20160118-NEWS--0001-NAT-CCI-CN_-- 1/15/2016 6:51 PM Page 1 EDITORIAL: Cuomo’s cuts P. 4 | Lobbying liberty P. 7 | Up-and-coming East New York P. 8 CRAINS ® JANUARY 18-24, 2016 | PRICE $3.00 NEW YORK BUSINESS

SKYSCRAPERS ON STILTS The little loophole that’s helping developers VOL. XXXII, NO. 3 WWW.CRAINSNEWYORK.COM build their supertall towers even higher PAGE 15 03 5 PLUS: Full real estate coverage PAGES 14-19 NEWSPAPER 71486 01068 0 OPPORTUNITY It’s the very essence of New York. From its beginning, our City has been a magnet for talent. The most ambitious, enterprising and creative—from all walks of life—have driven New York forward. Today, our City’s energy has led to robust job gains, historic additions to the skyline and a future that is as exciting as its past. CBRE is proud to play a part in our City’s continuing success by helping our clients succeed here—ensuring that New York remains the land of opportunity. 20160118-NEWS--0003-NAT-CCI-CN_-- 1/15/2016 6:56 PM Page 1

JANUARYCRAINS 18-24, 2016

FROM THE NEWSROOM | JEREMY SMERD Funding cut hurts makers IN THIS ISSUE 4 AGENDA

BROOKLYN BUSINESSES ARE riding the borough’s boom, 5 IN CASE YOU MISSED IT feeding off its creative energy and the desire of young 6 ASKED & ANSWERED professionals to work near where they live. But demand for 7 POLITICS space is taking its toll, especially on the entrepreneurs who 8 WHO OWNS THE BLOCK have made the maker economy hip again. 9 TRANSPORTATION Sleep center Crain’s traveled to Brooklyn last week to meet with 10 shuts after businesses in the borough. Many were manufacturers INSTANT EXPERT hospital poaches dream team representing the gamut of old Brooklyn (Belmont Metals, 11 HEALTH CARE Lee Spring), new Brooklyn 12 VIEWPOINTS (Suneris, maker of a blood-clotting agent)and the old-is- How can you cut [our 14 THE LIST new-again Brooklyn (Kings County Distillery, New York Distillery, Van Brunt Stillhouse). “funding] by so much FEATURES All said they could grow if only they had enough space, when it’s already 15 REAL ESTATE capital or talent. Lee Spring, for example, said its business is so hard to make 61 GOTHAM GIGS growing but its head count isn’t, because it can’t find 64 EXECUTIVE MOVES qualified workers. “We can’t even find qualified it in New York? 65 SNAPS applicants,” its president, Al Mangels, later told me. Now a major resource the businesses have relied on to survive is being squeezed. 66 FOR THE RECORD ITAC, a technical assistance organization that is a nexus for manufacturing in the 67 PHOTO FINISH city, provides the kind of below-market-rate consulting that has helped these high-tech and manufacturing companies operate more efficiently in tight spaces and grow into new markets. But in late October, ITAC was told that its funding, P. 61 Rick Rome which is disbursed through the state, would be slashed 54%—a change that would take place Jan. 1, not midyear, when its contract was scheduled to expire. To get its remaining budget, it had three weeks to respond to an RFP. Only in late December was it told it would get even that. “How can you cut it by so much when it’s already so hard to make it in New CORRECTION York?” asked ITAC Executive Director Kinda Younes. She hasn’t gotten any answers. ZEESY STERN is an occupational therapist, not a Empire State Development told me that its funding is based on the number of special-education teacher. This information was misstated in manufacturers in each region with fewer than 500 employees, but didn’t elaborate. the Jan. 11 “3-D printers helped give Zeesy Stern a Politicians pay lip service to helping the city retain good-paying manufacturing new jaw.” jobs, but the companies that have received ITAC’s help say its funding cut is an ominous sign. ITAC is one of 10 such technical development organizations in the state. Now New York’s funding has dwindled to about $166 per manufacturer in the city, compared with the $800 per company statewide average, ITAC said. Other states court our businesses all the time. We can’t compete on space, but we can compete on almost everything else. Organizations like ITAC help entrepreneurs ON THE COVER do more with less and are exactly what we should be investing in if Brooklyn is to : retain the makers remaking the city. Ⅲ ILLUSTRATION MICHAEL KORFHAGE

CONFERENCE CALLOUT FEBRUARY 25 DIGITAL DISPATCHES CRAIN’S BUSINESS Go to CrainsNewYork.com BREAKFAST FORUM READ Flatiron district-based software Melissa Mark-Viverito, speaker of the service provider Datadog, which has an City Council, will outline A-list roster of clients including Netflix and her priorities for the second half Spotify, nabbed $95 million from Iconiq of her term and answer Capital and existing investors. questions from ■ Facebook co-founder Chris Crain’s journalists. Hughes, who owns a majori- > ty stake in The New Republic, said NEW YORK he will be talking to interested ATHLETIC CLUB buyers. The magazine has had a 8 a.m. to 9:30 a.m. rough year: Editors resigned and [email protected] the publication’s frequency was halved, to 10 issues a year.

Vol. XXXII, No. 3, January 18, 2016—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues LISTEN to a discussion of our cover story, the weeks of June 27, July 11, July 25, Aug. 8, Aug. 22 and Dec. 19, by Crain Communications Inc., 685 Third Ave., New York, analysis of the mayor’s housing promises NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: and the state’s effort to have lobbyists dis- Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. close their interactions with journalists. For subscriber service: Call (877) 824-9379. Fax (313) 446-6777. $3.00 a copy, $99.95 one year, $179.95 two years.(GST No. 13676-0444-RT) Music by Relations. CrainsNewYork.com/podcast

BUCK ENNIS, OFFICIAL COUNCIL NYC BY PHOTO ARMAN DZIDZOVIC ©Entire contents copyright 2016 by Crain Communications Inc. All rights reserved.

JANUARY 18, 2016 | CRAIN’S NEW YORK BUSINESS | 3 20160118-NEWS--0004-NAT-CCI-CN_-- 1/15/2016 6:54 PM Page 1

AGENDAWHAT’S NEW JANUARY 18, 2016 Cuomo’s budget discpline suddenly comes at New York City’s expense

ov. deserves great credit for holding increases in state spending under 2% in every one of his budgets, following years of unsustainable growth. It was meaningful because it was done without accounting gimmicks, which had Gbecome routine in state government. But last week the governor proposed a change that would eventually save the state more than $1 billion a year by shifting the expense to New York City. That’s not reform. Cuomo’s budget director initially said the reason the city should pay more for Medicaid and the City University system is that the city’s budg- et picture looks good for the next few years. Essentially, she said, Gotham can afford it. A day later, Cuomo backed away from that rationale, saying that the state would work with the city to find efficiencies to achieve the savings. The city has budgeted responsibly and enjoyed robust growth since Unfortunately, his budget does not lay out any such efficiencies. Only the recession, but the state already benefits from that—our residents and cuts. And only New York City would businesses provide the lion’s share of state get this treatment. Not Rochester, not The governor deserves credit for fiscal income-tax revenue. Several years ago, Syracuse, not Utica. Just us. the state capped all localities’ Medicaid Cuomo has an answer for this: The discpline during his tenure. But costs and agreed to pay for any growth. city was exempted from the state’s merely shifting state expenses Tax revenue reaped from New York City is 2% cap on property-tax growth. But to the city? That’s not reform the reason Albany can afford to do so. To Medicaid had nothing to do with that exclude the city from that benefit would decision. Most states ask their locali- be perverse. ties to pay very little toward Medicaid, and they don’t have tax caps. Cuomo has a better argument on CUNY funding, given that the state Rather, they recognize the burden Medicaid would impose on cities picked up that expense to help the city out of its 1970s fiscal crisis, which with many poor people who qualify for the program. And despite the is long over. That said, announcing $730 million in cuts over two years rosy picture that Cuomo’s budget director painted of New York City’s was a rude way to start the conversation. But his Medicaid proposal is fiscal situation, we still have a high poverty rate and easily the largest where the big money is. There should be one funding system for the state, Medicaid population in the state. not a special hell where only New York City pays more. – THE EDITORS

FINE PRINT City pools will now be required to post a sign forbidding swimmers from having breath-holding contests, or face a $200 penalty. Four people died at city pools from underwater swimming or breath-holding between 1988 and 2011, according to the city’s Department of Health and Mental Hygiene. The agency held a public hearing on the rule change in November at which no one testified.

BY GERALD SCHIFMAN STATS 25 WORDS OR LESS UNPREPARED UNDERGRADS NYC’S HIGH-SCHOOL graduation rates have again risen, They don’t do two but many students are still not ready for college. CITY AND THE “months’ worth of % August on-track graduation rate for NYC’s class work, and they of 2015, a 2.1 percentage-point improvement 70.5 from the prior year and an all-time high have the gall to Average SAT score (out of 2400) of NYC public- school students in 2015, worse than 93% of ask for a full year 1349 the test-taking population across the U.S. and a raise % Portion of 2014 city grads enrolling at — Assemblyman Steve Katz, CUNY community colleges who took 78.3 remedial courses, up from 77.6% in 2013 R-Westchester, who moonlights as a veterinarian, complaining about his % Portion of 2015 NYC grads who met colleagues to The New York Times New York state’s college-readiness 42.6 standard

ISTOCK, BLOOMBERG ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY SOURCES: NYC Department of Education, NYC Mayor’s Office, New York Post

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AGENDA ICYMI CRAINS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan assistant to the publisher Alexis Sinclair, 212.210.0701 EDITORIAL editor Jeremy Smerd Why GE picked Boston over NY assistant managing editors Barbara Benson, Erik Engquist, Peter S. Green web editor Amanda Fung (no, it wasn’t the tax breaks) copy desk chief Steve Noveck art director Carolyn McClain ENERAL ELECTRIC’S decision last week to move its photographer Buck Ennis senior reporters Joe Anuta, Aaron Elstein, headquarters to Boston instead of New York was Matthew Flamm, Daniel Geiger reporters Rosa Goldensohn, not as much about tax breaks and subsidies as Jonathan LaMantia, Caroline Lewis G data reporter Gerald Schifman Cuomo administration might be believed. After all, the report- web producer Peter D’Amato edly offered the Connecticut-based company more columnist Greg David contributing editors Tom Acitelli, incentives than Massachusetts did. Theresa Agovino, Paul Bennett, Erik Ipsen, Judith Messina, Cara S. Trager No, the move was more about what New York is and ADVERTISING what GE wants to be. The global hub for fashion, finance, www.crainsnewyork.com/advertise advertising director Irene Bar-Am media and culture would have been wasted on a compa- [email protected] or 212.210.0133 ny that sold off NBC three years ago and now plans to senior account managers Zita Doktor, Jill Bottomley Kunkes, Rob Pierce, unload its GE Capital division. GE already had no reason to be in New York. As it transitions from Stuart Smilowitz industrial conglomerate to scientific innovator, it will have even less reason. account managers Jake Musiker senior marketing coordinator Meanwhile, Boston, unlike New York, offers a well-developed ecosystem for medical research and LeAnn Richardson sales/events coordinator Ashlee Schuppius engineering. In 2014, GE moved the headquarters of its $4 billion health care life-sciences business to 212.210.0282 [email protected] Marlborough, Mass., from Piscataway, N.J. Other health care giants have also recently expanded in the ONLINE Bay State. In 2014, Pfizer opened a research hub in Cambridge, and Johnson & Johnson a year earlier launched general manager Rosemary Maggiore 212.210.0237 an “innovation center” in Boston. [email protected] CUSTOM CONTENT Clearly, this is the sort of company GE wants to keep these days. And why wouldn’t it? Valuations director of custom content — AARON ELSTEIN AND MATTHEW FLAMM Patty Oppenheimer 212.210.0711 of health care firms tend to be higher than those in finance and media. [email protected] EVENTS Fox nixes Trade Center move DATA POINT money and the media,” Cruz said in www.crainsnewyork.com/events News Corp. and 21st Century Fox the debate. Cuomo accused Cruz of director of conferences & events VENTURE-CAPITAL FIRMS POURED Courtney Williams, 212.210.0257 said they won’t be moving to a new “practicing the politics of division. [email protected] building at the World Trade Center $7.3 BILLION INTO NEW YORK-AREA He’s trying to divide people. He’s try- manager of conferences & events complex and will stay at their current ing to divide this country.” De Blasio Adrienne Yee COMPANIES LAST YEAR—THE AUDIENCE DEVELOPMENT midtown headquarters. Brothers said he found it “very ironic that Ted director of audience & content James and Lachlan Murdoch told BIGGEST ANNUAL HAUL SINCE 2000 Cruz went running to Goldman Sachs partnership development employees a move would be “dis- when he needed a big loan. So he has Michael O’Connor, 212.210.0738 [email protected] tracting,” and that “our resources no trouble taking money from New CRAIN’S 5BOROS would be better directed elsewhere.” York City, but he’s quick to insult our www.5boros.com The companies said in June they had ing apartments receiving the tax people and our values.” Irene Bar-Am, 212.210.0133 [email protected] reached a nonbinding agreement break. The program would have SPECIAL PROJECTS with developer Larry Silverstein to given developers of new apartments ABT’s new leader manager Alexis Sinclair 212.210.0701 move to 2 WTC. a break on property-tax payments in Kara Medoff Barnett, currently the [email protected] exchange for including affordable managing director of Lincoln Center REPRINTS reprint account executive Krista Bora Cuomo cleared of criminal charges housing in their projects. “Without a International, will assume the role 212.210.0750 Manhattan U.S. Attorney Preet program like 421-a, one can’t build of executive director of the PRODUCTION Bharara said his investigation found multifamily rental housing with a American Ballet Theatre Feb. 16. production and pre-press director Simone Pryce “insufficient evidence” to prove a significant below-market, or afford- The 37-year-old Crain’s 40 Under media services manager Nicole Spell crime had been committed when able, component on a scale necessary 40 honoree replaces Rachel Moore, SUBSCRIPTION CUSTOMER SERVICE Gov. Andrew Cuomo’s office shut to address the city’s needs,” said who stepped down last year after a www.crainsnewyork.com/subscribe down the Moreland Commission, a John Banks, president of the Real decade running the company. [email protected] 877-824-9379 (in the U.S. and Canada). panel investigating Albany corrup- Estate Board of New York. $3.00 a copy for the print edition; or $99.95 tion. Bharara said his office continues one year, $179.95 two years, for print subscriptions with digital access. to have active probes related to “sub- Ask and ye shall receive to contact the newsroom: stantive inquiries” that were being The Jehovah’s Witnesses agreed to www.crainsnewyork.com/staff conducted by the commission before fund a $5.5 million park refurbish- 685 Third Ave., New York, NY 10017-4024 phone: 212-210-0100 fax: 212-210-0799 it was disbanded. ment in Brooklyn after a local busi- Entire contents ©copyright 2016 ness leader in a Crain’s op-ed called Crain Communications Inc. All rights Carriage-horse deal for the religious organization to reserved. ®CityBusiness is a registered trademark of MCP Inc., used under license A City Hall plan would save horse- donate $50 million for neighborhood agreement. drawn carriages from a ban but improvements. The Witnesses are CRAIN COMMUNICATIONS INC. substantially reduce the number of relocating their headquarters upstate. BOARD OF DIRECTORS chairman Keith E. Crain horses operating in the city. As many president Rance Crain as two-thirds of the 200 horses Cuomo, de Blasio agree to blast Cruz treasurer Mary Kay Crain, Cindi Crain Big bones on display would be retired; the rest would be It turns out there is one thing on executive vp, operations William Morrow There’s a new dinosaur in town executive vp, director of strategic permanently housed in a newly built which Gov. Andrew Cuomo and operations Chris Crain stable in the park. Mayor Bill de Blasio can agree. New that eclipses the Barosaurus. The executive vp, director of corporate American Museum of Natural operations K.C. Crain York’s feuding politicos blasted GOP senior vp, group publisher David Klein Developers, unions fail to agree on 421-a presidential candidate Ted Cruz for History debuted the 122-foot-long vp/production, manufacturing David Kamis Two trade groups blew a deadline accusing Donald Trump of having skeletal cast of a new species of chief financial officer Thomas Stevens chief information officer Anthony DiPonio

AMERICAN MUSEUM OF NATURAL HISTORY AMERICAN MUSEUM OF NATURAL late last week to replace an “New York values” in last week’s Titanosaurus, one of the largest founder G.D. Crain Jr. [1885-1973] affordable-housing tax break known Republican debate. “I think most dinosaurs ever found. The chairman Mrs. G.D. Crain Jr. [1911-1996] as 421-a. Developers and construc- people know exactly what New York discovery of the giant bones was secretary Merrilee Crain [1942-2012] tion unions failed to reach agreement values are: socially liberal, pro-gay made in Argentina in 2014.

BUCK ENNIS, on how much to pay workers build- marriage, pro-abortion, focused on

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AGENDA ASKED & ANSWERED MEDIA

PETER NAYLOR INTERVIEW BY MATTHEW FLAMM

eter Naylor got his start in digital advertising sales with All the creators the dot-com-era Web portal Lycos.Twenty years later, know that Hulu is a following stints with iVillage and NBCUniversal, he heads “ ad sales for Hulu, the streaming video platform that serious option for Pcompetes against Netflix and Amazon Prime. Co-owned by three shopping their origi- television broadcasting companies—NBC, Disney and 21st Century nals; they know Fox—Hulu streams network shows the day after they air and original we’re endeavoring to series like the comedy Casual. Its goal is to give the networks a create hits as much place in the on-demand video universe, but some analysts see Hulu as one more streaming service that’s eroding the as anyone anywhere broadcast audience.

Your show Casual recently scored a Golden Globe nomination—the only advertising-supported half-hour comedy to get nominated. Why did Hulu get a nomination when the networks didn’t? One of the nice things about video on demand is we’re not beholden to the clock. A half-hour comedy doesn’t have to be a half-hour—and by the way, [network] comedies are actually 22 minutes. We picked up DOSSIER Season 4 of The Mindy Project, which is now a Hulu original, and some episodes are 26 minutes and some are 28. We give the NAME Peter Naylor creators all the time they need to tell the story they want. That’s a WHO HE IS Senior competitive advantage. vice president, advertising sales, Hulu You also seem to have a broader definition of success. The Mindy Project AGE 50 failed on broadcast. BORN Greenwich, We were streaming Mindy on Hulu its first three seasons. And while Conn. the ratings on air were modest, it streamed extraordinarily well for us. RESIDES Summit, So that was an easy decision. The other thing is our metrics. N.J. Conventional television ratings are dependent on windows [if a viewer EDUCATION Denison watches a recording of the show, the viewing counts in the ratings only University, B.A. in English if the commercials are seen within days of the original airing]. In and economics subscription video on demand, it doesn’t matter if people watch the JUST SOME AD show the day we put it on the service or 45 days later. I can serve the BLOCKERS Naylor thinks right ad at the right moment. it isn’t true that everyone hates commercials. Hulu, Doesn’t your subscription video-on-demand service cannibalize the audience which recently launched a for the networks’ live shows and video-on-demand services? commercial-free tier, has I don’t know if it’s cannibalization as much as the viewer is in control found that only 7% of its viewers want to avoid ads. of their experience. The challenge for the business side of the house The remaining 93% range is to reassemble that audience. If they’re watching live TV, terrific. If from those who enjoy ads to they’re watching video on demand through cable or subscription video those who will tolerate them on demand through Hulu, they’re still watching. We just need to in exchange for a lower reassemble the audience and make it available to the marketer. monthly fee. HISTORY Naylor started The ad load is lighter on Hulu. That’s another reason it seems Hulu is selling digital advertising in encouraging cord-cutting and helping to break down the cable-TV model. 1996. He can remember when Everyone has to figure out how to take advantage of this new the Internet was considered a fad—the “CB radio of the ’90s.” opportunity of choice and control being shifted to the viewer. And it is an opportunity. Marketers can buy audiences in addition to buying STARSTRUCK Hulu may have shows. If there’s a movie opening tomorrow and it’s a comedy, they different hits from those on can say, “I want to find adults 18 to 49 who love comedy.” And we can broadcast television, but it’s just as fond of stars as the networks. Its find that audience, which gives a chance to shows that weren’t 2016 slate of originals includes performing as well under the old metrics. Our model today looks like the Stephen King adaptation what a lot of TV is going to look like tomorrow. 11.22.63, with James Franco; a comedy, When it comes to rolling out original shows, can you compete with Netflix Love, created by Judd and Amazon, both much bigger than you? Apatow; and a Seth Rogen comedy, Future Man. We created a significant number of big originals [in 2015], and

we’re going to double it this year. All the creators know that Hulu BUCK ENNIS is a serious option for shopping their originals; they know we’re endeavoring to create hits as much as anyone anywhere.

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AGENDA POLITICS

State lobbying proposal raises First Amendment questions

PR firms could be required to disclose conversations with the press. BY ROSA GOLDENSOHN

ew York’s ethics watch- public-relations consultant who have to report to the government between strategic communications dog has doubled down on contacts a reporter or editorial board before they talk to the press is a very firm BerlinRosen and the de Blasio a proposal intended to in an attempt to get the media outlet dangerous proposition,” Executive administration. The firm has a slew of require public-relations to advance the client’s message Director Michelle Rea said. “If you clients with business before City Hall Nfirms to register as lobbyists—not would also be delivering a [lobbying] are a really good reporter, you know and also advises the mayor, drawing only if they talk to government offi- message.” who you are talking with. You ques- criticism from good-government cials on behalf of a client, but even if Further, a consultant who has tion the information that people are groups. Currently, BerlinRosen does they communicate with the press. As input into the content of a message giving you.” not have to disclose its door-opening lobbyists, they would then be and helps deliver it to a public official But the good-government group activities. required to report their activities to using either the public or the press Citizens Union said that consultants “Political consultants who advise the government. would be considered a lobbyist. use the media to influence law- elected officials while also represent- A proposal by the state’s Joint The New York Civil Liberties Union makers, and that such activity should ing clients before the government do Commission on Public Ethics in agrees with the PR firms, saying that be reported. not currently register as lobbyists November sought to compel more conversations with the press fall out- “This is about having everyone either—and they should also,” Cuomo consultants to register as lobbyists. side the legal definition of lobbying. put their cards on the table so New told state legislators. “I am going to Taken aback, four PR firms in the city “Writing an op-ed piece urging law Yorkers know who is trying to influ- send you that bill, and that’s a bill that had civil-rights law firm Emery Celli reform cannot be regarded as lobby- ence the actions of state and city you should sign.” write to JCOPE in December that the ing, unless it further urges individuals government and getting paid for it,” It’s unclear whether the governor’s opinion was too vague and could be to contact public officials,” NYCLU said Dick Dadey, executive director legislation will include language that construed to apply to conversations Legal Director Arthur Eisenberg said. of the group. requires consultants that speak to the with the press. “When we read most op-eds, we The advisory opinion also includes press on behalf of a client to register as “We put the spotlight on this understand that that’s not lobbying; provisions that would require con- lobbyists. issue exactly and we basically said, that’s public education and entitled to sultants who connect clients with JCOPE’s advisory opinion is not yet ‘You can’t possibly mean that talk- free-speech protections of the First lawmakers to register as lobbyists. a rule. It would have to be formally ing to an editorial board or a reporter Amendment.” Celli’s letter called that move “good adopted by the ethics agency’s 14 was lobbying; you can’t possibly public policy.” commissioners—six of whom are mean that,’ ” attorney Andrew Celli ‘A very dangerous proposition’ Gov. Andrew Cuomo pushed for appointed by the governor. Three are said. “So the staff looked at our letter The New York Press Association , a that reform in his State of the State named by the Senate majority leader, and I believe they said, ‘No, no, trade group for small newspapers, said address last week, in a possible reac- three by the Assembly speaker, and that’s exactly what we mean.’ ” the proposal was offensive. tion to press reports, including in one by each minority leader of the two The revised text now reads: “A “The idea of requiring anyone to Crain’s, about the relationship chambers. Ⅲ

Uber and other app-based, ride- according to an annual report by the Cuomo, Uber study stir city sharing services last year, and pro- Community Service Society, even as posed capping the number of for- the city added more than 100,000 ov. Andrew Cuomo about $485 million next year for the hire cars on city streets. jobs from November 2014 to shocked Mayor Bill de City University of New York system. The report said the increase in November 2015. Blasio with his budget pro- He argues that the city’s exemption app-based car services had “Wages have stagnated for most posal last week to shift the from the state’s 2% property-tax cap increased overall congestion, but people, and college costs continue to Gburden of rising costs of Medicaid and has let it collect an extra $3.5 billion in blamed “increased freight move- rise, and housing costs, particularly higher education to New York City. taxes. (See Editorial, Page 4.) ment, construction activity and in New York City, continue to rise,” But by the end of the week, it looked as Cuomo has already begun walk- population growth” for the traffic said study co-author Nancy Rankin. if that plan might be put on hold. ing back his proposal, telling NY1, “Those are two huge chunks of your Cuomo wants the city to finance “At the end of the day, what you’ll savings and your budget.” the rise in its Medicaid expenses, see is it won’t cost New York City a The survey of more than 1,700 starting Oct. 1. Critics claim the shift is penny.” city residents reveals people going unfair to the city, which lacks a The policy puts an unfair burden without meals and being unable to mechanism to control the costs of the on taxpayers in the state’s poorest afford prescription medications. The health care program. counties, the Citizens Budget majority of low-income New The move would cost the city, and Commission said in a 2011 report. Yorkers have less than $500 in sav- save the state, $656 million in fiscal “The state has been assuming a ings to use in case of an emergency, years 2017 and 2018, and de Blasio larger and larger share of the Medicaid and nearly a quarter say they are estimated it would add $1 billion in burden, and this proposal would often unable to afford subway or bus Medicaid expenses annually by 2020, reverse course,” said Tammy fare, CSS reports. which he said would be “debilitat- Gamerman, a senior research associ- More than 30% of low-income ing.” New York City will pay $5.4 bil- ate at CBC. “The state should continue slowdown in the city center. Latinos reported being unable to lion toward Medicaid this fiscal year. to assume more of the Medicaid bur- The study recommended a crack- afford public transportation. Thirty- New York state has made signifi- den, not less.” down on illegal street hails and meas- six percent of low-income black res- cant progress in getting its Medicaid – JONATHAN LAMANTIA ures to protect riders from predatory idents reported falling behind on costs under control. Cuomo pricing. (See story, Page 9.) their rent or mortgage. announced last June that spending per Don’t blame Uber – PETER S. GREEN Poor New Yorkers want college to Medicaid recipient reached its lowest Uber isn’t making Manhattan’s cost less; more than two-thirds of level in a decade in 2014. The health traffic more congested. That’s the Poor survey New Yorkers support a reduced care program for the poor served 6.3 conclusion of a $2 million study Eight out of 10 poor New Yorkers feel transit fare for low-wage workers; million people that year. commissioned by City Hall after stuck or as though they are slipping and 73% support paid family leave.

BUCK ENNIS Cuomo also wants the city to pay Mayor Bill de Blasio clashed with further down the economic ladder, – ROSA GOLDENSOHN

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AGENDA WHO OWNS THE BLOCK REAL ESTATE

3180 FULTON ST.

East New York’s transformation begins Sales and rising prices as mayor’s development plan picks up steam

BY TOM ACITELLI

ast New York and its immediate neighbors, Cypress Hills and Ocean Hill, make up one of the poorest sections of New York City. EMedian income is just under $32,000, according to 2012 Census estimates, well below the citywide median of $50,711. The area lost one-third of its population from the 1960s through the 1980s and saw large-scale private divestment and “abandonment,” according to the de Blasio administration, which wants to rezone 200 blocks in East New York and its sur- rounding areas to reverse the decline. The administration first started pushing for the rezoning, which the A GOOD EXAMPLE JUST SITTING THERE City Council will review this spring, 3180 FULTON ST. 239 RICHMOND ST. in early 2015. Since then, prices and Rehman’s Faatu Realty bought this Richmond Realty bought this former sales volume have begun to rise. building and lot, which house an aluminum wholesaler site for The median sale price for a home independent 99-cent store, for $1,650,000 from a family trust in July in East New York’s predominant ZIP $1,040,000 in June 2010, accord- 2005. There are two additional com- ing to city records. mercial spaces, for a total of 21,000 code, 11207, rose by $25,500 from square feet. City records show the 2014 to 2015, to $275,000, according company shares an address with to RealtyTrac, as longtime residents—and their Maggies Paratransit Corp. Messages left there were not returned. creditors—seized on the interest sparked by the rezoning. Investment-sales brokerage TerraCRG showed that East Brooklyn, including East New York and its surroundings, “had the highest increase in both dollar and transaction volume” for investment sales in the first half of 2015: $272 million from 99 trades. That was up 155% from the first half of 2014. “A lot of people are calling me,” said Nisar Rehman, a pharmacist in South Ozone Park, FROM THE ASHES Queens, who bought 3180 Fulton St. in East 3301 ATLANTIC AVE. New York for $1.04 million in 2010. “Maybe by Affordable-housing developer June or July,” Rehman said when asked Phipps Houses bought control of the when he might sell the property. 300,000-square-foot site in early 2015 for $36 million and plans to Prices in the area are still a relative THE CENTERPIECE build 1,000 affordable apartments. 3269 ATLANTIC AVE. bargain. The sales price per buildable The site once housed Blue Ridge square foot for residentially zoned sites The city-owned site, which covers Farms, one of New York City’s largest food processors. A 2012 was $47 for East Brooklyn, and the more than half a block, has the poten- tial to host 6,300 housing units, half blaze destroyed the factory, which average property sale in East New York of them designated as affordable, as had been shuttered years before specifically was just over $402,000 in well as 800,000 square feet of com- amid its owners’ legal troubles. 2014, according to TerraCRG (2015 mercial space and 400,000 square feet of community-activity space, numbers will be out later this week). In according to the administration—and North Brooklyn, it’s $241 per buildable all near the Norwood Avenue and square foot, and the average sales price Crescent Street stops on the J and Z in North Brooklyn’s Williamsburg was lines. The city plans to request devel- opment proposals after the rezoning’s Ⅲ more than $6.2 million. public review is finished this spring. W.AINCNT COSTAR WWW.OASISNYC.NET,

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AGENDA TRANSPORTATION

Rule changes offer hope to taxi industry, riders Reforms eyed for 2016 would help cabs compete with Uber BY ROSA GOLDENSOHN

he Taxi and reduces taxi availability the garage has tradition- quest for a level playing hybrids, but the city hire-vehicle industry Limousine by a third between ally been 5 p.m.,” she field will not be fully maintains a set of design require different regula- Commission 3 p.m. and 6 p.m. on said. “New Yorkers realized. They would like criteria met by only three tions, and that keeping aims to make weekdays and costs taxis should hopefully get the the ability, for instance, hybrid models. them separate was Tlife a little easier for taxi 12,000 trips per day. service they need.” to drive any model car, Joshi said different important to maintain- drivers and owners in “The witching hour at But taxi interests’ especially fuel-efficient segments of the for- ing consumer choice. Ⅲ 2016 and spark investor interest in medallions, whose values have taken a beating thanks to Uber’s popularity. Agency head Meera Joshi said at a Crain’s Breakfast Forum last week that the commis- sion will propose end- ing a requirement that owners of individual medallions drive a cer- tain number of shifts per year. Some have put their medallions in storage because they cannot find drivers and are too old, sick or injured to drive them- selves. 63,500 SF AVAILABLE The TLC also plans to re-evaluate the distinc- 1200 WATERS PLACE, BRONX | WILL SUBDIVIDE TO 5,000 SF tions it maintains between individual and corporate medallions. Current law mandates that 42% be owned by an individual and 58% be part of a fleet. A change could allow individual owners to sell their medallions to fleets, where demand is stronger. “There are impedi- ments to making the level of investor interest in the asset match the public’s interest in the brand and service,” Joshi said. The TLC is also working to create a uni- versal license for drivers who want both to work as a traditional hack or with livery or black-car services or new ones » First-class amenities, abundant like Uber, Lyft, Via and NOW OFFERING FOR LEASE: CLASS A parking, complimentary shuttle Gett. service and MTA bus service to The commission OFFICE SPACE AT 1200 WATERS PLACE nearby subway implemented a change last year allowing own- » Now Open: Marriott Hotel! ers to lease medallions IN THE HUTCHINSON METRO CENTER. and cars for a percent- age of fare revenue, as opposed to a flat rate for For Leasing Information Call (718) 518-8600 a 12-hour shift, Joshi James MacDonald: [email protected] said. The change is Josh Gopan: [email protected] meant to eliminate the View digital brochure and floor plans at hutchmetrocenter.com mass exodus cabs make to garages for afternoon shift changes, which

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AGENDA INSTANT EXPERT POLITICS BY BRENDAN O’CONNOR Understanding Cuomo and de Blasio’s poisoned relationship [in 5 steps]

THE PLAYERS

THE ISSUE De Blasio worked for the governor Tensions between 2 in the Clinton City Hall and Albany administration when 1are nothing new, but Cuomo ran the the feud between Mayor Department of Bill de Blasio and Gov. Housing and Urban Andrew Cuomo is Development, and unprecedented in many supported his ill-fated ways. New York’s two 2002 campaign for governor. Hinton was a close aide to Cuomo, a most powerful politicians have tussled over everything from politician well known for placing a high value on loyalty. That appears to Ebola to prekindergarten, property taxes, homelessness and be why he felt betrayed when de Blasio hired her. “[Cuomo] sees transit funding. During his first 17 months in office, de Blasio imaginary slights everywhere,” a source said in the wake of the hiring, denied or downplayed the governor’s backhanded or anonymous “especially from the mayor.” The governor has since cozied up to de Blasio’s criticism. Then, early last summer—soon after the mayor political rivals, including city Comptroller Scott Stringer, Bronx Borough brought in former Cuomo aide Karen Hinton (above) to be his President Ruben Diaz Jr. and Rep. Hakeem Jeffries. Liberal activists press secretary—the proverbial gloves came off as the mayor called the believe they have benefited from the fight, as Cuomo one-upped the governor vindictive and petty. If Cuomo initially backed off, the mayor by championing a $15 minimum hourly wage—having previously effect was temporary. Any pretense of friendship vanished, and bad-mouthed de Blasio’s $13.50 citywide proposal. the acrimony intensified. A pre-Christmas dinner meant to ease tensions seems to have only made matters worse, and the governor’s recent executive order on sheltering the homeless in below-freezing weather is just the latest example of Cuomo portraying the mayor as unable to run the city on his own.

YEAH, BUT... SOME BACKSTORY The governor has helped solidify the Cuomo has long been known by I started with narrative that de Blasio is incompetent, insiders as a political bully, but the hope of a 3 but it hasn’t done Cuomo’s own 4 given his power and pedigree, he’s “ approval ratings any good. Thirteen months mostly gotten away with it. But when an very strong ago, 58% of voters said they approved of his anonymous “administration official” was partnership,” performance as governor; by September quoted in the Daily News last spring the mayor said. 2015, just 43% did—the lowest number bashing the mayor—and sounding an since he took office in 2011. De Blasio’s awful lot like Cuomo—the governor was “I have been approval rating has fallen from 52% in early forced to all but admit that he was the disappointed at 2014 to 43%. And voters don’t much like their feud, either. A recent Quinnipiac University poll source. And when asked about someone every turn” in his administration calling the mayor found 57% of New Yorkers believe the two “bumbling and incompetent” in The Wall men are not “effectively working together for Street Journal, Cuomo demurred. the public good.” “Things are said,” the governor replied. “Feelings run high.” De Blasio initially responded that he didn’t want to talk about “personalities.” But that all changed in late June when the mayor finally went public with his frustration. “I WHAT’S NEXT started with the hope of a very strong Despite public opinion, neither the governor partnership,” de Blasio said. “I have nor the mayor appears ready to stand been disappointed at every turn.” 5 down. That doesn’t bode well for whatever Emphasizing that his comments were on wish list de Blasio brings to Albany this year. But the record, de Blasio said, “I’m not going can their squabble really continue for as long as to be surprised if these statements lead the two remain in office—as much as six more to some attempts at revenge, and we’ll years? As the spotlight increasingly shines on just call them right out because we’re the race for the White House, top Democrats will be pressured to show a united front for their party’s not going to play that way.” nominee. Hillary Clinton has been endorsed by both Cuomo and de Blasio, so continued sniping would be frowned upon by her and the party. Yet while de Blasio seems to have dialed back his rhetoric, Cuomo’s digs at the mayor continue. In his State of the State speech last week, the governor name- dropped leading critics of de Blasio and threatened to take over decrepit homeless shelters. TWITTER, GETTY, BLOOMBERG

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AGENDA HEALTH CARE

Mount Sinai system nabs NYU-Langone’s dream team Sleep doctors move uptown as Sinai plans to roll out insomnia care units across its network BY JONATHAN LAMANTIA

ount Sinai medicine program to its sleep centers in Manhattan Rapoport said Mount “Every hospital these Hospital has other campuses, said Dr. and 13 elsewhere in the city, Sinai offered a career- raided down- Steven Feinsilver, director of according to a directory fulfilling opportunity. days needs to build town rival NYU the system’s Center for Sleep maintained by the New “I’ve spent 38 years in sleep services,” said MLangone’s respected sleep Medicine. Mount Sinai York State Society of Sleep this field trying to build lab as part of a long-term acquired Continuum Health Medicine. what we are now trying to Dr. Steven Feinsilver, plan to expand its sleep- Partners in 2013, adding Beth do at Mount Sinai,” Mount Sinai’s head medicine program to Sinai Israel Medical Center in Career-fulfilling Rapoport said. “To provide locations across the city. Manhattan and Brooklyn, St. Mount Sinai also acquired clinical care, do cutting- of sleep medicine Four NYU Langone Luke’s and Roosevelt hospi- the five-bed lab Sleep edge research and educate physicians have left for tals and the New York Eye Medicine Associates of NYC, the people who will be the Mount Sinai’s Icahn School and Ear Infirmary in on East 26th Street, which next generation of clini- “It’s like saying, ‘We’re of Medicine in East Harlem, Manhattan. Roosevelt was operated by the four cians and researchers.” not going to have a dialysis forcing NYU Langone to Hospital was renamed Mount former NYU Langone physi- Individuals who present center,’” Feinsilver said. close its Sleep Disorders Sinai West in November. cians: Dr. Omar Burschtin, symptoms of sleep apnea are “It’s part of the game these Center and lay off several “In the long run, we’ll Dr. David Rapoport, Dr. predisposed to high blood days.” administrative and support have a range of services Anne Mooney and Dr. pressure and other cardiac NYU Langone plans to staff. An NYU spokes- available to all the hospitals Andrew Varga. Burschtin problems, Rapoport said. create a new sleep center woman said the facility that should all more or less will help Mount Sinai roll For that reason, sleep with its Department of would try to find other roles look the same,” he said. out its sleep-medicine prac- medicine, a once- Neurology and the for the seven employees left “Every hospital these days tice, while Rapoport will overlooked area, has Department of Medicine’s behind by the move. needs to provide sleep serv- focus on research into why become big business for Pulmonary, Critical Care At Mount Sinai, the new ices.” people develop sleep apnea hospitals, and is increasing- and Sleep Medicine divi- hires are part of a long-term After the NYU Langone and how doctors can better ly seen as a vital service line sion, a hospital spokes- plan to expand a sleep- closure, there will be six treat it. at large medical centers. woman said. Ⅲ

Lobbying for the right to die BY JONATHAN LAMANTIA AND CAROLINE LEWIS

national group that expand the program Oscar taps Joel Klein supports physi- to cover more sick Joel Klein, Mayor Michael cian-assisted New Yorkers, but Bloomberg’s former schools death for the ter- that may take a chancellor, Aminally ill is ramping up its while. is joining lobbying efforts in New York. New York State Manhattan- Compassion & Choices Health Commis- based health held meetings in Albany last sioner Dr. Howard insurance week with about 40 lawmak- Zucker last week startup ers, asking them to pass turned down five Oscar as matching bills in the state additional health chief policy Assembly and Senate that conditions for HEMP HOME: A new and strategy would establish the New York medical-marijuana cannabis dispensary on officer. In a blog post, Chief End of Life Options Act, said treatment, including East 14th Street Executive Mario Schlosser Corinne Carey, the group’s posttraumatic stress said Klein will be charged New York state campaign disorder, rheumatoid with helping to “shape and director. The act would give arthritis and articulate the key policies terminally ill New Yorkers Alzheimer’s. and messages showing how who are mentally sound the Zucker reviewed Oscar is changing the health right to request medication more than two dozen studies Afghanistan Veterans of it would cost the industry care system for the benefit of they could take to end their on the use of marijuana to America, a national organi- $1.7 billion annually once consumers.” lives if and when they choose. treat the conditions in ques- zation based in Manhattan. the $15 minimum is fully As schools chancellor, The Medical Society of the tion and did not find suffi- phased in statewide in 2021. Klein battled with teachers State of New York and the cient scientific evidence to Minimum-wage problems “Absent substantial in- and unions to change the Catholic Church oppose include them in the state’s Gov. Andrew Cuomo’s call creased support to fund the city’s education system, physician-assisted suicide. program, a spokesman for for a statewide $15 minimum minimum wage, a home care before leaving in 2010 for the Health Department said. wage has health care industry already in crisis will News Corp.’s digital educa- State won’t approve pot That could change if research providers concerned. Home be confronted with unac- tion business, Amplify. for PTSD … yet shows new evidence, he care agencies especially fear ceptable risks to our primary Oscar has expanded to Only a handful of customers said. a rise in wages without a mission,” said Claudia New Jersey, Texas and so far have trickled into the “For our members, an commensurate increase in Hammar, president of HCP. California, and it lost $41.5 state’s first medical- overwhelming majority feel Medicaid reimbursement. The Healthcare Association million through the first marijuana dispensaries, that medical marijuana The state Association of of New York State estimated three quarters of 2015—more which opened last week. should be an option for Health Care Providers, which the wage increase would add than double its loss during Some medical-marijuana them,” said Paul Rieckhoff, represents about 350 home $570 million to hospitals’ the same period last year, Ⅲ BUCK ENNIS, GETTY advocates are impatient to chief executive of Iraq and care agencies, has estimated costs. regulatory filings show.

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AGENDA VIEWPOINTS

To keep manufacturers here, city will have to pony up NYC MANUFACTURING JOBS 120K As Cuomo, Schumer subsidize companies upstate, de Blasio lets them leave NYC Employment

100K

WHEN THE Kraft again. He put together nearly $70 are paying off 75,000*75,000* Heinz Co. an- million in state incentives, and with economic 80K nounced it would Alcoa agreed to preserve at least gains (which is close three upstate 600 jobs. debatable). The plants and throw When Cumberland Packing Corp. governor has no 60K some 1,000 people said it would stop production at compunction 2007 2011 2015 out of work because Sweet’N Low’s Brooklyn Navy Yard about using tax- *Projected Source: Bureau of Labor Statistics GREG DAVID of the need to cut factory and lay off 320 people, the payer money to costs in the cut- de Blasio administration did noth- subsidize jobs. throat food business, Gov. Andrew ing. Public Advocate Letitia James The de Blasio administration’s opportunities because of the booming Cuomo and Sen. Charles Schumer demanded action, but the president priority is affordable housing, for city economy. jumped into action. They called the of the Navy Yard, saying he was which the city will spend billions on Nevertheless, when the final job company—angrily, Schumer speaking for City Hall, subsidies for developers. But the numbers for 2015 are announced in said later—and eventually issued a statement saying it mayor—and especially Deputy a few weeks, manufacturing will came up with a $25 million was “unfortunate the global Mayor Alicia Glen, judging from her likely be one of only two sectors to package of state aid. Kraft $95M economic conditions in rhetoric—is opposed to this kind of have lost ground. (Reports of a Heinz agreed to keep the AMOUNT of their industry forced [this] corporate welfare for companies. rebound last fall were premature.) plants operating, at least for state aid that difficult decision to relo- Kraft Heinz, Alcoa and Cumberland What Cumberland shows is that the next few years. kept Kraft Heinz cate.” are similar in that in each case, the if the de Blasio administration’s When Alcoa announced it and Alcoa in What should we call this? manufacturing plants were unprof- goal is to grow the city’s manufac- would close a smelter in New York Different strokes for differ- itable without government aid. turing sector—and that’s what the Massena, a very depressed ent folks? Or maybe just What is different is that the upstate mayor said last year—it can’t be North Country town near the different priorities? workers would have had a very diffi- done without incentives. Ⅲ Canadian border, because plunging Upstate, every job matters, espe- cult time finding new employment at aluminum prices made the facility cially to the governor, who keeps anywhere near the same pay, while GREG DAVID blogs regularly at too costly, Cuomo moved quickly claiming his administration’s efforts the Cumberland workers have more CrainsNewYork.com.

Reality check: Mayor’s zoning plan is a leap forward

Proposal to spur housing shouldn’t fall victim to fears of gentrification BY RAFAEL E. CESTERO

or months, communities During the past 25 years, New on low-income communities. concert with the initiatives already and politicians have debat- York has prospered in ways it When people see development and at work in the housing plan that ed the merits of Mayor Bill hadn’t in decades. This unprece- density, they assume what’s going finance new housing, preserve de Blasio’s proposed zoning dented growth can largely be on is gentrification. existing affordable housing, rein in Fchanges. Opponents believe that attributed to a legacy of investing Not so. bad landlords, protect tenants’ density, development and alter- in neighborhoods such as East New Right now, private development rights and enforce laws to ensure ations to certain zoning require- York, Bedford-Stuyvesant, Melrose is moving forward without any housing quality. ments will increase the displace- and Harlem—places that were affordability requirement whatso- While it is understandable that ment of working-class New Yorkers scarred and stigmatized the most ever. De Blasio would raise the bar some are rejecting these proposals and make the city less affordable. by disinvestment and flight. by mandating that all private resi- because they don’t want their The critics are wrong—because But we have also become victims dential construction projects in neighborhoods to change, the fact they are considering the programs of our own success. We have seen rezoned areas have a certain por- is that they are already changing in isolation, and not in the context tion of affordable units. These quickly—forcing affordable hous- of the city’s history and its current Private development is apartments will help lock in ing to the fringes of our city. affordable-housing efforts. The affordability for those neighbor- If we say no to the reforms, then more we put de Blasio’s plans into moving forward without any hoods, and taxpayer dollars that rezonings will not happen, afford- the proper frame of reference, the affordability requirement would have been spent can be freed able housing will not be required in better they look. up for other affordable projects in private construction projects, and First, let’s understand how we whatsoever. De Blasio underserved communities. the primary forces for change will got here. During the 1970s and would raise the bar In some cases, current zoning be the unabated market pressures ’80s, swaths of our city fell victim imposes unnecessary require- of gentrification that are pushing to blight and abandonment that ments—like parking lots at low- our neighborhoods out of reach for devastated entire communities. private market development start income senior housing where 95% working-class New Yorkers. From the South Bronx to East New to drive up the costs and demand of tenants don’t own cars. Money With these strategies in place, York, crime was rampant, build- for housing in low-income neigh- spent on parking lots means less New York will be equipped to har- ings were abandoned and hundreds borhoods and fuel fears of rapid money for actual apartments for ness the forces that are shaping our of thousands of people fled to the gentrification. seniors. De Blasio would change city while continuing a legacy of suburbs. In reaction to these forces, the certain regulations so city- investing in the affordability and Instead of endorsing a policy of de Blasio administration is propos- sponsored projects can be built revitalization of our neighborhoods. “planned shrinkage” to wall off ing sweeping changes to our zoning more efficiently, and thereby cre- failing neighborhoods, Mayor Ed policies in an attempt to make the ate more affordable housing. Rafael E. Cestero is president and CEO of Koch in the late 1980s launched an city more affordable. The bottom line: The city will be the Community Preservation Corp. and incredibly ambitious housing plan, When not viewing the plan in its building smarter and getting more former commissioner of the city’s which started the rebuilding and totality, it is easy to pick apart the bang for the taxpayer’s buck. Department of Housing Preservation revitalization of our city. strategy as putting further pressure And this will be happening in and Development.

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AGENDA VIEWPOINTS

Isles fans take a shot at Barclays Readers sound off on boats, tipping and Cuomo’s project frenzy

Arena bashed important fact, that gram without disclos- I DON’T THINK the third Cuomo unshelved it?), Re “Brett Yormark “diners prefer an extra ing the source of the track on the LIRR’s so it wasn’t included in carries the Islanders administrative fee to money. If he tries to do Main Line is the 2010-2014 or 2015- banner into a new, upped menu prices.” this through debt unimportant. Quite the 2019 programs. more profitable era” This is useful to the financing, he will opposite: If Cuomo is RIVERDUCKEXPRESS (Jan. 4): How in the restaurant industry. By bankrupt the state. going to burn through world in the top mar- adding a clearly dis- And don’t bother with money on projects, he I’M PRETTY SURE he’s just ket in the country do closed administrative the malarkey about should be focusing on pulling ideas out of a hat. you design a second- fee, restaurants can public/private part- those that increase BRIAN HOWALD rate arena not meant better manage sky- nerships, which is iffy capacity on our for hockey? Barclays rocketing operational and why he now wants systems. The initial CRAIN’S WELCOMES Center sucks for hock- costs, bring greater other than it won’t be to rebid Moynihan planning effort for the SUBMISSIONS to its opinion ey. There is no home pay consistency to through toll increases Station. The private third-track project was pages. Send letters to letters@crainsnewyork feel like there was in employees and begin in the next four years. part of that partnership in the MTA’s 2005-2009 .com. Send columns of the Nassau Coliseum. closing the pay gap Similarly, he has com- was totally unsuccess- capital program, but 475 words or fewer to There the fans’ passion between workers who mitted $8.3 billion to ful in obtaining a user after heavy community opinion@crainsnewyork was real. They are legally earn tips and the Metropolitan that would justify its opposition, the MTA .com. Please include the writer’s name, company, never going to get those who can’t, such Transportation investment. basically shelved the address and telephone Queens and Manhattan as kitchen workers. Authority capital pro- LANCE PLANNER project in 2008 (until number. fans to Barclays. That The de Blasio is Rangers country. administration should Barclays is never expressly inform the going to work without restaurant industry a major renovation. It that adding a clearly is the worst arena in disclosed administra- hockey history. Even tive fee to a menu is Buffalo has a beautiful permitted. It would be hockey arena. I’d a great way to support rather watch the Isles local small businesses. play at the Garden any ANDREW RIGIE day. The new owners Executive director had better wake up. I NYC Hospitality Alliance will never go to anoth- Compelling covers er game at Barclays. JB I love what Crain’s does—especially the BARCLAYS IS A terribly really New York-y designed arena, peri- things—and wanted to od. For hockey it is an applaud you for your absolute debacle. The recent hard-hitting Islanders will not be cover stories on work- able to stay there. site accidents in the REG UNGBERG construction industry and about the Big break Abyssinian Baptist for boat buyers Church’s real estate Re “Marine industry holdings. And your expects booming boat November story “The show thanks to yacht last meatpackers” tax break” (CrainsNew answered a question York.com): This foul I’ve had for years: how tax break is a revolting they have managed to slap in the face to tax- survive. payers. It would not MARK SATLOF surprise me to learn Manhattan that most of the boat buyers are not even The governor’s many projects loyal to this nation, just takers. Industries Re “Cuomo’s mad need to stand on their dash” (From the own without such Newsroom, Jan. 11): It misappropriation. would be great to see PARK MCGRAW how this bonanza of B.S. is to be financed. Alternatives Gov. Andrew Cuomo is to tipping halfway through “New Yorkers still love building his Tappan tipping, survey Zee Bridge but hasn’t shows” (CrainsNew let anyone know how

AP IMAGES York.com) raises an it is to be financed,

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AGENDA THE LIST REAL CAPITAL ANALYTICS’ TOP PROPERTY SALES Biggest commercial transactions in NYC in 2015, 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 SELLER SALES Peter Cooper Village and Stuyvesant Town3 $5,300 11,232 100% $5,300 12/18 Blackstone/ CWCapital Apartment $471,866 Caisse de Depot OBO ML-CFC 2007-6 1 Midtown south 11 Madison Ave. $2,285 2,285,043 100% $2,285 8/18 SL Green CIM Group/Sapir Office $1,000 Organization 2 Midtown south 1095 Sixth Ave. (GF-5F & 13F-40F) $2,200 1,166,129 100% $2,200 1/15 Caisse de Depot/ Blackstone Office $1,887 Callahan Capital 3 Midtown west Partners 301 Park Ave. (Waldorf Astoria) $1,950 1,425 100% $1,950 2/10 Anbang Hilton Worldwide Hotel $1,368,421 Insurance Group 4 Midtown east 730 Fifth Ave. (Crown Building) $1,775 390,000 100% $1,775 3/27 Jeff Sutton/GGP 40 North Properties/ Office $4,551 Spitzer Enterprises 5 Midtown west LIST RANK 1 230 Park Ave. $1,200 1,212,576 100% $1,200 5/5 RXR Realty/ Invesco Real Estate/ ADDRESS Office $990 Blackstone National Pension Peter Cooper Village 6 Midtown east Service and Stuyvesant Town 501 W. 17th St. $870 76,425 100% $870 5/7 HFZ Capital Edison Properties Development site $11,384 Group PRICE PER UNIT 7 Midtown south $471,866 101 Murray St. $820 39,401 100% $820 7/6 China Taiping Fisher Brothers/ Development site $20,812 Insurance Witkoff 8 Downtown 455 Madison Ave. (Lotte New York Palace) $805 899 100% $805 8/31 Lotte Group Northwood Investors Hotel $895,439 9 Midtown east 11 Times Square $630 1,100,000 45% $1,400 2/11 Norges Bank SJP Properties/ Office $1,273 (NBIM) Prudential Real 10 Midtown west Estate Investors 7 Bryant Park $600 470,000 100% $600 5/15 Bank of China Hines/JPMorgan Office $1,277 Limited 11 Midtown west 2360 Broadway (The Belnord, 2F-14F) $575 215 100% $575 3/12 HFZ Capital Extell Apartment $2,674,419 Group 12 Upper West Side LIST RANK 2 1568 Broadway $540 468 100% $540 12/18 Maefield Sunstone Hotel ADDRESS (Doubletree Guest Suites Times Square Hotel) $1,153,846 Development 11 Madison Ave. Hotel 13 PRICE PER SQ. FT. Midtown west $1,000 Multiple (Olympic Tower Portfolio 2015) $536 n/a 50% $1,070 5/27 Crown Onassis Mixed n/a Acquisitions/ Foundation 14 Midtown east OMERS 790 Seventh Ave. (Manhattan at Times Square) $519 698 97% $535 2/13 Al Faisal Rockpoint Group/ Hotel $766,476 Holding Highgate Holdings 15 Midtown west 217-247 W. 43rd St. (NY Times Tower office condo) $516 481,110 100% $516 8/4 Columbia Blackstone Office $1,073 Property Trust 16 Midtown west 32 Old Slip (1 Financial Center) $478 1,132,340 100% $478 4/13 RXR Realty Beacon Capital Office $422 Partners 17 Downtown 180 Maiden Lane $470 1,191,850 100% $470 1/7 MHP Real Estate SL Green/Moinian Office $394 Services/Clarion Group 18 Downtown Partners 717 Fifth Ave. $414 366,285 100% $414 5/13 Anbang Blackstone LIST RANK 3 (Merrill Lynch Financial Center, 5F-26F) $1,130 Insurance Group ADDRESS 19 Office 1095 Sixth Ave. Midtown east 40 Riverside Blvd. (Future Riverside Center, Bldg. 1) $411 92,878 100% $411 4/20 GID Extell/Carlyle Group PRICE PER SQ. FT. Development site $4,423 $1,887 20 Upper West Side 340 West St. (St. John’s Center) $390 1,200,000 60% $650 8/21 Westbrook Fortress Office $542 Partners 21 Midtown south 40-28 College Point Blvd. $385 508,817 100% $385 7/31 Blackstone Onex RE Partners (The Shops at Skyview Center retail condo) $756 22 Retail Queens 151 W. 54th St. (London NYC) $382 564 100% $382 11/10 ADIA Blackstone Hotel $677,305 23 Midtown west 120 W. 45th St. (Tower 45) $365 443,956 100% $365 9/24 Kamber SL Green Office $822 Management 24 Midtown west 757 Third Ave. $359 459,002 100% $359 3/9 Bentall Kennedy RFR Realty LIST RANK 4 Office $782 OBO MEPT Midtown east ADDRESS 25 301 Park Ave. 1-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. 3-Complex is located between East 14th and East 23rd streets, from Avenue C to First Avenue. Real Capital Analytics Inc., headquartered in New York City, is an independent data and analytics firm focused on the investment mar- PRICE PER UNIT

BUCK ENNIS ket for commercial real estate. RCA offers comprehensive data on commercial property transactions that take place around the world. Visit rcanalytics.com. $1,368,421

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REAL ESTATE | SKYSCRAPER CITY Sleight of

DEVELOPERS USE A ZONING LOOPHOLE TO BOOST THEIR BUILDINGS AND THE NUMBER OF APARTMENTS WITH MULTIMILLION-DOLLAR Height VIEWS By Daniel Geiger

uring the recent planning process for his ultratall luxury condo tower slated for East 58th Street, developer Joseph Beninati noticed that a unique feature of the project cap- tured the imagination of prospective millionaire buyers. Using drones to survey the site’s views, Beninati and his development team found that above about 700 feet, the units provide not only views of Manhattan stretching out to the south, he said, but also dramatic vistas of the DAtlantic Ocean 14 miles away. “It was really a pleasant surprise for us that this will be the first supertall tower with ocean views,” said Beninati, who runs real estate development firm Bauhouse Group. “Every foot of the building’s height enhances that view.” Like a long list of other developers in recent years, Beninati wants to

raise the tallest tower he can—a spire that could reach as high as 1,000 feet.

To attain such dizzying heights, Beninati plans to use a trick gaining in popularity among his peers: building apartments in the sky by not con- structing as many down below. ” The approach offers a clever interpretation of the regulations that gov- ern how many square feet of liv- able space can be built on a devel- opment plot. Rather than using Higher floors are more those precious square feet on valuable. It’s a bedrock lower, less-desirable floors, builders are jacking up the rule of real estate,” said heights of their mechanical spaces, which don’t count toward one developer, whose their allotted square footage, building will sit on 100 allowing them to start their resi- dential units higher up. The result feet of mechanical space is like putting a skyscraper on stilts. “Mechanical space simply isn’t counted toward zoning floor area,” said Mitch Korbey, a land-use attorney with Herrick Feinstein. And as a result, developers can use it in neighborhoods with no height limits without deducting from the buildable residential space. But it isn’t a free pass, either. “Mechanical space is closely scrutinized by the Department of Buildings,” Korbey said. “It must truly function as mechanical equipment.” To raise his Sutton Place building’s height, Beninati said his mechanical floors will be 24 feet high, far taller than mechanical spaces in projects built even just a few years ago, and about double the height of most residential floors in the property. Doing that, he estimates, will add 100 or more feet to his project—allowing more of his units to clear that 700-foot threshold. Undoubtedly, those will be the units where Beninati has his best chance to net premium pricing—numbers that can rise above $4,000 per square THE BASE OF 520 Park Ave., under construction, will be packed with six foot. floors of mechanical systems, which Mechanical floors are stuffed with the equipment that makes a building don’t count toward the building’s function: heating, cooling, ventilation and electrical systems, water pumps alloted size. and backup generators. Developers used to think of mechanical spaces as nothing more than perfunctory rooms used to manage the building’s power, sewage and climate. The smaller they could be made, the better.

BUCK ENNIS CONTINUED ON PAGE 16

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REAL ESTATE | SKYSCRAPER CITY

A RENDERING of 520 Park Ave. illus- trates how six mechanical floors at its base could boost the tower’s height by 15% (shaded light purple). That’s because the 20-foot-tall floors (shaded red) will not count toward the proposed tower’s square footage.

“IT’S LIKE A BOOSTER CHAIR,” the 21st floor, according to a spokes- Zeckendorf said that the high-ceilinged woman. That’s 190 feet above street rooms mean the lowest apartments will start SAID ONE CRITIC OF level. At that height, the views are about 140 feet up: “There is more value created sweeping enough to command many by giving them the view and light and air.” SUPERTALLTOWERS.“THIS IS millions of dollars—much more than they There is a limit as to how tall these mechan- NOT LIVING UP TO THE would be worth nearer to the ground. ical rooms will get—at least for now. Beninati Organizations such as the Municipal said he considered stretching the mechanical INTENTION OF THE ZONING” Art Society have already taken aim at spaces at 428 E. 58th St. to as high as 36 feet supertall towers. They say they disrupt each. But he concluded it would be too expen- the city’s skyline, cast hulking shadows sive to build a tower with that much added Buildable land today, however, is so expen- and create islands of billionaire residents who height. sive that developers, to recoup their costs, have may spend only a few days a year in their apart- “You’re paying for an extra wrap of curtain seized on anything they can to create the eye- ments and contribute little to the surrounding wall, and if you do that four times you’re pay- popping views that have become critical in the neighborhood’s economy. The use of mechani- ing for four extra walls of concrete and struc- increasingly competitive business of courting cal rooms to augment height may stoke the ture and steel,” he said. “If you’re adding to a wealthy buyers. The usually dark, inaccessible notion that developers are exploiting a loophole project’s height, you have to be able to recover spaces packed with machinery have given their to reach higher into the sky. it with the additional value you create.” Ⅲ projects a literal boost. “It’s like a booster chair,” said Mary Rowe, “Higher floors are more valuable,” Beninati an executive vice president at the art society. said. “It’s a bedrock rule of real estate.” “You want to have a city that happens on pur- The value of height can vary significantly, pose, not an accidental skyline. This is not liv- said Ryan Schleis, vice president of research ing up to the intention of the zoning.” and analytics at brokerage Corcoran. “In gener- al, a floor premium, controlling for other fac- Cost-prohibitive tors such as view, is 0.5% to 2%,” he said. Arthur Zeckendorf, who along with his At 220 Central Park South—the 950-foot condo brother William is building a 780-foot spire at tower being built by Vornado Realty Trust a half- 520 Park Ave., said tall mechanical rooms are block east of Columbus Circle—six of the building’s necessary to house the complex systems of lower floors are dedicated to mechanical spaces high-end, modern buildings. and will have ceiling heights ranging from 18 to 24 His tower will have six mechanical levels feet, according to a source with direct knowledge that will each be about 20 feet high, adding 120 of the project’s design. The mechanical floors will feet to the structure, a 15% height boost. The add more than 100 feet to the tower, where three rooms will contain high-capacity piping and floors were reported to be in contract to hedge- ducts necessary to deliver museum-like cli- fund billionaire Ken Griffin for about $200 million, mate control to the building’s units—an ameni- a record sum for a residence in the city. ty that wealthy buyers have come to expect. Because the mechanical space acts as a plat- “It’s like a battleship in these spaces—there’s form that elevates the building, most of the a ton of equipment,” Zeckendorf said. “You 220 CENTRAL PARK SOUTH is just a construction site. But it

BUCK ENNIS, BY IMAGE CITYREALTY condos at 220 Central Park South will start on need the high ceilings to accommodate all of it.” will rise nearly 1,000 feet into the air.

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REAL ESTATE | CAMPAIGN A DOZEN PROMISES, HALFWAY THERE The mayor has yet to fulfill all his housing pledges. That may be a good thing BY JOE ANUTA

uring his 2013 campaign dropped plans for a vacant-land tax that Freund of the Rent Stabilization for Mayor, Bill de Blasio would have needed Albany approval, Association, which represents landlords. FACTS made more than a dozen saying it would have done little to dis- The mayor did deliver on helping promises related to courage landowners from sitting on tenants in New York City Housing Court, housing. Midway empty parcels and waiting for prices to expanding funding for pro bono legal Dthrough his term, he has tackled more rise. A proposal to use $1 billion of city representation to more than $60 million than half those pledges to varying pension money to finance affordable in fiscal year 2017, a tenfold increase from 38% degrees, left others barely touched and housing was partially completed in July 2013. INCREASE in the number of pursued new initiatives. 2014, when officials announced a $350 For the lowest-income New Yorkers, homeless New Yorkers in Candidate de Blasio’s promises were million fund for this purpose. But the De Blasio quadrupled the planned num- city shelters since 2012 outlined in his 2013 policy book, One remainder depends in part on political ber of housing units compared with New York, Rising Together. The new rival city Comptroller Scott Stringer and Bloomberg. Still, critics say that’s not housing programs, outlined in a 103- the boards governing the funds. enough. page report released five months into On housing the homeless, de Blasio Changing priorities 40,204 his first term, include plans for rezon- has honored his pledge to ease the AFFORDABLE-HOUSING ing 15 neighborhoods. The mayor’s office said that some of process of getting emergency shelter. He units saved or built under Mayor de Blasio’s actions show its priorities changed after housing also has created vouchers that let families de Blasio which promises were most important, experts joined the administration, and rent private apartments, and he’s made it such as forcing private developers to that it considers the goal to build or possible for those leaving shelters to build affordable housing and hashing preserve 200,000 units of affordable access federal rent vouchers and NYCHA out a plan to fix public housing housing by 2024 and others outlined in units, reversing a Bloomberg administra- In 2013, de Blasio promised to legal- the 2014 document Housing New York to tion practice. $350M be its primary obliga- Still, the city reports that some AMOUNT of city tion to New Yorkers. 58,000 people—including 23,000 chil- pension-fund money “HE WOULD CLAIM PARTIAL City Hall says de dren—live in shelters. That’s up from to be invested in Ⅲ VICTORY,” SAID A REAL ESTATE Blasio has built or 42,000 three years ago. affordable housing saved 40,204 units. LOBBYIST.“I WOULD SAY IT IS A With a re-election run likely in 2017, voters NEAR TOTAL FAILURE TO MEET will remember whether 񡑃񡑒񡑉񡑘񡑆񡑗񡑔񡑕 THAT CAMPAIGN PROMISE” the mayor delivered on his campaign promises. 񡑅񡑆񡑐񡑉񡑗񡑙񡑀񡑑񡑖񡑀 And even some of his ize basement apartments and so-called successes could end up as liabilities. 񡑄񡑔񡑀񡑂񡑇񡑇񡑑񡑈񡑉񡑓񡑗񡑁 granny flats—rooms for rent in base- Broad campaign promises win the sup- ments or above garages that do not port of many voters, who can end up dis- 񡑓񡑱񡑨 (񡑁∃񡑦񡑤񡑁!񡑤񡑠񡑢񡑤񡑁 񡑥񡑁񡑰񡑧񡑱񡑣񡑁 meet existing building and fire codes. appointed that the mayor’s vision didn’t !∀ &񡑧񡑣񡑤񡑣񡑁񡑡(񡑁񡑒񡑂񡑒񡑁񡑓񡑩񡑤&񡑠∃ ∀+# Changing the rules could bring tens of precisely match their own, said David 񡑇񡑇񡑇񡑀񡑒񡑠∃%񡑀񡑉񡑈%񡑧񡑀񡑗%#񡑤񡑤% thousands of new apartments onto the Birdsell, dean of the School of Public 񡑘񡑤񡑢%∀񡑤񡑁񡑓񡑩񡑤&񡑠∃ ∀񡑁񡑘 񡑩%∃񡑧񡑱#񡑉 market faster and more cheaply than Affairs at Baruch College. 񡑕񡑠񡑧񡑱∃񡑤񡑱񡑠񡑱񡑢񡑤񡑁,񡑁񡑕 񡑣񡑤∀񡑱񡑧)񡑠∃񡑧 񡑱񡑁,񡑁񡑗񡑤!񡑠񡑧∀# the city could build new units. Candidate de Blasio’s pledge to make 񡑙񡑧 񡑩񡑠∃񡑧 񡑱񡑁񡑗񡑤񡑰 &񡑠񡑩# ,񡑁񡑖񡑤∋񡑁񡑑 񡑱#∃∀%񡑢∃񡑧񡑱 “The mayor’s administration has not public housing “the pride of the city” 񡑔񡑗񡑓񡑓񡑁񡑕񡑠񡑧񡑱∃񡑤񡑱񡑠񡑱񡑢񡑤񡑁񡑓&񡑠񡑩%񡑠∃񡑧 񡑱# moved on our basement-apartment won wide support. But his plan to bring campaign,” said Afreen Alam, execu- the New York City Housing Authority 񡑔!񡑢񡑠%񡑤񡑣񡑀񡑨 񡑀񡑘񡑤∃%񡑢񡑧񡑤∃%񡑤#񡑂񡑀񡑑񡑁񡑑񡑀񡑒񡑰񡑤∋񡑠%!#񡑀񡑨∃񡑀 tive director of nonprofit Chhaya CDC. into the black by developing real estate ! 񡑤񡑀!񡑥񡑀񡑓#񡑤񡑠%񡑤#񡑀񡑕񡑤(񡑀񡑙!#񡑩∗∃񡑀񡑰񡑤񡑠񡑣񡑨 񡑦񡑀񡑤񡑰񡑤∋񡑠%!# 񡑱񡑠񡑨 %񡑤 񡑠 񡑢񡑤񡑀񡑢!񡑱∀񡑠 񡑨񡑤∃񡑂񡑀(񡑨%񡑧񡑀񡑠񡑀񡑆񡑅񡑃)񡑤񡑠# “But we want them to have this on their on vacant land has been less well 񡑰񡑤񡑦񡑠񡑢)񡑀!񡑥񡑀񡑰! 񡑦񡑃%񡑤#񡑱񡑀#񡑤񡑰񡑠%񡑨! ∃񡑧񡑨∀∃񡑀񡑡&񡑨񡑰%񡑀! radar.” received. Residents at NYCHA’s Boerum %񡑧񡑤񡑀񡑧񡑨񡑦񡑧񡑤∃%񡑀񡑰񡑤∋񡑤񡑰∃񡑀!񡑥񡑀񡑢&∃%!񡑱񡑤#񡑀∃񡑤#∋񡑨񡑢񡑤񡑄񡑀 Hill development in Brooklyn complain 񡑗%񡑤񡑨 񡑤#񡑀񡑗%&񡑣񡑨!∃ Focus on housing they’ll only get basic repairs in 񡑑񡑁񡑑∗∃񡑀∀#񡑨 񡑢񡑨∀񡑠񡑰∃񡑀񡑠#񡑤񡑀񡑠񡑰(񡑠)∃񡑀񡑤񡑠∃񡑨񡑰)񡑀 The mayor also has yet to put forward exchange for giving up their parking #񡑤񡑠񡑢񡑧񡑠񡑡񡑰񡑤񡑀񡑠 񡑣񡑀񡑨񡑱񡑱񡑤񡑣񡑨񡑠%񡑤񡑰)񡑀#񡑤∃∀! ∃񡑨∋񡑤񡑀 a comprehensive proposal to ease the lots and open spaces. %!񡑀񡑠񡑰񡑰񡑀񡑤񡑱񡑤#񡑦񡑤 񡑢)񡑀񡑠 񡑣񡑀#!&%񡑨 񡑤񡑀񡑤񡑤񡑣∃񡑄񡑀 transfer of real estate air rights, even as De Blasio also promised in 2013 to the city’s Planning Department released end excessive water-bill hikes for 񡑖&#񡑀∀!#%񡑥!񡑰񡑨!񡑀񡑨 񡑢񡑰&񡑣񡑤∃񡑀∃!񡑱񡑤񡑀!񡑥񡑀%񡑧񡑤񡑀 a study last year, and said it is consider- multifamily buildings, calling them a #񡑤񡑦񡑨! ∗∃񡑀񡑥񡑨 񡑤∃%񡑀񡑢!񡑱񡑱񡑤#񡑢񡑨񡑠񡑰񡑀񡑠 񡑣񡑀 ing more fluid development-rights hidden tax used to pad the general #񡑤∃񡑨񡑣񡑤 %񡑨񡑠񡑰񡑀∀#!∀񡑤#%񡑨񡑤∃񡑄񡑀 transfers in midtown east. Research by budget. Landlords say the mayor’s most New York University’s Furman Center recent water-rate increase was 3%, but 񡑘񡑤񡑀񡑰!!񡑩񡑀񡑥!#(񡑠#񡑣񡑀%!񡑀∃񡑤#∋񡑨 񡑦񡑀񡑂񡑀񡑁񡑄 for Real Estate and Urban Policy has some of the money was still sent to the 񡑗񡑠񡑨 %񡑀񡑐񡑠#%񡑧!񡑰!񡑱񡑤(∗∃ shown that making it easier to transfer city’s general fund. City Hall promises air rights across neighborhoods or to phase out the practice of diverting beyond could encourage more develop- water-bill revenue to the general fund ment, and City Hall could take a cut of by 2022. ∋∋∋񡑃񡑣񡑣񡑤񡑩񡑤&񡑠∃ ∀񡑃񡑢񡑰 the transactions. “I’d guess he would claim partial victo- 񡑈񡑄񡑆񡑃񡑅񡑆񡑇񡑃񡑆񡑅񡑆񡑆񡑁∗񡑁񡑧񡑱񡑥 񡑐񡑣񡑣񡑤񡑩񡑤&񡑠∃∀񡑃񡑢񡑰 Other de Blasio promises are out of ry. I would say it is a near total failure to

GETTY the city’s hands. In 2014, he quietly meet that campaign promise,” said Jack

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REAL ESTATE| INDUSTRY CITY

ince Alexandra Ferguson relocated tenants. Today, about half of the 5.5 million her namesake company to Industry square feet of space is occupied. “The recruit- City in Brooklyn’s Sunset Park from ment and training we will do will spare [ten- Westchester two years ago, she has ants] the legwork and will ensure them com- hired five seamstresses from the sur- petent workers,” Kimball said. Srounding area to craft pillows that sell for as To date, the two-year-old program to help much as $100. “I knew from my experience match up Industry City tenants with local tal- managing sample rooms that Brooklyn and ent has moved more than 100 people into posi- Queens were rife with talent, but I really tions at 30 companies. Six miles north at the didn’t know where to begin,” said the 33- city-owned Brooklyn Navy Yard, which year-old Ferguson. Kimball led until taking his current job, ten- Carina Dominguez Grullon is one of them. ants draw about 250 new employees a year The 50-year-old seamstress and native of the from the area. Kimball hopes to hit the same Dominican Republic walks to work from her numbers in Sunset Park. ALEXANDRA FERGUSON nearby apartment every day to embroider Industry City’s success has some locals, staffed her Industry City pillow factory with workers inspirational quips on the company’s signa- including the 50-year-old community group from the surrounding ture pillows. “The job has changed my quality Uprose, concerned that it will bring gentrifi- neighborhood. of life, and now I’m saving to buy my own cation that will displace many of the unskilled home,” said Grullon, the primary wage earner immigrants who call the area home, in favor of for her family of four. higher-paid, better-skilled newcomers. In Industry City, which already employs some defending their efforts, Kimball and the three 4,000 low- and middle-skilled workers— community groups point to the numbers. about half of them from the surrounding Currently, half the complex’s 4,000 employ- neighborhoods of Sunset Park, Bay Ridge and ees live in Sunset Park, Bay Ridge and Red Red Hook—has undertaken ambitious efforts to hire locally. But with a dearth of skilled neighbors and a local unemployment rate of We try to ensure that those in need around 13%—about twice the Brooklyn aver- “ of jobs are equipped to get them,” age—the owners of the privately managed business park are embarking on a new effort to said David Meade, executive director HIRING train local residents for its own tenants. of Southwest Brooklyn Industrial Faculty from CUNY’s New York City College of Technology will teach classes for prospec- Development tive employees including computer skills and AROUND entrepreneurship in a 7,700-square-foot facil- ity to be called the Innovation Lab. Space is Hook. And nearly half are minorities with no available for vocational training classes and a more than a high-school education. Offering program devoted to growing a small business. more training should help locals qualify for the THE BLOCK The lab comes two years after a consortium of higher-paying jobs. owners that include Jamestown Properties, the “We try to ensure that those in need of jobs INDUSTRY CITYWORKS TO SECURE ITS developer behind Chelsea Market, began invest- are equipped to get them,” said David Meade, ing $100 million to remake the century-old, 16- executive director of Southwest Brooklyn FUTURE AS A MANUFACTURING HUB BY building complex. Tenants include tech start- Industrial Development, an economic- IMPROVING TRAINING PROGRAMS FOR ups, design firms, food producers and garment development corporation serving the busi- LOCAL RESIDENTS makers. Area nonprofits that have been working nesses and residents of Sunset Park, Red Hook with Industry City—including the Southwest and Gowanus. “At the same time, we push BY KERRY MURTHA Brooklyn Industrial Corp., the Center for Family companies moving here to consider the broad- Life, and Opportunities for a Better Tomorrow— er community in their hiring practices.” will now be able to consolidate their job pro- Six-year-old lighting business Roll & Hill grams on-site. hired three employees from Sunset Park for its “The lab will give us the physical space our shipping and receiving department and plans to partners need to operate,” said Andrew add two more within the year. “We are still Kimball, Industry City’s chief executive, growing at an annual rate of 40%,” said Jason “which in turn will make for a more seamless Miller, the company’s CEO. relationship with our tenants.” The downside of such entry-level jobs, Kimball is betting that the on-site facility including Grullon’s, is that they pay poorly— will help Industry City owners attract more from $12 to $15 an hour—though 80% of workers are eligible for health benefits and 401(k) plans. (Grullon does not get these benefits.) Anna Flores, who signed on at online jewelry retail startup BaubleBar last year, hopes her earnings will rise as she gains experience and skills. Flores is pursuing a marketing degree at Berkeley College in Manhattan on weekends. She was attracted to the position not only because it is close to home, but also because it gives her the opportunity to grow with a com- pany that has tripled its orders in the past year. “I’m hoping to eventually move into a mana- gerial position,” she said. Her current job does not include health care or retirement benefits. With a $1 billion renovation plan underway at VILDANE BALA , a worker from the Industry City, including a new hotel, a hospital- old shop who followed Ferguson to the new one ity center and retail outlets, Kimball said he expects to create 16,000 jobs over the next 10 Ⅲ BUCK ENNIS years.

18 | CRAIN’S NEW YORK BUSINESS | JANUARY 18, 2016 20160118-NEWS--0019-NAT-CCI-CN_-- 1/14/2016 6:39 PM Page 1

REAL ESTATE | BROKERS’ OUTLOOK

What impact Will more Will growing With availability What impact will will rising commercial TAMI (tech, low, will more Mayor Bill de interest rates tenants turn to advertising, landlords raise Blasio have in have on real Brooklyn based media, rents? the second half & estate? on its costs, information) of his first term? QA ‘cool factor’ firms offset Forecasts from five and proximity weakness New York real estate to staff? among financial tenants? experts BY ERIK IPSEN

I DON’T THINK that the BROOKLYN REMAINS a niche TAMI AND FINANCIAL FIRMS THIS IS CLEARLY TRUE for MAYOR DE BLASIO’S IMPACT is initial 25-basis-point market, although with consume space very office properties in most largely on the residential rise in interest rates by broad appeal, differently, in different pockets of Manhattan, sector, particularly the the Federal Reserve will particularly among parts of the city, in with shrinking changes he’s making to materially affect TAMI firms. Large different densities and availability rates and real estate tax- decision-making. I’m commercial options quantities. TAMI is more rising rents. But beware: abatement programs. more interested in where used to be largely focused on midtown This is not necessarily The most important rates will be in the next limited to MetroTech south. Those firms tend true for all asset classes. thing he can do for 12 to 18 months. A 100- and Dumbo. Now TAMI to occupy prewar Many people are commercial real estate is basis-point increase in a demand has given rise to buildings and have a wondering if retail rents to see through the shortish period would several new submarkets, higher density than FIRE have reached their peak rezoning of the midtown Colliers International MICHAEL COHEN have a material impact, some of which would (financial, insurance and and if that market is core and support the President, tristate region as it is not yet built into have been unthinkable a real estate) sector already correcting. modernization of the the market. few years ago. tenants. city’s infrastructure.

BUYERS DOING due BROOKLYN HAS MANY spaces TAMI COMPANIES have IT BODES VERY WELL for I EXPECT SOME of his diligence late last year for tenants. More helped absorb much of owners of midtown south affordable-housing probably assumed a tenants will be open to the availability in the buildings, where leases deals and initiatives will small rate increase was moving out of downtown market and signed before the rent be put into practice. His coming. Some investors Manhattan and taking have taken space in some spike of recent years are actions haven’t affected may now choose to be advantage of the non-Plaza-district, non- expiring. But landlords of residential development more selective, however. millions of square feet of trophy midtown build- average midtown because of how well the Rising rates generally space being redeveloped ings. While TAMI offers buildings might think market has performed, burden developers more in Brooklyn and of substantial upside for twice. They can expect but his influence may than buyers, given the proximity to Brooklyn- growth, questions increased competition as cause less development Chief executive

BARRY GOSIN cost of capital and the based staff. We are remain about these firms large blocks come to in certain areas if we higher loan-to-value confident enough to leasing in institutional- market from tenants experience a market or

Newmark Grubb Knight Frank ratio needed to fund have opened an office quality properties in relocating to the far West economic slowdown. construction projects. there last year. prime midtown corridors. Side and downtown.

THE CONSENSUS IS that if IN THE PAST three years, its ALTHOUGH TAMI FIRMS leased ASKING RENTS have ONE OF THE biggest policy rates are rising for the labor force has grown by the most space in Man- reached historic highs in moves in the next two right reasons (stronger 12%. Meanwhile, millen- hattan from 2011 to 2015 midtown south, mostly years will be East Side economy), then net nials are nearly 20% of (27% of all new leasing), due to the lack of quality rezoning. The mayor has operating income (rent) the population, drawn to the financial-services supply and an increase proposed permitting growth can offset the areas they can work and sector last year bounced in demand. Downtown creation of larger towers impact of upward cap- live in. This, coupled back, accounting for asking rents are also at through the sale of air rate pressures. That said, with an average vacancy almost 30%. With that an all-time high, but rights owned by my opinion is that cap of 5% over the past eight sector adding 25,000 jobs this is due to the landmarked buildings. rates will rise, and prices quarters, has led to a in two years, we are addition of the World The city would receive a will flatten and could potential 6 million SF of optimistic that, coupled Trade Center. Midtown transfer tax on the air RON RUSSO LO Cushman & Wakefield even fall slightly. But I office development and with continued TAMI asking rents are still 10% rights that would be President, tristate region don’t envision a tumble. conversions in the next growth, it will drive the to 12% off the 2008 used for public three to five years. market forward in 2016. peak. improvements.

MANHATTAN BUILDINGS are BROOKLYN HAS excellent WE ARE SEEING SOME posi- BUILDINGS IN terrific I HOPE THE MAYOR has come being acquired at very prospects, as does Long tive signs of continued locations with great to understand that low capitalization rates, Island City. Some TAMI growth, but they space will be in demand having companies feel with sellers projecting interesting projects, need to do more as the as firms look for sites that comfortable about doing big rent hikes. Any including JEMB’s office financial-services sector protect employee reten- business here requires a movement in the tower at 420 Albee cuts back. Many of them tion and recruitment. But thriving commercial real interest rate, even ½ to 2 Square, will add to the are moving to new raising rents isn’t a estate sector. Creating points, will affect “cool factor,” but what buildings, and they are universal option. Some that level of comfort investors’ analyses. But Brooklyn and LIC need is also using less space as areas are threatened by leads to job growth. At given the amount of a big-time, bellwether they become more the large availabilities the beginning of his

Jones Lang LaSalle investor demand and name that surprises the efficient and reduce projected for midtown, term, he may not have

PETER RIGUARDI the lack of supply, this market by moving in, their footprint in the and many industries are seen that, but I think that President, tristate region will not be enough to just as Google did in the city. reducing square footage he must now recognize put the brakes on sales. meatpacking district. per employee. the connectivity.

THE MARKETS had already THERE ARE tenants looking I WOULDN’T SAY that EMPHATICALLY YES, but the THE TWO biggest issues “baked in” the effect of for rent relief from the there’s weakness among real issue is where avail- facing City Hall are mid- the Fed’s move last hot midtown south mar- financial tenants. While ability is relative to equi- town east rezoning and month. Similarly, ket. Many are looking not larger ones have been librium. When availabili- transportation to grow- sophisticated only to Brooklyn, but also fairly stagnant, I see a lot ty goes to 14% from 16%, ing areas, including ferry commercial real estate Jersey City, LIC and the of growth in midsize and rents barely move. But service to less-connected investors have been Bronx. Many develop- smaller firms. In two when it dips to 8% from areas of Brooklyn. With looking at this issue for ers—some that wouldn’t Class A buildings that I 10%, they fly. We’ve the center of gravity CBRE quite a while—and have have looked at Brooklyn a represent, we’ve started seen this in midtown shifting—driven by no doubt produced decade ago—are spend- prebuilt programs—and south, a true landlords’ development on the Vice chairman game plans to reduce the ing to upgrade properties 90% of the space is market. Meanwhile, in West Side and the popu-

PETER TURCHIN risks involved and find a from manufacturing and being leased to hedge midtown and downtown larity of the Brooklyn way forward without warehouse uses to funds. the market is hovering market—transportation too much disruption. offices. right above equilibrium. needs to be readdressed.

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ith investment capital pouring into real estate projects across New York City, the local landscape is seeing an W exciting transformation—from the massive Hudson Yards development on the West Side of Manhattan to the New York Wheel, a 630-foot tall ferris wheel being built to lure tourists to Staten Island. “There is not a neighborhood that has not in one way, shape or form experienced the positive effects,” says John H. Banks III, president of the Real Estate Board of New York (REBNY).

That development is helping provide needed funds to the city to support public services. Last year, income-producing properties contributed 41 percent of all locally-generated tax revenue— amounting to more than $15 billion—via real estate taxes, transaction taxes, personal income taxes and sales taxes connected to real estate activity, according to REBNY.

Behind the hive of activity are the city’s real estate professionals, whose work will be celebrated at REBNY’s 120th Annual Banquet on January 21 at the New York Hilton. REBNY will present six awards to leaders who have had a powerful impact on New York City real estate and give a posthumous tribute to former REBNY Chairman John E. MemberMember Zuccotti. To learn more about REBNY and the stories of its high-profi le honorees, read on.

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New York City’s skyline is an icon Table of Contents Real Estate Board of New York of architectural achievement. Introduction ...... S1 COLLIERS INTERNATIONAL Index of Advertisers ...... S3 Annual REBNY Banquet Behind the great buildings that make the city an epicenter of cosmopolitan living are the real estate professionals who have devoted their lives to bringing out its Letter from our Publisher ...... S3

glory. These developers, investors and brokers make a unique contribution to Tribute to John Zucotti ...... S7 the city’s vibrant culture, creating the hubs where New Yorkers and visitors from The new year is a time for ref ection as well as looking forward. around the world can enjoy the fi nest in dining, arts and entertainment. The REBNY Advantage ...... S9 At Colliers, we celebrate the hard work of our talented and passionate Real Estate in the Digital Age ...... S11 We are honored to partner with the Real Estate Board of New York (REBNY) to professionals over the last year. And we are committed to ensuring celebrate the infl uencers and innovators who are leading the city’s real estate Tara Stacom Profi le ...... S15 that our clients achieve unequaled success in the year ahead. industry as REBNY holds its 120th Annual Banquet to commemorate the event Darcy Stacom Profi le ...... S19 in the Grand Ballroom of the New York Hilton on January 21. We are delighted colliers.com/NewYork to introduce you to the real estate industry leaders being honored there. Daniel Brodsky Profi le ...... S23 Bill Montana Profi le ...... S25 Wishing you the best for a healthy, happy and prosperous 2016! Jeffrey Levine ...... S29

Ed Piccinich Profi le ...... S31

Steve Marvin Profi le ...... S33

Millennials Reshape NYC Real Estate ...... S35

Upcoming Trends ...... S37

Jill Kaplan VP & Publisher Crain’s New York Business

Index of Advertisers

Advertiser Page Advertiser Page Advertiser Page

Avison Young (120 West 45th Street) ...... S14 Emerge 212 ...... S38 Jack Resnick + Sons ...... S24

Avison Young (1501 Broadway) ...... S13 EVO ...... S34 NYU School of Professional Studies ...... S10

Avison Young (Corporate) ...... S32 Feil Organization ...... S26 NGKF ...... S8

City National Bank ...... S18 Fried, Frank, Harris, Shriver & Jacobson LLP ...S11 REBNY ...... S40

Colliers ...... S4 Goulston & Storrs ...... S22 Servcorp ...... S20

Corcoran Wexler ...... S36 Handler ...... S30 Simone Development ...... S21

Cushman & Wakefi eld ...... S2 Herrick Feinstein LLP ...... S28 SL Green ...... S5 + S6 Durst ...... S16 Hilson Management ...... S12 Westwood Realty ...... S27 Accelerating success.

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CRAIN'S Real Estate_JAN 2016.indd 3 1/13/16 12:46 PM GOOD RESOLUTIONS

Real Estate Board of New York COLLIERS INTERNATIONAL Annual REBNY Banquet

The new year is a time for ref ection as well as looking forward. At Colliers, we celebrate the hard work of our talented and passionate professionals over the last year. And we are committed to ensuring that our clients achieve unequaled success in the year ahead.

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was under enormously stressful times during the fiscal crisis. He engendered great trust. People who dealt with him sitting across the table always trusted him. He was a very decent, straightforward guy. That’s a large reason he was so instrumental in us getting out of the fiscal morass we were in.”

Zuccotti, who served as chair of the Real Estate Board of New York (REBNY) from 2004 to 2006, will be remembered at REBNY’s annual banquet on January 21 in a posthumous tribute. He is survived by his wife Susan and his children Gianna, Andrew and Milena. BRINGING ON “In the various capacities that John Zuccotti tirelessly served this THE BEST. city, he always left an indelible, positive imprint,” said John H. Banks, III, Newmark Grubb Knight Frank has experienced tremendous growth, chairman of REBNY. “We look forward and our momentum continues to build. to honoring and remembering his vast With the addition of 175 brokers across key markets in 2015 alone, contributions and accomplishments, and by acquiring best-in-class frms to expand our coverage and in both the public and private sectors.” services, NGKF continues to grow to ensure the best platform for servicing clients. Banks said he had the pleasure of getting to know Zuccotti over the past year and could not have been more impressed with who he was as a person and his iconic role in the city. Cornish & Carey Apartment Realty REBNY to honor At the banquet, REBNY will honor Zuccotti in remembrance of his many contributions, Banks said. “He was so important, not Commercial Advisors (ARA) just for the real estate industry but also for the city, going back to the 70s Northern California’s premier commercial The nation’s largest full-service when he was deputy mayor. His passing is a very difficult time for us in the real estate brokerage frm, with 280 investment advisory frm focusing John industry. The city will also mourn the loss of someone such as John.” professionals operating from 12 cities exclusively on the multihousing industry Zuccotti had a powerful impact on many who knew him. Ric Clark, chairman of Brookfield Property Group and member of the Executive , a former Committee of REBNY, was friends with Zuccotti for 30 years. He had met Zuccotti him at Olympia & York when Clark was a junior employee and Zuccotti was REBNY chairman and prominent CEO. Clark saw Zuccotti lead the firm through a complicated restructuring. Stefner Commercial Cincinnati Commercial Real Estate Real Estate, Inc. (CCR) civic leader “He was a remarkable man—very kind and considerate, respectful of others, incredibly smart; very big-picture, goal-oriented,” recalled Clark. Metropolitan Memphis’ established full- Southern Ohio’s commercial real estate hen Alan Wiener met John Zuccotti, both were working “He was just a fun guy to be around. He was just full of life. Whether service commercial real estate specialists experts in ofce, industrial and retail for New York City during the Beame administration. you were the guy doing the mail in our office or the CEO of some major and the cornerstone for Mid-South leasing and investment sales W Zuccotti was the first deputy mayor under Mayor international bank, John always took the time to greet you, talk with you regional growth Abraham Beame, serving from 1975 to 1977. He had previously served and take an interest in you.” as chairman of the city planning commission under Mayor John Lindsay. Zuccotti often received awards for his contributions to the city and its As Zuccotti steered the city through the fiscal crisis of the 1970s, he and many charities. Clark recalled one occasion where Zuccotti was to receive Wiener began a friendship that lasted 40 years. Zuccotti, a Brooklyn resident, the Man of Vision award from the Eye Bank for Sight Restoration. After Excess Space Computerized Facility passed away suddenly from complications of a heart attack on November 19, Zuccotti began reading from crumpled notes in his pocket, the way he Retail Services, Inc. Integration, LLC 2015. At the time he was chairman of global operations at Brookfield Asset often did, he stopped suddenly and asked a young boy, whom he had

Management, overseeing the World Financial Center among other landmark just met, to come up to the stage and receive the award instead. Zuccotti, A leading specialist in real estate A premier real estate strategic consulting city properties, and a partner in Olympia & York, a property development firm Clark recalled, wanted to honor the boy’s heroism as a living eye donor. disposition, lease restructuring, and systems integration frm that manages based in Toronto. Zuccotti was also of counsel in the real estate department of lease renewals and valuations for over three billion square feet globally retailers nationwide New York-based law firm Weil Gotshal & Manges. “What he did was refocus the crowd on why their donation mattered,” said Clark. Zuccotti Park, a public square owned by Brookfield Property Partners—a branch of Brookfield Assets Management — across from 1 Liberty Tower At 78, Zuccotti still came into the office three times a week, noted Clark. in Manhattan, was named after John Zuccotti in 2006, following its He often spent his free time on Long Island. “He was an incredible We are proud of these recent acquisitions, which add to restoration from damage on Sept. 11. Zuccotti, considered one of the outdoorsman,” recalled Clark. “He’d arrange bird hunts on Long Island city’s greatest civic leaders, was instrumental in the rebuilding of Lower and invite a bunch of us to go with him. He’d have Thanksgiving lunch and our growing family and expand our services. Manhattan after the terrorist attacks. would basically serve all of the things he had shot at the Anglers’ Club in Lower Manhattan.” By all accounts, his skills in bringing people together went back to the early days of his career. “He was wonderful to work with,” said Wiener, now group Regardless of the situation, said Clark, “John made New York City and head of Wells Fargo Multifamily Capital. “He was very smart, very patient. He everything he touched better. He created a legacy that will live long after never lost his temper. He had great insights. People trusted him. He was a him by his example.” great strategist. I never saw him get visibly upset or lose his temper, and it

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The REBNY advantage: “One of the real differences of the education component at the board is that the instructors are highly successful brokers,” said Barbaccia. “They From education to support, are industry experts and are practicing their unique disciplines. Every day, they are right in the thick of things. They clearly understand the culture of to those in need, a trade New York real estate because they are in New York City and transact real estate. They not only speak about those trends, they also explore what WELL- organization helps its own might be trendy tomorrow.” hen Hurricane Sandy struck, many real estate professionals saw their businesses disrupted, and for some it was devastating. But REBNY also gives educational seminars. At a recent “Breakfast Club” Wthey were not alone, thanks to the Real Estate Board of New event, residential brokers learned about developments in the Financial York (REBNY) whose Member in Need Fund offers fi nancial support to District. Meanwhile, at REBNY’s popular “Commercial Crossfi re” events, a residential brokers and sales associates suffering catastrophic events, from panel of well-known real estate experts presents a variety of timely topics natural disaster to a personal or family member’s serious illness. The fund that affect the industry and market. In December, the topic was “Amenitize was launched in 1994. or Perish: Rise of the Full-Service Offi ce Building.”

“After Hurricane Sandy we had a few requests from people who had liter- Many of the events are designed with networking in mind. At Shark Nights, ally lost everything,” said licensed real estate broker Barbara Fox, president a roundtable educational event, for instance, instructors travel from table to PREPARED of Fox Residential Group, and co-chair of REBNY’s Residential Brokerage table discussing a “potpourri” of topics, said Barbaccia. Deal of the Year Awards & Charity Gala Committee. “They needed some time to regroup their lives before they could start working again.” They “One instructor might be talking about how to secure fi nancing for your were able to apply for grants through a highly confi dential application deal,” said Barbaccia. “Another would be advising on how to navigate the process, where even those awarding the grants do not know the identity of process of a transaction with a foreign purchaser.” the applicants. And at some at REBNY’s education events, there are cocktail hours. “It’s To raise money to support the fund, REBNY’s Deal of the Year Committee the perfect platform for young brokers to meet more senior brokers and organizes its annual Residential Deal of the Year Gala. It has raised more ask How did you become successful?” said Barbaccia. than three quarters of a million dollars, said Fox, and in 2015 raised more than $20,000 in raffl e-ticket sales and private donations. REBNY is also focused on giving back to the community. The REBNY Foundation, funded through events such as REBNY’s Annual Banquet, As many real estate bro- kers know, the professional freedom and independence they prize often requires a tradeoff: They are left to their own devices when it comes to everything from fi nancial security to staying current on the fast-changing requirements of the fi eld. REBNY, which has 17,000 real estate professionals as members, aims to make it easier for them to get the re- TO BE SUCCESSFUL AND INNOVATIVE IN REAL ESTATE NOW, MS in Real Estate sources they need to thrive YOU MUST BE AWARE OF WHAT LIES AHEAD CONCENTRATIONS: in the fi eld, said President Finance and Investment John H. Banks III. Today’s commercial real estate markets are seeing sustained growth, “ As the president of REBNY, I want to see the organization but those who pursue careers in this evolving industry, must be able to Real Estate Management “As the president of REBNY, anticipate and react to developing trends including demographic shifts, I want to see the organization continue to grow and provide services to our members,” said increased urbanization, new technologies, regional connectivity, and the MS in Real Estate Development continue to grow and provide demand for sustainability. The NYU School of Professional Studies Schack CONCENTRATIONS: services to our members,” President John H. Banks. “Without our members, we would Institute of Real Estate ofers the MS in Real Estate and the MS in Real said Banks. “Without our The Business of Development Estate Development, which integrate theory with real-world practice. members, we would not be not be able to do the things we do.” Sustainable Development Learn directly from seasoned industry veterans in the heart of NYC—the able to do the things we do.” Global Real Estate offers relief for victims of natural disasters and provides fi nancial support real estate capital of the world. Extraordinary networking opportunities, Offering state-required continuing education is a key focus at REBNY, to organizations that deliver housing and services to New Yorkers in need. internships at some of the top international frms, and study away where the Mendik Education Center seats about 100 people. REBNY For instance, the REBNY Foundation has supported the Mayor’s Fund to opportunities around the globe, provide the stellar education and the Graduate Certifcate in hosts more than 90 on-site courses throughout the year. Most offer con- Advance New York City to provide housing for the families displaced fol- vision required to ensure your success now and throughout your career. Real Estate tinuing education or licensing requirements for real estate agents. lowing East Harlem’s gas leak explosion in 2014, and is currently working to help end veteran homelessness through donations of both funding and REBNY also offers education for brokers to attain two specialized designa- apartment spaces. As Mayor de Blasio has looked for ways to get about tions, noted Joseph Barbaccia, REBNY’s senior vice president of Bro- 600 homeless veterans out of the shelter system, REBNY has participated ATTEND: A Graduate Information Session on Saturday, Feb. 20, 10 a.m. kerage Services and Education, past recipient of REBNY’s Henry Forster in discussions, Banks said. “They are working very, very hard to get them Award, and a veteran broker who was former sales director for Essential out of the shelter system,” he said. REGISTER: sps.nyu.edu/graduate-events6b VISIT: sps.nyu.edu/msre1b • sps.nyu.edu/msred1h New York Real Estate, a Manhattan residential real estate company. CALL: 212-998-7100 REQUEST INFO./APPLY TODAY: sps.nyu.edu/gradinfo6b In another charitable endeavor, REBNY’s Residential Brokerage Deal of the One of the designations is “New York residential specialist,” for brokers Year Awards & Charity Gala Committee selected the New York City AIDS who have accomplished a certain number of residential transactions in Memorial to receive a $25,000 donation. The coalition, founded in 2011, is FIND YOUR New York City. Obtainment requires 30 hours of study. The other desig- focused on recognizing and preserving the history of the AIDS crisis. Fox FUTURE SELF nation is “New York commercial professional,” the acquirement of which said the donation was given in honor of the many members of the residen- requires 48.5 hours of study. tial real estate community who have died of AIDS.

New York University is an affrmative action/equal opportunity institution. ©2016 NYU School of Professional Studies. S9

NYUSPS Offce of Strategic Marketing and Communications CRAIN'S Real Estate_JAN 2016.indd 9 1/13/16 12:46 PM Job Number: a1516-0690 Pub/Issue Date: Crains NY 1/18/2016 Product: MS Real Estate Date 1/11/16 Size: 10.875” X 14.5” Artist: dc Bleed: N/A Proof #: 4 Color/Space: Note: WELL- PREPARED

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

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New York University is an affrmative action/equal opportunity institution. ©2016 NYU School of Professional Studies.

NYUSPS Offce of Strategic Marketing and Communications Job Number: a1516-0690 Pub/Issue Date: Crains NY 1/18/2016 Product: MS Real Estate Date 1/11/16 Size: 10.875” X 14.5” Artist: dc Bleed: N/A Proof #: 4 Color/Space: Note: ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Real Estate in the Digital Age: Report, a company-sponsored report on growth, activities, statistics and From smart buildings to virtual company bios for the CRE tech industry. Real estate may be the ultimate “brick and mortar” industry, but the desire reality, technology transforms the of professionals in the field to work more efficiently is driving the adoption of real estate industry a range of new technologies. At Eastern Consolidated, a New York City firm focused on investment property sales, capital advisory and retail leasing, s those at Rudin Management like to put it, the last time brokers are using 360 degree video and 360 degree rendered models — in the Rudin family launched a startup was 100 years ago, conjunction with virtual reality (VR) gear from Samsung/Oculus, such as the A when they first started buying real estate in New York City. mobile-compatible headset, the Samsung Gear VR Innovator Edition, to Today, the Rudins, who also build and manage real estate through conduct virtual reality tours and show their spaces to distant buyers. their firm, are back at it with Prescriptive Data, a technology startup built around their proprietary smart-building system. Currently, Eastern Consolidated is selling a newly constructed, one-story commercial building at 507 West 24th Street in West Chelsea and is targeting a lot Prescriptive Data’s Digital Building Operating System Solution (Di-BOSS) acts of international buyers, said Brad Cohen, senior director at Eastern Consolidated. as an operating system for all of the systems in a building, such as heating “How do you get them to say something other than, ‘We’re not coming over for a and cooling, elevator and security systems, so that building managers can month,’ or ‘We should be there sometime in March,’? Technology is enabling us to communicate with them all simultaneously in real time. The system uses have conversations today, even if they can’t get here today.” 390 FIFTH AVENUE algorithms to predict and prescribe how much electricity or steam is needed on any given day, which helps to reduce energy use. In the first quarter of By presenting a true picture of what a property looks like through immersive, 35TH-36TH STREETS / WEST SIDE 2016, Prescriptive Data will launch version two of the technology. 360-degree photography, virtual reality tours can reel in serious potential buyers early. Cohen said that one buyer, based in China and San Francisco, RETAIL SPACE AVAILABLE “The building will finally get a brain,” said John J. Gilbert III, executive vice bought a property after a virtual realty tour without physically setting foot in it. president and COO at Rudin Management, and acting CEO of Prescriptive However, he is quick to add it was a unique situation and the purchase was 25,300 SQ FT Data. Di-BOSS was initially funded by Rudin Management and developed in influenced by both the virtual reality tour and the immersive photography of a collaboration with Columbia University’s Center for Computational Learning the neighborhood where the property was located. This enabled them to learn Systems. Research and development cost several million. more about the locale and made the property more memorable, he said.

Di-BOSS is an example of the boom in technology that is sweeping New While rendering 360-degree, photo realistic work can get expensive— York City’s real estate industry. U.S. firms involved in CRE tech, as the especially for a large building—Eastern Consolidated finds there’s a good commercial real estate technology is known, raised $92.8 million in 2015, return on investment in doing so. “Yes, it can be costly but it’s proven to be up from $44 million in 2014, according to the CRE/Tech 2015 Mid Year a marketing expense that is well worth it,” Cohen said.

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ARTHUR MIRANTE MITTI LIEBERSOHN [email protected] [email protected] 212.729.1896 212.729.7734 MICHAEL GOTTLIEB NATHAN KROPP [email protected] [email protected] 212.729.6809 212.858.9361 GREG KRAUT THOMAS HINES [email protected] [email protected] 212.729.3203 212.729.4296 ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS We are grateful to the New York brokerage Tara Stacom: Early on, Stacom said, she and her sister encountered some resistance, community for your support in helping because nepotism was frowned upon at the time. “It was a serious disad- us lease 1.1 million square feet in 2015. After breaking new ground vantage for the two of us,” said Stacom. “We were never taken seriously. Thank You. Today the irony of it is there are more sons and daughters working for their for women in real estate, fathers—pretty much—and it’s very accepted and expected.” Tara Stacom inspires a With Cushman & Wakefield then lacking in the kind of educational pro- new generation gramming where Stacom could acquire practical skills like understanding Douglas Durst Jonathan Durst the fine points of a lease transaction, or classes where she could learn from industry peers, Stacom often turned up at REBNY.

“REBNY was instrumental in the early years because the big firms didn’t AVISON YOUNG CENTURY 21 METROPOLITAIN DOUGLAS ELLIMAN MB REAL ESTATE have those workshops,” said Stacom. Martin Cottingham Rebekah Metz Brian Kapchan Gere Ricker Anthony LoPresti COLLIERS HANLEY ADVISORS NEWMARK GRUBB Fast forward to today where Stacom, an executive vice chairman at Cush- Arthur Mirante INTERNATIONAL NY LLC Steve Kaufman KNIGHT FRANK man & Wakefield, has consistently been one of the firm’s top-producing CBIZ GIBRALTAR Michael Cohen Kyle Ciminelli JANSIZIAN GROUP brokers, including one of its top three in the New York Region and top five RE SERVICES James Emden Jared Horowitz worldwide over the past decade. She has previously been named one of Phil Metzidakis Eric Galanti Leon Manof Tatsuru Kono Crain’s New York Business’ 100 Most Influential Women in New York City Peter Simel JLL David Simson Business, was a Realty Foundation of New York honoree, and Woman of CBRE the Year honoree of the New York Women Executives in Real Estate. Robert Alexander THE CORCORAN GROUP Ed DiTolla NOVO INTERNATIONAL Frank Doyle Ryan Alexander Madi Assouline Linyue Chen Patricia Ardigo Craig Slosberg “The best outcome,” she said, “is I have CRESA SAVILLS-STUDLEY Chris Corrinet JRT REALTY GROUP Jane Roundell Allyson Bowen Conor Denihan Jodi Pulice so many women entering the minor David Carlos James Einstein CUSHMAN & WAKEFIELD KAUFMAN LEASING COMPANY Christopher Foerch Frederick Fackelmayer Andrew Braver and wanting to get into real estate. It’s Elliot Warren Daniel Horowitz Michael Geoghegan John Cefaly Gary Kerper a wonderful pipeline to help with the David Hollander Dan D’Agnes LEE & ASSOCIATES Lance Leighton William Iacovelli Conner Daugstrup Matthew Burlant Evan Margolin diversity in our industry.” Emily Jones Nicholas Dysenchuk Peter Braus Michael Mathias Rocco Laginestra Matthew Etlinger Richard Kave hen Tara Stacom became Cushman & Wakefield’s top-pro- A low point for Stacom was when Darcy left Cushman & Wakefield in 2002 Howard Nottingham Brad Needleman Jonathan Fein Brad Schwarz ducing broker worldwide, women around the world wrote to to join CBRE. “It was a sad moment for me,” Stacom said. But the two are Key Otomo Silvio Petriello Gus Field JP Sutro tell her how she had inspired them. At the time, in 2004, Stacom still close. At family gatherings, said Stacom, “We do have a lot of fun as girls Jef rey Peck W Zachary Price David Green was the first woman to have ever earned the coveted achievement. talking about juicy stuff in our industry—Can you believe this is happening? The Tatiana Tarassenko Clyde Reetz Jamie Katcher soap-opera stuff of our business is what we always get to after a glass of wine.” Greg Taubin Ramneek Rikhy Josh Kurilof “I got emails from across the globe from Russia, China and Germany,” recalled Robert Lowe THE SQUARE FOOT Stacom in a recent interview. “It was so meaningful to many women, who re- Stacom lives in Manhattan with her husband Arthur Hill Diedrick, Jr., a Connecti- Samuel Spillane David Mainthow Arash Sadighi alized ‘I can get there.’ You don’t realize the impact you really do have until you cut real estate developer. Harly Stevens Robert Stillman Jon Mayeske get correspondence like that.” TRANSWESTERN J. Paul Stimpfl e Fernando Murillo For 2016, Stacom said she is focused on continuing Cushman & Wakefield’s Michael Gochman Joel Wechsler Justin Royce At its upcoming 120th annual banquet, the Real Estate Board of New York September 2015 merger with DTZ, a privately owned real estate firm. Andrew Hawkins (REBNY) will award the The Bernard H. Mendik Lifetime Leadership in Real Nicholas Weld Jonathan Schindler Estate Award to the Stacom family. The winners of this award include Tara “It truly enhanced the platform we have as individuals to offer our clients,” Daniel Wilpon Aron Schreier WHARTON PROPERTY ADVISORS Stacom; her late father, Matthew Stacom, former chairman of Cushman & Stacom said. “I’ve benefitted greatly with my global accounts and can far better James Searl Ruth Colp-Haber Wakefield; and her sister Darcy Stacom, vice chairwoman and head of the service them. Our foundation cities are much stronger. Our platforms and the Tara Stacom Investment Properties group for CBRE’s New York Office. Their late mother service lines we have to offer within those foundation cities are more robust.” Alan Stein was a commercial broker at Cushman & Wakefield. Peter Trivelas On the New York City real estate scene, she is working on continuing to Wayne Van Aken The ever-busy Stacom—who juggled a phone interview with a business lease remaining availabilities at One World Trade Center and continuing Barry Zeller call she jumped off of temporarily—has spent most of her career in the to fill 180 Maiden Lane, a 1.2 million-square-foot LEED-certified tower in family business. One feather in her cap is the leasing of Condé Nast in the Seaport District currently being renovated under a $28 million capi- 2011 as an anchor tenant at One World Trade Center. tal improvement plan by owners Clarion Partners and MHP. “We’ve just finished our huge amenity floors in the building,” said Stacom, pointing to Stacom didn’t start out in real estate. After graduating with a finance degree its glass facade on all sides, waterfront views and extensive fitness ameni- from Lehigh University, she took a job at Time Inc.—an announcement she ties. “Showing it today is easy. You will literally show it and an offer comes made by pay phone, to which her father responded by hanging up on her. in immediately following.” Currently floors 2 through 10 are mostly leased, and she is moving on to floors 11 and up, she said. “I wanted to go to Wall Street but the recession of 1980 hit and the Wall Street firms were not hiring,” recalled Stacom. Stacom, who likes deal-making in the Devon & Blakely coffee shop at Rockefeller Plaza, has also set her sights on filling 75 Rockefeller Plaza in Her career at Time Inc. was short lived. Stacom and 13 other colleagues hired 2016. “It’s going to turn the corner as the renovation plans get realized in with her in an HBO division got laid off a year later. the first quarter of next year,” said Stacom.

“I went home to live, not having an income,” Stacom said. “My father said, Outside of work, Stacom has focused on projects such as chairing Lehigh ‘You can’t live here rent-free.’ He said, ‘You’ve got to come work for me at University’s real estate minor in the business school, known as Integrated Cushman & Wakefield to help pay your rent. I went to work with him and Real Estate at Lehigh (ire@l). She proposed the idea for the program as a his team and, of course, I never saw Dad; he was five or six people up the trustee of the university. “The best outcome,” she said, “is I have so many chain. I was the lowest lackey on the team. I never left. Father knows best.” women entering the minor and wanting to get into real estate. It’s a won- derful pipeline to help with the diversity in our industry.”

S15 Leasing Contacts: Tom Bow [email protected] 212.257.6610 | Eric Engelhardt [email protected] 212.667.8704

CRAIN'S Real Estate_JAN 2016.indd 15 1/13/16 12:46 PM We are grateful to the New York brokerage community for your support in helping Thank You. us lease 1.1 million square feet in 2015.

Douglas Durst Jonathan Durst

AVISON YOUNG CENTURY 21 METROPOLITAIN DOUGLAS ELLIMAN MB REAL ESTATE Martin Cottingham Rebekah Metz Brian Kapchan Gere Ricker Anthony LoPresti COLLIERS HANLEY ADVISORS NEWMARK GRUBB Arthur Mirante INTERNATIONAL NY LLC Steve Kaufman KNIGHT FRANK CBIZ GIBRALTAR Michael Cohen Kyle Ciminelli JANSIZIAN GROUP RE SERVICES James Emden Jared Horowitz Phil Metzidakis Eric Galanti Leon Manof Tatsuru Kono Peter Simel David Simson CBRE JLL Robert Alexander THE CORCORAN GROUP Ed DiTolla NOVO INTERNATIONAL Frank Doyle Ryan Alexander Madi Assouline Linyue Chen Patricia Ardigo Craig Slosberg CRESA SAVILLS-STUDLEY Chris Corrinet JRT REALTY GROUP Jane Roundell Allyson Bowen Conor Denihan Jodi Pulice David Carlos James Einstein CUSHMAN & WAKEFIELD KAUFMAN LEASING COMPANY Christopher Foerch Frederick Fackelmayer Andrew Braver Elliot Warren Daniel Horowitz Michael Geoghegan John Cefaly Gary Kerper David Hollander Dan D’Agnes LEE & ASSOCIATES Lance Leighton William Iacovelli Conner Daugstrup Matthew Burlant Evan Margolin Emily Jones Nicholas Dysenchuk Peter Braus Michael Mathias Rocco Laginestra Matthew Etlinger Richard Kave Howard Nottingham Brad Needleman Jonathan Fein Brad Schwarz Key Otomo Silvio Petriello Gus Field JP Sutro Jef rey Peck Zachary Price David Green Tatiana Tarassenko Clyde Reetz Jamie Katcher Greg Taubin Ramneek Rikhy Josh Kurilof Samuel Spillane Robert Lowe THE SQUARE FOOT Harly Stevens David Mainthow Arash Sadighi Robert Stillman Jon Mayeske TRANSWESTERN J. Paul Stimpfl e Fernando Murillo Michael Gochman Joel Wechsler Justin Royce Andrew Hawkins Nicholas Weld Jonathan Schindler Daniel Wilpon Aron Schreier WHARTON James Searl PROPERTY ADVISORS Tara Stacom Ruth Colp-Haber Alan Stein Peter Trivelas Wayne Van Aken Barry Zeller

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valuation and marketing materials.” Structuring deals has also become more important, she said. In some cases, she might be selling a 49% inter- est in a building, for instance, so buyers and sellers can take advantage of better tax efficiency.

Powerful mentors helped Stacom learn the nuances of the field. One was Arthur Mirante, former CEO of Cushman and Wakefield, who is now

“I just keep moving and try not to think about it,” said Stacom, the vice chairman and head of the Investment Properties Group for CBRE’s New York office. “Often a couple of deals are going on A simultaneously. It’s rare you only have one big deal at a time. If you stop and think about it, you’re like, Oh my God.”

Darcy Stacom: principal and Tri-State president of real estate solutions firm Avison Young, Two words not to say to Darcy in New York City. Developer Richard Fisher, now deceased, and Marty Edelman, who is of counsel in the real estate practice of Paul Hastings in Stacom: Sit down New York City, also proved to be willing guides.

sk what the highlights of her career have been, and elite “I ended up with Richard Fisher and Marty Edelman as mentors from the broker Darcy Stacom will rattle off a list of some of the University of Pennsylvania transaction, where we acquired the buildings A city’s best known real estate deals: General Motors, the sale of they now have as their club on West 44th Street,” Stacom recalled. “You Peter Cooper Village and Stuyvesant Town, the Park Lane Hotel sale. The never know where a mentor comes from. Arthur used to always say to me: list goes on. What have you done for me lately? What’s the next goal? Where are we going from here? You can do more.” Stacom provided brokerage and advisory services on the sale of the Park Lane Hotel, formerly a Helmsley property, for $653 million in 2014. She Fortunately, it took little to motivate Stacom do more. “The good news is also brokered the $1.4 billion sales of a 40% stake in the General Mo- I am that classic, really driven person,” Stacom said. “My mother in law tors building in 2013 and the $5.4 billion sale of Peter Cooper Village and often goes, Sit down. I’m not good at sitting down. My idea of relaxing is to Stuyvesant town to developer Tishman Speyer Properties in 2006. go out and work in my garden in Connecticut for eight hours. I’m not good at sitting down.” How does she stay calm when the stakes are so high? “I just keep moving and try not to think about it,” said Stacom, the vice chairman and head Stacom, who owns a home in Easton, Conn., with her husband Chris of the Investment Properties Group for CBRE’s New York office. “Often a Krause, a managing director at Jones Lang Lasalle, managed to juggle her couple of deals are going on simultaneously. It’s rare you only have one big deal-making with raising two daughters, Amber and Teal, now grown. deal at a time. If you stop and think about it, you’re like, Oh my God.” “As they were growing up, they only cared if I was selling a building that Stacom will be honored by the Real Estate Board of New York’s (REBNY) had a really cool tenant they could relate to,” said Stacom. “‘Yeah, Mom, 120th Annual Banquet, as a recipient of The Bernard H. Mendik Lifetime we know you sold that one.’” I would make sure they [Amber and Teal] Leadership in Real Estate Award. She will be sharing the award, which will came to the office. That was more to have chair races or climb on top of be given to the Stacom family, with her late father Matthew Stacom, former the cubicle. That was more for fun.” chairman of Cushman & Wakefield; and her sister Tara Stacom, executive vice chairman at Cushman & Wakefield. Amber now works at Tischman Speyer in the sustainability group. “Her interest is in the sustainability side of real estate,” said Stacom. Teal is Stacom, known by some in the city as “Queen of the Skyscrapers,” thanks to studying marketing communications in college. “We’ll see,” Stacom said. a Wall Street Journal article, started out in the industry working with her father at Cushman & Wakefield in the 1980s. She made the leap to CBRE in 2002. In recent years, Stacom has increasingly made it a point to mentor young women at her firm, as Mirante, Fisher and Edelman guided her. Examples “Tara was great about working with Dad but I found it hard to work in that include Barbara Emmons, now a vice chairman in Los Angeles, and Patrice group,” said Stacom, who said she wanted to be in control of her own Meagher, now a senior vice president in New York City. “I make the time as destiny and finances. She did, however, discover that she loved real estate, I can,” she said. “You kind of pick up people as you go along.” and focused early on, on building sales and capital markets. “I stayed in the field because there was money to be made,” she said. One of her mentees is a young woman from the firm’s San Francisco office who has asked her advice on deals, work/life balance and other matters. At the time, selling buildings wasn’t the complicated scenario it is today, when “‘She says, It’ll only take 5 minutes,’” said Stacom. “She does it so effec- selling buildings has evolved into a specialty career heavy on the advisory element. tively she gets me on the phone.”

“In the old days, you’d find out someone wanted to sell 540 Madison Ave- Given the pace at which Stacom works, those quick discussions are no nue, and you’d go out and offer it to five people,” Stacom said. “Someone doubt very fruitful. “I can pack more into an hour than 90% of people,” might want to buy it. Today, you have to create all of these sophisticated Stacom said. “I’m definitely hyper efficient. Nothing like having kids.”

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CRAIN'S Real Estate_JAN 2016.indd 19 1/13/16 12:46 PM TECH TOUCH

RISE

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THE CONCORDE 225 East 64th Street (btwn. Second & Third Avenue) New York, New York

Lower Level: 3,000 to 10,500 RSF

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Paul Wexler, Licensed Assoc RE Broker | o: 212.836.1075 | [email protected] | healthcare-properties.com

Simone Healthcare Development Group, a division of Simone Development Companies, partners with healthcare providers to create turnkey ambulatory medical facilities in the New York metropolitan area. The company establishes long-term relationships with healthcare providers that encompass every aspect of locating, designing, building, and operating a new facility. By undertaking expansion in partnership with Simone Healthcare Development, healthcare providers reduce their expenditures on real estate services. Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. 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. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. We congratulate our Canadian client

a women’s fashion accessories,

clothing and footwear retailer

on the lease of their fi rst store in the US at the Crossgates Mall in Albany, New York

goulstonstorrs.com ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Behind every successful Building often, fathers and sons can find it difficult to work together, but we really found it quite easy, and I give him credit for that. Owner is a host of incredibly talented In the beginning I was learning and he was very patient with Brokers and steadfast Tenants. me.”

He recalls that at the time, New York’s real estate scene was Jack Resnick & Sons thanks the following Firms and the Brokers who represented them, very different. as well as our existing Tenants that renewed their commitment to New York City in 2015. “It was really just a small group of

families doing the majority of the The City of New York One Kings Lane Target Corporation 2322 THIRD AVENUE 315 HUDSON STREET 255 GREENWICH STREET building,” he said. “Now people represented by: represented by: represented by: Robert Giglio of Cushman & Wakefield Peter Gross of Douglas Peter Ripka & Jeff Howard of from all over the place are com- & Ellen Israel of JRT Realty Elliman Commerical Ripco Real Estate ing in and are involved in New Marchon Eyewear QS Investors Holding Midtown Orthopaedic 8 WEST 40TH STREET 880 THRID AVENUE Specialists Management represented by: 485 MADISON AVENUE York City real estate. It really has Snezana Anderson, Leonard Dimicelli & Vision Service Plan represented by: Bernard Weinstabel of CBRE 8 WEST 40TH STREET Jim Wenk & Kirill Azovtsev of JLL evolved into an international city, a represented by: RP Management Icahn School of Medicine Snezana Anderson, Leonard Dimicelli & 110 EAST 59TH STREET global city more than it was in the at Mount Sinai Bernard Weinstabel of CBRE 255 GREENWICH STREET Stanton Public Relations 70s, when I was first building.” represented by: TED Conferences & Marketing Jonathan Serko & Frank Cento of 315 HUDSON STREET 880 THIRD AVENUE Cushman & Wakefield Financing has also gotten easier, with interest rates still low, Livingston Holdings Culbro he adds. Fourth Wall Restaurants 485 MADISON AVENUE 880 THIRD AVENUE 880 THIRD AVENUE Manhattan Physical Medicine In addition to finishing the Enclave at the Cathedral, currently, Empire Physical Therapy Daniel Brodsky: Interpublic Group of Companies & Rehabilitation & Athletic Rehabilitation Brodsky is setting his sights on completing a 440-unit rental project at 336 250 HUDSON STREET 133 EAST 58TH STREET 133 EAST 58TH STREET A well-known developer makes Flatbush Avenue Extension in Brooklyn. “For both, the construction is wind- represented by: represented by: ing down at this point,” he said. “For this coming year, we will be finishing Robert Romano of JLL Paul Wexler & Kathleen Caracappa Brad Gorsky, D.M.D. an art of championing the city’s those projects and renting them.” of Wexler Healthcare 133 EAST 58TH STREET Coinmach cultural institutions Asked who his favorite architects are, he said, “The architects we’re work- 235 WEST 56TH STREET Joshua M. Most, D.D.S. Blooming Nails ing with currently are some of my favorites.” He pointed to Sofield, along 133 EAST 58TH STREET 430 EAST 72ND STREET or Daniel Brodsky, each building his firm develops in New with Peter Claman, Rick Cook and Gary Handel. DMR USA Daniel Hsu York City is unforgettable. “They were each a labor of love 133 EAST 58TH STREET Bustler Coffee represented by: 485 MADISON AVENUE 133 EAST 58TH STREET F and all-consuming when I built them,” he said. “I know the He also sees a few key challenges for the New York City real estate com- represented by: layouts of the buildings. They all stay in my mind pretty clearly.” munity. “The question is: Is the market getting too heated up at this point?” Pardis Zarei of Platinum Property Group New represented by: York Alexandra Turboff of Branded Conor Kenney & Jonathan Schindler asks Brodsky. “Is it a realistic market? When you’re building I don’t know Concept Development of Cushman & Wakefield Brodsky is senior partner of the Brodsky Organization, which does large- how many condos that are supposed to be selling for more than $10 mil- Bochner Chiropractic scale residential and mixed-use development in Manhattan. It manages lion or $20 million, how deep is that market? How realistic is that?” Coinmach & Sports Injury Care Jacqueline White Gallery 401 EAST 80TH STREET more than 6,500 residential units, as well as retail and office space. 133 EAST 58TH STREET 205 WEST 57TH STREET Real estate taxes are also on his mind. represented by: T-Mobile Northeast At the 120th Annual Banquet of the Real Estate Board of New York (REB- East Side Pediatric Dental Mike Antkies of Lansco Corporation 485 MADISON AVENUE NY), Brodsky, who is also chairman of the Metropolitan Museum of Art “A big challenge in New York City is that the real estate taxes on buildings 133 EAST 58TH STREET and a trustee for the New York City Ballet, will receive the Harry B. Helms- without tax abatements are close to 30% of the rent role,” he said. “That is represented by: Jack Victor Cubit Corporation ley Distinguished New Yorker Award which is presented to an industry a big challenge—how these buildings can make money.” Stanley J. Piesh of Prime 8 WEST 40TH STREET 133 EAST 58TH STREET member for invaluable contributions to New York’s civic welfare and the Manhattan Realty represented by: real estate community. Among the Brodsky Organization’s recent projects When he has time to slow down, Brodsky enjoys observing New York Corey Abdo of Coldwell Banker 72nd Apple Farm Grocery are a luxury condo at 135 E. 79th Street. Designed by architect William City’s streetscapes and city lights. “Sometimes, on lower floors, looking William S. Harwayne, D.M.D. Commercial Alliance 434 EAST 72ND STREET 133 EAST 58TH STREET Sofield, Brodsky said, “It is a great architectural statement.” Another is the down at parks, seeing people walking around … I find those views—city- residential Enclave at the Cathedral at 113th Street on the grounds of the scapes and city activities—very interesting,” he said. Cathedral of St. John the Divine, which Brodsky aims to complete in 2016. “Working with nonprofit organizations and seeing how we helped them and Brodsky lives in Manhattan with his wife Estrellita, an art historian and they helped us has been very special,” he said. philanthropist with a Ph.D. in art history. His sons Alexander and Thomas work in the business with him, along with his nephew, Dean Amro. His Brodsky got his start in real estate in 1970, when he joined what became daughter, Katy Brodsky, is an attorney interested in prison reform. the Brodsky Organization, the business his father Nathan launched in 1951 Jack Resnick & Sons Owners & Builders Since 1928 to rehabilitate Greenwich Village brownstones and office buildings. In addi- Each year, a highlight of Brodsky’s year is hosting a dinner at the Metro- 110 East 59th Street tion to developing residential housing, Brodsky and his father got involved politan Museum of Art for the Real Estate Council, which he chairs. It has New York, NY 10022 in a series of hotel conversions in the 1970s, turning them into apartment raised more than $20 million for the MET. 212-421-1300 houses. One was the Carteret, at 208 W. 23rd Street in Chelsea. www.resnick.nyc “I strongly believe there is a major tie between the quality of life in New York Along the way, Nathan Brodsky was both a close friend and a mentor, City and the real estate industry,” he said. “The better the parks, museums, Brodsky said. “He had an ethical way of doing business that I was brought theater are, the better the city is. All of these cultural institutions and parks Proud to be a member up with, and a sense of fairness, which I really respected,” he said. “Very make the city into what it is.”

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CRAIN'S Real Estate_JAN 2016.indd 23 1/13/16 12:46 PM Behind every successful Building Owner is a host of incredibly talented Brokers and steadfast Tenants.

Jack Resnick & Sons thanks the following Firms and the Brokers who represented them, as well as our existing Tenants that renewed their commitment to New York City in 2015.

The City of New York One Kings Lane Target Corporation 2322 THIRD AVENUE 315 HUDSON STREET 255 GREENWICH STREET represented by: represented by: represented by: Robert Giglio of Cushman & Wakefield Peter Gross of Douglas Peter Ripka & Jeff Howard of & Ellen Israel of JRT Realty Elliman Commerical Ripco Real Estate

Marchon Eyewear QS Investors Holding Midtown Orthopaedic 8 WEST 40TH STREET 880 THRID AVENUE Specialists Management represented by: 485 MADISON AVENUE Snezana Anderson, Leonard Dimicelli & Vision Service Plan represented by: Bernard Weinstabel of CBRE 8 WEST 40TH STREET Jim Wenk & Kirill Azovtsev of JLL represented by: RP Management Icahn School of Medicine Snezana Anderson, Leonard Dimicelli & 110 EAST 59TH STREET at Mount Sinai Bernard Weinstabel of CBRE 255 GREENWICH STREET Stanton Public Relations represented by: TED Conferences & Marketing Jonathan Serko & Frank Cento of 315 HUDSON STREET 880 THIRD AVENUE Cushman & Wakefield Livingston Holdings Culbro Fourth Wall Restaurants 485 MADISON AVENUE 880 THIRD AVENUE 880 THIRD AVENUE Manhattan Physical Medicine Empire Physical Therapy Interpublic Group of Companies & Rehabilitation & Athletic Rehabilitation 250 HUDSON STREET 133 EAST 58TH STREET 133 EAST 58TH STREET represented by: represented by: Robert Romano of JLL Paul Wexler & Kathleen Caracappa Brad Gorsky, D.M.D. of Wexler Healthcare 133 EAST 58TH STREET Coinmach 235 WEST 56TH STREET Joshua M. Most, D.D.S. Blooming Nails 133 EAST 58TH STREET 430 EAST 72ND STREET DMR USA 133 EAST 58TH STREET Bustler Coffee Daniel Hsu represented by: 485 MADISON AVENUE 133 EAST 58TH STREET Pardis Zarei of Platinum Property Group New represented by: represented by: York Alexandra Turboff of Branded Conor Kenney & Jonathan Schindler Concept Development of Cushman & Wakefield Bochner Chiropractic Coinmach & Sports Injury Care Jacqueline White Gallery 401 EAST 80TH STREET 133 EAST 58TH STREET 205 WEST 57TH STREET represented by: T-Mobile Northeast East Side Pediatric Dental Mike Antkies of Lansco Corporation 485 MADISON AVENUE 133 EAST 58TH STREET represented by: Jack Victor Cubit Corporation Stanley J. Piesh of Prime 8 WEST 40TH STREET 133 EAST 58TH STREET Manhattan Realty represented by: Corey Abdo of Coldwell Banker 72nd Apple Farm Grocery William S. Harwayne, D.M.D. Commercial Alliance 434 EAST 72ND STREET 133 EAST 58TH STREET

Jack Resnick & Sons Owners & Builders Since 1928 110 East 59th Street New York, NY 10022 212-421-1300 www.resnick.nyc

Proud to be a member ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Bill Montana: downtown office. A SPECIAL THANK YOU

In a relationship-driven business, Montana later joined the Edward S. Gordon Company, where he To the Brokers Who Helped Make 2015 a Successful Year! negotiated large lease transactions before being recruited to join the broker Bill Montana makes sure he firm now known as Savills Studley, in 1996. There, he plays the role of a doesn’t miss out on any tenant advocate. “What I do is help the users of office space discover and better hen Bill understand their needs, explore the market and negotiate leases on their Montana, behalf” he said. Wsenior managing director Along the way, Montana has relied on the mentorship of Paul J. Massey, of commercial real Jr., president, New York investment sales at Cushman & Wakefield. estate advisory “When I was chairman of the Young Men’s/Women’s Real Estate firm Savills Studley, Association of New York, he invited me to join the Commercial Board 7 PENN PLAZA FRED F. FRENCH BUILDING 570 LEXINGTON AVENUE 488 MADISON AVENUE 551 Fifth Avenue needs to deliver of Directors, which oversees the commercial division of REBNY,” said Laurence Briody/Brian Gell Lance Leighton/ Daoud A. Awad/Chris Kraus CBRE Eric Ferriello Michael Bertini JLL documents in a Montana. “He sort of groomed me to be his successor. Paul and I Retail Wholesale and Colliers International Savills Studley Hahn & Hessen LLP deal, he usually became good friends. He ultimately became a client. He’s got a lot of Department Store Union The Cheyenne Group Marlin & Associates Christel Engel does it on foot. For wisdom and is very generous in sharing that wisdom. I’m so lucky to David A. Kahane Bill Montana Evan Margolin Colliers International one thing, he loves have him as a friend and mentor.” DAK Commercial Realty, Inc Savills Studley Savills Studley Schaffer, Schonholz to walk. For anoth- Gruber Palumberi Raffale, P.C. R2Net, LLC Millbrook Capital & Drossman, LLP Management Inc. er, doing business At Savills Studley, Montana provides real estate advisory services on Joseph Mangiacotti Jonathan Schindler Paul A. Haskin CBRE Cushman & Wakefield Stephen Sunderland CBRE in person often many high-visibility deals. Recently, he helped the Teachers’ Retirement TranSystems Corporation Eclipsed, LLC Optimal Spaces Crowe Horwath LLP leads to friendships System of the City of New York restructure its lease and expand from Alexander Benisatto/ Randy Abend Artemis Wealth Advisors, LLC Conor J. Denihan and indirectly to 160,000 square feet to 190,000 square feet. “I saved them money in the Conor J. Denihan JLL Edward F. Egan CBRE other deals. process,” he said. CBRE Iguana Healthcare Halstead Property, LLC Varagon Capital Northstar Group Services, Inc. Management, LLC Dominick & Dickerman, LLC Management MGP, LLC “I’ve gotten to In the past year, he also worked with nonprofits, such as Samaritan Steven Kaplan Jesse Rubens Neal Lerner Jaimie S. Katcher meet attorneys Village, a comprehensive human services agency in New York, and The Lansco Corporation MHP Real Estate Services, Inc Neal J. Lerner & Company, Inc. Cushman & Wakefield Brian Raphan & Associates Kleinberg, Kaplan, Wolff Ostrager Chong Flaherty Cotton Incorporated who represent LiveOn New York, which is focused on reshaping the future of aging. & Cohen, P.C. & Broitman P.C. Ken Kronstadt CONCOURSE PLAZA landlords,” said Newmark Grubb Knight Frank Kyle Greiert David W. Berke Montana, who “I love to do not-for-profit work because not only are you getting to do John E. Osborn P.C. Mohr Partners Cushman & Wakefield Irwin Rachlin Brown Harris Stevens represents tenants. the fun real estate deals you love to do but you are helping the not-for- Josh Stuart Supplemental Heathcare, Inc. Ziegler, Ziegler & Associates American Stenographic I say, `I want to shake hands.’ They’re often incredulous. They say, ‘That profits,” Montana said. “I enjoy doing that a lot.” JLL Michael Hirsh/Wyatt Melzer Nicholas M. Gilman was really nice of you.’ I’ll end up spending half an hour with that person AFIAA U.S. Investments, Inc. CBRE Coldwell Banker Commercial Alliance 2001 MARCUS AVENUE Strata Energy Investments, LP The Swedish American and making a friendship.” Montana’s pitch to his clients is that he will help them make very informed Justin Lee Ken Ruderman TheSquareFoot Doug Campbell Chamber of Commerce, Inc. real estate decisions and leverage their tenancy in the market to get the Savills Studley O.C. Tanner Company Campbell Real Estate Advisory Montana will receive The Louis Smadbeck Broker Recognition Award at best deal—but he balances tenants’ desire for short-term gains with the 841 BROADWAY Hair Club For Men Andrew Stein Sandler, Travis the Real Estate Board of New York’s (REBNY) 120th Annual Banquet. need for a productive long-term relationship with the landlords. & Rosenberg, P.A. Samuel Clark GARDEN CITY CENTER Vicus Partners Cushman & Wakefield Richard Freiman & Associates 100 Quentin Roosevelt Boulevard 140 WEST 57TH STREET EY and the Law Offices of Jerry Guerra/ Montana decided New York City was the ideal place to launch his career. Growing Joseph Monaco, P.C. Michael Robbins Paul Berkman/Davie Berke Jeffrey Nemshin Redwood Property Group JLL Paragon Group 145 WEST 30TH STREET Synpulse USA, Inc. Maison Kayser Miller & Milone up, he said, he’d heard the expression, “If you’re going to be a bear, be a grizzly,” Elie Reiss Laura Belt Stephen Sjurset/ Jack Britvan Skylight Leasing L.K. Belt, LLC David LaPierre Commercial Realty Services and applied the same logic to his career. Said Montana, “If you’re going to get into Knock Twice, LLC O.R. Elder, Inc. CBRE Vincent J. Russo & Associates Ken Lerner Santander Bank 250 PARK AVENUE SOUTH Joseph Lopresti Okada & Company this game, which isn’t easy, go all in. Go to New York City, the ultimate crucible.” Jason Frazier 853 BROADWAY JLL CBRE Bloch, Inc. Jonathan Plotkin/Taylor Bell Armao LLP All Market, Inc. Colliers International Wayne Steinberg 200 WEST 57TH STREET Howard Rosenblum/ BCAM USA, LLC Real Estate Strategies The award celebrates a commercial broker with exceptional personal “There are times I may have incredible leverage over landlords but I Alan Rosinsky Michale Affronti/ JGM Resources and professional integrity, leadership, prominence in the brokerage don’t use the situation to make unreasonable demands,” said Montana. Jareed Sternberg Metro Manhattan Office Kaufman Organization Nicholas Weld Marc Berkowitz Space, Inc. community and service to REBNY’s committees. “I try to get a good deal for my client and leave the landlord happy as CBRE The Rochlin Organization ODA Architecture Hapworth Psychiatric well. These leases in New York are for 10 and 15 years. You can kill the Shaw Industries FBA of Syosset 251 PARK AVENUE SOUTH Services, P.C. Montana entered the real estate field in 1988. “I’ve always read landlord but I think it’s a self-defeating way to conduct business. I think it Craig Hantgan Jed Aber Joshua Sands Michael Laginestra, CBRE Esquire Properties biographies and autobiographies to study what successful people had is ultimately counterproductive. If you are going to be in a building for 10 Justin Royce Stewart Lantner, D.D.S. Sandmark Realty Chop’t Salad REI done,” he said. “Once people had achieved success in other fields, or 15 years, you are going to need things from the landlord. I never want Cushman & Wakefield Joseph Lombardi Jonathan Wasserstrum most seemed to ultimately invest in and get involved in real estate. My the landlord to feel burned.” Herman Miller Masserano Real Estate TheSquareFoot QUEENS ATRIUM grandfather Bill Montana was a commercial real estate broker. His wife Carnegie Oral Surgery, LLC 261 FIFTH AVENUE Breather Products John Morill/John Reinertsen/Michael Lee Theresa was a residential real estate broker. My dad had some real estate When he’s not working, Montana and his wife Jan and their almost Michael Dubin/Jesse Topal Chris Salizzoni CBRE Robert Gallucci Savitt Partners, LLC dealings as well, but it was not his main business. I knew about it from 9-year-old daughter Theresa, are avid skiers—although he has been AC Lawrence Real Estate DDC Colliers International Extend Fertility MBF Trading the kitchen table.” known to take business calls on his Android phone from the chairlift. The Party Rental Acquisitions, LLC Barry Rosner family, which lives in Greenwich, Conn., also enjoys volunteer work and is Barry Fishback Newmark Grubb Knight Frank Robin Fisher RKF CUNY Originally from Lake George, N.Y., Montana decided New York City was very involved in programs for the Knights of Columbus. Newmark Grubb Knight Frank Capital One the ideal place to launch his career. Growing up, he said, he’d heard the Daniel Kuhn, M.D., P.C expression, “If you’re going to be a bear, be a grizzly,” and applied the same “We have a lot of fun doing that,” said Montana. “You meet the greatest logic to his career. Said Montana, “If you’re going to get into this game, people. Anybody can write a check. I really enjoy doing the on-the- which isn’t easy, go all in. Go to New York City, the ultimate crucible.” ground work.” That’s because whether he’s feeding the homeless or delivering a contract that’s ready to be signed, Montana doesn’t miss a Owner/Manager :: 7 Penn Plaza, NY, NY 10001 His first job was at Newmark & Company, a large landlord representative chance to meet people. “If you walk down Park Avenue with me, I’ll run 212.563.6557 :: www.feilorg.com firm in New York City, where he played a leading role in establishing its into 10 people I know,” he said. NOTHING BEATS 60 YEARS OF STABILITY.

S25

CRAIN'S Real Estate_JAN 2016.indd 25 1/13/16 12:46 PM FO526.Lease Trans-REBNY Crains 1-18-16.indd 1 1/12/16 3:34 PM A SPECIAL THANK YOU To the Brokers Who Helped Make 2015 a Successful Year!

7 PENN PLAZA FRED F. FRENCH BUILDING 570 LEXINGTON AVENUE 488 MADISON AVENUE Laurence Briody/Brian Gell 551 Fifth Avenue Lance Leighton/ Daoud A. Awad/Chris Kraus CBRE Eric Ferriello Michael Bertini JLL Retail Wholesale and Colliers International Savills Studley Hahn & Hessen LLP Department Store Union The Cheyenne Group Marlin & Associates Christel Engel David A. Kahane Bill Montana Evan Margolin Colliers International DAK Commercial Realty, Inc Savills Studley Savills Studley Schaffer, Schonholz Gruber Palumberi Raffale, P.C. R2Net, LLC Millbrook Capital & Drossman, LLP Joseph Mangiacotti Jonathan Schindler Management Inc. Paul A. Haskin CBRE Cushman & Wakefield Stephen Sunderland CBRE TranSystems Corporation Eclipsed, LLC Optimal Spaces Crowe Horwath LLP Alexander Benisatto/ Randy Abend Artemis Wealth Advisors, LLC Conor J. Denihan Conor J. Denihan JLL Edward F. Egan CBRE CBRE Iguana Healthcare Halstead Property, LLC Varagon Capital Northstar Group Services, Inc. Management, LLC Dominick & Dickerman, LLC Management MGP, LLC Steven Kaplan Jesse Rubens Neal Lerner Jaimie S. Katcher The Lansco Corporation MHP Real Estate Services, Inc Neal J. Lerner & Company, Inc. Cushman & Wakefield Brian Raphan & Associates Kleinberg, Kaplan, Wolff Ostrager Chong Flaherty Cotton Incorporated & Cohen, P.C. & Broitman P.C. Ken Kronstadt CONCOURSE PLAZA Newmark Grubb Knight Frank Kyle Greiert David W. Berke John E. Osborn P.C. Mohr Partners Cushman & Wakefield Irwin Rachlin Brown Harris Stevens Josh Stuart Supplemental Heathcare, Inc. Ziegler, Ziegler & Associates American Stenographic JLL Michael Hirsh/Wyatt Melzer Nicholas M. Gilman AFIAA U.S. Investments, Inc. CBRE Coldwell Banker Commercial Alliance 2001 MARCUS AVENUE Justin Lee Strata Energy Investments, LP The Swedish American Chamber of Commerce, Inc. Ken Ruderman TheSquareFoot Doug Campbell Savills Studley O.C. Tanner Company Campbell Real Estate Advisory 841 BROADWAY Hair Club For Men Andrew Stein Sandler, Travis & Rosenberg, P.A. Samuel Clark GARDEN CITY CENTER Vicus Partners Cushman & Wakefield Richard Freiman & Associates 100 Quentin Roosevelt Boulevard 140 WEST 57TH STREET EY and the Law Offices of Jerry Guerra/ Joseph Monaco, P.C. Michael Robbins Paul Berkman/Davie Berke Jeffrey Nemshin Redwood Property Group JLL Paragon Group 145 WEST 30TH STREET Synpulse USA, Inc. Maison Kayser Miller & Milone Elie Reiss Laura Belt Stephen Sjurset/ Jack Britvan Skylight Leasing L.K. Belt, LLC David LaPierre Commercial Realty Services Knock Twice, LLC O.R. Elder, Inc. CBRE Vincent J. Russo & Associates Ken Lerner Santander Bank 250 PARK AVENUE SOUTH Joseph Lopresti Okada & Company 853 BROADWAY JLL Jason Frazier Bloch, Inc. CBRE Jonathan Plotkin/Taylor Bell Armao LLP All Market, Inc. 200 WEST 57TH STREET Colliers International Wayne Steinberg BCAM USA, LLC Real Estate Strategies Howard Rosenblum/ Alan Rosinsky JGM Resources Jareed Sternberg Metro Manhattan Office Michale Affronti/ Kaufman Organization Space, Inc. Nicholas Weld Marc Berkowitz ODA Architecture Hapworth Psychiatric CBRE The Rochlin Organization Services, P.C. Shaw Industries FBA of Syosset 251 PARK AVENUE SOUTH Jed Aber Craig Hantgan Michael Laginestra, CBRE Joshua Sands Stewart Lantner, D.D.S. Esquire Properties Sandmark Realty Justin Royce Chopt Salad Cushman & Wakefield Joseph Lombardi REI Herman Miller Masserano Real Estate Jonathan Wasserstrum Carnegie Oral Surgery, LLC TheSquareFoot QUEENS ATRIUM Breather Products 261 FIFTH AVENUE Michael Dubin/Jesse Topal John Morill/John Reinertsen/ Robert Gallucci Savitt Partners, LLC Chris Salizzoni Michael Lee Colliers International Extend Fertility AC Lawrence Real Estate CBRE Party Rental Acquisitions, LLC MBF Trading DDC Robin Fisher Barry Fishback Barry Rosner Newmark Grubb Knight Frank RKF Newmark Grubb Knight Frank Daniel Kuhn, M.D., P.C Capital One CUNY

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

FO526.Lease Trans-REBNY Crains 1-18-16.indd 1 1/12/16 5:53 PM

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Thanks to our clients and friends for partnering with us on billions of dollars in financings, developments, joint ventures, acquisitions, and other high-profile real estate transactions.

In 2015, we were pleased to welcome sixteen new members to our real estate team:

PARTNER: • Ellen Shapiro

COUNSEL: • Ariadne Bender • David Kaufman • Jonathan Makarowitz • Anne McCaughey • Lisa Segal • Louis Seminski, Jr.

ASSOCIATES: • Michael Dabah • Mark Falcon • Jason Goldstoff • Erin Goodman • Terry Kim • Jason Kleinman • Joshua Lustiger • Tzvi Weisz

CHIEF LAND USE & DEVELOPMENT SPECIALIST: • Eldad Gothelf

Herrick, Feinstein LLP Attorneys at Law

ACQUISITIONS & SALES | LEASING | COOPS & CONDOS | DEVELOPMENT | CONSTRUCTION | FINANCE | JOINT VENTURES

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Jeffrey Levine: member of its Board of Governors. Jeffrey Levine’s passion for building After attending City University of New York’s City College School of MOVING FORWARD Architecture at night while working in construction by day, Levine began MOVING FORWARD extends to his charitable endeavors hunting for his first professional job. At that time in 1972, he found that jobs were few and far between. Answering an advertisement in the New on MANY FRONTS York Times, he got a job working as an assistant superintendent for on MANY FRONTS Herbert Mandell, a major renovator of large vacant buildings in New York City. Levine had been offered $150 per week to work in another position for about 80 hours a week, for an architect, while he pursued his licensing We are actively seeking to participate in exams—but Mandell offered $300 for 40 hours. “It was twice the pay for We are actively seeking to participate in half the hours,” recalled Levine. investment partnerships or acquire investment partnerships or acquire By 1979, though, Levine realized he did not want to be an employee and properties for our own account. started his own construction business, becoming a minority partner to properties for our own account. developers at first. He grew the company by working with a number of city properties for our own account. agencies where financing was readily available with little equity, because Our range of activities include of sweat equity provisions the city allowed. He gradually branched out Our range of activities include into small condominium projects and expanded into larger rentals, hotels, Our range of activities include senior-living facilities and other projects. Ownership Ownership Strategic Acquisitions “I very much enjoyed the challenge Strategic Acquisitions and accomplishment of building Agency Representation Agency Representation construction,” said Levine. “I enjoyed Tenant Representation Tenant Representation Property Management the accomplishment associated with Property Management building buildings. The bigger and more

s a young man living in Brooklyn and Queens, Jeffrey complex they got, the more challenging Levine turned to local contractors to find carpentry work A and discovered a calling. “I very much enjoyed the chal- and satisfying it was.” lenge and accomplishment of building construction,” said Levine. “I enjoyed the accomplishment associated with building buildings. The bigger Along the way, Mandell acted as a mentor, giving Levine an overview of and more complex they got, the more challenging and satisfying it was.” the development process. Mandell’s father Henry, prominent in the roaring twenties, was the developer for classic buildings such as London Terrace, Little did Levine know that those early gigs would lead to a career where he the apartment complex in Chelsea, and the Pershing Square Building, a would eventually develop thousands of residential units of all stripes, and 24-story office tower on Park Avenue between 41st and 42nd Streets that millions of square feet of commercial, retail, office and institutional space. is now owned by SL Green. Today he is chairman of residential developer Douglaston Development, construction firm Levine Builders, and Clinton Management, which Other mentors have been Burt Resnick, chairman and CEO of Jack manages and operates projects for Douglaston Development. His buildings Resnick & Sons, Inc., an owner, builder and manager of commercial have won many awards. For instance, 555 West 23rd Street received both space, and Alan Wiener, group head of Wells Fargo Multifamily Capital, the National and NY Regional Design Award of Excellence from the Society both of whom he said, have been “great friends throughout the years.” of American Registered Architects. For Levine, it’s also been a career John Banks III, president of REBNY, and Steven Spinola, REBNY’s former throughout which he has been a strong presence in many city charities. president, are also role models, said Levine.

Early to spot the potential for redeveloping Williamsburg, Levine recently “The industry is always changing but the value of character and integrity developed the 1.5-million-square-foot mixed-use project known as The have never changed,” he said. “Those people that have it have it.” Edge, along the community’s waterfront. It includes about 1,000 residential units, more than 60,000 square feet of retail, a water taxi pier and a What is different in the industry, Levine has found, is how project financing pedestrian esplanade. is obtained. At one time, it came mainly through bank loans and mezzanine lenders, he noted. “Today, large projects can only be achieved with the “We were early innovators,” Levine said. “We saw Williamsburg as a great participation of equity partners—either insurance funds or pension funds,” opportunity going back to 2001, when it was all basically industrially zoned.” he said. Scott Galin, Principal Scott Galin, Principal Levine was also involved in bringing 90 West Street back into service after Levine’s many charitable, community and industry activities include serving Scott Galin,646.747.4688 Principal it was structurally and cosmetically damaged in the Sept. 11 attacks. It had as president of the Jewish National Fund—“following in the footsteps of 646.747.4688 been built in 1906 by Cass Gilbert, who went on to become the architect Ron Lauder, which is something I am very proud of,” he said. In addition, of the Woolworth building. With use of Liberty Bonds, it was one of the first he is a founding Member of the New York State Association for Affordable damaged buildings to be put back into service after 9/11. Housing. He is also on the board of St. Mary’s Healthcare System for Children, which serves many low-income families. “It is one of my favorite buildings in the world,” Levine said. His wife Randi has been very active in charitable work, too. “None of At the Real Estate Board of New York’s (REBNY) 120th Annual Banquet anything I do would be possible without her support,” said Levine. Their on January 21, Levine will receive the Kenneth R. Gerrety Humanitarian children Benjamin, Jessica and Dara have also gravitated to charitable Award, which recognizes a REBNY member’s meritorious service to the activities. “I’m very proud they have been following in both my wife’s and community. Levine is a member of REBNY’s Executive Committee and a my footsteps, in that fashion,” he said. Handler-re.com Handler-re.com S29 Handler-re.com

HRE-1071 Handler - New Camping Corporate_Crains_10.87x14.5_V1.indd 1 1/8/16 9:51 AM CRAIN'S Real Estate_JAN 2016.indd 29 1/13/16 12:46 PM HRE-1071 Handler - New Camping Corporate_Crains_10.87x14.5_V1.indd 1 1/8/16 9:51 AM HRE-1071 Handler - New Camping Corporate_Crains_10.87x14.5_V1.indd 1 1/8/16 9:51 AM 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

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Ed Piccinich: scarce, he also prides himself on his team’s diversity: about 60% are women. “I think it has something do with me and my son being outnumbered at home,” From running the World Trade Center he said.

to shaping the city skyline, SL Green One of six children, Piccinich studied engineering at Manhattan College in exec Ed Piccinich is living his dream Riverdale. After graduation, he married his wife Roseanne whom he’d met while they were high-school students: she at Fort Lee High School in New Jersey and he at St. Joseph of the Palisades High School in West New York. “I was a senior and she was a junior,” he said.

It was Piccinich’s father, a Croatian immigrant from the former Yugoslavia who did terrazzo flooring work in the construction industry, who helped him get his first interview at the Port Authority.

“My dad was out on a job at Newark International Airport,” recalled Piccinich. “He befriended one of the guys that would come over—Jack Cohen, [head of aviation construction]—I still know his name. He said, `My son is graduating from engineering school. Would you guys be interested in seeing him?’” Piccinich soon got an interview. “Next thing I knew, I got an offer from the Port Authority to get into their one-year management-training program,” said Piccinich. “I have to thank my dad. He decided, on his hands and knees, to get the attention of an executive. It turned out to be a wonderful career.”

he New York City blackout. The blast of the first terrorist attack Since Piccinich entered the world of commercial real estate, he says the field on the World Trade Center in 1993. Hurricanes Irene and Floyd. has changed dramatically. For one thing, the technology is evolving rapidly. “I T Superstorm Sandy. remember my first cell phone,” he said. “It was a cinder block.” “When it comes to New York City’s emergencies, I think I’ve seen them all And thanks to technology, the industry has also become more of a 24/7, firsthand,” said Edward V. Piccinich, former general manager of operations 365-day-a-year commitment. for the World Trade Center and Port Authority of New York and New Jersey. Not only has he seen them, but he’s also had the opportunity to help the city recover from them. “You have to thrive on it,” Piccinich said. “If you don’t do it with a passion and don’t Piccinich, now executive vice president of SL Green Realty Corp., will receive The George M. Brooker Management Executive of the Year Award at the 120th have the enthusiasm required to create Annual Banquet of the Real Estate Board of New York (REBNY). The award recognizes individuals of superior accomplishment in property management enough momentum to do great things, based on outstanding professionalism, civic achievement and contributions to the real estate industry. you’re not going to succeed.”

At SL Green Realty Corp., a large real estate investment trust (REIT) and the Fortunately, he loves it—and counts himself very lucky when he looks back largest landlord in New York City, he manages development, redevelopment, at what his parents went through. When his parents escaped from the former construction, operations, and underwriting for all potential acquisitions and Yugoslavia in the late fifties and spent two years in Italian refugee camps after structured finance deals. He leads a team of about 140 people. He joined the World War II, they were separated during the journey. His mother, traveling firm in 2002. “Every building, before it came into our portfolio, was looked at by with his older sister, who was then a small child, and a brother who was then my team to make sure we were making the proper investment,” said Piccinich. a baby, suffered a tragedy along the way through Italy. “He would only live to 6 months old,” said Piccinich. “He got sick along the way.” His father never got Before joining SL Green, Piccinich was a vice president at JP Morgan, where he to meet his brother. His sister, who had muscular dystrophy, died in her early oversaw operations at properties such as 15 Broad Street and 23 Wall Street. thirties from the disease. He served at the Port Authority of New York and New Jersey for a decade. He was working at the World Trade Center during the 1993 bombing, and was 90 The loss of his sister has prompted philanthropic commitments to muscular feet away from the blast. “I lost half a dozen friends,” he said. dystrophy, in addition to charitable commitments to St. Francis Food Pantries and Shelters, the Diabetes Research Institute, National Jewish Health and Among Piccinich’s most exciting projects at the moment is One Vanderbilt, SL other nonprofits. “All of those things are interconnected with my career and the Green’s planned, super-tall skyscraper in Midtown East intended to be a new people I’ve met,” said Piccinich. successor to Rockefeller Center. After many years in New Jersey, Piccinich and his wife recently moved to “We’re knocking down the whole city block, right outside of Grand Central,” he Manhattan, where his favorite view is of Central Park, with the skyline backdrop, said. “It’s going to be connected to East Midtown access. We are almost done when looking south from within the park. “I feel I’m going to need the next 30 to demolishing the four buildings. Being a part of the assemblage taking place 40 years to see all of the historic sites along Central Park,” he said. “It’s exciting over the last 10-plus years and finally seeing the buildings come down, it’s really to see what Frederick Law Olmstead has created.” Now that the couple has exciting.” taken up running, he enjoys the views from the paths in the park. “No matter what time of day, no matter what the temperature, we take a different route He has also embraced a new responsibility for which his CEO and president every time,” he said. chose him: overseeing technology for SL Green. “They have referred to me as a ‘good field general’ in the past, and I appreciate the challenge, especially when The couple has raised three children together. Piccinich’s 27-year-old daughter, I have their full support,” he said. Amy, who went to Lehigh University, is a vice president, global real estate at JP Morgan Chase. His 21-year-old daughter, Carly, was just named captain of the At SL Green, Piccinich says the energy and commitment of his youthful team softball team at University of Notre Dame; and his son, Derek, 16, attends The keeps him inspired. “That full autonomy they give me is something I’m very Lawrenceville School, a boarding school in New Jersey. Said Piccinich, “I pinch proud of,” he said. “I’m sprinting along.” In a field where women are often myself and feel like I’m living the dream.”

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Steven Marvin: “The canteen can be used for meet-ups, all-hands-on-deck meetings, breakfast and lunch,” Marvin said. “People can be working there in groups, A rising industry star makes his sitting on bar stools, etc. People are building telephone breakout rooms mark on New York real estate— and smaller rooms so you can have private meetings, private phone calls.” and the community Some companies are also questioning whether there should be permanent desks for every worker.

“There’s a lot of remote-working going on,” he said. “If a company is growing at a very rapid pace, do you have desks for everyone or do some people come in two days a week? I think that’s going to have some impact going forward on how much space tenants take.”

Sam Rosenblatt, president of Olmstead Properties, has been Marvin’s mentor. “I have worked with him for the last 24 years,” Marvin said. “I worked with him to reposition 180 Varick Street, now home to many architecture and design buildings. His grandfather had built it in the 1920s; it was a printing and manufacturing building. I was fortunate enough that he brought me on to work with him. We transformed it into one of the most soughtafter office buildings in Hudson Square Market.”

Media, technology and creative companies have become bigger players on the local landscape. “We need to be responsive to the needs of that group of tenants—which means broadband capabilities, amenities and retail.” teven H. Marvin, executive managing director and partner at Olmstead Properties, Inc., will receive the Young Real Estate Man Marvin tries to pay it forward through YMWREA. “I’ve done the mentoring Sof the Year Award at the Real Estate Board of New York’s (REBNY) program through YMWREA a couple of times,” he said. “I think I’ve helped 120th Annual Banquet on January 21. some younger guys with advice.”

Marvin, will receive the Young Real Estate Man of the Year Award at His goal for 2016 is to keep Olmstead Properties’ buildings at the highest the Real Estate Board of New York’s (REBNY) 120th Annual Banquet occupancy possible and work with existing tenants who need to expand, on January 21. Selected by the Young Men’s/Women’s Real Estate and look for ways to serve them. “I’m still an old-school person, where I Association of New York (YMWREA), the award goes to a member who like to meet people face to face,” he said. “A lot of transactional work is exemplifies strong integrity, professionalism and personal ethics. Marvin done over computer. I think we’re in the service business. I like to be out serves on the Admissions Committee for the YMWREA. and about with my tenants, so I can understand what their needs are.”

At Olmstead Properties, Marvin is responsible for the leasing and marketing When he has a moment to pause, his favorite view in New York City is of about 2.5 million square feet of Manhattan properties in SoHo, Hudson from the top of Rockefeller Center. “I also like some of the downtown Square, and the City Hall, NoMad and Fashion districts. He is a tenant views at One World Trade Center,” he said. “I’ve been fortunate enough in representative whose other clients include Paperless Post, Intent Media, S. the business to be in a lot of pretty special buildings. I’ve seen views from Rothschild & Company and SR Gambrel. throughout the city.”

After earning his bachelor’s degree from Clark University, Marvin started When he meets clients, Marvin gravitates to restaurants like Lure Fishbar his career in the training department of Saks Fifth Avenue in 1987 and and Fanelli’s Café in SoHo or Wolfgang’s Steakhouse in Midtown. “Our networked his way into a job as an onsite leasing agent. In 1992, he office is on 8th Avenue,” he said. “I like to go to what’s convenient.” joined Olmstead Properties, where he represents tenants. Marvin was the leasing/managing agent guiding the conversion of 584-588 Broadway When he’s not working, Marvin loves spending time with his wife Samantha into office space in SoHo; it was one of SoHo’s first transformations and two children, Lily and Aaron. of a manufacturing building into a commercial office building. In 1995, Olmstead and its partners purchased the building, which they still own and He is also a trustee at the Educational Alliance, which provides education, operate today. arts, health and wellness and social services to New Yorkers from locations in Lower Manhattan. Active in Project Ore, a program that serves Jewish Marvin has seen many changes in the industry since he started his career, homeless people with mental disabilities, he was an honoree at the when the local industry was still dominated by real estate families. “One of the Educational Alliance’s 2015 gala. biggest changes is that real estate has become a traded commodity,” he said. Marvin is also co-chair of admission at Fresh Meadow Country Club, Media, technology and creative companies have become bigger players on cochairof the UJA Federation of New York’s Sites and Sounds Committee, the local landscape. “We need to be responsive to the needs of that group of Real Estate Division and member of the executive board and board of tenants—which means broadband capabilities, amenities and retail,” he said. directors of The Hudson Square Business Improvement District. It’s hard to envision someone so active in the community living elsewhere, but if he Tenants are also utilizing their workspaces differently, reflecting how had to live outside of New York, Marvin has an idea where he would go. younger generations interact and work efficiently, he said. Many are “If I didn’t have to work, I’d probably go somewhere out west and ski and gravitating to multi-purpose spaces. play golf,” he said.

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Millennials Reshape NY Real Estate: looks like an opportunity. They start spinning their wheels. What REBNY allows people to do is get a little taste of everything. Certainly, the fi rst year For up-and-coming brokers, or two it’s okay to be a generalist. Then you really have to pick what you the right mentors can jump start want to do. Whether you are doing leasing, sales or fi nance, you really need to pick. Are you doing landlord representation? Tenant representa- The Right Prescription For All Of Your Healthcare Real Estate Needs a career tion? Working with law fi rms? Technology fi rms? The business has become The Right Prescription For All Of Your Healthcare Real Estate Needs very specialized.” hen Connor Sullivan, 30, an associate director in the Midtown AVAILABLE PROPERTIES Manhattan offi ce of Colliers International, entered the real estate REBNY has tried to make it easier for new members in the fi eld to make AVAILABLE PROPERTIES Wfi eld about seven years ago, he quickly realized how many skills informed decisions about their future career path through a variety of pro- he needed to master to succeed. grams, according to Nelson.

ARTIST RENDERING “There are certainly challenges to anyone starting up the business,” said For instance, REBNY introduced the Commercial Real Estate Early Access ARTIST Sullivan, who previously worked at a real estate investment management program to help new commercial brokers familiarize themselves with how RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THERENDERING DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THE DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL fi rm. “There’s a lot to learn about negotiation. You have to dedicate yourself At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease to a long-term career. You can’t just jump out of the gate and expect to At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY close deals the fi rst year or two.” “When entering the fi eld, I would Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease

Fortunately, Sullivan had willing mentors. Working on a team led by Colliers recommend they get to know as many International Chairman Alexander Jinishian, Sullivan has had a chance to get involved in business development on a regional and national level. He people as they can at their own fi rm,” said turned to Jinishian for advice recently when a client decided not to hire a UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO New York City attorney familiar with the quirks of local leases, which put Sullivan. “Sit down. Have conversations with Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale him at a potential fi nancial disadvantage. “Alex is very good at reading a Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street them. Learn about some of their battles. Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale lease and discovered areas where we could reclaim value,” said Sullivan. Plan on being extremely patient in the Another key mentor has been Cynthia Foster, president, national offi ce services at Colliers International. “Any time I am trying to get in touch with business. Commissions don’t necessarily certain fi nancial services tenants, I speak with her about strategy,” said MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE Sullivan. “It’s nice to have someone like that in your court.” come in your fi rst year. It takes time.” 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease Like Sullivan, many Millennials and older career changers are discovering At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease that real estate can be very promising fi eld, especially if they have mentors the organization works and connect with senior brokers. Each graduating willing to help them. The Real Estate Board of New York (REBNY) has more class of participants gathers quarterly as a group that has two mentors than 300 commercial members joining every year, according to James and hears guest speakers. “Five to 10 years from now, they will all have Nelson, vice chairman of Cushman & Wakefi eld and chair of REBNY’s advanced in their careers and be able to help each other as they grow,”

Commercial Board of Directors. said Nelson. PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S As a past winner of REBNY’s “Most Promising Commercial Salesper- Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place son of the Year Award,” Nelson himself partook in another mentoring Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale opportunity the trade organization offers: the Commercial Broker- age Circle of Winners events, which take place four times a year. There, he and other winners in the Circle got a chance to learn from luminaries in the fi eld—among them Jerry Speyer whose fi rm owns a controlling stake in Rockefeller Center, RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL developer David Walentas, and Mary Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease Ann Tighe, CEO of CBRE’s New York Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues Tri-State region. The Circle of Winners Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease award goes to promising brokers who have fi ve years of experience in the business or less.

“To have access to these kinds of leg- LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** ends has been an amazing thing,” said Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale Nelson. Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue Unlike many fi elds that have shrunk in the digital era, real estate is expand- Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale ing. The U.S. Bureau of Labor Statistics (BLS) projects 11% growth in jobs Participating in REBNY’s mentoring and education programs often inspires for brokers and sales agents through 2022. And New York, in particular, members to pay it forward by mentoring others. Sullivan, who had attend- can be a very good place to build a real estate career. The mean annual ed Commercial Crossfi re events at REBNY on timely topics such as the wage of real estate agents in New York State ranges between $58,190 to Garment District, and a panel moderated by Tighe at REBNY’s Members’ ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT $94,410, which is in the top quartile for the country, according to the BLS. Luncheon in November 2015, now looks for opportunities to mentor young 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street brokers who are entering the business. Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues Still, getting established in real estate can be challenging in the fi rst few Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease years, often because new professionals have yet to build the relationships His advice to new real estate professionals? Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. they need to succeed. Time management is another common challenge Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. for newcomers, say seasoned pros, as many aren’t sure what niche is right “When entering the fi eld, I would recommend they get to know as many Paul L. Wexler | Licensed Associate Real Estate Broker | o: 212.836.1075 | [email protected] for them. people as they can at their own fi rm,” said Sullivan. “Sit down. Have JosefPaul Yadgarov L. Wexler | Licensed| Licensed Real Associate Estate Real Salesperson Estate Broker | o: 212.836.1097 | o: 212.836.1075 | [email protected] | [email protected] conversations with them. Learn about some of their battles. Plan on being KathleenJosef Yadgarov Caracappa | |Licensed Licensed Real Real Estate Estate Salesperson Salesperson | |o: o: 212.836.1097 212.893.1441 | | [email protected] [email protected] “The challenge for people new in the business is that in this business, you extremely patient in the business. Commissions don’t necessarily come Kathleen Caracappa | Licensed Real Estate Salesperson | o: 212.893.1441 | [email protected] have to learn to specialize,” said Nelson. “Sometimes, people coming in in your fi rst year. It takes time.” Fortunately, he has found, having the right The complete offering terms are in an offering plan from *Sponsor File No: CD110149 **Sponsor File No: CD890467 Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, don’t know what they want to do yet. They start chasing anything that mentors can speed up the learning curve. NY, NY 10065. All information furnished regarding property for sale or rent orThe regarding complete financingoffering terms is from are in sources an offering deemed plan fromreliable, *Sponsor but Corcoran File No: CD110149 makes no **Sponsor warranty File or No:representation CD890467 as to the accuracy thereof. All property information is presented subject to errors,Real omissions,estate agents price affiliated changes, withchanged The Corcoran property Groupconditions, are independent and withdrawal contractor of the propertysales associates from the and market, are not without employees notice. of AllThe dimensions Corcoran providedGroup. Equal are approximate.Housing Opportunity. To obtain The exact Corcoran dimensions, Group Corcoranis a licensed advises real youestate to brokerhire a qualifiedlocated at architect660 Madison or engineer. 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. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. S35

CRAIN'S Real Estate_JAN 2016.indd 35 1/13/16 12:46 PM

The Right Prescription For All Of Your Healthcare Real Estate Needs

AVAILABLE PROPERTIES

ARTIST RENDERING

RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THE DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease

UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale

MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease

PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale

RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease

LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale

ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease

Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. Paul L. Wexler | Licensed Associate Real Estate Broker | o: 212.836.1075 | [email protected] Josef Yadgarov | Licensed Real Estate Salesperson | o: 212.836.1097 | [email protected] Kathleen Caracappa | Licensed Real Estate Salesperson | o: 212.893.1441 | [email protected]

The complete offering terms are in an offering plan from *Sponsor File No: CD110149 **Sponsor File No: CD890467 Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. 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. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. The Right Prescription For All Of Your Healthcare Real Estate Needs

AVAILABLE PROPERTIES

ARTIST RENDERING

RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THE DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease

UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale

MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease

PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale

RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease

LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale

ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease

Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. Paul L. Wexler | Licensed Associate Real Estate Broker | o: 212.836.1075 | [email protected] Josef Yadgarov | Licensed Real Estate Salesperson | o: 212.836.1097 | [email protected] Kathleen Caracappa | Licensed Real Estate Salesperson | o: 212.893.1441 | [email protected]

The complete offering terms are in an offering plan from *Sponsor File No: CD110149 **Sponsor File No: CD890467 Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. 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. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Upcoming Trends: offi ce building located in the Hunts Point section is almost full, noted Ellen Israel, managing director at JRT Realty Group, a full-service commercial New York City real estate pros real estate fi rm in Manhattan. JRT was the leasing agent for the property. remain optimistic for 2016 One tenant is a city agency that occupies 200,000 square feet, she said. “That area is heating up,” said Israel. “There are some buildings around any industry professionals expect 2016 to be an exciting year for there that have decent bones. They have subway access.” New York City real estate, despite developments like the recent Mhike in interest rates, a softening in new offi ce leasing, and the Also noted in Ariel’s report is the addition of three new hotels. One ripple effect of China’s economic slowdown is a 69-room Holiday Inn Express slated for completion in 2016 at 500 Exterior Street. “This has been a fantastic year for real estate in New York City,” said John H. Banks III, president of the Real Estate Board of New York The Bronx has seen an infl ux of investors developing vacant land, (REBNY). “There have been mega deals that have gone through, both especially in the South Bronx and the Mott Haven sections, noted Shkury. in terms of large properties and Stuy Town. There have been individual “You have the second wave of smaller developers going there mostly to buildings that have broken records for sale. There is so much positive build commercial but also residential rentals,” he said. about what is happening in real estate, and not just in the traditional Manhattan central business district. The growing strength of the real If the borough is to attract new residents, it will need to add more and estate industry in the other boroughs is a relatively new phenomenon better retail, according to Israel. “You can go for blocks and blocks I see continue to grow in the year to come and in the future.” without a coffee shop,” she said, adding that the Bronx also needs more drugstores, clothing stores, restaurants and supermarkets. Said Israel, Here’s a look at some of the key trends New York City real estate “In order to fi ll your building, you need to bring things people are going to professionals are watching in 2016. want.” She believes that landlords who are willing to offer attractive rents to such businesses will fi nd themselves in a strong position. Queens has its moment Brooklyn gets even hipper From the growth of trendy lodgings like the Paper Factory Hotel to the Falchi building’s full occupancy by commercial tenants, all signs point to a strong Peter Hauspurg, chairman and CEO at real estate investment services fi rm year for Queens real estate, say local brokers. And hot neighborhoods like Eastern Consolidated, expects to see Brooklyn expand to its outer edges. Long Island City and Astoria aren’t the only ones percolating. “We’re going to see the continuation of the transformation of Brooklyn as it reaches into areas like Gowanus, East New York, and Bedford “You’re seeing pockets of strength in Flushing, Sunnyside and other markets,” Stuyvesant—areas that have not previously seen the kind of development said David Brause, president of Brause Reality, which specializes in the we’ve seen in Williamsburg, the Heights and downtown Brooklyn,” said long-term ownership, management and development of commercial real Hauspurg. estate assets. Brause is also chairman of both the Long Island City Business Improvement District and the Queens commercial division of REBNY. Affordable housing remains a concern

One draw for Long Island City is its accessibility to Manhattan, with As rents in many neighborhoods skyrocket, the demand for affordable abundant subway lines, ferry service into Manhattan and 11 new bike- housing will increase. “It’s interesting to see the city is allowing smaller share docking stations, Brause notes. units—or micro units—which might start to pick up steam,” said Shkury.

Local real estate experts say that one up-and-coming neighborhood to The proposed extension of the watch is Jamaica. New residential developments include The Dermot 421-a, tax abatement program Company’s Moda, which has brought 346 residential units to 153-30 89th for affordable housing Avenue, according to a report by Ariel Property Advisors. Currently in the within otherwise market- pipeline is The Crossing at Jamaica Station, BRP Development’s 584- rate buildings will help unit mixed-use project which will include affordable housing, the report adds. There are also two commercial centers under construction, a strong attraction for many business people who appreciate the neighborhood’s accessibility to John F. Kennedy Airport and other parts of the city. “It’s very close to express trains to Manhattan,” noted Shimon Shkury, founder and president of Ariel Property Advisors and member of REBNYs new Commercial Brokerage Upper Manhattan and Bronx Committee.

The Bronx continues to percolate

The Bronx, where Fresh Direct broke ground on a new 423,530-square-foot headquarters in 2014, should continue to attract interest from both businesses and developers in 2016, brokers say.

Technology fi rms, searching for more affordable space than they can fi nd in Brooklyn and Manhattan, are fuel the growth, particularly in boroughs outside of Manhattan where it starting to poke around the northern borough for offi ce space, according is more feasible to build residential units, said Hauspurg. But even for to local real estate professionals. pricier boroughs, Hauspurg says that change is afoot. “In Manhattan and Brooklyn and the luxury areas, you are seeing a switch from larger, more Meanwhile, government agencies, nonprofi ts and schools are also on the expensive units to price points that are more affordable,” he said. But in hunt for space. The BankNote Building, a 414,000-square-foot, Class B Manhattan, he added, that means “sub-$5 million.”

S37

CRAIN'S Real Estate_JAN 2016.indd 37 1/13/16 12:46 PM

CONGRATULATIONS

We salute

and the 2016 Awards Honorees for their contributions to the New York Real Estate Industry

CRAIN'S Real Estate_JAN 2016.indd 39 1/13/16 12:36 PM

P034-35CL_CN_20160118.qxp 1/15/2016 1:06 PM Page 18

TO PLACE A CLASSIFIED AD, CALL 1 800 444 6007 OR VISIT CRAINSNEWYORK.COM ADVERTISING PUBLIC AND LEGAL NOTICES

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Sec. of State designated agent [email protected] NY, NY 10128. SSNY designated as whom process may be served and shall of LLC upon whom process against it may EMERGENCY agent of LLC upon whom process mail copy of process against LLC to be served and shall mail process to: against it may be served. SSNY shall principle business address: 222 Business Filings Inc., 187 Wolf Rd., Ste. COMMUNICATIONS mail process to the LLC at the addr. of Riverside Dr. #8A NY, NY 10025. Purpose: 101, Albany, NY 12205, regd. agt. upon SYSTEMS its princ. office. Purpose: Any lawful activity. Any lawful act. whom process may be served. Purpose: SPECIALISTS any lawful act. s&2%%0)#+50$%,)6%29 s(/52452.!2/5.$ /.2%0!)23 Notice of Formation of Lili Chemla LLC. Notice of Formation of COLONIAL CON- SULTANTS, LLC Arts. of Org. filed with s&2%%%.'2!6).' Arts. of Org. filed with NY Dept. of Notice of Formation of Magnetic Midnight State on 12/15/15. Office location: NY Secy. of State of NY (SSNY) on LLC. Arts. of Org. filed with NY Dept. of s3(/24,/.'4%2- County. Sec. of State designated agent 01/05/16. Office location: NY County. 2%.4!,3 State on 12/3/15. Office location: NY of LLC upon whom process against it SSNY designated as agent of LLC upon County. Sec. of State designated agent of may be served and shall mail process whom process against it may be served. LLC upon whom process against it may be to: c/o Windels Marx Lane & SSNY shall mail process to Stephen J. served and shall mail process to: Becker, Mittendorf, LLP, 156 W. 56th St., NY, NY Sheinbaum, 460 Park Ave. South, 10th Fl., Glynn, Muffly, Chassin & Hosinski LLP, c/o 10019, Attn: Jeanine Margiano, Esq. NY, NY 10016. Purpose: Any lawful activity. Karin P.E. Gustafson, 299 Park Ave., NY, Purpose: all lawful purposes. NY 10171. Purpose: any lawful activity.

Notice of Qualification of D. E. Shaw PUBLIC AND Notice of Formation of Pez Loco Orienteer X Fund, L.L.C. Authority filed with Partners LLC, Art. of Org. filed with NY Dept. of State on 8/3/15. Office loca- tion: NY County. LLC formed in DE on Name of Foreign LLC: Remy/Newman LEGAL NOTICES Sec’y of State (SSNY) on 5/29/15. Realty Services, LLC. Authority filed Office location: NY County. SSNY 6/9/15. NY Sec. of State designated agent of LLC upon whom process against with NY Dept. of State: 12/23/15. designated as agent of LLC upon whom Office location: NY County. LLC formed process against it may be served. it may be served and shall mail process to the principal business addr.: D. E. Shaw & in CT: 3/8/05. NY Sec. of State desig- Notice is hereby given that a license, SSNY shall mail copy of process to nated agent of LLC upon whom number 1289580 for beer and wine Seward & Kissel, Att: Hume Steyer, Co., L.P., 1166 Ave. of the Americas, 9th Fl., NY, NY 10036, Attn: John Liftin, process against it may be served and has been applied for by the undersigned One Battery Park Plaza, NY, NY shall mail process to: c/o Executive to sell beer and wine at retail in a 10004. Purpose: any lawful activities. General Counsel, regd. agent upon whom process may be served. DE addr. of LLC: Management Offices, 545 Main St., restaurant under the Alcoholic Beverage NY, NY 10044. CT addr. of LLC 138 Control Law at 1569 Lexington Avenue The Corporation Trust Co., 1209 Orange St., Wilmington, DE 19801. Cert. of Form. filed Goodhill Rd., Weston, CT 06883. Cert. New York, NY 10029 for on premises of Form. filed with CT Sec. of State, 30 consumption. THE ROAST NYC LLC Notice of Qualification of 1825 PARK with DE Sec. of State, 401 Federal St., Dover, DE 19901. Purpose: all lawful purposes. Trinity St., Hartford, CT 06115. d/b/a Roast Homestyle Chicken AVENUE INVESTORS III, LLC Appl. for Purpose: all lawful purposes. Auth. filed with Secy. of State of NY (SSNY) on 12/17/15. Office location: NY County. LLC formed in Delaware Notice of Qualification of D. E. Shaw Alkali Notice of Qualification of GOKUL WORK- (DE) on 10/06/15. Princ. office of LLC: Portfolios III, L.L.C. Authority filed with NY SHOPS LLC Appl. for Auth. filed with Secy. 430 Park Ave., 12th Fl., NY, NY 10022. Dept. of State on 5/12/15. Office loca- Notice of Qualification of Calamos Wealth of State of NY (SSNY) on 01/07/16. Office SSNY designated as agent of LLC upon tion: NY County. LLC formed in DE on Management LLC. Authority filed with location: NY County. LLC formed in whom process against it may be 3/3/15. NY Sec. of State designated Secy. of State of NY (SSNY) on Delaware (DE) on 01/05/16. SSNY des- served. SSNY shall mail process to agent of LLC upon whom process against 12/3/15. Office location: NY County. LLC ignated as agent of LLC upon whom Corporation Service Co. (CSC), 80 it may be served and shall mail process to formed in DE on 2/26/27. SSNY desig- process against it may be served. SSNY shall State St., Albany, NY 12207-2543, the principal business addr.: D. E. Shaw & nated agent upon whom process may mail process to c/o Corporation Service regd. agent upon whom and at which Co., L.P., 1166 Ave. of the Americas, 9th be served and shall mail copy of process Co., 80 State St., Albany, NY 12207-2543. process may be served. DE addr. of Fl., NY, NY 10036, Attn: John Liftin, against LLC to: CT Corp. System, 111 DE addr. of LLC: c/o PHS Corporate LLC: c/o CSC, 2711 Centerville Rd., General Counsel, regd. agent upon whom Eighth Ave., New York, NY 10011. Services, 1313 Market St., Ste. 5100, Ste. 400, Wilmington, DE 19808. Cert. process may be served. DE addr. of LLC: Principal business address: 2020 Wilmington, DE 19801. Cert. of Form. filed of Form. filed with DE Secy. of State, The Corporation Trust Co., 1209 Orange St., Calamos Ct., Naperville, IL 60563. with DE Secy. of State, John G. Townsend Div. of Corps., John B. Townsend Bldg., Wilmington, DE 19801. Cert. of Form. filed Certificate of LLC filed with Secy. of State of Bldg., 401 Federal St., Ste. 4, Dover, DE 401 Federal St., Ste. 4, Dover, DE with DE Sec. of State, 401 Federal St., Dover, DE located at: 401 Federal St., Ste. 4, 19901. Purpose: Any lawful activity. 19901. Purpose: Any lawful activity. DE 19901. Purpose: all lawful purposes. Dover, DE 19901. Purpose: any lawful act.

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Formation of 371 Harlem LLC filed with Notice of Qualification of MetaProp Advisors Notice of Qualification of Panorama Music Notice of Qualification of 201 West the Secy. of State of New York (SSNY) LLC. Authority filed with NY Dept. of State on Festival, LLC. Authority filed with NY Dept. 54th Buyer LLC. Authority filed with NY on 12/8/15. Office loc.: New York County. 11/25/15. Office location: NY County. Princ. of State on 11/25/15. Office location: NY Dept. of State on 8/6/07. Office loca- SSNY designated as agent of LLC upon bus. addr.: 18 W. 21st St., NY, NY 10010. LLC County. Princ. bus. addr.: c/o AEG Live, tion: NY County. Princ. bus. addr.: 805 whom process against it may be served. formed in DE on 5/26/15. NY Sec. of State 145 W. 45th St., 9th Fl., NY, NY 10036. LLC 3rd Ave., 7th Fl., NY, NY 10022. LLC The principal business loc. and address designated agent of LLC upon whom process formed in DE on 11/20/15. NY Sec. of formed in DE on 7/18/07. NY Sec. of SSNY shall mail process to is Jason against it may be served and shall mail State designated agent of LLC upon whom State designated agent of LLC upon Hoppy, 195 Hudson St., Apt. 5B, New York, process to: c/o CT Corporation System, 111 process against it may be served and whom process against it may be NY 10013. Purpose: Any lawful activity. 8th Ave., NY, NY 10011, regd. agent upon shall mail process to: c/o CT Corporation served and shall mail process to: c/o whom process may be served. DE addr. of System, 111 8th Ave., NY, NY 10011, regd. CT Corporation System, 111 8th Ave., LLC: 2711 Centerville Rd., Ste. 400, agent upon whom process may be served. NY, NY 10011. DE addr. of LLC: c/o Wilmington, DE 19808. Cert. of Form. filed DE addr. of LLC: c/o The Corporation The Corporation Trust Co., 1209 Notice of Formation of Blue Sky with DE Sec. of State, P.O. Box 898, Dover, Trust Co., 1209 Orange St., Wilmington, Orange St., Wilmington, DE 19801. Technologies, LLC. Article Of DE 19903. Purpose: all lawful purposes. DE 19801. Cert. of Form. filed with DE Cert. of Form. filed with DE Sec. of Organization filed with Secy. of State of Sec. of State, 401 Federal St., Dover, State, 401 Federal St., Dover, DE NY (SSNY) on 11/27/2015. Office DE 19901. Purpose: all lawful purposes. 19901. Purpose: all lawful purposes. location: NY County. SSNY designated agent upon whom process may be Name of Foreign LLC: AMRO served against LLC to: 2 Daniel Dr., Construction Services LLC. Auth. filed with Hillsborough, NJ 08844. Principal NY Dept. of State: 11/3/15. Office loc.: Notice of Formation of Favelukes Business Address: 170 W 23RD St. #3N, NY Co. LLC formed in DE: 3/24/08. NY Consulting LLC. Arts of Org filed with Secy. NOTICE OF FORMATION of FINI PRO- NY, NY 10011 Purpose: Any lawful act. Sec. of State designated agent of LLC of State of NY (SSNY) on 10/5/2015. DUCTIONS, LLC. Arts. of Org. filed w/Secy upon whom process against it may be Office location: NY County. SSNY desig- of State of NY (SSNY) on 11/20/15. served and shall mail process to: c/o nated agent upon whom process may Office location: NY County. SSNY desig- be served and shall mail copy of nated as agent for service of process. Notice of Formation of Moxie Business Filings Inc., 187 Wolf Rd., process against LLC to principal busi- SSNY shall mail process to 678 St. Communications Group of NY LLC. Ste. 101, Albany, NY 12205. DE addr. ness address: 302 W. 86th St. #3C NY, Nicholas Avenue #54 NY, NY 10030. Arts. of Org. filed with NY Dept. of of LLC: 108 W. 13th St., Wilmington, NY 10024. Purpose: any lawful act. Purpose: Any lawful activity. State on 1/4/16. Office location: NY DE 19801. Cert. of Form. filed with DE County. Sec. of State designated agent Sec. of State, 401 Federal St., Dover, of LLC upon whom process against it DE 19901. Purpose: any lawful act. may be served and shall mail process to: Taryn Langer, 2 S. Beechcroft Rd., Notice of Qualification of QPT 24th Notice of Qualification of D. E. Shaw Alkali Short Hills, NJ 07078, principal business STREET DEVELOPMENT LLC Appl. for Auth. Holdings Alternate III, L.L.C. Authority filed address. Purpose: any lawful activity. Notice of Qualification of BAMTech, filed with Secy. of State of NY (SSNY) on with NY Dept. of State on 5/12/15. Office LLC Appl. for Auth. filed with Secy. of 11/18/15. Office location: NY County. LLC location: NY County. LLC formed in DE on State of NY (SSNY) on 01/07/16. formed in Delaware (DE) on 11/12/15. 3/2/15. NY Sec. of State designated Office location: NY County. LLC formed in SSNY designated as agent of LLC upon agent of LLC upon whom process against Notice of Formation of FIZZLE TOV LLC. Delaware (DE) on 10/19/15. Princ. office whom process against it may be served. it may be served and shall mail process to Arts of Org filed with Secy of State of NY of LLC: 75 Ninth Ave., NY, NY 10011. SSNY shall mail process to c/o the principal business addr.: D. E. Shaw & (SSNY) on 07/31/2015. Office location: NY SSNY designated as agent of LLC upon Corporation Service Co., 80 State St., Co., L.P., 1166 Ave. of the Americas, 9th County. SSNY designated agent upon whom process against it may be served. Albany, NY 12207-2543. DE addr. of LLC: Fl., NY, NY 10036, Attn: John Liftin, General whom process may be served and shall SSNY shall mail process to c/o 2711 Centerville Rd., Ste. 400, Counsel, regd. agent upon whom process mail copy of process against LLC to Corporation Service Co., 80 State St., Wilmington, DE 19808. Cert. of Form. may be served. DE addr. of LLC: The principal business address: 308 Lenox Albany, NY 12207-2543. DE addr. of LLC: filed with DE Secy. of State, Div. of Corps., Corporation Trust Co., 1209 Orange St., Avenue, Suite B, New York, NY 10027. 2711 Centerville Rd., Ste. 400, PO Box 898, Dover, DE 19903. Wilmington, DE 19801. Cert. of Form. filed Purpose: any lawful act. Wilmington, DE 19808. Cert. of Form. filed Purpose: Any lawful activity. with DE Sec. of State, 401 Federal St., Dover, with Secy. of State, State of DE, 401 DE 19901. Purpose: all lawful purposes. Federal St., Ste. 3, Dover, DE 19901. Purpose: Any lawful activity. Notice of Formation of MALCOLM 308 Notice of Formation of Pearson Place LLC . Arts of Org filed with Secy of Holdings, LLC. Arts. of Org. filed with NY Dept. State of NY (SSNY) on 09/28/2015. of State on 12/3/15. Office location: NY Notice of Qualification of 825 EAST 141ST Office location : NY County. SSNY des- Notice of Formation of UES EAST 82ND County. Sec. of State designated agent of STREET INVESTORS III, LLC Appl. for Auth. ignated agent upon whom process may be STREET L.P. Cert. of LP filed with Secy. LLC upon whom process against it may be filed with Secy. of State of NY (SSNY) served and shall mail copy of process of State of NY (SSNY) on 11/17/15. served and shall mail process to: c/o on 12/17/15. Office location: NY against LLC to principal business Office location: NY County. Latest date Windels Marx Lane & Mittendorf, LLP, 156 County. LLC formed in Delaware (DE) on address: 308 Lenox Avenue, New on which the LP may dissolve is W. 56th St., NY, NY 10019, Attn: Charles J. 10/29/15. Princ. office of LLC: 430 Park York, NY 10027. Purpose:any lawful act. 9/25/2045. SSNY designated as Hamilton. Purpose: all lawful purposes. Ave., 12th Fl., NY, NY 10022. SSNY agent of LP upon whom process against designated as agent of LLC upon whom it may be served. SSNY shall mail process process against it may be served. SSNY to Ballon Stoll Bader & Nadler, P.C., 729 shall mail process to c/o Corporation Seventh Ave., 17th Fl., NY, NY 10019. Notice of Qualification of S.E. MARLEY Service Co. (CSC), 80 State St., Albany, NY Notice of Qualification of Magnet 360, 12207-2543, regd. agent upon whom LLC. Authority filed with NY Dept. of Name and addr. of each general partner CONSULTING, LLC Appl. for Auth. filed are available from SSNY. Purpose: Any with Secy. of State of NY (SSNY) on and at which process may be served. DE State on 1/7/16. Office location: NY addr. of LLC: c/o CSC, 2711 Centerville County. LLC registered in MN on lawful activity. 11/18/15. Office location: NY County. LLC formed in Delaware (DE) on Rd., Ste. 400, Wilmington, DE 19808. Cert. 3/25/08. NY Sec. of State designated of Form. filed with DE Secy. of State, agent of LLC upon whom process 11/16/15. SSNY designated as agent of LLC upon whom process against it may be Div. of Corps., John B. Townsend Bldg., against it may be served and shall mail 401 Federal St., Ste. 4, Dover, DE Notice of formation of Kismet Eleven, served. SSNY shall mail process to Stephen process to: c/o National Registered 19901. Purpose: Any lawful activity. Agents, Inc., 111 8th Ave., NY, NY LLC. Arts of Org filed with Secy. of Edward Marley, Jr., 4705 Henry Hudson 10011, regd. agent upon whom State of NY (SSNY) on 8/6/15. Office Pkwy., Apt. 11F, Bronx, NY 10471. DE process may be served. MN and princi- Location: NY County. SSNY desig- addr. of LLC: c/o Corporation Service Co., pal business address: 5757 Wayzata nated agent upon whom process may be 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808. Cert. of Form. Blvd., Minneapolis, MN 55416. Cert. of served and shall mail copy of process Notice of Qualification of 1825 PARK filed with DE Secy. of State, 401 Reg. filed with MN Sec. of State, 60 against LLC to principal business AVENUE PROPERTY INVESTORS III, Federal St., Ste. 3, Dover, DE 19901. Empire Dr., St. Paul, MN 55103. address: 53 N. Moore Street, NY, NY LLC Appl. for Auth. filed with Secy. Purpose: Any lawful activity. Purpose: all lawful purposes. 10013. Purpose: any lawful act. of State of NY (SSNY) on 12/17/15. Office location: NY County. LLC formed in Delaware (DE) on 10/06/15. Notice of Qualification of MPNYC GP I LLC. Princ. office of LLC: 430 Park Ave., Notice of Qualification of Magma Finco 13, Notice of Qualification of LFD Malone NY Authority filed with NY Dept. of State on 12th Fl., NY, NY 10022. SSNY desig- LLC. Authority filed with NY Dept. of State LLC. Authority filed with NY Dept. of State 11/25/15. Office location: NY County. nated as agent of LLC upon whom on 11/2/15. Office location: NY County. on 12/16/15. Office location: NY County. Princ. bus. addr.: 18 W. 21st St., NY, NY process against it may be served. Princ. bus. addr.: 345 Park Ave., NY, NY LLC formed in DE on 12/11/15. NY Sec. 10010. LLC formed in DE on 11/4/15. NY SSNY shall mail process to Corporation 10154. LLC formed in DE on 10/20/15. of State designated agent of LLC upon Sec. of State designated agent of LLC Service Co. (CSC), 80 State St., Albany, NY Sec. of State designated agent of LLC whom process against it may be served upon whom process against it may be NY 12207-2543, regd. agent upon upon whom process against it may be and shall mail process to: c/o Ladder served and shall mail process to: c/o CT whom and at which process may be served and shall mail process to: CT Capital, 345 Park Ave., 8th Fl., NY, NY Corporation System, 111 8th Ave., NY, NY served. DE addr. of LLC: c/o CSC, Corporation System, 111 8th Ave., NY, NY 10154, principal business address. DE 10011, regd. agent upon whom process 2711 Centerville Rd., Ste. 400, 10011. DE addr. of LLC: 1209 Orange address of LLC: 1209 Orange St., may be served. DE addr. of LLC: 1209 Wilmington, DE 19808. Cert. of Form. St., Wilmington, DE 19801. Cert. of Wilmington, DE 19801. Cert. of Form. Orange St., Wilmington, DE 19801. Cert. filed with DE Secy. of State, Div. of Form. filed with DE Sec. of State, 401 filed with DE Sec. of State, 401 Federal of Form. filed with DE Sec. of State, P.O. Corps., John B. Townsend Bldg., Federal St., Dover, DE 19901. Purpose: St., Dover, DE 19901. Purpose: all lawful Box 898, Dover, DE 19903. Purpose: all 401 Federal St., Ste. 4, Dover, DE all lawful purposes. purposes. lawful purposes. 19901. Purpose: Any lawful activity.

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Notice of Formation of Tick Tock Notice of Formation of Mighty Industries BENKSHAW ENTERPRISES LLC Articles Notice of formation of SEGELOV PHYSI- Series, LLC. Arts of Org filed with LLC. Arts. of Org. filed with Secy. of State of Org. filed NY Sec. of State (SSNY) CAL THERAPY, PLLC. Art. of Org filed w/ SSNY on 9/3/2015. Office location: of NY (SSNY) on 12/10/15. Office loca- 11/16/2015. Office in NY Co. SSNY desig. secy of state of NY (SSNY) on NY County. Princ. bus. addr.: 838 tion: NY County. SSNY designated as agent of LLC upon whom process may 12/07/15. Office location: NY County. Greenwich St. PHB, NY, NY 10014. agent of LLC upon whom process against be served. SSNY shall mail copy of SSNY designated as agent for services SSNY designated agent upon whom it may be served. SSNY shall mail process to 343 E. 74th St., #17CD, NY, NY of process. SSNY shall mail process to process may be served against LLC process to: 15 W. 63rd St., Apt. 26A, NY, 10021. Purpose: Any lawful purpose. 80 State Street, Albany NY, 12207. to: 440 W 47 St. #3i NY, NY 10036. NY 10023. Purpose: any lawful activity. Purpose: Any lawful activity. Purpose: any lawful act.

Notice of the formation of Cara Notice of Formation of S7HARRISON, LLC Notice of Formation of KOBE 66 LLC Dussich, LLC. Arts of Org filed with Notice of Formation of Atrium Managed Arts. of Org. filed with Secy. of State of NY Arts. of Org. filed with Secy. of State of Secy. of State of NY (SSNY) on Services LLC. Arts. of Org. filed with Secy. (SSNY) on 11/12/15. Office location: NY NY (SSNY) on 01/07/16. Office location: 10/1/2015. Office location: NY of State of NY (SSNY) on 11/27/15. County. SSNY designated as agent of LLC upon NY County. SSNY designated as agent of County. SSNY designated agent upon Office location: NY County. SSNY desig- whom process against it may be served. LLC upon whom process against it may whom process may be served against nated as agent of LLC upon whom SSNY shall mail process to Corporation be served. SSNY shall mail process to LLC to: 7014 13th Ave #202 Brooklyn, process against it may be served. SSNY Service Co., 80 State St., Albany, NY Oren Tepper, 203 E. 72nd St., Apt. 8A, NY, NY 11228. Principal business address: shall mail process to: 71 5th Avenue, 3rd Fl., 12207-2543. Purpose: Any lawful activity. NY 10021. Purpose: Any lawful activity. 210 E 73 St. #4A NY, NY 10021. NY, NY 10003. Purpose: any lawful activity.

Notice of Qual. of Coatue CT VII LLC, Notice of Qual. of Coatue CT VIII LLC, Notice of Qual. of Crow Hill Fund, LP, Notice of Qual. of Crow Hill Fund GP, LLC, Auth. filed Sec’y of State (SSNY) Auth. filed Sec’y of State (SSNY) 4/8/15. Auth. filed Sec’y of State (SSNY) 4/27/15. Auth. filed Sec’y of State (SSNY) 4/27/15. 3/13/15. Off. loc: NY Co. LLC org. in DE Off. loc: NY Co. LLC org. in DE 4/6/15. Off. loc: NY Co. LP org. in DE 4/24/15. SSNY Off. loc: NY Co. LLC org. in DE 4/24/15. 3/11/15. SSNY desig. as agent of LLC SSNY desig. as agent of LLC upon whom desig. as agent of LP upon whom proc. SSNY desig. as agent of LLC upon whom upon whom proc. against it may be served. proc. against it may be served. SSNY against it may be served. SSNY shall mail proc. against it may be served. SSNY shall SSNY shall mail copy of proc. to Att: shall mail copy of proc. to Att: Philippe copy of proc. to 256 W. 116th St., 2nd Fl., mail copy of proc. to Att: Alex Friedman, Philippe Laffont, 9 W. 57th St., NY, NY Laffont, 9 W. 57th St., NY, NY 10019. DE NY, NY 10026. DE off. addr.: CSC, 2711 256 W. 116th St., NY, NY 10026. DE 10019. DE off. addr.: CSC, 2711 off. addr.: CSC, 2711 Centerville Rd., Centerville Rd., Wilmington, DE 19808. Cert. off. addr.: CSC, 2711 Centerville Rd., Centerville Rd., Wilmington, DE 19808. Cert. Wilmington, DE 19808. Cert. of Form. on of LP on file: SSDE, Townsend Bldg., Dover, Wilmington, DE 19808. Cert. of Form. of Form. on file: SSDE, Townsend Bldg., file: SSDE, Townsend Bldg., Dover, DE DE 19901. Name/addr. of each gen. ptr. on file: SSDE, Townsend Bldg., Dover, Dover, DE 19901. Purp: any lawful activities. 19901. Purp: any lawful activities. avail. at SSNY. Purp: any lawful activities. DE 19901. Purp: any lawful activities.

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GOTHAM GIGS

CLEANING UP: Rick Rome wants to move beyond laundry into other deliverable home services.

A Wall Streeter turns to laundering—the legal kind Rick Rome says Wash Club,his laundry service,is the start of something big

ormer stock trader Rick Rome brought lots of Brooklyn and Manhattan. Wall Street DNA to his new enterprise. On one But Rome has much more ambitious plans than run- RICK ROME wall a chart measures how much volume his ning a laundry service. His operation last year started business is doing. On another licensing an app it had created to receive AGE 41 Fthere’s one tracking clerical errors. He and manage customer orders. It now BORN Chicago People awards bonuses to his best performers. “ receives 5% in royalties from the 20 oper- RESIDES Williamsburg, Brooklyn “I want my people to think big. Big!” he already are ators in 12 states who use it. There’s no EDUCATION Arizona State trusting us telling how big a piece of the nation’s $40 said. University, B.S. in criminal science What’s interesting about all this is that billion annual laundry bill he could get by with their PRINTING MONEY Rome’s first licensing his software to other laundry Rome isn’t running a brokerage firm or a underwear investment was $10,000 inherited ” operators. bar. It’s a laundry. from his grandmother, which he put Meanwhile, he is figuring out the best Rome is chief executive of Wash Club, a into Hewlett-Packard, whose printers way to take orders via Twitter and increase services to Brooklyn outfit that does laundry for 20,000 people. he saw all over his college campus. existing customers. He already offers tailoring and shoe Clients come from the ranks of New Yorkers willing to He turned that into $80,000. “I shining, and plans to expand into cleaning homes and pay $1.29 a pound, or a $19.95 minimum, to have their thought, this is the best thing ever!” clothes picked up, washed, folded and returned. curtains. TRADING PLACES He landed a Customers also include maids on Fifth Avenue who “People already are trusting us with their under- back-office job at Morgan Stanley can’t bear to iron another silk sheet, gyms that need wear,” he reasoned. and started hanging around the trad- towel washing, and tech startups that offer employees Sifting through people’s most sensitive items invari- ing desk until someone offered him a laundry service. ably means finding the occasional sex toy or illicit drug. seat. He traded tech stocks during It cost more than $3 million to launch the business But Rome is baffled when larger items find their way into the Nasdaq heyday of the late 1990s. in 2010, and Rome won’t say how much revenue it’s the laundry, like Nintendo game consoles and, once, a WISHY WASHY Before Wash Club, generating. But he has 170 machines churning away at basketball. he thought about running a car wash. his Sunset Park shop, plus a staff of 45 people and a “Check your pockets, everyone,” he advised.

BUCK ENNIS fleet of 15 trucks to haul clothing around most of — AARON ELSTEIN

JANUARY 18, 2016 | CRAIN’S NEW YORK BUSINESS | 63 20160118-NEWS--0064-NAT-CCI-CN_-- 1/15/2016 2:56 PM Page 1

EXECUTIVE MOVES

was previously chief oper- as senior vice president of of Dental Medicine: Joseph moted to partner. He was DOUGLAS ELLIMAN: ating officer, U.S. trans- digital sales. She was pre- Errante, 60, was named previously an associate. SCOTT DURKIN, 53, joined portation and infrastruc- viously a global vice presi- senior assistant dean for Russell Franklin, 33, was the real estate firm as execu- ture sector. dent at The Washington clinical services. He was promoted to partner. He tive vice president. He was Northern Trust: Henry Post Co. previously a consultant at was previously counsel. Pratt Institute: previously senior managing Johnson, 49, joined the Joan Barry the college. Jarrett Hoffman, 34, was wealth-management firm McCormick, 50, joined as Dattner promoted to partner. He director of Corcoran’s as executive vice president vice president for institu- Architects: was previously counsel. Chelsea Flatiron office. and vice chairman. He was tional advancement. She Catherine Joseph Kroetsch, 35, was previously chief executive was previously associate Selby, 48, promoted to partner. He at Fiduciary Trust Co. dean for development and was pro- was previously an Jerome L. Greene WeiserMazars: Victor International. alumni relations at NYU moted to associate. Foundation: Karen Brooks Wahba, 51, was promoted Ogletree Stern School of Business. associate Ilana Miller, 36, was pro- Hopkins, 64, was named to to chairman and chief Deakins: HNTB Corp.: Michael principal at the architec- moted to partner. She was the nonprofit’s board of executive of the account- Carole Sweeney, 50, was promoted ture firm. She was previ- previously an associate. directors. She will contin- ing firm. He was previous- Sobin, 65, to Northeast division pres- ously a senior associate. CohnReznick: Raymond ue as the senior fellow in ly chief executive. joined the ident at the infrastructure- Greenberg Traurig: Gregory Baggeri, 40, joined the law residence at the Andrew Turner & law firm as solutions firm. He was pre- Daddario, 39, joined as of firm as a partner. He was W. Mellon Foundation. Townsend: of counsel. viously New York metro counsel. He was previously previously audit senior She was previously the DeVon She was previously vice district leader. vice president for legal and manager at Pricewater- president of the Brooklyn Prioleau, president and corporate Children’s Aid Society: Kevin compliance for BlackRock. houseCoopers. Academy of Music. 33, was secretary at Consolidated Allan, 37, joined as chief Ropes & Stephen LoGrasso, 60, joined JCCA: Thom promoted Edison Co. development officer. He Gray: as a director. He was for- Hamill, 48, to associate Cumming: Derek Hutchison, was previously senior vice Michael merly director at CBRE joined the director at the real estate 40, joined the construc- president of development Littenberg, Group in New York City. nonprofit, and construction consul- tion management firm as at AmeriCares. 50, joined formerly tancy. He was previously a executive vice president. Capital Properties: the law EXECUTIVE PROMOTIONS known as senior project manager. He was previously vice Lawrence Zhou, 33, joined firm as a The fastest way to get an the Jewish Parsons Brinckerhoff: president of construction the real estate firm as land- partner in its New York announcement into Crain’s Child Care Association, as Joseph Pulicare, 59, was and development at lord services manager. He office. He was previously a is to submit online. Fill out the chief advancement officer. promoted to president, Starwood Capital Group. was previously property partner at Schulte Roth & form at CrainsNewYork He was previously vice U.S. transportation and Outfront Media: Cecilia manager at Hudson River Zabel. .com/execmoves. The president of development infrastructure sector, at Lang, 49, joined the adver- Park Trust. Boies Schiller & Flexner: Executive Moves column is at Jewish Home. the engineering firm. He tising and marketing firm Columbia University College Chris Belelieu, 34, was pro- also available online.

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SNAPS

Broadway brings down curtain on 2015 with a record week Broadway ended 2015 and rang in 2016 with its best week in history. One reason: musicals such as the classic Fiddler on the Roof, a revival that was the last show to open last year. The production at the Broadway Theatre garnered strong reviews and helped drive total attendance on the Great White Way to 357,718 and total grosses to $43 million for the week ended Jan. 3.

Tony winner and Fiddler on the Roof director Bartlett Sher, lyri- cist Sheldon Harnick and actor Danny Burstein, who plays the lead role of Tevye, at the musical’s Actor and activist George Takei (right) and his husband, opening night on Dec. 20. actor Brad Takei, at the opening of Fiddler on the Roof.

Metropolitan Opera benefit Cardiovascular Research Foundation gala

Metropolitan Dr. Martin B. Leon, founder Opera General and chairman emeritus of the Manager Peter Cardiovascular Research Gelb and his Foundation, and Henry wife, conductor Kissinger, former secretary Keri-Lynn of State, at a fete for CRF on Wilson, at the Dec. 11 at the Plaza Hotel. It opera’s New raised nearly $1 million. Year’s Eve performance and benefit.

Conductor Gianandrea Noseda, soprano Renée Fleming and tenor Matthew Polenzani at the Met Opera benefit, which SEE MORE OF THIS WEEK’S SNAPS ONLINE AT CRAINSNEWYORK.COM/SNAPS

LINDSAY HOFFMAN/JEFFREYASSOCIATES, JENNY RICHARDS OPERA, GORMAN/METROPOLITAN RICHARD KOEK raised about $630,000. GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO, [email protected]

JANUARY 18, 2016 | CRAIN’S NEW YORK BUSINESS | 65 20160118-NEWS--0066-NAT-CCI-CN_-- 1/15/2016 2:59 PM Page 1

FOR THE RECORD*

tomize their own lipstick Yamina Youb at (718) 391- a 3,175-square-foot lease Mamoun’s Falafel exercised options on NEW IN TOWN at the Bespoke Beauty bar 1016 or youbya@ddc for 10 years at 172 Fifth Restaurant signed a 10- 60,000 shares of common for $30. A $250 unlimited- .nyc.gov. Ave. The tenant was rep- year lease for 1,400 square stock at a price of $16.21 Garrett Leight appointment membership resented by Carren feet at 30 St. Marks Place. per share on Dec. 21, in a 149 Grand St. called the C-suite is also Department of Parks Ballenger and Simon The tenant was represent- transaction worth California optical boutique available. and Recreation Dallimore of Dallimore & ed by Jeff Geoghegan of $972,600. On Dec. 23, he Garrett Leight opened its Seeks competitive sealed Co., as well as Chris Eastern Consolidated. The sold 20,000 shares of first East Coast store, in bids by 10:30 a.m. on DeCrosta and Hank landlord was represented common stock at a price SoHo. A limited-edition BANKRUPTCIES Feb. 9 for the installation of O’Donnell of Crown Retail by James Famularo of the of $122.11 per share, in a New York frame is avail- park security lighting in Services. The landlord, same company. The ask- transaction worth able as regular glasses or BCR Oakridge Harry Maze Park, located Thor Equities, was repre- ing rent was $250 per $2,442,200. He now indi- sunglasses, in addition to 149 Madison Ave. on Avenue D between East sented in-house by square foot. rectly holds 125,485 colorful frames that range Filed for Chapter 11 bank- 56th and East 57th streets, Alexandra Frangos and shares. from $300 to $400. ruptcy on Jan. 5. The filing Brooklyn. Bid documents Sam Polese. The asking cites estimated assets of $0 are available between 8 rent was not disclosed. STOCK TRANSACTIONS Regeneron Tuscan Kitchen to $50,000 and estimated a.m. and 3 p.m. in the Pharmaceuticals Inc. 2308 Adam Clayton Powell liabilities of $100,001 to Blueprint Room, Room 64, Coco-Mat, an environ- SL Green Realty Corp. (REGN) Blvd. $500,000. Olmsted Center, Flushing mentally friendly home- (SLG) Douglas McCorkle, vice The pastry and panini Meadows Corona Park, for furnishings store, signed a Marc Holliday, chief president and controller, shop opened in Harlem. A Neiberg Midwood Chapel a $25 fee payable by com- 12-year lease for 2,200 executive, sold 145,000 exercised options on 3,954 steam table with a baked 1625 Coney Island Ave., pany check or money order square feet for a two-level shares of common stock shares of common stock at pasta selection is avail- Brooklyn to the City of New York, space at 2200 Broadway. at prices ranging from a price of $52.03 per share able in addition to its sig- Filed for Chapter 11 bank- Parks and Recreation. To The tenant was represent- $109.76 to $110.94 per on Dec. 29, in a transac- nature panini, such as the ruptcy on Jan. 5. The filing make inquiries, contact ed by Greg Covey and share on Dec. 21 and 22, tion worth $205,727. On roast-beef-and-turkey- cites estimated assets of Michael Shipman at (718) Michael Paster of RKF. The in a transaction worth the same day, he sold filled “East Harlem.” For $1,000,001 to $10 million 760-6705 or michael landlord, ABS Partners $15,986,603. He now 3,954 shares of common dessert, patrons can and estimated liabilities of [email protected]. Real Estate, was repre- directly and indirectly stock at a price of $552.08 choose from a wide $500,001 to $1 million. sented by Robert Kempner holds 38,456 shares. per share, in a transaction selection of pastries The creditors with the GOODS AND SERVICES and Mark Tergesen. The worth $2,182,924. He now including napoleons, an largest unsecured claims Department of Parks asking rent was $220 per Celgene Corp. (CELG) directly holds 10,995 Oreo cake and cannoli. are Local 1034 Pension and Recreation square foot. Michael Casey, director, shares. Fund, owed $377,484; Seeks request for bids by Yours Sincerely, Chase Bank, owed 11 a.m. on Feb. 9 for Cocktail Laboratory $99,400; and New York mobile food concessions 41 Wilson Ave., Brooklyn City Department of in Battery Park. To DEALS ROUNDUP Owners of the resto-bar Finance, owed $86,037.63. download the RFB, visit TARGET/SELLERS TRANSACTION BUYERS/INVESTORS TRANSACTION TYPE Dear Bushwick opened a nyc.gov/parks/business SIZE [IN MILLIONS] cocktail bar in the neigh- Whitney Restaurant opportunities. Hard Management Ltd., d/b/a PEG Bandwidth/ $409.0 Communications Sales & SB M&A borhood. The menu fea- copies of the RFB can be Associated Partners Leasing Inc. tures British fare; 20 cock- Cibo Restaurant obtained at no charge (Manhattan); KKR & Co. tails on tap; and nine other 767 Second Ave. through Feb. 9 between 9 (Manhattan) beer, wine and whiskey Filed for Chapter 11 bank- a.m. and 5 p.m., exclud- taps. ruptcy on Dec. 29. The ing weekends and holi- Gilt Groupe Inc. (Manhattan)/ $250.0 Hudson’s Bay Co. SB M&A Draper Fisher Jurvetson; filing cites estimated days, at the Revenue Eastward Capital Partners; assets of $100,001 to Division of NYCDPR, 830 Firsthand Capital Management Inc.; General Atlantic (Manhattan); COMPANY MOVES $500,000 and estimated Fifth Ave., Room 407. To Goldman Sachs Group, liabilities of $500,001 to make inquiries, contact Merchant Banking Division Isabel Marant $1 million. The creditors Glenn Kaalund at (Manhattan); GSV Asset 23 E. 67th St. Management; Matrix Partners; with the largest unse- (212) 360-1397 or glenn New Enterprise Associates; The luxury French fashion cured claims are Paul’s [email protected]. Norwest Venture Partners; house will open its second Meat Co., owed $17,500; Pinnacle Ventures; Saints Capital; SoftBank Capital; New York City store, on Ridge Produce, owed Vulcan Capital the Upper East Side, in $4,000; and IceSurance, REAL ESTATE DEALS April. A private rear gar- owed $3,600. maxHeap Technologies $200.0 Quikr India Pvt. Ltd. SB M&A den and items from its COMMERCIAL Pvt. Ltd./Accel Partners; Google Capital; Tiger seasonal clothing lines Progenics Pharmaceuti- Global Management (Manhattan) will be featured at the GOVERNMENT cals, a biotech company location, the former home CONTRACT specializing in cancer United Wind Inc. (Brooklyn)/ $200.0 Forum Equity Partners Inc. GCI of Bottega Veneta. Isabel OPPORTUNITIES treatment, inked a 14-year not disclosed Marant will continue to lease for 26,500 square operate its space in SoHo. CONSTRUCTION feet at 1 World Trade Flatiron Health Inc. $175.0 Allen & Co., investment arm GCI (Manhattan)/not disclosed (Manhattan); Baillie Gifford & Co.; Department of Design Center. It will occupy Casdin Capital (Manhattan); First Red Compass and Construction space on the 47th floor of Round Capital; Roche Holding 154 Orchard St. Seeks competitive sealed the 3 million-square-foot The Georgian restaurant bids by 2 p.m. on Feb. 11 tower. The tenant was Selected deals announced for the week ended Jan. 7 involving companies in metro New York. SB M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a company without relocated from its former for the renovation of FDNY represented by Patricia the participation of a financial buyer. GCI: Growth capital investment represents new money invested in a company for a minority stake. location between Stanton Engine Company 23 in Ardigo and Joel Wechsler SOURCE: CAPITALIQ and Rivington streets. Manhattan. An optional of CBRE. The landlord, the Georgian-style steak and prebid walk-through will Durst Organization, was an assortment of cheese take place at 10 a.m. on represented by Eric GET YOUR NEWS ON THE RECORD breads and shareable Jan. 26 at the firehouse, Engelhardt in-house and *To submit company openings, moves or real estate deals, or to receive further information, grilled meat platters are located at 215 W. 58th St. Cushman & Wakefield’s email [email protected]. among the menu items. A bid document deposit of Connor Daugstrup, Justin For the Record is a weekly listing to help businesspeople in New York find opportunities, $35, in the form of a Royce, Tara Stacom and potential new clients and updates on customers. Bankruptcy filings from the Eastern and Rouge New York money order or company Peter Trivelas. Southern districts of New York are listed alphabetically, as are recently announced New 220 E. 60th St. check, is required. Bid York City agency contract opportunities. Real estate listings are provided in order of square Beauty Bar Rouge New documents are available at RETAIL footage. Stock transactions at New York’s largest publicly held companies were filed with York opened a new loca- ddcbiddocuments.nyc.gov Rituals, an Asian- the Securities and Exchange Commission. Listings are in order of transaction value, and tion on the Upper West /inet/html/contrbid.asp. inspired cosmetics and the information was obtained from Thomson Reuters. Side. Shoppers can cus- To make inquiries, contact wellness company, signed

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PHOTO FINISH

Last rites for burial plots t the sales office of Brooklyn’s Green- Wood Cemetery, memorial counselor A Sam Lee cradles a simple glass urn that retails for $500 and is fast becoming the final resting place of choice for New Yorkers who want their remains to stay in the five boroughs. Cremations accounted for 40% of funerals in New York state in 2014, but are projected to sur- pass 60% in 2030, according to the National Funeral Directors Association. “We expect to be out of new in-ground space in five years,” said Richard Moylan, president of 478-acre Green-Wood. The cemetery has given up on expanding. It explored a bid for city-owned Canarsie Cemetery in 2009, but the 13 acres—4.5 of it fresh for new graves—went to Cypress Hill. And forget about breaking new ground. In New York City, the last cemetery opened in 1980, on Staten Island. Said Moylan, “It’s almost impossible to open a new cemetery.” With that kind of scarcity, burial plots now start at $17,000 for a three-person grave, up from $5,000 in 2001 at Green-Wood. Requests for spe- cific sites come at a premium. “You can be buried near Boss Tweed,” said Moylan, which could raise the tab to about $25,000. By contrast, a funeral service, cremation and storage in an on-site niche starts at $3,000. — PETER D’AMATO PETER D’AMATO

JANUARY 18, 2016 | CRAIN’S NEW YORK BUSINESS | 67 Commercial Real Estate DEADLINE’S AT 7. TIP-OFF’S AT 6. Capital One® understands hitting deadlines is key to your success. That’s why our responsive team of experts is uniquely focused on helping you meet your business milestones…and those important personal ones too.

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