorneys Attorneys Attorneys to learn more. learn to 461-2515 Call (775) City National is the bank National City referrals. on client built CN018142.indd 1 1/12/17 5:59 PM multifamily rental building in Long Island City. rental building multifamily in loans closed of a number of such It was one said. recent months, he in this case, was not aHowever, the lender, company—and notbank. It was an insurance in the market.the only one active the gaplling fi ectively “Debt funds are eff are having a toughwhere other institutions leverage level or when bankstime swallowing a in abelieve they have too much exposure c asset class,” said Kapahi. specifi In what has proved to be a very liquid going toenvironment “you don’t know who is for risk,”win what deal, based on their appetite Kapahi said. nding their situation Not all developers are fi $3 millionchanging, however. “I just closed a saidloan at 3.25%. It wasn’t too complicated,” Mitchel Maidman, president of Townhouse andManagement, which owns 70 residential Thecommercial buildings in New York City. Upper Eastdeal was for a 17-unit walkup on the Side. And some players on the local real estate optimisticmarket, like Leonard Strindberg, are about what rising interest rates bode for the city’s real estate market. Strindberg is rm that president of Compass, a Manhattan fi specializes in the marketing of high-end New York real estate. “When interest rates rise, they usually indicate a strengthening economy,” said Strindberg. “When you look at the average interest rates, the interest rate for a 30-year mortgage is the equivalent of April 2014—a very strong real estate market. We know real estate markets have done very well with this level of interest rates.” Strindberg and other observers are also optimistic about what Trump’s policies will mean for New York City real estate. Trump’s transition team has said it will work to dismantle the Dodd-Frank Act, which has been blamed by critics for stifling lending. “Regulation may be reduced,” said Strindberg. According to Strindberg, some of the Dodd- imposed cumbersome have Frank Act that don’t make sense in obtainingrequirements people“If you open up the ability for a mortgage. to get mortgages that could be spectacularly rst-time home buyers,” he fi ective in boosting eff said. “Easing the Dodd-Frank regulations will be a mammoth injection in the real estate market.” Right now, however, many will be waiting to see rst 100 days before what Trump does in his fi predicting what is to come. “In New York City, we’re seeing a pullback nancing,” said Hirt. “There in construction fi aren’t as many lenders that are lending for new construction. Particularly on the bank side, there has been a reduction in leverage due to regulations but nonbank lenders are well- lling in some of that space, especially for fi conceived projects with good sponsors.” The pullback is particularly pronounced, he said, in the construction of higher-end condos. “There is concern about how many buyers there are for high-ticket luxury condos,” said Hirt. Ayush Kapahi, principal and founding partner HKS Capital, has alsorm nance fi of real estate fi turned to nonbank lenders, paring them with banks, in the current climate. “We just closed out a very large construction loan when everyone has been saying over the last 12 months [construction is] dead,” said Kapahi. The $150 million, nonrecourse loan was made to the private developer of a 467-unit, Brooklyn, Manhattan and Queens, Shorenstein Manhattan and Queens, Brooklyn, lenders, rather turning to hard-money has been in the 9% tonancing fi than banks, securing range. “The only loans you12% interest rate loans where you haveget are high-interest-rate business plan at acquisition,”to fund the entire he said. managing director ofSimilarly, Ari Hirt, at Mission Capitalnancing debt and equity fi estate capitaled real Advisors, a diversifi rm headquartered in New markets solutions fi York City, has found that on both short-term, therefloating-rate deals and long-term deals, That hashas been an increase in interest rates. area.had implications for projects in the ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING

ric Margules, president of real estateric Margules, president Properties inrm Margules investment fi that banks areManhattan, has found With Markets Changing, Markets With turn toDevelopers Creative Financing S9

getting stricter with their lending requirementsgetting stricter with ce and retail projects. offi for his multifamily, or“Things that were not a problem a year saidtwo ago are all of a sudden problems,” in theMargules, whose deals are typically are looking$10-$20 million dollar range. “Banks anyfor deposit relationships, security accounts, They arekind of money they can get deposited. to be.” much more insistent than they used nding that New York Margules is not alone in fi ManyCity’s real estate market is changing. nancing realms are in the development and fi ected by the recent their projects aff nding fi whichinterest-rate hike by the Federal Reserve, to .75% inraised its federal funds range by .5% has givena unanimous vote Dec. 14. The hike and arise to an increase in nonbank lending manyslowdown in construction lending. But Donaldanticipate that the recent election of Trump as president may counterbalance this, ushering in a more relaxed regulatory climate and increased mortgage lending. At the moment, the interest-rate hike is andecting many in both residential already aff commercial real estate, with the boroughs outside of Manhattan hit hardest. Manhattan has in recent years dominated housing starts in New York City and was home to 68% of the value of new construction starts in rst nine months of 2016, New York City in the fi according to a New York Building Congress analysis of construction data from Dodge Data ve-year period spanning & Analytics. For the fi 2011-2015, Brooklyn and Queens were each home to 16% of the value of new construction starts — and the percentages were about the same in 2016. The Bronx accounted for 6% of the value and Staten Island 4%. David Shorenstein, principal of Silvershore Properties, which invests in multifamily buildings in Brooklyn, Manhattan and Queens, has seen deals taking an extra month to six weeks to close since the increase. nitely slower,” said Shorenstein. “It’s defi “Everything is moving at a slower pace. Sometimes the rate will go up in the middle of a deal and delay it.” innance acquisitions of vacant buildings To fi E Sky’s the Limit 2017 REBNY Section 9B.indd 9 City National is the bank built on client referrals. Top Ranked in Client Referrals.*

Richard Moon Owner, Cozette Vergari Richard Moon & Owner, Associates CPAs Vergari & Napolitano Referred Cozette to Attorneys City National

Call (775) 461-2515 to learn more. cnb.com/referrals

* Based on interviews conducted by Greenwich Associates in 2015 with more than 2200 executives at small and mid-sized businesses in California with sales of $1-500 million. CNB results are compared to leading competitors on the following question: How likely are you to recommend [bank] to a friend or colleague?

©2017 CITY NATIONAL BANK. ALL RIGHTS RESERVED. CNB MEMBER FDIC

CN018142.indd 1 1/6/17 6:40 PM 1/10/17 4:43 PM FIND YOUR FUTURE SELF MS in Real Estate MS Real in CONCENTRATIONS: Finance and Investment Real Estate Asset Management Development MS Estate Real in CONCENTRATIONS: The Business Development of Development Sustainable Global Real Estate Pub/Issue Date: Crains NY - REBNY 1/16/2017 Date 1/10/17 Artist: pw #: 2 Proof Note: sps.nyu.edu/msre1b • sps.nyu.edu/msred1h NYUSPS Office of Strategic Marketing and Communications NYUSPS Office , which integrate theory real-world with integrate , which Job Number: a1617-0609 MS Real Estate/REDevelop COMBO Product: Size: 10.875” X 14.5” Bleed: N/A Color/Space: New York University is an affirmative action/equal opportunity institution. ©2017 NYU School of Professional Studies. action/equal opportunity institution. ©2017 NYU School of Professional University is an affirmative New York PREPARED sps.nyu.edu/graduate-events6b VISIT: A Graduate Information Session February on Saturday, 11, 10 a.m. 212-998-7100 REQUEST sps.nyu.edu/applygrad INFORMATION:sps.nyu.edu/gradinfo6b TODAY: APPLY practice. Learn directly from seasoned from practice. directly Learn industry the in heart veterans capital the world. Extraordinary of estate real NYC—the networking of firms,opportunities, international and some the top at study of internships opportunities education the stellar around the globe, andaway the provide and career. now throughout your success your ensure to required vision STUDY REAL ESTATE, IN THE HEART OF REAL THE STUDY ESTATE, MARKET GLOBAL REAL ESTATE seeing markets are sustained estate real commercial growth, Today’s must be industry, able who pursue to but those careers evolving this in including trends demographicdeveloping and react to shifts,anticipate increased technologies, urbanization, and new regional connectivity, the demand The NYU sustainability. for School Professional of Studies Schack Institute Real of Estate offersthe MS in Real Estate and the MS in Real Estate Development ATTEND: REGISTER: CALL: WELL- CN018147.indd 1 1/12/17 5:59 PM REBNY will also will also REBNY a be continuing ering called off new Speaking Public and Presentation six-week a Skills, course, non-credit a in addition to non- of variety seminars credit with panel discussions by and lectures leaders. industry group rst “The fi graduates of the completed “Energy effi more are and conservation ciency effi “Energy John said before,” than ever today important why “That’s president. REBNY III, Banks, H. run our building systems ensuring that all of is critical.” performance at peak educational adding a new will be REBNY In 2017, to wanted “We agency. of ering on the topic off agency on and clarity understanding ensure during a real created that are relationships the New in alignment with transaction, estate mandated State’s of Department State York and sellers,” buyers for requirements disclosure for president vice senior Barbaccia, Joseph said at REBNY. and education services brokerage said it,” enjoyed thoroughly and they course so designed was “The course Barbaccia. their ability enhance could our members dence, with confi themselves express to and with clarity information articulate groups.” large to speak skills to develop will continue ering REBNY Another popular off “It channel. YouTube on its Series How-To is its facing the issues of on some a deeper dive gives “The instructional Barbaccia. said the industry,” up into broken are videos and educational on the go. brokers for ideal segments, bite-sized that is as a podcast ered off is also This series iPhone users.” to available take professionals estate real of Hundreds Barbaccia. said annually, courses REBNY’s at course the NYRS took himself Randolph his assuming before ago, six years REBNY surprised He was at REBNY. role leadership accreditation the nine-week of the power by “It has really his career. elevate to program range with a wider connect helped me to allowed “It has Randolph. said brokers,” of involved with the sponsors network me to attorneys such as banks, in the program, It has name a few. to agents, and insurance as a serving by helped me with clients also and my in professionalism approval of stamp the industry.” to commitment designation, which off of level a similar ers off which designation, and members, commercial to programming ed Certifi Master Expert, ed Negotiation Certifi ed Buyer Certifi and Expert Negotiation Representative. a new Boot Camp, The Sustainability is spring, this past ering launched off educational training and sustainability ciency effi an energy building managers, York New for program The and engineers. operators superintendents, with the Mayor’s is run in collaboration program and Building Owners Sustainability, of ce Offi NY), (BOMA York New of Association Managers Council. Green and Urban ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING

nderstanding the mindset of home of mindset the nderstanding estate real local for is essential buyers deals. close to want who brokers

REBNY Education:REBNY ProsReal Estate thatRecognize is Power Knowlege S11

The New York Residential Specialist (NYRS) (NYRS) Specialist Residential York The New them helps at REBNY program designation in programming with specialized that, do just and marketing. ethics negotiation, nance, fi in this life of quality is increasing “There along that comes and the complexity city, Randolph, Jarrod said with that is immense,” for committee on the executive co-chair Group, JGR consulting of and principal NYRS in luxury that specializes rm in Chelsea a fi ranges, all price At advisement. residential to have “you on the high end, particularly without pushing an intrinsic value create Randolph. said clients,” is one of program accreditation The NYRS programs education continuing of a variety looking to brokers to ers off that REBNY include Others in their careers. advance Professional Commercial York the New U Sky’s the Limit 2017 REBNY Section 9B.indd 11 WELL- PREPARED

STUDY REAL ESTATE, IN THE HEART OF THE GLOBAL REAL ESTATE MARKET MS in Real Estate

Today’s commercial real estate markets are seeing sustained growth, CONCENTRATIONS: but those who pursue careers in this evolving industry, must be able to Finance and Investment anticipate and react to developing trends including demographic shifts, Real Estate Asset Management increased urbanization, new technologies, regional connectivity, and the demand for sustainability. The NYU School of Professional Studies MS in Real Estate Development Schack Institute of Real Estate offers theMS in Real Estate and the CONCENTRATIONS: MS in Real Estate Development, which integrate theory with real-world The Business of Development practice. Learn directly from seasoned industry veterans in the heart Sustainable Development of NYC—the real estate capital of the world. Extraordinary networking Global Real Estate opportunities, internships at some of the top international firms, and study away opportunities around the globe, provide the stellar education and the vision required to ensure your success now and throughout your career.

ATTEND: A Graduate Information Session on Saturday, February 11, 10 a.m. REGISTER: sps.nyu.edu/graduate-events6b VISIT: sps.nyu.edu/msre1b • sps.nyu.edu/msred1h CALL: 212-998-7100 REQUEST INFORMATION: sps.nyu.edu/gradinfo6b APPLY TODAY: sps.nyu.edu/applygrad

FIND YOUR FUTURE SELF

New York University is an affirmative action/equal opportunity institution. ©2017 NYU School of Professional Studies.

CN018147.indd 1 1/10/17 4:43 PM NYUSPS Office of Strategic Marketing and Communications Job Number: a1617-0609 Pub/Issue Date: Crains NY - REBNY 1/16/2017 Product: MS Real Estate/REDevelop COMBO Date 1/10/17 Size: 10.875” X 14.5” Artist: pw Bleed: N/A Proof #: 2 Color/Space: Note: CN018126.indd 1 1/6/17 6:34 PM ARTIST RENDERING

110 East 60th Street is a 15-story Available Through Exclusive Agent building with 155,000 RSF of medical Paul Wexler, Licensed Associate space. Real Estate Broker Infrastructure available to Office 212.836.1075 accommodate Article 28 Compliance. Email [email protected] $20M Capital improvement under way. www.park60medical.com

Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

princeton.indd 1 1/6/17 1:36 PM CN018135.indd 1 1/6/17 6:35 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Marc Holliday | Harry B. Helmsley Distinguished New Yorker Award

Sky’s the Limit Building Skyscrapers cializes in bringing more cost-effi cient capital on our laurels. With every achievement, we to real estate products throughout the coun- look forward to the next avenue of growth.” Is Hard Work, But This try. “I recognized the opportunity to take my own path and apply emerging capital market Holliday’s father, Morton Holliday, was an im- Ambitious Executive techniques to an industry that was slow to portant influence on him. He was a managing Is Undaunted adapt,” he said. director of the real estate fi nance company Sonnenblick-Goldman. xcavation for the one-block develop- Holliday’s strong partnership with Andrew ment site at 1 Vanderbilt is complete Matthias, president of SL Green, has also been “Clearly, I would say observing my father and vertical steel construction is slated a powerful asset in achieving his goals. “It’s over the many years was probably the great- Eto start in August, but project developer Marc been a great journey for us to have that kind of est influence in setting myself up to be in an Holliday is well aware of the considerable long-term track record of success together with industry I’ve come to love,” said Holliday. “It work that lies ahead in creating the tallest still so much ahead of us,” said Holliday. “It is was in the blood, as it were. I can recall times skyscraper in midtown Manhattan. The proj- something not a lot of partnerships out there in when I would be sitting in my father’s offi ces ect, located next to Grand Central Terminal, real estate in New York City can match.” on 6th Avenue, watching him make some big will also introduce $220 million in transit deals with some of the largest owners and improvements to the area. lenders doing business at that time. I found that to be extraordinarily exciting.” “We’ve done much but we still have much to go,” said Holliday, CEO of SL Green Realty When he is not working, Holliday’s passion Corp., the commercial property fi rm behind and second career is in horse breeding and the project. horse racing. “It’s a great diversion for me in my downtime from work,” said Holliday. “It Holliday, who knows the power of sticking keeps my competitive juices flowing.” with big pursuits, is not daunted by huge tasks. The assemblage of the parcels took a Holliday lives in Scarsdale with his wife Sher- decade, culminating in SL Green’s full control ree—with whom he will be celebrating a 25- of the site in 2011. year wedding anniversary this year—and their three children. “She’s been an extraordinary Holliday hopes the project will serve as a partner to me,” said Holliday. model for others in the city. “It will serve as a blueprint for how the best of commercial The couple is very active in the nonprofi t development in public-private partnership will sector and philanthropy. Holliday is a gov- TIMELESS VIEW, NEW VISION. proceed in the future,” said Holliday. ernor on the Board of Directors of the New Holliday has faced many challenges in his ca- York Racing Association and a member of Holliday is the recipient of REBNY’s Harry B. reer. The biggest, he said, was a project that the Executive Committee of the Real Estate Helmsley Distinguished New Yorker Award for didn’t come to fruition: It was a failed attempt Board of New York and has received the 2016. “I’m very honored to be able to accept it to obtain the gaming license at Aqueduct Humanitarian Award for his eff orts in support on behalf of myself and SL Green,” he said. racetrack in the late 2000s. of National Jewish Health. In 2011, he created the Holliday Memorial Fund for Lung Cancer Holliday joined SL Green nearly 20 years ago “That was a project that spanned four gover- Research, for which he has raised more than as chief investment offi cer. He rose to CEO in nors and many years,” said Holliday. “It was $3 million. 2004 and has since led the fi rm to become a political process that wasn’t always on the New York City’s largest commercial landlord, levelest playing fi eld. It was a good lesson in In 2014, the Holliday Foundation made a $5 with investment interests in more than 50 mil- what it takes to be successful in the business million gift to the Integrated Real Estate at lion square feet of commercial space. on projects where business has a tangent Lehigh program, through which students with the political process. In that particular can minor in real estate. Holliday earned Unlike many of its competitors, SL Green, situation, we gave it our best shot but came his Bachelor of Science degree in business traded on NYSE, is a real estate investment away without the prize.” and fi nance from Lehigh. In 2009, Columbia trust (REIT). An indication of the fi rm’s University’s Graduate School of Architecture, health, it increased its common dividend for Throughout setbacks and victories, SL Planning, and Preservation—Holliday earned the sixth year in a row in December. Green’s team has kept Holliday inspired. The a Master of Science degree in real estate de- fi rm has about 300 corporate employees and velopment at the university—established the “Everything we do in assembling the highest another 800 who work on its properties. Holliday Professorship of Real Estate Devel- quality, largest, most-profi table portfolio in New opment, as a result of a gift the couple made York City is done with an eye not toward legacy “One of the great aspects of this fi rm is to Columbia University. but toward maximizing share price for share- coming to work every day with the team that holders,” said Holliday. “That’s our number one Andrew Mathias and I have assembled, which Holliday has watched the program grow into priority. We take all the steps necessary to give I do believe is the best, brightest and most one of the leading real estate programs in the For availability information, please contact: us the best chance of achieving that.” ambitious in the New York City market,” said country. “It off ers a holistic view of the devel- Holliday. “There is an energy in the culture at opment process, trying to train future leaders MARC S. PACKMAN 212.940.6255 CLARK BRIFFEL 212.940.6821 JESSICA KANFER 212.940.6890 Holliday’s background in fi nance has helped the fi rm that really excites me and drives us in the real estate fi eld to build both profi tably him succeed. Prior to joining SL Green, he year after year to grow and improve the port- and responsibly,” he said. That’s a perspective worked at Victory Capital Group, which spe- folio and our tenant base. We never really rest he tries to bring to SL Green, as well. S15

FSH-1338 Fisher Brothers 2017 Corporate-4Buildings_Crains_10.875x14.5_v2.indd 1 1/5/17 2:15 PM

2017 REBNY Section 9B.indd 15 1/12/17 5:59 PM CN018125.indd 1 1/6/17 6:36 PM TIMELESS VIEW, NEW VISION.

For availability information, please contact:

MARC S. PACKMAN 212.940.6255 CLARK BRIFFEL 212.940.6821 JESSICA KANFER 212.940.6890

FSH-1338 Fisher Brothers 2017 Corporate-4Buildings_Crains_10.875x14.5_v2.indd 1 1/5/17 2:15 PM CN018125.indd 1 1/6/17 6:36 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Carl Weisbrod | The John E. Zuccotti Public Service Award

Sky’s the Limit A Dedicated Public Development Corporation, where he helped to Asked what his greatest challenges have been, lead the recovery of downtown neighborhoods Weisbrod said the work he did to improve Times Servant Never Tires of after the September 11 attacks. He also spent a Square and his work during the post-9/11 recov- decade as founding president of the Alliance for ery are at the top of the list. Transforming New York Downtown New York, the largest business im- provement district in the nation. From 2005 to However, he believes the work he is doing at the arl Weisbrod didn’t intend to pursue a 2010, Weisbrod was president of the real estate moment to be his most challenging. NOBODY CLOSES career in city planning. After graduating division of Trinity Church. from New York University School of Law, “The [city’s] population is at an all-time high,” Che became an attorney at Mobilization for Youth Asked what it takes to serve the public interest said Weisbrod. “Crime is at an all-time low. We’re Legal Services on the Upper West Side, rep- best as a leader, Weisbrod stresses the impor- a growing city. How do we continue to grow and resenting low-income New Yorkers and immi- tance of appreciating the perspectives of the revitalize neighborhoods and assure that the grants seeking housing. various constituencies involved in key issues. people who have lived in those neighborhoods continue to live there? How we do it in a way LIKE WE DO “I was constantly suing the city for things that embraces both the past and future is really I thought the city could be doing better,” challenging, exciting and tremendously gratify- recalled Weisbrod, now director of the New ing? People are concerned about change and York City Department of City Planning under wary of it for good reason.” Mayor de Blasio, and chairman of the New York City Planning Commission. Weisbrod lives with his wife, Jody Adams, a retired family court judge, on Governor’s Island. But Weisbrod’s plans changed after he sued His son Billy, a journalist, lives nearby in Astoria the city and Mayor John Lindsay’s Commis- and writes for DebtWire. sioner of Relocation, Amalia V. Betanzos, became a mentor. One reason he loves Governor’s Island, he said, INVESTMENT SALES is its unparalleled views of New York City. “She was an extraordinarily smart, savvy woman who really challenged me to—instead “From Governor’s Island you can see our mag- of suing her all the time—join city govern- nifi cent skyline, Brooklyn, the Statue of Liberty, RETAIL LEASING ment to try to solve the wrongs I saw from the the harbor,” said Weisbrod. “There are no other outside,” said Weisbrod. “Unless you really appreciate and respect all of views like that just about any place in the world.” those points of view and address them on their That advice from Betanzos, who died in 2011, merits and engage with them on their merits, When he is not working, Weisbrod is very active CAPITAL ADVISORY inspired Weisbrod to bring his legal skills to I don’t think you can be an eff ective public ser- in New York City Outward Bound, where he the Department of Relocation during the vant,” said Weisbrod. previously was chairman. He has been involved Lindsay administration—and touched off a in the nonprofi t, which helps teens learn how long career that has spanned both the public In a career that also included forays in pri- to overcome life challenges through outdoor and private sector. vate industry, Weisbrod served as a partner adventures, for more than 40 years. “I’m a great at HR&A Advisors, an urban-development supporter of what they do,” said Weisbrod. “Out- Weisbrod, the recipient of REBNY’s John E. consulting fi rm, from 2011 through February ward Bound has been very, very eff ective.” Zuccotti Public Service Award, has played a 2014. In that capacity, he managed the rezon- key role in the administrations of four mayors ing of the Hudson Square area in Manhattan Weisbrod himself tries to go on annual Outward since Lindsay. Mayor Koch appointed him to into a hub for creative industries and a loca- Bound-like trips to remote places. “Getting lead the city’s eff orts to transform a crime-rid- tion for new housing. into nature is tremendously relaxing,” he said. ONE CONSOLIDATED TEAM den Times Square and he served as executive His trips have included rafting down the Grand director of the New York City Department of Weisbrod saw how the private sector could help Canyon and diving in Iceland. City Planning and Chairman of the New York the public during the city’s fi scal crisis of the WWW.EASTERNCONSOLIDATED.COM City Loft Board in that same era. During that 1970s. John Zuccotti was chairman of Olympia He is also an obsessive Mets fan. “I follow period, Weisbrod also became president of & York, which owned the World Financial Center, them religiously and have for 50 years or New York State’s 42nd Street Development at the time. When the international fi rm de- more now,” he said. Project, making the area friendly for tourism. clared bankruptcy, Zuccotti decided to keep its USA operations, based in New York City, from fi l- But Weisbrod is even more passionate about Weisbrod later became the founding president ing. That meant Olympia & York would continue his work. of the New York City Economic Development to pay real estate taxes—a signifi cant decision, Corp. under Mayor David Dinkins. He negotiated given that it was then one of the largest taxpay- “I think of myself as unbelievably fortunate to the United States Tennis Association’s 99-year ers in the city, if not the biggest, Weisbrod said. have the opportunity to do the kinds of things lease in Flushing Meadows-Corona Park and the I’ve done and work with the kinds of people transaction that brought Harlem its fi rst major “It exemplifi ed John’s ability to be a leader in I’ve worked with,” s said Weisbrod. “People with supermarket, a Pathmark on 125th Street. the public sector and in the private sector,” whom you work in city government, particularly, Weisbrod said. “To me, the act that really are just amazing and don’t get the credit they Under the Bloomberg administration, Weisbrod demonstrated John’s true commitment to should get for the extraordinary work they do. became a board member of the Trust for Gov- the city was making sure that Olympia & York It’s a very sophisticated, very competent govern- ernors Island —where he was recently appoint- paid its taxes at a time when it would have ment. The citizens of this city are fortunate to ed chairman—and of the Lower Manhattan been really easy not to.” have the competent public servants they have.” S17

CN018132.inddCN018117.indd 1 1/6/171/3/17 7:273:52 PMPM 2017 REBNY Section 9B.indd 17 1/12/17 5:59 PM NOBODY CLOSES LIKE WE DO

INVESTMENT SALES RETAIL LEASING CAPITAL ADVISORY

ONE CONSOLIDATED TEAM WWW.EASTERNCONSOLIDATED.COM

CN018132.inddCN018117.indd 1 1/6/171/3/17 7:273:52 PMPM 1/6/17 4:56 PM RockefellerGroup.com For nearly nine decades,For nearly Group has been Rockefeller namestrusted most the of one committed toin real estate, own- selective investment, ofership and development worldwide.premier properties worldwide.premier properties our projects extend our projects extend Today Today far beyond our legacy infar beyond our legacy in but remain rooted but remain rooted New York, New York, in the same innovation that in the same innovation that pioneered large-scale urbanpioneered large-scale urban development. development. mixed-use mixed-use HIGHLY HIGHLY SELECTIVE SELECTIVE CN018139.indd 1 1/12/17 5:59 PM As Dacunto rose in his fi two he won eld, his fi in rose Dacunto As n Griffi John H. Awards—the other REBNY and the in 2015, Award, Service Community the of Executive Management Corporate the one of n was Griffi in 2005. Award, Year 11 attacks. in the Sept. who died colleagues award service n community Griffi John H. “The Dacunto. said me,” for emotional very was a month Silverstein for work to came “John people I the last one of John was 9/11. before a great He was on 9/11. on the 88th floor saw himself. service in community involved guy, the floor. off the other employees all of He got in the award receive To man. a good John was me.” for honor a great his name was Dacunto , and in his time off Both at work is a He in charitable activities. is active Eight, Donate member of board founding an organization LiveOnNY, run by a project the need to of awareness that raises and registration, donation organ increase of Board Foundation is on the LiveOnNY donation is an important “Organ Directors. he said. me,” for cause the for a blood drive established He has also collection and food Blood Center York New the throughout programs Harvest City for portfolio. Properties Silverstein and enjoys life family has an active also Dacunto and two Karen, spending time with his wife, in He lives 23. Andrew, and 25, Kristen, children: Island. on Long Massapequa, whether dine out, time to has When Dacunto it is often associates, or business with family on restaurant rustic a tiny, Trattoria, at Gigino Street. Greenwich a “It’s he said. there,” meal had a bad never “I’ve relax.” to place low-key nine the past for student martial arts An avid belt who is studying is a brown Dacunto years, and jiu-jitsu. kickboxing, of a type Thai, Muay is a “There Dacunto. said release,” a great “It’s to good always It’s involved. factor discipline with. the people I train I enjoy discipline. have doing it as keep to I want competing. I like long as I can.” taking in the by recharges also Dacunto World at 7 ce his offi from view unobstructed he has an his window, From Center. Trade the George that spans view unobstructed Bridge Street the 59th to Bridge Washington in between. and everything “I look out he said. granted,” it for take “I don’t day.” every there World Trade Center. As fate would have it, it, have would fate As Center. Trade World the attack. during ce not in the offi he was at a breakfast floor, in the ground He was a number “I had left meeting in the Marriott. he said. a meeting,” to go to employees of rm did not survive. the fi of employees Four rebuilt, was Center Trade World the As with Silverstein’s work to continued Dacunto in the involved and was portfolio existing which Center, Trade World 7 of rebuilding owned. Silverstein Dacunto others, that period and many During the chairman of that Larry Silverstein, said mentor. an important was rm, fi think about but if you corny, “It might sound gone constantly he’s through, gone what he’s what no matter and progressed, forward Dacunto. said or did,” said anyone himself found Dacunto the attacks, After Avenue at 521 Fifth ce offi at Silverstein’s collapsing. was Center Trade World as 7 he had and that he the strength see to “Just so be done was what needed to understood said. Dacunto me,” for powerful Although he has relished his role, it often it often his role, he has relished Although the of One challenges. with steep came rm signed the the fi after arrived biggest July 2001. in Center Trade World the for lease of in charge be the person to going “I was Dacunto. recalled operations,” changed 11 attacks the Sept. months later, Two ondeep impact and had a history of the course cult diffi the most was “It Properties. Silverstein he said. life,” my time of in the was ce offi Dacunto’s the time, At the on the 88th floor of ces offi company’s ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING The George M. Brooker Management Executive of the Year Award of the Executive Management M. Brooker The George

|

ne thing many people don’t know about know people don’t ne thing many of president vice executive Bill Dacunto, is Properties, at Silverstein operations

Bill Dacunto Bill Dacunto’s SuccessBill Dacunto’s Secret: Loyalty S19

that he doesn’t have a resume. In his 30 years 30 years In his a resume. have that he doesn’t he has said Dacunto Properties, at Silverstein job. another look for to had the desire never on, about moving thought once never “I’ve the Dacunto, said else,” looking somewhere Brooker M. George REBNY’s of recipient Award. Year the of Executive Management his company view, point of Dacunto’s From for opportunities ered off has always with the He has stuck growth. professional mom-and- a small, from rm as it has evolved fi privately- a 360-person, into pop operation development, estate real full-service held, As powerhouse. and management investment he gradually the ranks, through rose Dacunto the managing all of for responsible became portfolio. rm’s in the fi properties York happened in New have things lot of “A Dacunto. said in 30 years,” and at Silverstein from growth the company’s of be part “To are we where to when I started were we where is a highlight in itself.” now for working started have never may Dacunto from graduating after years ve fi Silverstein at Brockport York New of University the State a friend, of the persuasion not for if it were at the there employed who was Kelly, Pete place about what a great “He talked time. Dacunto Dacunto. recalled work,” to it was a for interviewing after rm in 1987, joined the fi department. operations rm’s job in the fi code- on entry-level worked Dacunto As projects, and environmental issues compliance friend had been so his why he understood dynamic,” so was “The department enthusiastic. and I could important, was “The work he said. York.” in New estate in real a future see had a Dacunto his work, of In the course rm owned the fi on buildings work to chance his which cemented Manhattan, throughout choice. about his career excitement which all the way, operation rst-class a fi “It was the of “All he said. me,” to impressive really was manner.” rst-class run in a fi were buildings in an environ- he thrived found also Dacunto in involved were all departments ment where building, each of and construction the design unique expertise. its contributing with each Dacunto. said ort,” eff a collaborative “It’s O Sky’s the Limit 2017 REBNY Section 9B.indd 19 For nearly nine decades, Rockefeller Group has been one of the most trusted names in real estate, committed to HIGHLY selective investment, own- ership and development of premier properties worldwide. Today our projects extend SELECTIVE far beyond our legacy in New York, but remain rooted in the same innovation that pioneered large-scale urban mixed-use development.

RockefellerGroup.com

CN018139.indd 1 1/6/17 4:56 PM 250 PARK AVENUE SOUTH Levien & Company, Inc. 841 BROADWAY ARG Realty Consultants, Ltd. Tudor Realty Alan R. Grossman Make Up For Ever Tudor Realty Savills Studley Andrew Lazarus THL Credit Advisors LLC Marc Shapses / Oliver Petrovic Savills Studley Stephen Berliner Hired 251 PARK AVENUE SOUTH Cushman & Wakefield Pond5 261 FIFTH AVENUE Jamie Katcher / Douglas Regal Lee & Associates Virtual Health Dennis Someck / Justin Myers Cult Health LLC Cushman & Wakefield Palatium Group Tusk Strategies Jamie Katcher Scott Cooper The Square Foot Jonathan Wasserstrum Bristol Associates 853 BROADWAY Colliers international Carl Hansen Rob Gallucci Media IQ CBRE | Michael Laginestra Cushman & Wakefield Cushman & Wakefield | Justin Royce Dan Klores Communications Frank Coco / Owen Hane / Newmark Grubb Knight Frank Alex Shames DataCo Greg Wang Savills Studley Blue Matrix Jarod Stern FRED F. FRENCH BUILDING Rice & Associates Alfa Development 551 5th Avenue Elizabeth Juviler Green Pond Real Estate Tata Communications USA, Inc. Multimedia Plus Devon Binns Colliers international Savills Studley Globant Peter Simel Craig Lemle / Nick Zarnin JLL Zamir Equities, Inc. Deborah van der Heyden / GARDEN CITY CENTER JJ Operating, Inc. 100 Quentin Roosevelt Blvd Paul Ferraro / Natalie Touzet Jack Jemal Little Bee Books Catholic Health System of Signed Pieces, Inc. Long Island Colliers International | John Pavone Kenart Realties, Inc. Avison Young | Gerard Picco JLL Brian Biller Joseph Lopresti / Kyle Crennan 257 PARK AVENUE SOUTH New Look New Life, LLC Grove Fund Management Colliers international Real Estate Strategies mParticle Dmitry Levkov Newmark Grubb Knight Frank Wayne Steinberg Daniel Levine Lutz & Carr, LLP Universal Robots JLL Colliers International EDF Randy Abend / Shannon Rzeznikiewicz Colliers International Darren Leiderman Alan Desino / Howard Kaplowitz Maynard Cooper & Gale, PC Creative Services Video Opticals Cushman & Wakefield Coldwell Banker Commercial Alliance 7 PENN PLAZA James Frederick / Gordon Hough Jeff Zund Gruber Palumberi Raffaele Fried 200 WEST 57TH STREET S&S Tenant’s Corp. DAK Commercial Realty, LLC Real Estate Strategies David Kahane Frangella Dental Wayne Steinberg Savills Studley ComScore Brad Wolk / Jared Stern CBRE 2001 MARCUS AVENUE Rob Hill / Brian Hay / Cathy Delcoco / Bethany Medical Clinic of Cardiovascular Wellness Leah Larson-Taylor New York, PLLC JLL Manhattan Realty Services Joseph Lopresti Sinel & Associates Betty Posner Lansco Steve Kaplan Daniel Kuhn, M.D., P.C. MELVILLE SQUARE Newmark Grubb Knight Frank CORPORATE CENTER Goldstick, Weinberger, Feldman Robin Fisher / Christie Bennett & Grossman, PC Merrill Lynch Cushman & Wakefield Advanced Skin Care Day Spa, Inc. CBRE Simeon Weber Real Property Advisors, Inc. Richard Freel / Vince LaManna George McCarthy RUI Credit Services A Special 570 LEXINGTON AVENUE Valley Physician Services, Inc. Cresa Long Island Regency Associates Wexler Healthcare Properties Richard Caputi Newmark Grubb Knight Frank Josef Yadgarov / Paul Wexler QUEENS ATRIUM Thank You Todd Hershman / Larry Zuckerman R & R Wellness, LLC Sotheby’s Institute of Art Cayenne Realty Group NYPD/DOT CBRE Tetiana Regulina CBRE John Morrill / Sean Wilson / Mike Lee To the Brokers Brad Needleman / Jason Gorman Principium Psychiatry, PLLC Blue Road Management, L.P. Bergson Strategies, LLC HOME DEPOT SHOPPING Paul Cohen / Ralf Auwaeter Cushman & Wakefield CENTER and Tenants David W. Berke 488 MADISON AVENUE Target Ostrager Chang & Broitman Ripco Neal J. Lerner & Company, Inc. Bonobos Guideshops Who Helped Jeffrey Howard Neal Lerner RKF Justin Fantasia Archer Capital East LLC Make 2016 a CBRE Naya Mediterranean Sinclair Li Zelnik & Co. Successful Year! Adam Langer

Owner/Manager :: 7 Penn Plaza, NY, NY 10001 Member of 212.563.6557 :: www.feilorg.com NOTHING BEATS 60 YEARS OF STABILITY.

CN018141.indd 1 1/6/17 6:37 PM A NEW WAY OF LEASING OFFICE SPACE IN WESTCHESTER

BIKE TRAILS, FREE WIFI IN COMMON AREAS, OUTDOOR RECREATION, CULTURAL PROGRAMS,

A STATE-OF-THE-ART FITNESS CENTER, CO-WORKING AREAS AND OTHER RESORT-LEVEL AMENITIES.

THE WESTCHESTER URBAN CAMPUS OFFERS AN UNPRECEDENTED WORKPLACE EXPERIENCE

IN ONE OF THE LARGEST CORPORATE CORRIDORS IN THE NORTHEAST. “UNIQUE, BREATHTAKING, INSPIRING”

ROXANA Q GIRAND [email protected] (212) 763-3510 WWW.WESTCHESTERCAMPUS.COM

CN018145.indd 1 1/6/17 6:31 PM 1/4/17 2:15 PM 1/11/17 12:43 PM LA Gourmet East 59th Street110 Robin Borkowsky, MD East 58th133 Street QuikIcon Park 422 East Street 72nd Healthcare Associates in Medicine, PC East 58th133 Street Represented by: Paul Wexler & Kathleen Caracappa, Corcoran Wexler Healthcare Properties PartnersNyca 485 Madison Avenue Represented by: Keith Caggiano, Gary Davies & Roshan Shah, CBRE Victoria Justin Associates Street 57th 205 West Jay Rohrlich, MD, PC East 58th133 Street PracticeHudson Management East 58th133 Street CompaniesBrookwood 485 Madison Avenue Represented by: Joshua Stein & Steve Hass, Norman Bobrow & Co. RedCap Valet Broadway 1755 Brial Corporation East 58th133 Street LAZ Parking Street Water 199 PC DMD, Deena Pegler, East 58th133 Street Interpublic Group of Companies 250 Hudson Street Represented by: Robert Romano, Jones Lang LaSalle RAYMOND WEIL Genève 485 Madison Avenue Represented by: Snezana Anderson & Bernhard Weinstabel, CBRE AdvisorsZMC East 59th Street110 Represented by: Alexander Chudnoff, Jones Lang LaSalle Lieff Cabraser Heimann Bernstein & 250 Hudson Street Represented by: David Kleinhandler, CBRE Bed Bath & Beyond Hudson Street 315 Represented by: Peter Gross & Jim Gross, Douglas Elliman Commercial Raymond & Feldman East 59th Street110 Bridge for Center York New Honors East 58th133 Street Represented by: Howard Dolch, The Lansco Corporation 133 East 58th133 Street Represented by: Sherry Patterson, Sherry Patterson Realty Group PropertiesSDM 485 Madison Avenue Represented by: Colliers Pavone Jr., John T. International Gregorys Coffee 485 Madison Avenue Represented by: Benjamin S. Birnbaum, Newmark Grubb Knight Frank & Doris Giraldo, DDS Jurcisin, DPM John East 58th133 Street Binder & Binder 485 Madison Avenue Represented by: Steven B. Strati, CBRE & Co Kempen 880 Third Avenue Janovic Paint & Decorating Center Street 23rd West 170 Medical,Smooth PC East 58th133 Street Represented by: Kelly Broderick-Smith, Cushman & Wakefield The Hakimian Organization 40th8 West Street Allied Sales Street 57th 205 West Kuo Robert Hudson Street 315 Waxing Grace by East 58th133 Street Galvanize Hudson Street 315 Represented by: David A. Falk Greenstein, & Jason T. Newmark Grubb Knight Frank Cornell University 255 Greenwich Street Represented by: John Cefaly & Michael Burgio, Cushman & Wakefield University Columbia of The Trustees in the York City New of 880Third Avenue Bed Bath & Beyond 250 Hudson Street Represented by: Peter Gross & Jim Gross, Douglas Elliman Commercial BankEast West 485 Madison Avenue Represented by: David L. Levy & Jeffrey Buslik, Adams & Company York City New of 255 Greenwich Street NetSuite 40th8 West Street Represented by: Jonathan Schindler, Cushman & Wakefield Studio Medicine HC

resnick.nyc 212.421.1300 Successful is a Host of of is a Host Brokers and Behind Every New York City in 2016. York New Building Owner as our existing Tenants that as that existing our Tenants renewed their commitment to who represented them, as well them, as well represented who Steadfast Tenants. Jack Resnick & Sons thanks & Sons Resnick Jack the Incredibly Talented Talented Incredibly following Firms and the Brokers RES-1097 Resnick Thank You Ads_Crains_10.25x14_V2.indd 1 CN018136.indd 1 1/12/17 5:59 PM 20 Crain’s Developing Pacifi c Park reinforced the reinforced Park c Pacifi Developing she is deeply in what believing of importance and called and tried will be tested “You doing. do in a project you everything defend upon to in it from “I believed said. Gilmartin that,” like input and the community believe I one. day has today are we where us to that got process project.” made it a better Enterprise’s City Forest company parent Selling Nets and the Brooklyn Center in Barclay’s stake purchaser The challenging. also was in 2015 Mikhail Prokhorov. billionaire Russian was when I drive say if I didn’t you be lying to “I’d super I feel day that building every past of sense small a have “I Gilmartin. said proud,” the building of a piece not having longing for longer.” any be has to estate “Real Gilmartin adds, Nonetheless, the company. of the good for It was unemotional. out housing.” on building focused are We both her Gilmartin who earned from degree and master’s undergraduate intending out start didn’t University, Fordham She began developer. estate a real become to Fellows Urban City’s York in New her career in the years seven for and worked program the city’s now Corp., Development Public When she Corp. Development Economic law to go to she intended her career, began juveniles. of the rights ght for fi to school she did in the Public the projects It was that helped her discover Corp. Development I had quickly discovered “I very her true calling. in my development estate real professional Gilmartin. said veins,” Gilmartin spends When she is not working, rst “My fi her time with her family. much of Gilmartin. said children,” my is always passion 19—a Devin, sons She has three: Under 20 who co-founded the sustainable who co-founded Under 20 17, Studio—and Eidan, rm Querencia fi design 13. Tess, and daughter a Garage, at Le relax to like often They really “It’s in Brooklyn. restaurant Vietnamese Gilmartin. said home,” from away our outpost family.” us like treat “They Barre Pure Gilmartin turns to reboot, To sanity my keep I try to “That is where classes. she said. and exercise,” nds. she fi eld, her fi in is essential Recharging Gilmartin, said City, York in New project any With live.” they before times die three “they and live be relentless to how learn to have “You Gilmartin. said urgency,” of sense with a great Ratner, a longtime mentor, supported her eff ort her eff supported a longtime mentor, Ratner, the were “We she recalls. the business, chase to the Brooklyn were “We Gilmartin. said outlier,” ce offi Avenue not a Park were We developer. developer.” nally selected fi was Ratner City When Forest 2000, Day, Valentine’s on as the developer career-changing “It was Gilmartin recalled, amazing people. of It put me in front me. for with an amazing partnership It created my inside of me, It allowed the newspaper. building.” of ways new explore to company, c Park Pacifi 22-acre The controversial rst fi its and opened to begun in 2007 project, another important was in 2016, residents c as Pacifi known Now Gilmartin. for milestone includes development the Brooklyn Park, as well units, ordable and aff modular rentals ground which broke Center, as Barclay’s delays encountered The project in 2010. eminent over arguments lawsuits, of because Recession. Great and the domain, on developer the senior But Gilmartin, into “I stepped it moving. kept the project, super invigorating, that was something important,” and really controversial challenging, re a fi drinking from like “It was Gilmartin. said a long time.” for hose pace to managing it was for Her secret by it day and took “I did what I do best herself. she said. day,” fi rst occupied in 2007, was a pivotal one she a pivotal was in 2007, occupied rst fi project.” “breakout her calls position a leadership into thrust probably “I was a“It was Gilmartin. said years,” my beyond executive [Ratner, Bruce tell me to for stretch I really that Ratner] City Forest chairman of to which was win this business, to wanted a client that Lady, the Gray to be the partner years.” 100 every moves ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING The Bernard H. Mendick Lifetime Leadership in Real Estate Award in Real Estate Leadership Lifetime H. Mendick The Bernard

|

50 Most Powerful Women list. Women Powerful 50 Most s president and CEO of Brooklyn- of and CEO s president Ratner City Forest developer based MaryAnne Gilmartin— Companies,

Crain’s MaryAnne Gilmartin MaryAnne

For This Developer,For This Are ParIconic Deals for the Course S23 recipient of REBNY’s Bernard H. Mendik H. Bernard REBNY’s of recipient Award— Estate Real Leadership Lifetime the of some of lines has been on the front City. York in New le deals highest-profi World on the 11 attacks When the September City Forest in 2001, place took Center Trade the for on the loan closed had just Ratner Gehry, by York New called now skyscraper Gehry building Frank 867-foot a 76-story, blocks a few Street, at 8 Spruce designed away. the company inside of panic was “There exposure,” estate much real had too that we in the company Some Gilmartin. remembers the building to limit the height of to wanted costs. construction reduce building of an advocate Although Gilmartin was with tasked she was full height, its to the tower the broach to architect phoning the famous it down. scaling subject of turmoil,” absolute of is in a state York “New the change to have may “We Gehry. she told the building.” height of that doesn’t sure make I do to “What can her. him telling she recalls Anne?” Mary happen, an negotiated Gilmartin had soon would the developers where arrangement for Gehry his usual royalties pay to not have a building. attaching his name to at the top who live the families for “I will babysit it to for what it takes that building if that’s of her. Gehry telling Gilmartin recalls going,” keep le enabled the high-profi That conversation “It turned out to as planned. continue to project Gilmartin. said did,” ever thing we be the best iconic many one of Gehry was by York New Gilmartin has made her where buildings in Ratner City joining Forest mark since the of led the construction She also 1994. in Manhattan headquarters Times York New c Park Pacifi the 22-acre and is overseeing Atlantic as known formerly development, such of a result As in Brooklyn. Yards, repeatedly Gilmartin has appeared projects, on the

For Gilmartin, the deal for the Times building, building, Times the for the deal Gilmartin, For A Sky’s the Limit 2017 REBNY Section 9B.indd 23 Galvanize Interpublic Group of Companies Behind Every 315 Hudson Street 250 Hudson Street Represented by: Represented by: David A. Falk & Jason T. Greenstein, Robert Romano, Jones Lang LaSalle Successful Newmark Grubb Knight Frank RAYMOND WEIL Genève Cornell University 485 Madison Avenue Building Owner 255 Greenwich Street Represented by: Represented by: Snezana Anderson & Bernhard Weinstabel, CBRE is a Host of John Cefaly & Michael Burgio, Cushman & Wakefield ZMC Advisors The Trustees of Columbia University 110 East 59th Street Incredibly Talented in the City of New York Represented by: Alexander Chudnoff, Jones Lang LaSalle Brokers and 880 Third Avenue Bed Bath & Beyond Lieff Cabraser Heimann & Bernstein 250 Hudson Street 250 Hudson Street Steadfast Tenants. Represented by: Represented by: Peter Gross & Jim Gross, Douglas Elliman Commercial David Kleinhandler, CBRE

East West Bank Bed Bath & Beyond 485 Madison Avenue 315 Hudson Street Represented by: Represented by: David L. Levy & Jeffrey Buslik, Adams & Company Peter Gross & Jim Gross, Douglas Elliman Commercial

City of New York Raymond & Feldman 255 Greenwich Street 110 East 59th Street Jack Resnick & Sons thanks the NetSuite Honors New York Center for Bridge following Firms and the Brokers 8 West 40th Street 133 East 58th Street Represented by: Represented by: who represented them, as well Jonathan Schindler, Cushman & Wakefield Howard Dolch, The Lansco Corporation as our existing Tenants that Studio Medicine HC LA Gourmet 133 East 58th Street 110 East 59th Street renewed their commitment to Represented by: Sherry Patterson, Sherry Patterson Realty Group New York City in 2016. Robin Borkowsky, MD 133 East 58th Street SDM Properties 485 Madison Avenue Represented by: Icon Quik Park John T. Pavone Jr., Colliers International 422 East 72nd Street

Gregorys Coffee Healthcare Associates in Medicine, PC 485 Madison Avenue 133 East 58th Street Represented by: Represented by: Benjamin S. Birnbaum, Newmark Grubb Knight Frank Paul Wexler & Kathleen Caracappa, Corcoran Wexler Healthcare Properties John Jurcisin, DPM & Doris Giraldo, DDS 133 East 58th Street Nyca Partners 485 Madison Avenue Represented by: Binder & Binder Keith Caggiano, Gary Davies & Roshan Shah, CBRE 485 Madison Avenue Represented by: Steven B. Strati, CBRE Victoria Justin Associates 205 West 57th Street Kempen & Co 880 Third Avenue Jay Rohrlich, MD, PC 133 East 58th Street 212.421.1300 Janovic Paint & Decorating Center 170 West 23rd Street Hudson Practice Management resnick.nyc 133 East 58th Street Smooth Medical, PC 133 East 58th Street Brookwood Companies Represented by: 485 Madison Avenue Kelly Broderick-Smith, Cushman & Wakefield Represented by: Joshua Stein & Steve Hass, Norman Bobrow & Co. The Hakimian Organization 8 West 40th Street RedCap Valet 1755 Broadway Allied Sales 205 West 57th Street Brial Corporation 133 East 58th Street Robert Kuo 315 Hudson Street LAZ Parking 199 Water Street Waxing by Grace Deena Pegler, DMD, PC 133 East 58th Street 133 East 58th Street

CN018136.inddRES-1097 Resnick 1 Thank You Ads_Crains_10.25x14_V2.indd 1 1/11/171/4/17 12:43 2:15 PM 1/10/17 3:37 PM CN018138.indd 1 1/12/17 5:59 PM competitors. They have done even better here here better done even have They competitors. than before.” work is still there acknowledges But Riguardi not have we the places of “One be done. to being top of our goal and achieved done well invest- York has been our New the market of in the rm has been The fi he said. ment sales,” he acknowledges. pack, the middle of catch business that have to optimistic “We’re “Some said. Riguardi our other business,” up to try to going We’re on. moving our people are of being us up to raise to additions some make to in that space.” or three two the top these, like challenges internal he navigates As facing ones external of aware is well Riguardi the industry. is making sure challenge “I think the biggest with the expansion is consistent job growth need “We Riguardi. said the marketplace,” of ce with offi on pace that is job growth have to development.” “I a concern. also are rates Rising interest he it,” has been managing into think everyone I think it will have increase, the rates “As said. real publicly traded ect on the pricing of an eff I think the market Right now, stocks. estate increase.” the rate absorb can in chari- is active Riguardi work, of Outside Amer- the and is chairman of table activities which Center, Medical Rabin of Friends ican at treatments medical innovative supports one million for Center Medical Rabin Israel’s other among a number of per year, patients charitable activities. time and places nd more fi trying to “I’m really the to in giving back erence a diff make I can he said. community,” Linda in both New with his wife lives Riguardi grown He has four N.J. and Rumson, City York and a Alex, and Nicolas Peter, sons—Edward, Edward Jen who is married to daughter-in-law granddaughters, his two and is the mother of and Eleanor. Emma our spare and I do spend a lot of “My wife my “That’s Riguardi. said time with them,” main focus.” to escape to like the Riguardis vacations, For Barts. or St. Paris visit the muse- to I love “When I’m in Paris morning until from the streets ums and walk like I don’t Barts, “In St. Riguardo. said night,” will there knows, he well As do anything.” to back. do when he gets him to for be plenty “I’ve had some really fortunate relationships relationships fortunate really had some “I’ve ered off with people who have in the industry Riguardi. said advice,” me great about oversees Riguardi role, In his current ces offi seven from people who work 2,000 in New including two area, Tri-State in the include broad- His responsibilities City. York by platform York New ening the company’s leading client relationships, key developing estate real maintaining senior major projects, relationships and political contacts industry talent. new and recruiting pro- of team a great put together “We’ve other and are each who respect fessionals Riguardi. said do,” at what they good really work we The more leaders. market are “They been.” have the results the bigger together, about $350 million worth does JLL Currently, said annually, City York New in business of $10-12 from That number has grown Riguardi. rm. million when he joined the fi places, a number of from comes That growth start people to had good “We Riguardi. said and grown have people “These he said. with,” recruited also We’ve their careers. elevated our from talent top really some and attracted Riguardi. “They basically gave me a white- gave basically “They Riguardi. need us what you tell `You and said, board the It was supportive. very were They do.’ to have I could situation entrepreneurial most entered.” have to fortunate was Riguardi Along the way, his father, In addition to mentors. had several Jerry Speyer, developer turned to he he said the controls Speyer Tishman rm fi whose Build- and the Chrysler Center Rockefeller and managing director ing; and Bill Lewis, at Lazard banking investment of co-chairman & Co. Freres ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING The Louis Smadbeck Broker Recognition Award Broker Recognition Smadbeck The Louis

|

ne of the most valuable pieces of of pieces valuable the most ne of chairman Riguardi, that Peter advice re- York the New of and president

Peter Riguardi Peter Serving High-Profile High-Profile Serving Clients Comes To An Naturally Broker Influential S25

gion for commercial real estate services and services estate real commercial gion for has ever JLL, rm fi management investment Ed- Edward. his father, from came received, property of “dean as the some to known ward, as manag- York,”retired in New management in the New Lang LaSalle Jones at ing director Group. Transactions York the was reputation me that my “He advised I should honor important thing—and most for all operations who leads Riguardi, said it,” and Jersey New York, in New the company Connecticut. Smad- Louis REBNY’s the winner of Riguardi, and a mem- Award Recognition beck Broker took Governors, of Board the group’s ber of of minute “Every seriously. advice his father’s he said. that credo,” by I live the day has allowed reputation Building a stellar the of in some role a leading play to Riguardi In 1998 York. in New deals le profi highest leasing the largest he helped orchestrate the history, City York in New transaction move Authority’s Transportation Metropolitan as at 2 Broadway, feet square 1,631,166 into At team. representative the tenant of part chairman and principal vice he was the time, to which he had helped ABR Inc., Colliers of Riguardi. Tener in 1994 as Koeppel form he and which he joined in 2002, JLL, at Later, when America Bank of represented a team at One feet 1.5 million square to it relocated Park. Bryant and in marketing who has a BA Riguardi, his career started Iona College, from nance fi the enjoyed “I really in 1983. Williams at GVA a were “There Riguardi. said people there,” I liked and characters. personalities lot of and the entrepreneurialism the creativity, He eventually people.” senior to the access in president vice senior the youngest became history. rm’s the fi chal- a new for ready was Riguardi In 1994, ABR Inc., Colliers and helped form lenge He chairman and principal. vice he was where in 2002. JLL rm and joined the fi sold in New a business develop to wanted “They recalled in class,” best that was City York O Sky’s the Limit 2017 REBNY Section 9B.indd 25 CN018138.indd 1 1/10/17 3:37 PM JOIN OUR FEBRUARY ARGO UNIVERSITY EVENT AIRBNB AND YOUR BUILDING

What you need to know about Airbnb and what you can do about it

This is a free event for coop and condo board members.

February 21st The Hotel Beacon 2130 Broadway, New York, NY 10023 6pm to 8pm Wine and Cheese

Email [email protected] for more information.

www.Argo.com

Argo Real Estate | 50 West 17th Street, New York, NY 10011

CN018122.indd 1 1/10/17 10:55 AM the

Van Sinderen Plaza, Brooklyn

» FULL SERVICE REAL ESTATE DEVELOPMENT COMPANY » PROPERTY MANAGEMENT COMPANY » CONSTRUCTION MANAGEMENT COMPANY » CERTIFIED WOMAN BUSINESS ENTERPRISE » LEED CERTIFIED BUILDER » ENERGY STAR CERTIFIED BUILDER » SPECIALIZING IN MULTI-FAMILY/ MIXED-USE DEVELOPMENTS

Mother Arnetta Crawford Apartments, Bronx

MACQUESTEN.COM 438 FIFTH AVENUE, PELHAM, NEW YORK 10803 | 914.667.7227

CN018140.indd 1 1/6/17 6:39 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Linsday Ornstein | The Young Real Estate Professional of the Year Award

Sky’s the Limit A Rising Star Helps founding and managing Ads On Tags, a new in marketing to her work. In her tenant advisory advertising medium, and serving as marketing role, for instance, she focuses on branding 345 Fifth Avenue Transwestern Make director for Camdens, an ecommerce fi rm. and space design. And in her agency leasing Its Mark on New York Early in her career, she was an associate at the role, she develops the strategy and marketing public relations fi rm Nike Communications. approach for her assignments. Directly Facing the Main Entrance to the She graduated Summa Cum Laude and top or Linsday Ornstein, co-leading the New of her class as a communications major at the “Given that marketing and branding is such a York offi ce of commercial leasing fi rm University of Pennsylvania. huge part of my background and what I enjoy, Empire State Building Transwestern has provided plenty of bringing that into my real estate practice has Fopportunities to put her skills to the test. One thing that drew Ornstein to Transwestern is been hugely benefi cial, both for my clients and its culture, shaped by an unusual compensation for my own satisfaction,” she said. Transwestern, which has 2,200 employees in 34 model. In a traditional brokerage model, brokers locations around the country, opened its New are paid on commission. No so at Transwestern. Ornstein juggles her career with a busy York offi ce in 2011. Ornstein, who runs the offi ce When Transwestern gets paid by clients, personal life. She resides on the Upper West with Northeast Market Leader Steve Purpura, is Ornstein explains, the revenue goes into a single Side of Manhattan with her husband Gus and a leader in all areas of the business with specifi c bucket, which gets divided up and paid out via their three children: Maya, 10; Zoe, 7, and Remy, responsibility for overseeing the fi rm’s branding 2. Her secret to juggling it all is organization. “I consulting practice across the Northeast pack 36 hours into 24, every day,” said Ornstein. region, including New York City, New Jersey and Boston. She has recently served clients such The family spends considerable time on sports as JPMorgan Chase; New Balance; Mitsubishi; and outdoor activities, from tennis to hiking. Advent International; The Children’s Aid Society Gus, a former pro football player, played for and The Robin Hood Foundation, an anti-poverty teams including the New York Jets—and also group, as they hunt for offi ce space. played fi rst base for the Yankees. He is now athletic director of Fieldston School. “It’s very entrepreneurial, which suits my personality and my ambitions,” said Ornstein, One of Ornstein’s favorite ways to relax is hiking a Transwestern partner. “To take a storied through local parks. “We like to explore the brand like Transwestern and put our own local parks around New York City a lot,” said Ornstein. stamp on it and our own local spin on what “We go to Riverside Park, Central Park and we think the future of real estate brokerage Palisades Park in New Jersey.” looks like is really important.” For vacations, the Ornsteins like to go to Mexico The high-energy winner of REBNY’s Young every year and are skiing buff s. “If there’s any Real Estate Professional of the Year Award, reason to go out West, I’ll go,” said Ornstein. Ornstein is particularly proud of the New York bonuses at year’s end. That means all team offi ce’s agency leasing practice, which saw an members are incentivized to work together. Ornstein, who started the women’s varsity eight-fold increase last year. “We have huge golf team at University of Pennsylvania, also momentum and velocity on that side of the “It’s entirely diff erent from the way all the plays in many charitable golf tournaments. business,” said Ornstein. other brokerage shops run,” she said. “We’re But given her busy schedule, she said, “It’s one team. There are no silos. We all work not nearly as often as I’d like.” The team’s transactions included securing together collaboratively.” a 10.5-year lease for Mic, a media site aimed Ornstein spends considerable time on other at millennials, which moved to 1 World Trade Helping to shape the culture of the New York charitable activities. Since 2005, she has served Center this past summer. The offi ce also offi ce has been important to Ornstein. It on the cabinet for Israel Bonds, sold to support negotiated a lease for 34,100 feet of space recently won the number one spot in the Crain’s Israel; and has been co-chair of the Community for Bustle, an online women’s publication, Best Places to Work ranking. “That is hugely Outreach Group at the Mandell School, a New at 315 Park Ave. South, on two floors Credit meaningful for me,” said Ornstein. “It speaks to York City private school, since 2009. Suisse previously occupied. In December, the culture we’ve built.” Transwestern represented Eurazeo, a French She is also chairman of the junior board of investment fi rm, in a lease for its fi rst offi ce in Ornstein also takes pride in serving the Green Chimneys, a nonprofi t that provides the U.S. at 745 Fifth Ave. nonprofi t sector. Finding space for nonprofi ts nature-based therapeutic treatment and in New York City can be challenging, given the education for children with special needs. 5,565 SF Ground Floor with 60’ Frontage on Fifth Avenue. Ornstein brings a combination of real estate cost of leasing. However, Ornstein said there Through the program, she has mentored a Space can be divided or extended vertically to the second and third fl oors. experience and marketing smarts to her work. is a solution for everyone. The key, she has young girl for 15 years. Prior to coming on board at Transwestern, found, is tuning into a client’s needs. Ornstein was principal of Centric Real Estate She is also the incoming chair of the Young Advisors, a boutique tenant representation “It’s understanding what motivates the Men’s/Women’s Real Estate Association Exclusive Leasing Agent: brokerage, consultancy and advisory fi rm. She nonprofi t and their board and the constituency of New York, which often gets involved in FAITH HOPE CONSOLO [email protected] started her career in real estate at The Staubach they serve, and fi nding the right balance— charitable projects around the city. This past Company in 2003, where she was initially always mindful of budget,” she said. Thanksgiving, as part of that involvement, 212.418.2020 director of marketing and later became a broker. Ornstein’s family cooked for people in need. Whether serving private-sector clients or “My two-year-old was washing potatoes,” said Before that, Ornstein worked in the tech sector, nonprofi ts, Ornstein tries to bring her expertise Ornstein. “It was a great day.” S29 345fifth.com www.faith-consolo.com www.elliman.com

39117CN018131.indd Crains NY 1Business10.25x14.indd 1 1/10/17 2:203:38 PM 2017 REBNY Section 9B.indd 29 1/12/17 5:59 PM 345 Fifth Avenue Directly Facing the Main Entrance to the Empire State Building

5,565 SF Ground Floor with 60’ Frontage on Fifth Avenue. Space can be divided or extended vertically to the second and third fl oors.

Exclusive Leasing Agent: FAITH HOPE CONSOLO [email protected] 212.418.2020

345fifth.com www.faith-consolo.com www.elliman.com

39117CN018131.indd Crains NY 1Business10.25x14.indd 1 1/10/17 2:203:38 PM 1/12/17 6:00 PM helped by a number of mentors, of which of mentors, of a number helped by Ratner, Bruce is his father. among them chief and Mary Ratner, City Forest chairman of also were and CEO, president Anne Gilmartin, he said. influential in his career, respect us with tremendous treated “They had accomplished we before and decency and remembered always “I’ve said. he much,” that.” appreciated Multi- Fargo Wells of head group Wiener, Alan Two nancing for fi who handles Capital, family Walen- guide, been a trusted has also Trees, tas has found. a grownup, me like treated “He has always be, to deserve I didn’t when at times probably the things of us in terms out for and looked Walentas. said did,” we Com- Related of president Jr., Beal, Bruce him, helped also have and his team, panies, on a together worked never have though they out looked always have guys “Those project. and shared questions me and answered for he and bad,” both good their experiences broader me and our treated “They’ve said. well.” incredibly here family Much way. in his own back gives Walentas is focused at the moment, his attention, of local to options educational on bringing new includes project Street The Dock children. for public middle school 300-seat a new art and engineering, technology, science, teaching which began studies, math (STEAM) the school “Seeing in September. students proudest my is one of Street open at Dock he said. moments,” be to more is far there believes Walentas But He be- in the city. children educate done to when talking about the impassioned comes economi- from children for in education gaps families. disadvantaged cally fundamental economic the best “I think it’s said make,” can as a society we investment a kid not educating of “The cost Walentas. add up the public You incalculable. is almost rates increased productivity, lost issues, health think about all of you incarceration—when of it will me, to costs, and economic social the real our generation.” of issue the civil rights become and goes and tennis golf he plays unwind, To skiing. he and his where York, New to back Then it’s are Engelbrecht, Kate photographer wife, in 3, and Filo, 5, Theo, children, two raising said York,” in New “I’m born and raised NoHo. our city.” “I love Walentas. ect on the Far West Side of Manhattan “which Manhattan Side of West ect on the Far and in 2008”; the recession built through we Water at 60 project Street the 300-unit Dock in DUMBO. St. Street the Dock get tried to time we rst “The fi a chal- “It was he said. failed,” we rezoned, site screwed That one we meet. didn’t we lenge with Dealing it right. got we before up once a is always and communities government way.” a healthy challenge—in is one of project factory Sugar The Domino In at the moment. priorities key Walentas’s indus- the former acquired Trees Two 2013, for waterfront Williamsburg on the trial site it into convert plans to Walentas $185 million. apartments. 2,800 and create space ce offi park, ve-acre will include a fi The development begun. has already which construction for the complete hope to and his team Walentas 2018. the summer of by park he says Walentas the project, of Regardless in mind. one big goal keep and his team neighborhoods better leave try to always “We than before,” done were our projects after off that every accomplished we’ve “I feel he said. a very there’s In DUMBO, worked. we’ve place ago.” years 20 what it was to contrast stark he has been said Walentas Along the way, in June for $18 million, after being on the being after $18 million, for June in years. ve fi for market Asked ones. bigger led to projects early Those Walentas challenging, the most which were Green’s Fort near Ashland, 300 off rattles construc- a pure “from Music, of Academy at 300 The development tion standpoint.” them 90 among 390 units, includes Ashland by occupied center a cultural ones, ordable aff the Brooklyn Music and of Academy Brooklyn also The list a public plaza. and Library, Public proj- House Mercedes the 32-story includes ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING The Kenneth R. Gerrety Humanitarian Award Humanitarian R. Gerrety The Kenneth

|

ed Walentas, principal of Two Trees Man- Trees principal Two of ed Walentas, his passion attributes Company, agement that his parents the fact to estate real for Jed Walentas A Real Estate Scion’s Estate A Real Passion:Personal the City’sEducating Young People S31

took their work home with them. home with them. work their took Walen- David billionaire self-made His father, Trees, Two founded tas, Brooklyn-based it devel- a portfolio and manages which owns than $4 billion, more worth oped that is now include holdings Its ago. 50 years nearly and 3 million apartments, than 2,000 more real and industrial commercial of feet square His in DUMBO. largely City, York in New estate art director a former Walentas, Jane mother, her husband with partnered Lauder, Estée for rm. fi in running the family so ects that aff run a business “When you ‘being at no real there’s lives, people’s many “It’s Walentas. said ‘not at work,’” or work’ the way That was thing. an all-consuming a From the business. ran of sort parents my in immersed completely I was age, early very and as a two on job sites running around it, old.” year three who family, Walentas the The civic inclinations of through neighborhood schools to grants provide rubbed also Foundation, Family Walentas their REBNY’s of who is recipient Walentas, on off Award. Humanitarian Gerrity R. Kenneth said at dinner,” talk about “It is what you talk about in the car.” what you “It’s Walentas. in New public education in improving Active the a member of is also Walentas City, York Hood Foundation, the Robin of board advisory the and chairman of group an anti-poverty which commissions Time, at Creative board public art projects. and presents rm fi the family for work didn’t Walentas the Uni- from graduating after immediately Trump He joined the Pennsylvania. of versity en- when his father However, organization. he business, join the family him to couraged in 1997. on board and came resist didn’t decision, much a conscious so “It wasn’t said. Walentas really,” him with building tasked soon His father Trees Two for ce offi a 3,000-square-foot Tow- the Clock and converting in Dumbo a into at 1 Main Street, nearby er Building, con- building with 124 250,000-square-foot contract into went penthouse The triplex dos. J Sky’s the Limit 2017 REBNY Section 9B.indd 31 CN018120.indd 1 1/11/17 4:20 PM Adventureland Dennis Karr | Newmark Grubb Knight Frank

Davenport Theatrical Enterprises Gregory Kraut and Jonathan Cohen | Avison Young

1501 Broadway The Preferred Home for the Theater Industry

CN018123.indd 1 1/10/17 3:35 PM CN018130.indd 1 1/11/17 4:21 PM 1/10/17 3:47 PM YOUR LEGACY BEGINS LEGACY YOUR HERE

ALEXANDER RADMIN Associate (212) 372-2387 [email protected]

STACI L.STACI GOODMAN Associate (212) 372-2089 [email protected]

Executive Managing Director (212) 372-2246 [email protected] BRENT M. OZAROWSKI

all 55,000 RSF. It’s the space you need to turn aspiration into innovation. innovation. into aspiration turn to need you space the It’s RSF. 55,000 all At 133 W 52nd, discover a building-within-a-building that’s completely yours completely that’s a building-within-a-building discover W 52nd, 133 At — 133west52nd.com YOUR VISION FOR LEASING INFORMATION, CONTACT: WATERMAN S. BRIAN Vice Chairman Chairman Vice (212) 372-2299 [email protected] EVERYWHERE CN018134.indd 1 1/12/17 6:00 PM ergy to further reduce reliance on the power power on the reliance further reduce to ergy the down coming such technology One grid. is piezoelectric- line in building construction in materials electricity which generates ity, and harvested then be which can flooring like source. as an auxiliary power used buildings from come also will saving Energy in oth- electricity their own that generate senior Ionna, Robert to according er ways, the New of managing director and principal engineer- an Hennessy, Syska of ce offi York will individual buildings He predicts rm. ing fi using locally electricity generate eventually savings energy Further fuel cells. their own on variable reliance increased from will come for which allows technology flow refrigerant through and cooling simultaneous heating Ionna, to according But overall, one system. lies smartbuilding management of the future what that will anticipate technology in sensor it is he says, And, need it. you need before you in the future. not that far devel- technology cellphone fast how “Given years of a couple only probably are we oped, on the making a stamp this really from away everyone “When it does, Ionna. said market,” money.” save to do it, to want to is going that the Ionna notes it will. money And save down each, $5 or $10 is now sensors of cost a just “It’s long ago. not too $1,000 from guring out the right data points fi of matter more overall buildings make to analyze,” to he said. cient, and effi comfortable compre- that broad-stroke, agrees Ibrahamini applied in smart buildings systems hensive the future. of the wave are badge my scan a building, into “When I walk electric my or park a turnstile, through or go and when I arrive know the building will car, said me,” for waiting will be there the elevator Ibrahamini. revolution technology The smart-building the and for think, than we sooner occur may building not by moment it is being driven and shareholders. but tenants managers, smart to the transformation If anything, entrenched by is being slowed buildings hostage that hold buildings systems legacy Ibrahamini doing things. of ways outdated to will come and developers owners predicts the risk and analyzed have they once around on investment return the potential see can brings. building technology that advanced these of and the normalization new all very “It’s said. Ibrahimi a long time,” take to is going tools and at the mo- a big role, will play “Education out there.” what’s know ment people don’t building services via comprehensive apps like like apps via comprehensive building services to is designed Digital Ceiling Comfort. Crowd with building applica- connectively be used the board. tions across high tech more even dimming gets Daylight onto coming now glass with programmable it Glass, Dynamic View Called the market. coating metal-oxide an electrochromic uses out sun lter fi light to with exterior that reacts cloud cover to and adjust glare reduce rays, View, by Developed and nighttime conditions. it has Valley, in Silicon based a company into incorporated been successfully already com- campuses, college hospitals, numerous in the U.S. buildings and government mercial and air station — including a Marine Corps both in California. Base, Sustainability NASA and temperature of control Such customized vast to will lead environments light in interior and less consumption in electrical reductions are But engineers grid. on the energy strain en- of sources up with alternative coming also Crowd Comfort, from Crowd Comfort, Inc. Inc. Comfort, Crowd from Comfort, Crowd moni- comprehensive provides in Boston, an app through spaces commercial in toring their from troubleshoot to users that allows management The app gives smartphones. problems of and photos cation notifi real-time prioritize to staff allowing arising in a building, build- and saving accordingly, and respond and on paperwork costs huge ing owners building allows The information manpower. better to assets of control better managers their tenants. serve another com- is Texas, in Elgin, Hoist, Data smart for multiple systems integrating pany regu- to analytics elevator It uses buildings. and troubleshoot, availability, elevator late on It works advertising. in-elevator customize from in a building, elevators number of any be applied and can bank, an entire to one cab systems. all elevator across Systems’ Cisco California-based Jose, San c light- site-specifi provides Digital Ceiling one step technology sensor ing that takes uses Digital Ceiling it illuminates, As further. the envi- throughout sensors integrated all data and coordinate gather to ronment ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS YORK BUSINESS NEW NEW TO CRAIN’S TO CRAIN’S SUPPLEMENT SUPPLEMENT ADVERTISING ADVERTISING

hen it comes to improving energy improving to hen it comes building of and the cost use older York’s New of management

What’s New Now and New Now What’s Future inWhat’s the Building Management Technology S35

commercial and residential building stock, building stock, and residential commercial both have or rebuild renew to the choice Updating an older building their advantages. fewer far requires ciency effi 21st-century to New it. it and replacing than razing resources a builders gives meanwhile, construction, that technology new implement to blank slate and how perform buildings how revolutionizes ces. or offi with their residences interact tenants cus- to enable tenants available now Systems summon in a cubicle, the temperature tomize and adjust their cars park as they an elevator a room. enter they and music when the lights sys- HVAC regulate can Building managers a laun- shut down , on and off turn water tems, eld and fi cameras security monitor dry room, an app. from all remotely tenants, from alerts and co-founder Mariel Ibrahamini, to According that an annual conference Disrupt CRE, of CEO estate the real for technologies new showcases about a building managing anything industry, as using a smartphone. be as easy will soon build- the of brain the internal and more, “More phone,” your of system the operating ing is like is manager the facilities of “The role she said. function.” an IT of more into evolving of is the goal and savings ciency effi Energy bring- often tools, building technology many as a collateral productivity ing increased Califor- Oakland, app from new A t. benefi is popular in co-working Comfy, nia-based regulate individual to each It allows spaces. cubicle his or her own of the temperature eliminating the all-too- a smartphone, from half the staff where scenario ce offi common a chill while the other is bundled up against clothing in an overheat- half is peeling off automation Comfy’s room. ed conference and raising the costly an end to puts system temperatures. ce offi of lowering Radia- from Cozy, buildings, residential For of is a smart slipcover in Brooklyn, Labs tor the steam of the power that harnesses sorts in old, the temperature regulate to radiator Controlled buildings. apartment overheated over which is placed the cover, an app, by being heat of the level monitors the radiator, it accordingly. or lowers and raises generated 35%. up to of savings an energy of It boasts W Sky’s the Limit 2017 REBNY Section 9B.indd 35 YOUR LEGACY BEGINS HERE

YOUR VISION EVERYWHERE

At 133 W 52nd, discover a building-within-a-building that’s completely yours — all 55,000 RSF. It’s the space you need to turn aspiration into innovation.

133west52nd.com

FOR LEASING INFORMATION, CONTACT:

BRIAN S. WATERMAN BRENT M. OZAROWSKI STACI L. GOODMAN ALEXANDER RADMIN Vice Chairman Executive Managing Director Associate Associate (212) 372-2299 (212) 372-2246 (212) 372-2089 (212) 372-2387 [email protected] [email protected] [email protected] [email protected]

CN018134.indd 1 1/10/17 3:47 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Sky’s the Limit Eco-friendly and say passive house criteria add 7 – 8% to the practice leader at Thornton Tomasetti, an cost of construction, but that is recovered in engineering consulting fi rm in New York City. Green-building Trends energy savings over fi ve to six years. Energy “These aren’t new ideas, there just aren’t consumption can drop by as much as 75 – 80 enough people doing it.” FRESH MOUNTAIN AIR COMES TO NYC opulation density is a constant concern % per year, noted FXFowle’s Kaplan. It is also among urban planners, and as New cost-eff ective because property owners are If sophisticated products like View Dynamic York City hurtles toward the nine-mil- not spending on boilers, radiators or pipes but Glass, which automatically fi lters sun and Plion mark, and structures get taller and taller, investing in features like more energy-effi cient glare, are out of reach, Hubbard has a more sustainable building methods are becoming windows which are increasingly aff ordable. low-tech suggestion for commercial space, more the norm than the exception, as they “Put the desks along the window.” once were when programs like the LEED rat- For many property owners, it’s not just about ings system came to the fore back in 2000. energy savings, said Zakrzewski. “Folks who have In almost every sector of building mainte- allergies have fewer of those types of issues in nance and structure, products designed with Local building codes grow increasingly strin- this kind of controlled environment,” he said. sustainability in mind are coming down in gent, calling for more recycled materials in price, making eco-friendly buildings more ac- construction, energy-effi cient LED lighting Currently in New York, there is 500,000 cessible to all levels of the market. Matt Palla- and HVAC systems, low-flow toilets, tighter square feet of passive house design under dino, project manager for general contractors control of water runoff and more exposure to construction, and 2.3 million square feet of EW Howell, based in Long Island City, noted natural light and better air quality for resi- passive house structures in the design phase, how ubiquitous low-flow and dual-flow toilets dents and offi ce workers. Courtyards, green said Zakrzewski. That is up from only 20,000 have become since their prices plummeted. roofs and setbacks with lushly landscaped square feet fi ve years ago, the Zakrzewski said. Likewise LED bulbs, the cost of which has common terraces reinforce the notion that dropped by 75%. Palladino credits the public green is good and that we should all do our The City of New York is a big proponent of sector with driving the trend by mandating part to preserve the environment. passive house desing, issuing numerous RFPs their use. for compliant aff ordable housing, among And while subway platforms and sidewalks may other projects. Zakrzewski predicts that blow- “Municipalities adopt the standards fi rst then seem perilously crowded, high density may be er-door testing will be mandated citywide as the private sector can ride the coattails to best for sustainability, according to architect early as next year. reap the benefi ts of lower cost and quicker Dan Kaplan, senior partner, FXFowle Architects. return on investment,” he said. A dormitory on the Cornell Tech campus on “It’s pretty clear at this point that concentrat- Roosevelt Island is also slated to be built un- Incorporating nature into building design is ing folks in the city to use the shared resources der passive house design standards. “It is the also something of a new standard, whether it of infrastructure, energy, water and roads has wave of the future,” said Kaplan. be new construction with beautifully orches- the lightest impact on the environment,” said trated, landscaped setbacks on multiple Kaplan, whose fi rm designed Circa Central floors, or renovations that turn the once-ne- Park, an 11-story mixed-used residential build- glected roofs of 100-year-old warehouses ing designed to manage natural light as effi - into green roofs, common areas or vegetable ciently as possible and maximize park views. gardens. The purpose is twofold: enhancing WE ARE PROUD TO BE THE quality of life through exposure to green The green-building trend getting the most plants while keeping rainwater from becom- ST buzz is “passive house” design. This is a ing undesirable runoff that gets discharged system whereby a structure functions as a across pavements. 1 hyper-sealed envelope encapsulating a highly NYC BUILDING WITH stable environment with little variation in At Via Verde, a low-income complex in the temperature. To measure the airtight effi cien- Bronx developed by Jonathan Rose Com- PROVEN BREAKTHROUGH cy of the seal, a giant fan either blows air into panies, residents cultivate vegetables on AIR PURIFICATION TECHNOLOGY the home or building, or pulls air out of it, in the roof. Circa Central Park was designed what is known as a blower-door test. This pin- Another energy-saving trend coming to the to expose nature to residents by providing points the amount and location of air entering fore involves more-effi cient use of light and views of the park, a large courtyard, a rooftop Fresh air means a healthy, happy and escaping through openings like window heat from the sun. Increasingly, new build- lounge and three-level outdoor space. In Dan and door frames, PTAC units (through-the- ings are being oriented to take maximum Kaplan’s view, living with access to greenery, more productive work environment. wall air conditioners), or cracks in masonry. advantage of sunlight throughout day. Con- daylight and sky is critical to the well-being Whether newly constructed or renovated, the structing a building so that it faces the sun of city dwellers and key to perpetuating the most successful passive house buildings have at its strongest intensity can reduce reliance important notion of sustainability. He called it the lowest level of air loss and therefore the on mechanical heating systems, while canny the architectural mission of our time, which is Kamber lowest variations in temperature, according to use of design features like vertical sunshades a unique period in the history civilization. Management Stas Zakrzewski, founding principal, Zakrze- or ordinary blinds can keep a space cool and Company LLC wski + Hyde Architects, who is also a member reduce air-conditioner use. Solar orientation “In the pre-modern world, humankind was in of the board of the nonprofi t advocacy group also exploits the use of natural light, likewise opposition to the natural world which seemed New York Passive House. saving money on energy. scary and dangerous,” said Kaplan. “Mod- ernism and the Industrial Revolution were all Less variation in temperature means less “Orienting a building to the climate and using about conquering the natural world, while the For inquiries regarding units 1,500 – 26,000 rsf please contact: Exclusive fuel consumption—a savings for the environ- the sun wherever possible should be a driver,” current post-industrial phase is about living in Leasing Agent: ment as well as on an energy bill. Estimates said Gunnar Hubbard, principal sustainability harmony with it.” Mitti Liebersohn Arthur Mirante Michael Gottlieb James Lizmi Nathan Kropp Gregory E. Kraut S37 212.729.7734 212.729.1896 212.729.6809 212.729.4857 212.858.9361 212.729.3203 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

CN018127.inddKAMBER 16-0004 1 Crains full_10.875x14.5.indd 1 10/24/161/6/17 11:33 6:36 PMAM 2017 REBNY Section 9B.indd 37 1/12/17 6:00 PM FRESH MOUNTAIN AIR COMES TO NYC

WE ARE PROUD TO BE THE 1ST NYC BUILDING WITH PROVEN BREAKTHROUGH AIR PURIFICATION TECHNOLOGY

Fresh air means a healthy, happy more productive work environment.

Kamber Management Company LLC

For inquiries regarding units 1,500 – 26,000 rsf please contact: Exclusive Leasing Agent:

Mitti Liebersohn Arthur Mirante Michael Gottlieb James Lizmi Nathan Kropp Gregory E. Kraut 212.729.7734 212.729.1896 212.729.6809 212.729.4857 212.858.9361 212.729.3203 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

CN018127.inddKAMBER 16-0004 1 Crains full_10.875x14.5.indd 1 10/24/161/6/17 11:33 6:36 PMAM Some closed transaction in 2016 Over $1.5 Billion In Deals

Thank you to all who helped make it happen…

SOLD SOLD SOLD SOLD Rego Park, NY Brooklyn, NY East Harlem Portfolio Bronx, NY $136,000,000 $161,000,000 $347,500,000 $140,000,000 16 Story Elevator Bldg 8 Story Office Bldg 47 Buildings Portfolio Sale 418 Residential Units Office Redevelopment 1,130 Residential Units 38 Buildings 2 Commercial 550,000 SF 51 Commercial 938 Residential Units 503,000 SF 712,500 SF 24 Commercial

SOLD SOLD SOLD SOLD SOLD Atlantic City, NJ Manhattan, NY Manhattan, NY Manhattan, NY Bronx, NY $14,650,000 $36,000,000 $14,875,000 $34,400,000 $84,000,000 251 Residential Units 6 – 5 Story Walkup Bldgs 8 Story Elevator Bldg 3 – 5 Story Walkup Bldgs 25 Story Elevator Bldg Garden Style Complex 136 Residential Units 44 Residential Units 58 Residential Units 383 Residential Units HAP Contract 7 Stores 4 Commercial 5 Stores 416,000 SF 100,000 SF 60,000 SF 52,000 SF HAP Contract

SOLD SOLD SOLD SOLD SOLD Manhattan, NY Manhattan, NY SOLD Brooklyn, NY Bronx, NY $39,000,000 $16,000,000 $21,500,000 $17,000,000 $26,000,000 3 – 6 Story Elevator Bldgs 6 Story Elevator Bldg Brooklyn, NY 6 Story Elevator Bldg 2 - 9 Story Elevator Bldgs 130 Residential Units 55 Residential Units 6 Story Elevator Bldg 60 Residential Units 98 Residential Units 135,000 SF 58,000 SF 28 Residential Units Parking Garage Affordable Housing 4 Commercial 70,000 SF 95,000 SF

SOLD SOLD SOLD SOLD SOLD Brooklyn, NY Bronx, NY SOLD Brooklyn, NY Manhattan, NY $36,000,000 $9,075,000 $9,000,000 $3,770,000 $11,450,000 3 – 5 Story Elevator Bldgs 3 – 5 Story Walkup Bldgs Bronx, NY 2 – 5 Story Walkup Bldgs 5 Story Walkup bldg. 144 Residential Units 76 Residential Units 4 – 5 Story Walkup Bldgs 14 Residential Units 41 Residential Units HAP Contract 5 Parking Spots 57 Residential Units 3 Commercial 5 Commercial 125,000 SF 49,000 SF 52,000 SF 15,000 SF 40,000 SF

Steven Vegh Direct: 212 335 0797 [email protected] westwoodra.com

CN018121.indd 1 1/6/17 6:29 PM MOVING FORWARD on MANY FRONTS

We are actively seeking to participate in investment partnerships or acquire properties for our own account.

Our range of activities include

Ownership Strategic Acquisitions

Agency Representation Tenant Representation Property Management

Scott Galin, Principal 646.747.4688

Handler-re.com

CN018129.inddHRE-1145 Handler 1 Corporate 2017 REBNY Crains_10.875x14.5.indd 1 1/10/171/4/17 10:4511:03 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Sky’s the Limit REBNY SNAPSHOT: NYC REAL ESTATE MARKET A Market In Transition: Changing conditions shape the residential and retail sector

11% Growth in Average Residential Home Sales Price 3Q2015 vs. 3Q2016

24% 8% 7% 6% 3% Avg. price Manhattan Brooklyn Staten Island Queens Bronx

STILL RISING (in thousands) $1,997 $891 $466 $523 $400

SOURCE: REBNY 3rd Quarter 2016 New York City Residential Sales Report

”The market is really strong for two-, three- and four-bedroom homes. There are people who see their choices and are making rational decisions. They are looking at prices and floor plans, deciding what is best for them and buying.” — Joseph Cohen, principal and co-founder, East River Partners.

Manhattan Retail Corridors Undergo Shift $13.6 billion Average asking rent: Available ground floor space only Posted by NYC residential sales Fall 2015 vs. Fall 2016 market for citywide total consid- eration 3Q16, a new all-time high

SOURCE: REBNY Statistical Abstract 2016 20% 8% 5% Financial Columbus Ave. Fifth Ave. 12,293 District 66th-79th Street 42nd-49th Street The number of housing permits from from $375 to from issued through October 2016, $308 to $403/sq. ft. $1,203 to down from 56,248 in 2015 $369/sq. ft. $1,259/sq. ft. SOURCE: REBNY Statistical Abstract 2016

-23% -11% -11% -18% Broadway West 34th Street: Madison Ave. Drop in REBNY’s Real Estate 14th-23rd Streets 5th and 7th Avenues 57th-72nd Streets Broker Confi dence from $510 to from $836 to from $1,613 to index from $390/sq. ft. $745/sq. ft. $1,433/sq. ft. 2Q2016 (7.04) to 3Q2016 (5.79)

SOURCE: REBNY 3rd Quarter 2016 Broker Confi dence Index Report SOURCE: REBNY Manhattan Retail Report Fall 2016 Fall Report Manhattan Retail REBNY SOURCE: S41

2017 REBNY Section 9B.indd 41 1/12/17 6:00 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

EVENT PUBLIC & LEGAL NOTICES

Notice of Qualification of CRP 153 10th Ave- NOTICE OF FORMATION OF GARO G Notice of Formation of 14-14J LLC What: Social Media Marketing for Small nue Member, L.L.C. Authority filed with NY KAPIKIAN ASSOCIATES LLC. Articles of Arts. of Org. filed with Secy. of State of Business: YouTube, Facebook and Email Dept. of State on 12/9/16. Office location: Organization filed with the Secretary of NY (SSNY) on 12/06/16. Office loca- NY County. Princ. bus. addr.: 1001 Pennsyl- State of NY (SSNY) on 11/14/2016. tion: NY County. SSNY designated as with NYC Social Media Strategist Mary vania Ave. NW, Washington, DC 20004. Office location: NY County. SSNY has agent of LLC upon whom process Agnes Antonopoulos-How to elevate your LLC formed in DE on 1/17/12. NY Sec. of been designated as agent upon whom against it may be served. SSNY shall process against it may be served. The message to the highest level-Build your State designated agent of LLC upon whom mail process to Anthony F. Vitiello, c/o process against it may be served and shall Post Office address to which the SSNY Connell Foley LLP, 888 7th Ave., 9th brand, your fans and your revenue. mail process to: c/o CT Corporation Sys- shall mail a copy of any process Fl., NY, NY 10106, regd. agent upon Where: 123 East 15th Street, Union tem, 111 8th Ave., NY, NY 10011, regd. against the LLC served upon him/her whom and at which process may be agent upon whom process may be served. is: 20 MARKET PLACE, MILFORD, CT served. Purpose: Any lawful activity. Square NY DE addr. of LLC: c/o The Corporation Trust 06460. The principal business address When: January 27, 2017 (8:30 AM to 4:30 PM) Co., 1209 Orange St., Wilmington, DE of the LLC is: 401 BROADWAY, STE 507, NY, NY 10013 Purpose: any law- Register At: https://rockyoursocial. 19801. Cert. of Form. filed with DE Sec. of Formation of JP Outlet of NY, LLC filed State, 401 Federal St., Dover, DE 19901. ful act or activity with the Secy. of State of NY (SSNY) on eventbrite.com or call 917-617-0117 Purpose: all lawful purposes. 10/14/16. Office loc.: Richmond Coun- Notice of Qualification of MRB ICBC LLC. ty. The principal business loc. is 1 Authority filed with NY Dept. of State on Richmond Terrace, Suite 214, Staten Is- Notice of Qual. of Black Box Partners 11/29/16. Office location: NY County. land, NY 10301. SSNY designated as SPV I, LLC, Auth. filed Sec’y of State PUBLIC & LEGAL Princ. bus. addr.: 1185 Park Ave. No. agent of LLC upon whom process (SSNY) 6/27/16. Off. loc: NY Co. LLC 11G, NY, NY 10128. LLC formed in DE against it may be served. SSNY shall NOTICES org. in DE 6/23/16. SSNY desig. as on 5/15/06. NY Sec. of State designat- mail copy of process to % John Betz, agent of LLC upon whom proc. against ed agent of LLC upon whom process 130 S. State Rd., Suite 207, Spring- it may be served. SSNY shall mail copy against it may be served and shall mail field, PA 19064. Purpose: Any lawful Notice of Formation of SAPIENT MEDI- of proc. to Att: Michael Castaldy, 551 process to: CT Corporation System, 111 activity. CAL BILLING SERVICES, LLC Madison Ave., NY, NY 10022. DE off. 8th Ave., NY, NY 10011, regd. agent Arts. of Org. filed with Secy. of State addr.: CSC, 2711 Centerville Rd., Wil- upon whom process may be served. DE of NY (SSNY) on 10/12/16. Office lo- mington, DE 19808. Cert. of Form. on Notice of Qual. of BRX Global LP, addr. of LLC: 1209 Orange St., Wilming- cation: NY County. Princ. office of file: SSDE, Townsend Bldg., Dover, DE Auth. filed Sec’y of State (SSNY) ton, DE 19801. Cert. of Form. filed with LLC: 379 Fifth Ave., 2nd Fl., NY, NY 19901. Purp: any lawful activities. 4/22/16. Off. loc: NY Co. LP org. in 10016. SSNY designated as agent of DE Sec. of State, 401 Federal St., Dover, DE 4/21/16. SSNY desig. as agent of LLC upon whom process against it DE 19901. Purpose: all lawful purposes. LP upon whom proc. against it may be may be served. SSNY shall mail proc- Notice of Qualification of Hudson served. SSNY shall mail copy of proc. ess to the LLC, Attn: Michael Cerone Square Partners, LLC. Authority filed Notice of Qualification of MIRAVAL to Att: Brian Jackelow, 17 State St., at the princ. office of the LLC. Pur- with NY Dept. of State on 11/17/16. GROUP, LLC Appl. for Auth. filed with NY, NY 10004. DE off. addr.: CSC, pose: Any lawful activity. Office location: NY County. Princ. bus. Secy. of State of NY (SSNY) on 2711 Centerville Rd., Wilmington, DE addr.: 310 Greenwich St. #36A, NY, 01/05/17. Office location: NY County. 19808. Cert. of LP on file: SSDE, Notice of Qualification of Cold Heart NY 10013. LLC formed in DE on LLC formed in Delaware (DE) on Townsend Bldg., Dover, DE 19901. Records, LLC. Authority filed with NY 11/15/16. NY Sec. of State designat- 06/01/15. Princ. office of LLC: Name/addr. of each gen. ptr. avail. at Dept. of State on 11/17/16. Office lo- ed agent of LLC upon whom process Miraval Group, 855 Third Ave., 9th Fl., SSNY. Purp: any lawful activities. cation: NY County. Princ. bus. addr.: against it may be served and shall NY, NY 10022. SSNY designated as 2220 Colorado Ave., Santa Monica, mail process to: CT Corporation Sys- agent of LLC upon whom process Notice of Formation of JULIA HAART CA 90404. LLC formed in DE on tem, 111 8th Ave., NY, NY 10011, against it may be served. SSNY shall HOLDINGS, LLC Arts. of Org. filed with 11/14/16. NY Sec. of State designat- regd. agent upon whom process may mail process to c/o Corporation Serv- Secy. of State of NY (SSNY) on ed agent of LLC upon whom process be served. DE addr. of LLC: 1209 Or- ice Co. (CSC), 80 State St., Albany, 12/22/16. Office location: NY County. against it may be served and shall ange St., Wilmington, DE 19801. Cert. NY 12207-2543. DE addr. of LLC: c/o Princ. office of LLC: 54 W. 40th St., mail process to: CT Corporation Sys- of Form. filed with DE Sec. of State, CSC, 2711 Centerville Rd., Ste. 400, NY, NY 10010. SSNY designated as tem, 111 8th Ave., NY, NY 10011, 401 Federal St., Dover, DE 19901. Wilmington, DE 19808. Cert. of Form. agent of LLC upon whom process regd. agent upon whom process may Purpose: all lawful purposes. filed with Secy. of State, Div. of against it may be served. Original addr. be served. DE addr. of LLC: c/o The Corps., John G. Townsend Bldg., 401 of process was 25 W. 17th St., Ste. Corporation Trust Co., 1209 Orange Federal St. - Ste. 4, Dover, DE 19901. 502, NY, NY 10011; however, as St., Wilmington, DE 19801. Cert. of Notice of Qualification of BROOKFIELD Purpose: Health club management. amended by Cert. of Correction filed Form. filed with DE Sec. of State, 401 PREMIER REAL ESTATE PARTNERS with SSNY on 01/04/17, SSNY shall Federal St., Dover, DE 19901. Pur- REIT LLC Appl. for Auth. filed with Secy. Notice of Qualification of NY AT HEART mail process to 26 W. 17th St., NY, NY pose: all lawful purposes. of State of NY (SSNY) on 10/17/16. Office location: NY County. LLC formed LLC Appl. for Auth. filed with Secy. of 10011. Purpose: Any lawful activity. in Delaware (DE) on 08/30/16. Princ. State of NY (SSNY) on 01/04/17. Of- Notice of Qualification of CORIGIN MAN- office of LLC: Brookfield Pl., 250 Vesey fice location: NY County. LLC formed in HATTAN APARTMENTS II LLC St., 15th Fl., NY, NY 10281-1023. Delaware (DE) on 12/27/16. SSNY Notice of Formation of TENNY MANAG- Appl. for Auth. filed with Secy. of State SSNY designated as agent of LLC upon designated as agent of LLC upon whom ER LLC Arts. of Org. filed with Secy. of of NY (SSNY) on 12/15/16. Office loca- whom process against it may be process against it may be served. State of NY (SSNY) on 11/17/16. Of- tion: NY County. LLC formed in Dela- served. SSNY shall mail process to c/o SSNY shall mail process to c/o ICONIQ fice location: NY County. SSNY desig- ware (DE) on 12/14/16. Princ. office of Corporation Service Co., 80 State St., Capital, 15 E. 26th St., Ste. 602, NY, nated as agent of LLC upon whom proc- LLC: c/o CORIGIN, Attn: Spencer Albany, NY 12207-2543. DE addr. of NY 10010. DE addr. of LLC: c/o Corpo- ess against it may be served. SSNY Romoff, 505 Fifth Ave., 22nd Fl., NY, LLC: 2711 Centerville Rd., Ste. 400, ration Service Co., 2711 Centerville shall mail process to c/o Royal Realty NY 10017. SSNY designated as agent Wilmington, DE 19808. Cert. of Form. Rd., Ste. 400, Wilmington, DE 19808. Corp., Attn: Corporate Counsel, One Bry- of LLC upon whom process against it filed with Secy. of State, State of DE, Cert. of Form. filed with DE Secy. of the ant Park, NY, NY 10036. Purpose: Any may be served. SSNY shall mail proc- 401 Federal St., Dover, DE 19901. State, Div. of Corps., John G. Town- lawful activity. ess to the LLC at the addr. of its princ. Purpose: Any lawful activity. send Bldg., 401 Federal St. - Ste. 4, Do- office. DE addr. of LLC: c/o Corporation ver, DE 19901. Purpose: Any lawful ac- Service Co., 2711 Centerville Rd., Ste. tivity. Notice of Formation of SO-BRO LEND- 400, Wilmington, DE 19808. Cert. of NOTICE OF FORMATION OF B.NY INTERNA- ER LLC Arts. of Org. filed with Secy. of Form. filed with Secy. of the State of TIONAL STARTUP CENTER, LLC. State of NY (SSNY) on 12/07/16. Of- NOTICE OF FORMATION of AVANT CAN- DE, Corp. Dept., Loockerman & Federal Application for Authority filed with the Secre- fice location: NY County. SSNY desig- DLE LLC. Arts of Org filed with Secy. of Sts., Dover, DE 19901. Purpose: Any tary of State of New York (SSNY) on 11-07- nated as agent of LLC upon whom State of NY (SSNY) on 10/11/2016. lawful activity. 16. Office location: NEW YORK County. LLC process against it may be served. Office location: NY County. SSNY desig- formed in DELAWARE on 10-26-16. SSNY SSNY shall mail process to c/o nated agent upon whom process may has been designated as an agent upon Sukenik, Segal & Graff, P.C., 450 Sev- be served and shall mail copy of proc- Notice of Qual. of Axonic Special Oppor- whom process against it may be served. enth Ave., 42nd Fl., NY, NY 10123. ess against LLC to principal business tunities Series Fund, LP, Auth. filed The Post Office address to which the SSNY Purpose: Any lawful activity. address: 99 Hudson St., 5th Fl., NY, Sec’y of State (SSNY) 7/26/16. Off. shall mail a copy of any process against the NY 10013. Purpose: any lawful act. loc: NY Co. LP org. in DE 7/21/16. LLC served upon him/her is: 2001 SUMMIT SSNY desig. as agent of LP upon whom PARK DRIVE, SUITE 300, ORLANDO, FL Notice of Formation of JK REALTY proc. against it may be served. SSNY 32810. The principal business address of GEMKET CONSULTING LLC. Art. of Org. GROUP LLC Arts. of Org. filed with shall mail copy of proc. to Att: Clayton the LLC is: 2001 SUMMIT PARK DRIVE, filed with the SSNY on 11/16/16. Of- Secy. of State of NY (SSNY) on DeGiacinto, 390 Park Ave., NY, NY SUITE 300 ORLANDO, FL 32810 DELAWARE fice: New York County. SSNY designat- 12/09/16. Office location: NY County. 10022. DE off. addr.: CSC, 2711 address of LLC is: 2711 CENTERVILLE ed as agent of the LLC upon whom Princ. office of LLC: 13 Vestry St., NY, Centerville Rd., Wilmington, DE 19808. ROAD, SUITE 400, WILMINGTON, DE 19808 process against it may be served. NY 10013. SSNY designated as agent Cert. of LP on file: SSDE, Townsend Certificate of LLC filed with Secretary of SSNY shall mail copy of process to the of LLC upon whom process against it Bldg., Dover, DE 19901. Name/addr. State of DELAWARE located at: 401 FEDER- LLC, 10 West 46th Street, Suite 1101, may be served. SSNY shall mail proc- of each gen. ptr. avail. at SSNY. Purp: AL STREET, SUITE 4, DOVER, DE 19901 Pur- New York, NY 10036. Purpose: Any law- ess to Jon Krasner at the princ. office any lawful activities. pose: any lawful act or activity ful purpose. of the LLC. Purpose: Any lawful activity.

JANUARY 16, 2017 | CRAIN’S NEW YORK BUSINESS | 61

P061-62-63_CN_20170116.indd 18 1/13/2017 4:07:45 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

PUBLIC & LEGAL NOTICES

Notice of Qualification of Christina Real- Notice of Formation of CAPTAINS LANE Notice of Qualification of PINZ CAPITAL Notice of Qualification of 3100 47TH ty II LLC. Authority filed with NY Dept. LLC Arts. of Org. filed with Secy. of MANAGEMENT, LP Appl. for Auth. filed AVENUE SUB REIT, L.P. Appl. for Auth. of State on 12/9/16. Office location: State of NY (SSNY) on 12/13/16. Of- with Secy. of State of NY (SSNY) on filed with Secy. of State of NY (SSNY) NY County. LLC formed in DE on fice location: NY County. SSNY desig- 12/21/16. Office location: NY County. on 11/30/16. Office location: NY Coun- 12/7/16. NY Sec. of State designated nated as agent of LLC upon whom proc- LP formed in Delaware (DE) on ty. LP formed in Delaware (DE) on agent of LLC upon whom process ess against it may be served. SSNY 12/05/16. SSNY designated as agent 11/03/16. Princ. office of LP: Savanna against it may be served and shall mail shall mail process to c/o Steven of LP upon whom process against it Asset Management, LLC, 430 Park process to: American Continental Prop- Moskowitz, Esq., Stroock & Stroock & may be served. SSNY shall mail proc- Ave., 12th Fl., NY, NY 10022. SSNY erties, LLC, 460 Park Ave., 11th Fl., Lavan LLP, 180 Maiden Ln., NY, NY ess to the Partnership, 135 E. 57th designated as agent of LP upon whom NY, NY 10022, principal business ad- 10038. Purpose: Any lawful activity. St., 24th Fl., NY, NY 10022. Name and process against it may be served. dress. DE address of LLC: 1209 Or- addr. of each general partner are availa- SSNY shall mail process to Corporation ange St., Wilmington, DE 19801. Cert. ble from SSNY. DE addr. of LP: c/o Cor- Service Co. (CSC), 80 State St., Alba- of Form. filed with DE Sec. of State, Notice of Formation of TAMMANY poration Service Co., 2711 Centerville ny, NY 12207-2543. Name and addr. 401 Federal St., Dover, DE 19901. Pur- MEZZ INVESTOR LLC Arts. of Org. filed Rd., Ste. 400, Wilmington, DE 19808. of each general partner are available pose: all lawful purposes. with Secy. of State of NY (SSNY) on Cert. of LP filed with Secy. of State of from SSNY. DE addr. of LP: c/o CSC, 11/29/16. Office location: NY County. DE, Dept. of State, Div. of Corps., John 2711 Centerville Rd., Ste. 400, Wil- Princ. office of LLC: 299 Park Ave., Townsend Bldg., Dover, DE 19901. mington, DE 19808. Cert. of LP filed Notice of Qual. of Axonic Special Oppor- 42nd Fl., NY, NY 10171. SSNY desig- Purpose: Any lawful activity. with DE Secy of State, Div. of Corps., tunities SBL Master Fund GP LLC, Auth. nated as agent of LLC upon whom John B. Townsend Bldg., 401 Federal filed Sec’y of State (SSNY) 7/26/16. process against it may be served. St., Ste. 4, Dover, DE 19901. Pur- Off. loc: NY Co. LLC org. in DE SSNY shall mail process to Attn: Gen- Notice of Qualification of Centiva Capital, pose: Any lawful activity. 7/21/16. SSNY desig. as agent of LLC eral Counsel at the princ. office of the LP. Authority filed with NY Dept. of State upon whom proc. against it may be LLC. Purpose: Any lawful activity. on 12/14/16. Office location: NY Coun- served. SSNY shall mail copy of proc. ty. Princ. bus. addr.: 3 Columbus Circle, Notice of Formation of C.C. Zeus 211, to Att: Clayton DeGiacinto, 390 Park Ste. 1730, NY, NY 10019. LP formed in L.L.C. Arts. of Org. filed with NY Dept. Ave., NY, NY 10022. DE off. addr.: Notice of Formation of LEONINE MAN- DE on 5/13/16. NY Sec. of State desig- of State on 12/13/16. Office location: CSC, 2711 Centerville Rd., Wilmington, AGEMENT, LLC Arts. of Org. filed with nated agent of LP upon whom process NY County. Princ. bus. addr.: 211 E. DE 19808. Cert. of Form. on file: Secy. of State of NY (SSNY) on against it may be served and shall mail 70th, #20-A, NY, NY 10021. Sec. of SSDE, Townsend Bldg., Dover, DE 10/19/16. Office location: NY County. process to: c/o CT Corporation System, State designated agent of LLC upon 19901. Purp: any lawful activities. Princ. office of LLC: 372 5th Ave., Ste. 111 8th Ave., NY, NY 10011, regd. whom process against it may be 10B, NY, NY 10018. SSNY designated agent upon whom process may be served and shall mail process to: CT as agent of LLC upon whom process served. DE addr. of LP: 1209 Orange St., Corporation System, 111 8th Ave., Notice of Formation of Capital District against it may be served. SSNY shall Wilmington, DE 19801. Name/addr. of NY, NY 10011, regd. agent upon Management LLC. Arts. of Org. filed mail process to c/o U.S. Corp. Agents, genl. ptr. available from NY Sec. of whom process may be served. Pur- with NY Dept. of State on 12/16/16. Inc., 7014 13th Ave., Ste. 202, Brook- State. Cert. of LP filed with DE Sec. of pose: all lawful purposes. Office location: NY County. Sec. of lyn, NY 11228, regd. agent upon whom State, 401 Federal St., Dover, DE State designated agent of LLC upon and at which process may be served. 19901. Purpose: all lawful purposes. whom process against it may be served Purpose: Any lawful activity. Notice of Formation of M. STAROVIC and shall mail process to: Capital Dis- PSYCHIATRY, MD, PLLC trict Management LLC, 641 Lexington Notice of Qual. of 3522 Locust LLC, Arts. of Org. filed with Secy. of State of Ave., 15th Fl., NY, NY 10022, principal Notice of Qualification of BROOKFIELD Auth. filed Sec’y of State (SSNY) NY (SSNY) on 10/14/16. Office loca- business address. Purpose: all lawful PREMIER REAL ESTATE PARTNERS GP OF 9/22/16. Off. loc: NY Co. LLC org. in DE tion: NY County. SSNY designated as purposes. GP LLC Appl. for Auth. filed with Secy. of 9/21/16. SSNY desig. as agent of LLC agent of PLLC upon whom process State of NY (SSNY) on 10/17/16. Office upon whom proc. against it may be against it may be served. SSNY shall location: NY County. LLC formed in Dela- served. SSNY shall mail copy of proc. to mail process to Corporation Service Notice of Formation of Chestnut Art ware (DE) on 07/05/16. Princ. office of NRAI, 111 Eighth Ave., NY, NY 10011. Co., 80 State St., Albany, NY 12207- LLC. Arts. of Org. filed with NY Dept. of LLC: Brookfield Pl., 250 Vesey St., 15th DE off. addr.: 160 Greentree Dr., Ste. 2543. Purpose: Any lawful activity. State on 12/8/16. Office location: NY Fl., NY, NY 10281-1023. SSNY designat- 101, Dover, DE 19904. Cert. of Form. on County. Sec. of State designated agent ed as agent of LLC upon whom process file: SSDE, Townsend Bldg., Dover, DE of LLC upon whom process against it against it may be served. SSNY shall 19901. Purp: any lawful activities. Notice of Qual. of Axonic Special Opportu- may be served and shall mail process mail process to c/o Corporation Service nities Series Fund GP LLC, Auth. filed to the principal business address: c/o Co., 80 State St., Albany, NY 12207- Sec’y of State (SSNY) 7/26/16. Off. loc: Marron Capital LLC, 9 W. 57th St., 2543. DE addr. of LLC: 2711 Centerville NY Co. LLC org. in DE 7/21/16. SSNY Rd., Ste. 400, Wilmington, DE 19808. Notice of Qualification of CS 5002 LLC desig. as agent of LLC upon whom proc. 31st Fl., NY, NY 10019, Attn: Donald Appl. for Auth. filed with Secy. of State B. Marron, regd. agent upon whom proc- Cert. of Form. filed with Secy. of State, against it may be served. SSNY shall State of DE, 401 Federal St., Dover, DE of NY (SSNY) on 12/20/16. Office loca- mail copy of proc. to Att: Clayton ess may be served. Purpose: all lawful tion: NY County. LLC formed in Dela- purposes. 19901. Purpose: Any lawful activity. DeGiacinto, 390 Park Ave., NY, NY ware (DE) on 12/14/16. SSNY desig- 10022. DE off. addr.: CSC, 2711 nated as agent of LLC upon whom proc- Centerville Rd., Wilmington, DE 19808. ess against it may be served. SSNY Notice of Qualification of Atlas Inves- Cert. of Form. on file: SSDE, Townsend Notice of Formation of 715 MADISON shall mail process to the LLC, c/o Meg- ting LLC. Authority filed with Secy. of Bldg., Dover, DE 19901. Purp: any lawful JS TIC, LLC Arts. of Org. filed with an R. Worrell, Esq., Duane Morris LLP, State of NY (SSNY) on 12/5/2016. Of- activities. Secy. of State of NY (SSNY) on 1540 Broadway, 12th Fl., NY, NY fice location: NY County. LLC formed in 12/06/16. Office location: NY County. 10036. DE addr. of LLC: c/o Harvard DE on 6/23/2014. SSNY designated SSNY designated as agent of LLC Business Services, Inc., 16192 Coast- agent upon whom process may be Notice of Formation of BIRD PARTNERS upon whom process against it may be al Hwy., Lewes, DE 19958. Cert. of served and shall mail copy of process LLC Arts. of Org. filed with Secy. of State served. SSNY shall mail process to Form. filed with DE Secy. of State, 401 against LLC to principal business ad- of NY (SSNY) on 12/01/16. Office loca- Corporation Service Co., 80 State St., Federal St., Dover, DE 19901. Pur- dress: 50 Riverside Blvd, 14N, New tion: NY County. Princ. office of LLC: c/o Albany, NY 12207-2543. Purpose: Any pose: Any lawful activity. York, NY 10069. Certificate of LLC filed Scott Bogel, 885 Park Ave., #10B, NY, lawful activity. with Secy. of State of DE located at: NY 10075. SSNY designated as agent of 401 Federal St. Dover, DE 19901. Pur- LLC upon whom process against it may pose: any lawful act. Notice of Qualification of SREF III 47TH be served. SSNY shall mail process to Notice of Qualification of HIGHLINE CAP- AVENUE CO-INVEST, L.P. Appl. for Auth. the LLC at the addr. of its princ. office. ITAL MANAGEMENT, L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) Purpose: Any lawful activity. filed with Secy. of State of NY (SSNY) Notice of Qualification of Kinder Mor- on 11/02/16. Office location: NY Coun- on 12/19/16. Office location: NY Coun- gan Bulk Terminals LLC. Authority filed ty. LP formed in Delaware (DE) on ty. LP formed in Delaware (DE) on with NY Dept. of State on 10/27/16. Princ. office of LP: Savanna Notice of Qualification of NIMRUD, LLC 02/19/97. Princ. office of LP: One 12/29/2016. Office location: NY Coun- Asset Management, LLC, 430 Park Appl. for Auth. filed with Secy. of State Rockefeller Plaza, 30th Fl., NY, NY ty. Princ. bus. addr.: 1001 Louisiana Ave., 12th Fl., NY, NY 10022. SSNY of NY (SSNY) on 11/23/16. Office loca- 10020. SSNY designated as agent of St., Ste. 1000, Houston, TX 77002. designated as agent of LP upon whom tion: NY County. LLC formed in Dela- LP upon whom process against it may LLC organized in LA on 7/3/1986. NY process against it may be served. ware (DE) on 11/21/16. Princ. office of be served. SSNY shall mail process to Sec. of State designated agent of LLC SSNY shall mail process to Corporation LLC: 11 Beach St., Unit #6C, NY, NY c/o Corporation Service Co., 80 State upon whom process against it may be Service Co. (CSC), 80 State St., Alba- 10013. SSNY designated as agent of St., Albany, NY 12207-2543. Name served and shall mail process to: CT ny, NY 12207-2543. Name and addr. LLC upon whom process against it may and addr. of each general partner are Corporation System, 111 8th Ave., NY, of each general partner are available be served. SSNY shall mail process to available from SSNY. DE addr. of LP: NY 10011, regd. agent upon whom from SSNY. DE addr. of LP: c/o CSC, the LLC at the princ. office of the LLC. 2711 Centerville Rd., Ste. 400, Wil- process may be served. LA addr. of 2711 Centerville Rd., Ste. 400, Wil- DE addr. of LLC: c/o Corporation Serv- mington, DE 19808. Cert. of LP filed LLC: 3867 Plaza Tower Dr., Baton mington, DE 19808. Cert. of LP filed ice Co., 2711 Centerville Rd., Ste. with Secy. of State, Div. of Corps., John Rouge, LA 70816. Cert. of Org. filed with DE Secy. of State, Div. of Corps., 400, Wilmington, DE 19808. Cert. of G. Townsend Bldg., 401 Federal St., with LA Sec. of State, 8585 Archives John B. Townsend Bldg., 401 Federal Form. filed with DE Secy. of State, 401 Ste. 4, Dover, DE 19901. Purpose: Ave., Baton Rouge, LA 70809. Pur- St., Ste. 4, Dover, DE 19901. Pur- Federal St., Dover, DE 19901. Pur- Any lawful activity. pose: all lawful purposes. pose: Any lawful activity. pose: Any lawful activity.

62 | CRAIN’S NEW YORK BUSINESS | JANUARY 16, 2017

P061-62-63_CN_20170116.indd 19 1/13/2017 4:07:57 PM TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM

PUBLIC & LEGAL NOTICES

Notice of Qual. of Blackstart Partners Notice of Qualification of Thor ASB Notice of Qualification of Dorilton Capital Notice of Qualification of Mobius Staff- Enhanced LP, Auth. filed Sec’y of State 155 Mercer LLC. Authority filed with Management LLC. Authority filed with NY ing Services, LLC. Authority filed with (SSNY) 6/13/16. Off. loc: NY Co. LP NY Dept. of State on 10/19/16. Of- Dept. of State on 12/12/16. Office loca- NY Dept. of State on 12/16/16. Office org. in DE 6/10/16. SSNY desig. as fice location: NY County. Princ. bus. tion: NY County. Princ. bus. addr.: 131 location: NY County. LLC formed in AK agent of LP upon whom proc. against it addr.: 7501 Wisconsin Ave., Bethes- Varick St., Ste. 911, NY, NY 10013. LLC on 6/3/16. NY Sec. of State designat- may be served. SSNY shall mail copy of da, MD 20814. LLC formed in DE on formed in DE on 12/7/16. NY Sec. of ed agent of LLC upon whom process proc. to Att: Scott Scher, 225 W. 34th 10/17/16. NY Sec. of State designat- State designated agent of LLC upon against it may be served and shall mail St., NY, NY 10122. DE off. addr.: CSC, ed agent of LLC upon whom process whom process against it may be served process to: c/o CT Corporation System, 2711 Centerville Rd., Wilmington, DE against it may be served and shall and shall mail process to: c/o CT Corpo- 111 8th Ave., NY, NY 10011, regd. 19808. Cert. of LP on file: SSDE, Town- mail process to: c/o CT Corporation ration System, 111 8th Ave., NY, NY agent upon whom process may be send Bldg., Dover, DE 19901. System, 111 8th Ave., NY, NY 10011, 10011, regd. agent upon whom process served. AK and principal business ad- Name/addr. of each gen. ptr. avail at regd. agent upon whom process may may be served. DE addr. of LLC: c/o The dress: 11001 O’Malley Centre Dr., Ste. SSNY. Purp: any lawful activities. be served. DE addr. of LLC: The Corpo- Corporation Trust Co., 1209 Orange St., 105, Anchorage, AK 99515. Cert. of ration Trust Co., 1209 Orange St., Wil- Wilmington, DE 19801. Cert. of Form. Form. filed with Commissioner, 333 Wil- Notice of Qualification of RAINWATER OP- mington, DE 19801. Cert. of Form. filed with DE Sec. of State, 401 Federal loughby Ave., 9th Fl., Juneau, AK PORTUNITIES, LP Appl. for Auth. filed with filed with DE Sec. of State, 401 Feder- St., Dover, DE 19901. Purpose: all lawful 99811. Purpose: all lawful purposes. Secy. of State of NY (SSNY) on 10/28/16. al St., Dover, DE 19901. Purpose: all purposes. Office location: NY County. LP formed in Del- lawful purposes. The Articles of Organization of LUGAL, aware (DE) on 10/26/16. Princ. office of LLC were filed with the Secretary of LP: 510 Madison Ave., 28th Fl., NY, NY Notice of Qualification of MP2 Energy State of New York on December 20, 10022. SSNY designated as agent of LP Notice of Qualification of NIMMA Thera- LLC. Authority filed with NY Dept. of 2016. The registered office address in upon whom process against it may be peutics LLC. Authority filed with NY Dept. State on 10/26/15. Office location: New York is 16 Court Street, 14th served. SSNY shall mail process to the Part- of State on 12/28/16. Office location: NY County. LLC formed in TX on Floor, Brooklyn, NY, 11241. The juris- nership at the princ. office of the LP. Name NY County. LLC formed in DE on 11/10/09. NY Sec. of State designat- diction office location is New York Coun- and addr. of each general partner are availa- 12/23/16. NY Sec. of State designated ed agent of LLC upon whom process ty. The principal place of business ad- ble from SSNY. DE addr. of LP: Corporation agent of LLC upon whom process against against it may be served and shall dress is 40 East 69th Street, New Service Co., 2711 Centerville Rd., Ste. it may be served and shall mail process mail process to: CT Corporation Sys- York, NY 10021. The Secretary of the 400, Wilmington, DE 19808. Cert. of LP to: c/o CT Corporation System, 111 8th tem, 111 8th Ave., NY, NY 10011. TX State of New York is designated as filed with Secy. of State, State of DE, Dept. Ave., NY, NY 10011. DE address of LLC: and principal business address: 21 agent upon who process against Lugal, of State, Townsend Bldg., Dover, DE c/o Corporation Trust Co., 1209 Orange Waterway Ave., Suite 450, The LLC may be served. The Secretary of 19901. As amended by Cert. of Amend- St., Wilmington, DE 19801. Cert. of Woodlands, TX 77380. Cert. of Form. the State of New York shall mail proc- ment filed with SSNY on 10/31/16, name Form. filed with DE Sec. of State, 401 filed with TX Sec. of State, 1019 ess to: Blumberg Excelsior, Inc. at 16 changed to SIG NASSAU HALL LP. Purpose: Federal St., Dover, DE 19901. Purpose: Brazos St., Austin, TX 78701. Pur- Court Street, 14th Floor, Brooklyn, NY, Any lawful activity. all lawful purposes. pose: all lawful purposes. 11241. Purpose: Any Lawful Purpose.

Contact Joanne Barbieri at 212-210-0189 for classified advertising opportunities.

JANUARY 16, 2017 | CRAIN’S NEW YORK BUSINESS | 63

P061-62-63_CN_20170116.indd 20 1/13/2017 4:07:59 PM To place your listing, visit crainsnewyork.com/execmoves

ACCOUNTING NONPROFITS

Mazars USA LLP Services for the UnderServed Gil Enos has joined Inc. ANNOUNCE Mazars USA LLP as a Stacey Weston joined Principal in its Health SUS in January 2017 as Care Consulting Group, its new Chief Develop- located in the Sacramen- ment Officer. Weston New hires, to, California office. Gil formerly served as head has more than 25 years of experience in of fundraising at Visiting building, scaling and leading successful Nurse Service of New York; Vice President healthcare technology and services organi- for Development at the League of American promotions and board zations. He was formerly Managing Director Orchestras; and Associate Vice President for at eHealth Intelligence. Corporate Relations at New York Botanical Garden. Weston brings two decades of successful nonprofit experience to the task, appointments INSURANCE with a significant background in building boards with major gift capacity, creating Hub International Northeast and launching operating and capital cam- As the newly appointed paigns, developing and managing donor to the CFO, Harsh Bhasin will relationships, and identifying, cultivating, oversee Hub Northeast’s soliciting and stewarding individual donors Accounting Department and institutional funders. and provide financial re- New York Business porting to the region and to Hub’s corporate office. Services for the UnderServed Prior to this promotion, Harsh managed the Inc. region’s Premium Accounting unit as well Trish Marsik joined Community as Hub’s Premium Finance program in the SUS as its new Chief United States and Canada. Operating Officer in January 2017. She was Hub International Northeast formerly the Executive Michael Sabanos Director for the Mayor’s was promoted to Chief Task Force on Behavioral Health and the Operating Officer (COO). Criminal Justice System, working out of the As COO, Michael Sabanos Mayor’s Office of Criminal Justice. Prior to will work with Hub that, Marsik served in multiple capacities Northeast’s regional at DOHMH, eventually rising to Assistant CRAIN’S account servicing and Commissioner for Mental Health. Marsik account support teams to help manage client retention using the also was the Chief Administrative Officer firm’s technology platforms and other key for the Early Intervention Program and resources. He will be responsible for special the Director of Project Liberty, which was EXECUTIVE projects and compliance with internal ser- NYC’s mental health response to 9/11. vice standards and corporate initiatives. Marsik’s background makes her a natural fit for SUS. LAW MOVES

Duane Morris LLP TECHNOLOGY Daniel M. McGilly- Quartet cuddy has joined Duane Morris as a partner in the David Liu joined Quartet firm’s New York office. as President and Chief McGillycuddy enhances Operating Officer. He For one flat fee: the firm’s litigation ca- was formerly President pabilities, particularly in and Chief Operating white-collar defense and investigations. He Officer at Knewton. Quartet is a technology Online, Print and in joins Duane Morris from Morrison Cohen company transforming the way mental LLP and was an assistant district attorney in healthcare is delivered, by making it more Our Email Newsletter New York City for almost 25 years. accessible and integrated into primary care.

Placement Guaranteed www.crainsnewyork.com/execmoves www.crainsnewyork.com/execmoves

64 | CRAIN’S NEW YORK BUSINESS | JANUARY 16, 2017

P064_CN_20170116.indd 64 1/10/2017 3:31:09 PM GOTHAM GIGS

THE STUFF DREAMS ARE MADE OF: Bieler has amassed more than a million items.

BY LANCE PIERCE

Prop artist ITC Franklin Gothic Book Comp 14.5, 23.5 one line Anthony Safos ITC Franklin Gothic Book Owner of film and TV accessories business mulls turning her collection into tourist destination

ack in 1979 Suri Bieler had $175, hundreds of Scent of a Woman and, more recently, Birdman. The com- items collected off the streets of Manhattan and pany has benefited from the growth of the entertainment SURI BIELER a dream. Thirty-eight years later, her prop com- business in the city. When the state began offering a film pany, Eclectic/Encore Properties, owns one of and TV production tax credit in 2004, yearly prop-rental AGE 63 Bthe largest collections of antiques, furniture and accessories revenue increased by the hundreds of thousands. BORN Roanoke, Va. for rent on the East Coast and is a go-to source for thou- Unfortunately, however, the rent followed suit. A 40% RESIDES Greenwich Village sands of New York theater, film and TV productions. hike in 2012 was the final straw. Bieler couldn’t afford to “Every day somebody comes in looking for something keep her massive collection and her 17 employees in Man- EDUCATION School of Design & Production at the University of to help them create a space—a world—that will hattan. She cast a wide net, searching the tri- North Carolina School of the Arts tell a story,” said Bieler. “I can help with that.” state area, before moving across the East River. “We help FAVORITE PROP “They are all my Initially, it took Bieler a year to find a bank create a Bieler bought a 95,000-square-foot Long favorites,” Bieler said. to lend her the $3,000 she needed to rent a Island City building close to Silvercup Stu- world to FRIDAY ROUTINE The day before 10,000-square-foot space on the Upper West dios for $11 million in 2013. The more than Saturday Night Live airs, the show’s Side. Then called Eclectic Properties, the com- tell a story a million items in Eclectic/Encore’s collection set designer and prop staff comb pany began serving off-Broadway shows, fol- ” are shown on three floors in dozens of rooms through Bieler’s wares. The Tonight lowed by Broadway productions of The Best Little Whore- organized by period or theme, such as “Victorian,” “hula Show Starring Jimmy Fallon, Law & Order, Gotham and Madam house in Texas, On Golden Pond and Sugar Babies. The party” and “sports & weapons.” Secretary are also clients. growth of cable TV gave her business another boost. Bieler credits her company’s popularity to a knowl- NEW BUSINESS In 2015 Eclectic/ In 1989 Bieler was looking to expand. “I needed to find edgeable staff and a well-maintained, organized collection. Encore opened a 3,000-square- the best way to get Eclectic’s name out to the prop depart- “Being that props are visuals, the layout of the warehouse foot on-premises photo studio ments for TV and motion pictures,” she said. Her solution: should be clean and fun to peruse,” she said. that’s available to rent. It offers She acquired Encore Studios, a respected century-old prop Soon she is hoping to make it a tourist destination. “the convenience of having over a company that was looking to sell. “We’d like to offer tours for people to see the props from million props under the same roof.” Recently singer Rita Ora stopped by Eclectic/Encore quickly became an industry institution their favorite movies and TV shows,” she said. “I think peo- to shoot an Adidas Originals ad.

BUCK ENNIS in West Chelsea. It has set scenes for The Age of Innocence, ple would enjoy a walk in this building.” — ADDIE MORFOOT

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 65

P065_CN_20170116.indd 65 1/13/2017 5:44:05 PM SNAPS

A beautiful sight, we’re happy tonight… Guests at the New York Botanical Garden’s 18th annual Winter Wonderland Ball on Dec. 9 enjoyed a city tradition: visiting the garden’s beloved Holiday Train Show. The trains were displayed in the Enid A. Haupt Conservatory, the Victorian-style crystal palace that also served as the site of the black-and-white- themed dinner and dance.

Honorary event chairwoman Alexandra Lebenthal, chief executive officer of Lebenthal Holdings, with her husband, Jay Diamond, principal at Crosswick Partners.

Justin Conner, co-founder of Third Eye, and actress Anne Hathaway at the garden’s gala, which raised more than $300,000 for children’s programming.

Clothes make A Wall Street bull at the trade center the career woman

Rose Flenorl, FedEx social responsibility manager, and Joi Gordon, CEO of Dress for Success, which helps women in the workforce, during the nonprofit’s Women Helping Women benefit breakfast on Dec. 7.

The American Friends of Tel Aviv University honored investor and philanthropist Michael Steinhardt, who is flanked by his wife,Judy , and daughter, Sara Berman, during a Dec. 7 fundraiser at 4 World Trade Center.

Joseph Klafter, president of Tel Aviv University, and Jacob Frenkel, chairman of JPMorgan Chase International, at the Kara Ross, founder of Diamonds Unleashed; Bethenny Frankel, founder of university’s annual gala, Skinnygirl; Tai Beauchamp, founder of Tai Life Media; and Joelle Garguilo, which raised $750,000. reporter for NBC News, during the Women Helping Women breakfast. The event,

ANGELA PHAM AND JOE SCHILDHORN, BFA.COM; JASMINE ALSTON; ROSS DEN ANGELA PHAM AND JOE SCHILDHORN, BFA.COM; held at the Rainbow Room, raised $150,000.

SEE MORE OF THIS WEEK’S SNAPS ONLINE AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO: [email protected].

66 | CRAIN’S NEW YORK BUSINESS | January 16, 2017

P066_CN_20170116.indd 66 1/13/17 6:56 PM PHOTO FINISH

Steaming ahead anhattanites are well accustomed to avoiding the pesky, striped, “smoke”-spewing stacks that crop up from city streets. But chimneys Mlike this one at the intersection of East 42nd Street and Madison Avenue aren’t emitting noxious fumes—they’re diverting white-hot water vapor above the sight line of drivers and pedestrians. The vapor is leaking out of New York’s 135-year-old steam-energy pipe system. Spanning from Battery Park City up to 96th Street, the 105- mile steam-distribution loop is the longest in the world, heating homes, humidifying hospitals and feeding hot water to showers and dishwashers in more than 2,000 buildings. Steam is pumped into the system from two main sources: a Con Edison plant on 14th Street and a co-generation facility in the Brooklyn Navy Yard, both of which produce steam as they gener- ate electricity. “It’s like feeding a car engine,” said Steve Mosto, founder and principal of Mosto Technol- ogies, a steam-energy consulting firm. “Instead of turning the wheels, it makes electricity. As a by-product of that, there’s a stack of exhaust that’s really hot. By capturing that heat, the plants can make steam.” — GERALD SCHIFMAN IS NN CK E U B

January 16, 2017 | CRAIN’S NEW YORK BUSINESS | 67

P067_CN_20170116.indd 67 1/13/2017 5:44:57 PM B:11.125” T:10.875” S:10.25” B:14.75” T:14.5” S:14”

CN018146.indd 1 1/10/17 1:06 PM