Special Advertising Section
PS001_CN_20140113.indd 1 1/9/14 3:12 PM New York’s Real Estate Community: Like No Other Special Advertising Section
A NOTE FROM OUR PUBLISHER The real estate industry in New York City is unlike any other in the world: spectacular architecture, iconic buildings, a storied skyline and a consortium of talented professionals who all coalesce to create a bustling and philanthropic business community. To celebrate this distinct group, Crain’s Custom Connections Studio has created this special section, dedicated to showcasing what makes this community tick. In the first article, which starts on Page S4, Crain’s Custom Connections Studio will take a deep look at the philanthropy of the real estate industry, and how marquee-name CEOs and presidents are giving back to their city in the form of generous donations and stunning renovations. We then look on Page S6 at REBNY’s pivotal role in the real estate industry - from creating a sense of community and advocating for its needs to providing educational programs and curating a robust database of real estate information. The last section is a series of interviews with real estate professionals who discuss their thoughts
Special Advertising Section on the industry, their ideas for the year ahead and how the real estate landscape will continue to evolve in an ever-changing marketplace. We hope you enjoy New York’s Real Estate Community: Like No Other, and if you have any thoughts or comments, please reach out to us. We love hearing from our readers. Best,
Jill Kaplan V.P. & Publisher Crain’s New York Business
TABLE OF CONTENTS
S2 Introduction S17 TF Cornerstone S3 New York University S18 Goulston + Storrs S4 In New York City, the Real Estate Industry’s S19 Cushman & Wakefield Philanthropy is a Matter of Course S20 Douglas Elliman S5 U.S. Green Building Council S21 EVO Real Estate Group S6-10 The Real Estate Board of New York: Serving a Community Vital to the City’s Prosperity S23 The Vortex Group LLC S7 Avison Young S25 Paragon S8 Paramount Building – 1501 Broadway S26 The Marino Organization S9 3 Hudson Boulevard S27 Sherwood Equities S11 Lee & Associates S29 Jack Resnick & Sons S12 Moinian S30 Handler Real Estate Organization S13 Emerge 212 S31 PI Capital S14 CBRE S33 Jones Lang LaSalle S15 The Durst Organization S35 SL Green S16-36 Interviews with Industry Executives and Veterans S37 Silverstein Properties
New York’s Real Estate Community: Like No Other is published by Crain’s Custom Connections Studio. For more information, please contact Trish Henry at (212) 210-0711 or [email protected]. The digital edition can be viewed online at crainsnewyork.com/realestate2014. S2
PS002_CN_20140113.indd 1 1/9/14 5:33 PM What does it take to move ahead in real estate & construction?
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IN NEW YORK CITY, THE REAL ESTATE INDUSTRY’S PHILANTHROPY IS A MATTER OF COURSE
The city’s iconic museums, performing arts centers and non-profits all benefit from a generous real
estate community The real estate titans who develop and manage the the KIPP NYC College Prep, a charter high school in buildings that define New York City are also pillars of the Bronx. The foundation has also raised nearly $80 philanthropy. They sustain and strengthen a wide-range million over the last quarter century to fund the grants of non-profits by not only providing generous financial for its projects. support, but also sharing their resources and expertise. Annual unrestricted contributions from real estate At Carnegie Hall, a $10 million gift from Judith Res- leaders total about $50 million for UJA-Federation of nick and Burton Resnick – chief executive officer at New York, said Mark Medin, a senior vice president. Jack Resnick & Sons, Inc. – is part of the more than That helps 100 agencies across the metropolitan area $205 million raised towards the $224 million renova- provide human, educational and leadership services. tion of the Studio Towers atop the landmark building. The overhaul, to be completed this year, includes new “The real estate community is among the most, if not ensemble rooms, practice rooms and teaching studios, the most, committed, long-term philanthropic element said Susan Brady, director of development at Carnegie of the New York Jewish community when it comes to Hall. the UJA- Federation as with much of the New York philanthropic community,” Mr. Medin said. Similarly, at Lincoln Center, Tamar Podell – the senior vice president of planning and development – called Larry Silverstein, the chief executive officer of Silver- its 40-year-old real estate development council “a true stein Properties, is among the major players “who give partner in our evolution and development.” The council themselves as mentors, leaders and role models to has raised more than $23 million for the arts organiza- encourage others to become active in supporting UJA,” tions and training academies on the 16-acre campus. Mr. Medin added.
“They made a huge difference, providing unrestricted At the newly expanded Queens Museum in Flushing operating support” that keeps the lights on and helps Meadows-Corona Park, a fundraising campaign asks Lincoln Center bring performing arts programs to developers to “ adopt” for “tens of thousands of dollars” schools, libraries and other communities, Ms. Podell or add models of their new buildings to the 895,000 said. structures in the museum’s 9,500-square-foot Pan- orama of the City of New York, said Tom Finkelpearl, Support from the real estate industry to help the Robin president and executive director. Hood Foundation’s 240 poverty-fighting organizations “is immeasurable,” said Susan Sack, the managing The campaign, which supports educational program- director of real estate. “The real estate community has ming, “has been quite attractive to the real estate com- come in, time and time again,” with expertise to nego- munity,” he said. To date, the real estate industry has tiate a lease, design a building or find the right contrac- brought in about $30,000 of the $100,000 raised. tor, Ms. Sack added. And in choosing to renovate the miniature Battery Park Pro bono help from The Georgetown Company, a City or build a Lilliputian model of the new Yankee Sta- developer, along with reduced fees from the architec- dium, the real estate community upholds its tradition tural firm Gensler and the design consultancy Penta- of enriching the city with its visionary philanthropy. gram, made it possible last fall for Robin Hood to open
S4
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CN016378.indd 1 1/7/14 10:29 AM New York’s Real Estate Community: Like No Other Special Advertising Section
THE REAL ESTATE BOARD OF NEW YORK: SERVING A COMMUNITY VITAL TO THE CITY’S PROSPERITY
REBNY wears countless hats on behalf of the real From the two-family homes that dot Staten Island to “We are non-partisan and support candidates that are the skyscrapers that line the island of Manhattan, the pro-good job creation and pro-environment that would estate industry – city’s real estate industry continues to leave its enduring generate investment for the city of New York,” said signature on residential and commercial landscapes. Mr. Spinola.
from teacher to Fostering a sense of community within the industry And with real estate accounting for 34 percent of the and lending a voice to their concerns in its working locally-generated tax revenues, “the city is dependent advocate to reporter relationships with the city and state – as well as provid- on the real estate industry,” Mr. Spinola added, “and we ing the information, professional tools and networking are dependent on the city. Our objective is to make sure gatherings critical to development, ownership, manage- the city continues to grow so that the 34 percent can ment and brokerage – is the 118-year-old Real Estate continue to rise.” Board of New York (REBNY). A GUIDE TO REBNY’S SERVICES “We bring together every element of real estate – resi- dential and commercial brokerage, owners, managers, Meeting the Industry’s Needs financial institutions, attorneys, architects and plan- A multi-faceted association, REBNY provides a pletho- ners,” said REBNY President Steven Spinola. “And at ra of services. Here’s a snapshot of its activities: different times, every element is sitting in the room, Brokerage Services oversees all issues and meetings sharing their efforts and making it a better and more associated with commercial and residential brokerage. professional industry.” Within commercial and residential brokerage are more As a trade organization, REBNY enables members to than 27 standing committees organized by geographic stay abreast of issues and trends important to their location, according to Eileen Spinola, senior vice presi- work. Its efforts encompass running accrediting licens- dent of brokerage services and education. Meetings are ing programs, seminars and panel discussions, as well opportunities to share timely information about devel- as producing real estate market reports. And last year, opments or trends in specific areas and exchange ideas it implemented a transmission system that updates for strengthening or overcoming a challenge in the shared residential listings every hour. locale. The meetings also facilitate networking among As an advocacy organization, REBNY articulates the members working in those locations. real estate community’s concerns, providing input in Among its other efforts, commercial brokerage bestows the city’s direction and policies, from recommending awards for “The Most Ingenious Deal of the Year for incentive programs that helped in rebuilding Lower Sales and Leasing,” “The Most Ingenious Deal of the Manhattan after 9/11 to proposing ways to protect Year for Retail” and “The Most Promising Commercial buildings from storms following Hurricane Sandy. Sales Person (Rookie) of the Year.” Additionally, “The REBNY’s advocacy work is informed not only by its Louis Smadbeck Memorial Broker Recognition Award” members’ experiences, but also by top experts in vari- pays tribute to a commercial practitioner for lifetime ous fields, such as planners and attorneys specializing achievement. For commercial retail, REBNY bestows in zoning issues. two “Most Ingenious Deal of the Year” awards – one Last year and for the first time ever, REBNY – through for creativity and the other for impact upon an area. its Jobs for New York committee – actively supported Within the residential division, REBNY presents “The 22 city council candidates in local races, with 18 elected Most Ingenious Deal of the Year for Sales and Rent- to office. als Award,” “The Henry Foster Lifetime Achievement
(continued on S10) S6
PS006_CN_20140113.indd 1 1/9/14 6:29 PM A Different Approach To New York Real Estate Avison Young thanks our clients for their confidence in our professionals which made our first year in business in New York a great success.
Avison Young is a different kind of commercial real estate company. Our culture and Principal-led collaboration translates into a better client experience – and better results.
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Arthur Mirante Michael Gottlieb David Cohen Thomas Hines Principal; Tri-State President Principal Senior Associate Associate 212.729.1896 212.729.6809 212.729.3751 212.729.4296 [email protected] [email protected] [email protected] [email protected] SOMETHIN G’S NEW UNDER THE SUN
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Congratulations to This Year's Honorees. We look Forward to a Successful 2014.
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