BUILDING & REALTY NEWS

VOL 6 NO 7 SERVING WESTCHESTER AND THE MID-HUDSON REGION SEPTEMBER /OCTOBER 2007 Industry Panel: THE Commercial Sector Experiencing a Variety of Conditions HANLEY By Jeff Hanley, IMPACT Editor REPORT WHITE PLAINS – The commercial real “As we know, the large space users Fries noted that there continues to be estate market in the Westchester and of the 1980’s are gone,” he said. a variety of rent ranges in the retail leas- Mid-Hudson Region is producing mixed Lashins added that: ing arena. results, according to a panel of building • Rents, based on his evaluations, are “We’re seeing rents of $60 per and realty industry members. approximately 20 percent higher than square foot in the Central Business Dis- The panel, speaking at the Septem- 20 years ago. trict area of White Plains,” he said. Examining ber 20 General Membership Meeting of • The region’s Vacancy Rates have “Rents of $35 to $45 to $50 are com- the Full Array of BRI the Building and Realty Institute (BRI), dropped, according to a report from mon along the Central Avenue Corridor said that the market is experiencing The Co-Star Group, an industry analy- (from the Westchester County Center in Events for Industry reasonably healthy conditions in the re- sis and information firm. Current rates White Plains to Yonkers).” Members tail sector, but the same recent levels of are at approximately 10 percent, Both Lashins and Fries agreed that By JEFF HANLEY lukewarm activity in the office leasing Lashins said while quoting studies the retail sector is a better investment see page 2 arena. compiled by Co-Star. than the office leasing market. Ed Lashins of Lashins Development Cuddy’s assessment of the office Company of Armonk, Hank Fries of The Retail Scenario leasing market was in agreement with CO-OP Henry W. Fries Real Estate of White Fries termed the retail sector as “a the evaluations of Lashins and Fries. Plains and William V. Cuddy Jr. of CB strong market,” but one that has re- “I expect this year to be on par with CONDO Richard Ellis of Stamford (Conn.) com- cently slowed down due to lending re- previous years,” he said. posed the panel. The speakers deliv- strictions. Cuddy added that Fairfield County CORNER ered their assessments to more than 45 “There is still a vibrant demand from (Conn.) is still an attractive destination industry members at the Crowne Plaza those in the retail area for land to build for the corporate sector. The desires of Hotel in White Plains. on, but banks have tightened their lend- financial service companies to be in the Lashins said that the office market is ing and developers, accordingly, can’t Greenwich and Stamford areas are a alive and well, but that no significant in- get the money,” he said. big factor in Connecticut’s recent ability creases in leasing activity are expected As a result, construction activity in the to draw corporate users at successful in the near future. sector “is at a dead halt,” Fries added. levels. One, Two, Three— Budget Time Is Quickly BRI Announces the Release of Its New Web Site Approaching! By HERB ROSE By Jeff Hanley, IMPACT Editor see page 2 ARMONK—One of the largest busi- The Building and Realty Institute of ness membership organizations in New Westchester and the Mid-Hudson Region York state has announced the release of its new web site. (BRI) last week unveiled the site, which COUNSEL’S CORNER The site, which has undergone a com- can be found at buildersinstitute.org or plete revision from the association’s origi- nal web home, is now fully interactive, as- buildingandrealtyinstitute.org. sociation officials said. It contains full de- scriptions of the BRI and its affiliate said Ken Nilsen, president of the BRI. Formed in 1946, the association rep- groups, as well as the services and pro- “We feel it will provide visitors to our site resents virtually every sector of the in- grams of each respective organization. with a complete description of our asso- dustry. The BRI’s major affiliate organi- The pages also contain a calendar ciation, its affiliate organizations and zations are the Apartment Owners Ad- highlighting the BRI’s upcoming events. the many services and programs we of- visory Council (AOAC), the Coopera- There are also links for those interested fer to members of the building, realty tive and Condominium Advisory Coun- in becoming a member of the BRI or its and construction industry.” cil (CCAC), the Advisory Council of component groups. A link to IMPACT The BRI is a building, realty and con- Managing Agents (ACMA), the Home Newspaper and its past issues is also struction industry membership organi- Builders Advisory Council (HBAC) and available. zation with more than 1,700 members the Remodelers Advisory Council “We’re very excited about the site,” in 14 counties of New York. (RAC). The BRI is based in Armonk. Realty Groups to Sponsor Oct. 11 Candidates’ Forum

By Jeff Hanley, IMPACT Editor

WHITE PLAINS—Two realty industry struction industry membership organi- members of the co-sponsoring groups An Update on Important membership organizations will be the zation with more than 1,700 members to voice their views on the major issues co-sponsors of an Oct. 11 forum featur- in 14 counties of New York state. The affecting our industry.” Rulings For Both The ing candidates for seats on the West- WCBR represents more than 7,000 real The meeting will start with a recep- chester County Board of Legislators. estate professionals in the Westchester tion and a buffet dinner at 6:30 p.m. Co-op and Apartment The Building and Realty Institute and Mid-Hudson region. The program will begin at approxi- Building Owner Sectors (BRI) and the Westchester County “The meeting will present the candi- mately 7:30 p.m. Board of Realtors (WCBR) are co- dates with an opportunity to deliver their Details on the conference will soon sponsoring the event, which is sched- views on the major issues of concern to be mailed to members of the sponsor- By KENNETH J. FINGER, CARL L. FINGER uled for a 6:30 p.m. start at the Crowne the local business community and the ing organizations. Those interested in and DANIEL S. FINGER Plaza Hotel in White Plains. realty industry,” said Ken Nilsen, presi- making advance reservations can call see page 5 The BRI is a building, realty and con- dent of the BRI. “In turn, it will also allow the BRI at (914) 273-0730. PAGE 2 - IMPACT - SEPTEMBER/OCTOBER 2007

CO-OP One, Two, Three – Budget Time CONDO Is Quickly Approaching! CORNER BY HERB ROSE and figure realistically. percent of the budget. Careful unpaid bills can not be in- Taxes are another story, planning is needed to cover cluded in a reserve set aside. making it prudent to budget an risks which could bankrupt the With an annual budget of additional 10 percent over last building, but there could be $1,000,000 (monthly $83,000), NEW YORK—Artur Rubinstein, than 60 percent of the expendi- year’s bill. Taxes are always considerable economy in your reserve should be no less the fabled concert pianist, and tures are mandated and non- rising and certiorari refund pro- deductibles in coverage. than $332,000. One budget I Albert Einstein, the mathemati- negotiable. ceedings may help reduce the Energy and heating costs examined claimed a reserve cal genius and sometime violin- bite. Many municipalities have are another big bite consuming fund of $225,000, with ist, were attempting to play The Key Items added a garbage collection another 10-to-15 percent of the $250,000 of unpaid bills. Do the some intricate piece of music The mortgage and taxes are charge, which appears like operating budget. It is realistic math—that’s a negative one day. the largest single items and, more taxes. to budget last year’s cost, plus $25,000! Rhythmically, the piece was unless there is a new re- 10 percent to avoid running You can count! But you must somewhat involved, necessi- financing, this year’s into trouble. accept the fact that mainte- tating numerous starts and mortgage payment is Ten to 15 percent of the nance goes up each year, that stops. Finally, after many tries, the same as last year’s. “You can count! But building’s running cost may be unemotional preparation for in- Rubinstein faced Einstein and Mortgage payments are you must accept the loosely categorized as discre- evitable expenses will dictate said: “One, two, three, can’t slightly complicated in tionary. Porter’s and janitor’s the quality of living space, and you count?” that they include two li- fact that maintenance salaries fit into this grouping, care must be taken about new Yes, can’t you count? abilities. as well as landscaping, inci- projects to alter your building. Budget time for preparing One is the interest on goes up each year, dental painting and building re- the 2008 budgets is fast ap- the mortgage and the that unemotional pairs. In the final analysis, a Herb’s Hints: proaching. And, with the an- second is the reduction great deal of this expense may 1) Change those bulbs to guish and apprehension gen- in the loan (or principal), preparation for be unavoidable. the new energy-saving ones. erally felt, one would wonder which is called amortiza- inevitable expenses Cosco has them (8 for $10.50!) how much calculating is com- tion. Interest is calcu- The Trouble Areas 2) Change your Smoke and lated as an expense, mon. Although most buildings will dictate the quality Last, but not least, are the Carbon Monoxide Alarm Bat- while amortization is not! issue a mandated financial re- “Budget-Busters”—roof, eleva- teries with the change of the A $1 million dollar port, few are read and fewer of living space, and tor, boiler, oil tank, windows and clock on Nov. 4! mortgage at nine per- are clearly understood, al- brick work. These expenses Editor’s Note: Herb Rose is a cent interest requires a care must be taken though the basis for a new may come only once in 20-to- co-op and condo consultant. payment of $ 90,000 per budget should be the actual fi- about new projects to 25 years, but must be antici- He is also a member of the year for the interest ex- nancial experience. pated to minimize the grief. Board of Directors of the Co- Many shareholders have the pense alone. On the alter your building.” operative and Condominium misconception that the budget other hand, amortization Proper Reserves Advisory Council of West- can be adjusted with ease if may be as much as an- Reserve Funds amounting chester and the Mid-Hudson you are determined to cut ex- other $50,000, depending on Other “Biggies” to roughly four months of main- Region (CCAC). To reach penses. Nothing could be fur- the term of the mortgage. Read Insurance is another “biggie” tenance is a minimum cushion. Rose or the CCAC, call (914) ther from the truth, since more the documents, do the math and could consume five to eight Caution dictates that funds for 273-0730.

THE HANLEY Examining the Full Array of BRI REPORT Events for Industry Members By Jeff Hanley IMPACT Editor/ Associate Director, with the Westchester County Stamford (Conn.) is the devel- • A Case Study on new Building and Realty Institute (BRI) Board of Realtors (WCBR). A oper of the facility. methods of energy efficiency full report is on page one. • A report on the recent an- that can help produce savings • The Nov. 8 General Mem- nouncement from the National for owners and managers of ARMONK – Diversity. and act upon key issues facing bership Meeting of the BRI – A Association of the Remodeling buildings and complexes. That’s one of the words that the property management sec- look at the state of the Resi- Industry (NARI) on the initiation Alexander Roberts offers the can be used to describe the tor and the buildings and com- dential Construction Market in of its Green Certified Profes- interesting report. many programs the Building plexes managers are respon- the Westchester and Mid- sional (GCP) Certification Pro- and Realty Institute (BRI) is of- sible for. Hudson Region will be exam- gram, a “green building initia- Enjoy the issue! fering this fall. • The Sep. 20 General Mem- ined at the conference. Full de- tive” for remodelers. In recent weeks – and in the bership Meeting of the BRI. tails on the event will soon be weeks ahead – building, realty The event offered a review of mailed to industry members. and construction industry the current state of the Com- • The Nov. 12 Membership members have had, or will mercial Realty Market of the Meeting of the CCAC – “How have, the opportunity to attend Westchester and Mid-Hudson to Deal With Smoking and meetings covering a variety of Region. A full report is on page Cooking Odors in Your Build- topics. Here’s a review of those one. ing or Complex” is the topic of events: • The Oct. 1 General Mem- the conference. CCAC mem- • The Sep. 10 Membership bership Meeting of the Apart- bers will soon receive details BUILDING & Meeting of the Cooperative ment Owners Advisory Council on the seminar. and Condominium Advisory (AOAC) – Preferential Rents Council (CCAC). “How to Deal and Legal-Regulated Rents What’s Inside This REALTY NEWS with Troublesome Sharehold- were the themes of the confer- Edition Publisher: ALBERT ANNUNZIATA ers and Unit Owners” was the ence. The AOAC represents Building and realty industry Executive Editor: JEFFREY R. HANLEY topic of the conference, which more than 220 owners and members are also given a Editorial Assistants: PEGGY MACDOUGALL, JANE GILL was attended by more than 45 managers of more than 25,000 menu of interesting items to Art Director: BART D’ANDREA CCAC members. The CCAC units in the Westchester and read about inside our current Advertising Consultant: HARRIET K. LERNER represents more than 400 co- Mid-Hudson Region. issue. They include: Photographic Consultant: BARBARA HANSEN ops and condos in the Events scheduled for the • Co-op and Condo Corner – Contributors: CARL FINGER, DAN FINGER, KEN FINGER, Westchester and Mid-Hudson weeks ahead include: ALEX ROBERTS, HERB ROSE Herb Rose offers tips to board Region. • The Oct. 11 General Mem- Production: MEADOW ART & DESIGN, FAIR LAWN, N.J. of directors of co-ops and con- • The Sep. 19 Board Meeting bership Meeting of the BRI – Published By The Builders Institute/Building and Realty Institute. dos on the annual “Budget Subscription, $20 Per Year, Included In Membership Dues. of the Advisory Council of Man- Industry members will have the Time” processes. C2007, By The Builders Institute/Building and Realty Institute. aging Agents (ACMA) – Com- opportunity to see candidates All Rights Reserved. No Part Of This Publication May Be Reproduced In Any Form Or By Any • A report on the continued Means Without The Written Permission From The Publisher. posed of more than 50 prop- seeking seats on the revival of the Yonkers Water- Entered As Periodical Matter At erty managers of co-ops, con- Westchester County Board of Post Office, White Plains, NY 10610 front. The story covers the re- USPS 259-900 dos and rental apartment build- Legislators at a special Candi- IMPACT (USPS 259-900) Is Published Monthly For $20 Per Year By The Builders Institute/Building cent “topping out” of the and Realty Institute, 80 Business Park Drive, Suite 309, Armonk, NY, 10504. ings, ACMA continued its ef- dates Forum. The conference Hudson Park North apartment Periodicals Postage Pending At Armonk, NY. forts at the meeting to address is being run in coordination POSTMASTER: Send Address Changes To IMPACT, 80 Business Park Drive, complex. Collins Enterprises of Suite 309, Armonk, NY 10504. PAGE 3 - IMPACT - SEPTEMBER/OCTOBER 2007

State Energy Programs and the Corresponding Savings For Owners Topic of November 8 Realty Industry Conference WHITE PLAINS—The Build- how to save money and energy Topic 1 of the seminar will to address the specific energy BRI’s energy program. The firm, ing and Realty Institute (BRI) in their multifamily buildings, in- feature a review of the New and operational needs of a founded in 1991, is an energy last week announced the crease the value of their proper- York State Energy Research building, officials added. efficiency engineering company scheduling of a Nov. 8 seminar ties and improve residents’ and Development Authority’s Topic 2 of the seminar will that has completed more than on state energy programs that comfort and safety, while also (NYSERDA’s) new multifamily examine the New York Energy 3,000 projects. The company is can help produce savings for helping the environment.” performance initiative. SmartLoan Fund. A network of the exclusive energy auditor for owners and managers of multi- Participants will learn about The initiative, known as The participating lenders – includ- the Bronx, Westchester, Orange family buildings. state programs and incentives New York Energy Smart Multi- ing banks, credit unions, com- and Rockland counties for BRI officials said that the pro- for existing buildings and new family Performance Program, munity development financial NYSERDA. gram is scheduled for a 5:30 construction, as well as low- harnesses the latest in building institutions and farm credit as- Frank D. Lauricella , a mem- p.m. start at the Crowne Plaza cost loans available for energy- science technology and ap- sociations – will explain how ber of the firm’s Business De- Hotel in White Plains. The BRI’s saving improvements, officials plies it specifically to an owner’s participants can utilize low-cost velopment Department, will be monthly General Membership added. building design and daily op- loans for energy-saving im- the keynote speaker at the BRI Meeting will immediately follow erations, event officials said. provements. seminar. the energy seminar, with a The Affected Parties Using a partner network The program’s Topic 3 will re- Those interested in partici- scheduled 6:30 p.m. start. BRI officials said that own- made up of engineers, energy view Building Operator Training. pating in the BRI event can call Event officials said that own- ers, developers and property/ consultants and other industry The Daylight Savings Com- the association at (914) 273- ers and managers attending facility managers will all benefit professionals, the program pany of Goshen will provide the 0730 for reservations. the energy program “will learn from participation in the event. uses a customized approach updates for participants in the Case Study: A New Way of Selling Energy Efficiency By Alexander H. Roberts, President Roberts Geo Systems, Inc. WHITE PLAINS—It never Challenge of a New building energy usage (oil or based upon Heating Degree severe than the baseline usage. ceases to amaze me as an en- Paradigm natural gas) and provide a lease Days as published by the Na- There is too much at stake ergy management consultant If building owners refuse to that allows the owner to pay out tional Weather Service so that not to act to save energy. how oil prices are hitting record take the risk that promises of of documented savings. there can be no question of sav- highs and building owners still energy savings will not materi- The savings will be adjusted ings if the winter is more or less won’t do anything about their alize, it is time for manufactur- energy usage. ers and smaller energy service With the price of oil over $80 companies to step up to the MEMBERSHIP MEETINGS a barrel and the cost per gallon plate and take the risk from the sure to follow this winter, the building owner. They have not return on investment for en- done so in the past because ergy-saving technologies has banks and other finance com- never been higher. panies avoid such “perfor- And yet, I’ve seen owners mance” leases like the plague. balk at paying $10,000 for a Understandably, underwriters computerized boiler control only understand credit risks. guaranteed to pay for itself in However, with saving en- two years (a 50 percent return ergy now a vital global climate on investment). and national security issue, On July 15, the New York pools of capital should be Times had a front page article available as Green Investment in its Real Estate Section on Funds to share the savings the price of saving energy in with owners. My company, which it explained the various Roberts Geo Systems, is now returns on investment for en- making such an offer on a ergy-saving measures. Light- computerized boiler control ing topped the list, but air-seal- that has proven its efficacy in ing, insulation and computer- multifamily buildings for over Photo by Barbara Hansen ized boiler controls followed 20 years in thousands of New close behind. York City buildings and is guar- Changing from incandes- anteed by the company to cent to fluorescent light bulbs in save 15 percent on fuel. “A Look at the Region’s Commercial Real Estate Market” was the topic of the Sep. 20 General Membership Meeting of the Building and Realty Institute (BRI). More than 45 members of the stairwells had a payback of The U.S. Energy Controller local building and realty industry attended the event at the Crowne Plaza Hotel in White Plains. three weeks. If you e-mail me at turns the boiler on and off Pictured at the meeting are, from left to right, Ken Nilsen, BRI president; and speakers Bill Cuddy [email protected], based upon the average of (CB Richard Ellis); Ed Lashins (Lashins Development Company) and Hank Fries (Henry W. Fries I’ll send you a link to the article. temperature sensors located in Real Estate). each of the top floor apartments A Working Model rather than the traditional single I think the problem lies in the sensor outside. It prevents fact that building owners hate over-heating and under-heat- to pay for capital improve- ing and is currently used by ments up front with the prom- large firms such as Rosenberg- ise or even “guarantee” of sav- Diamond and Skyline. ings. That’s why I’m betting the “performance contracting” A Positive Option model will work. An online monitoring option Under a guaranteed perfor- allows landlords to view all of mance contract, the customer their buildings at once any time pays for the product out of and anywhere on the Internet, documented savings. While displaying temperatures, boiler these are popular with large run times, domestic hot water energy service companies, temperatures, water loss, they typically entail retrofits stack temperature, and other costing hundreds of thousands vital signs of their buildings. or millions of dollars. Sophisti- Roberts Geo Systems will cated monitoring and verifica- analyze the potential savings for tion are usually required. free based upon two years of Photo by Jeff Hanley Photo by Jeff

80 Business Park Drive, Suite 309, Armonk, N.Y. 10504. The Cooperative and Condominium Advisory Council (CCAC) sponsored its latest membership meeting on Sep. 10. “How to Deal With Troublesome Shareholders and Unit Owners” was the (914) 273-0730 topic of the conference at the Crowne Plaza Hotel in White Plains. More than 45 CCAC mem- www.BuildersInstitute.org bers attended the event. Pictured during the program are, from left to right, Jane Curtis, vice chair, CCAC; Pat Kinsey (speaker), board member, CCAC; Carl Finger (speaker), counsel, CCAC; and Diana Virrill, chair, CCAC. PAGE 4 - IMPACT - SEPTEMBER/OCTOBER 2007 Report: New York Trails Most States In Growth In Jobs, Wages, Income and Population

ALBANY—Fully half of the 62 States that matched or ex- ginia—trailed the national av- • There were no grades of A+. • Of the 52 counties that are counties in New York State trail ceeded the nation’s growth in erage in all five categories and In other words, not a single part of what economists typi- the nation in all five core mea- four, three, two or one category received grades of F. county or borough in New cally consider Upstate (all sures of long-term economic were graded A, B, C and D, re- York State matched the counties outside New York growth included in The Busi- spectively. States that trailed A Negative Result nation’s growth rate on all five City, Long Island, and West- ness Council of New York’s the nation’s rate of growth in all “This index shows just how indicators. chester, Putnam and Rock- Economic Growth Index, the five categories were graded F. badly New York’s economy has •Only two counties, Putnam land counties), 27 received a council recently announced. New York earned a grade of performed compared to the na- County and Saratoga County, grade of F and 10 received a New York State, as a whole, D because its 10-year rate of tion, and it confirms that Up- earned grades of A. Only two grade of D. trails the nation in four of the growth matched or exceeded state New York is locked in a other counties, Suffolk • The counties that are home to five categories, giving it a the national average in only profound economic crisis,” said County and Dutchess County, Upstate’s largest cities (Buf- grade of D on the new index. one of the five categories, Av- Business Council President earned grades of B. falo, Rochester, Syracuse, The council’s new Economic erage Wage Per Job. Kenneth Adams. “Through a • New York City’s overall grade Binghamton, and Albany) all Growth Index ranks the five Thirty-one of New York’s long period that includes both was C. In the suburbs, Suffolk showed sub-par growth rates. boroughs of New York City, the counties were marked as F— ups and downs in the national County was a B, and West- Erie County, Monroe County, state’s 57 other counties and as was Upstate New York as a economy, New York’s eco- chester was a C, while Onondaga County, and all 50 states according to their whole. Twenty-seven states nomic performance has been Nassau and Rockland coun- Broome County received a growth rate in five key areas got grades better than New awful.” ties both received a D grade. grade of F. Albany County between 1995 and 2005: Jobs; York State’s D. Ten states— At the county and borough • Rated overall, Upstate’s slow was a D. Average Wage Per Job; Total Arizona, California, Colorado, level, the index shows that: growth meant a grade of F. Personal Income; Per-Capita Delaware, Florida, New Hamp- Personal Income; and Popula- shire, Texas, Virginia, Wash- iCap Realty Advisors Arranges tion. The data used in the index ington, and Wyoming—re- come from the U.S. Bureau of ceived grades of A+ on the $80,000,000 in Financing Economic Analysis. The data Economic Growth Index. were compiled by The Busi- Three states—Georgia, ness Council’s research affili- Maryland and New Mexico— ATLANTA – iCap Realty Advi- With headquarters in The also recorded more than $1 bil- ate, the Public Policy Institute. earned grades of A. There sors recently announced that it Woodlands, Texas, iCap Re- lion in investment sales – ac- Each state’s growth in those were also eight B’s, seven C’s, has arranged an $80 million alty Advisors is a national mort- quisitions and dispositions – areas was compared to the na- and 13 D’s, including New York loan for the refinancing of a 62 gage banking and investment during 2006, spokesmen said. tional average. States that State. Nine other states—Ar- convenience-store portfolio. sales firm. By working closely With 10 production offices, matched or exceeded the kansas, Hawaii, Illinois, Indi- The properties are at various with more than 85 different over 60 mortgage originators nation’s growth in all five cat- ana, Louisiana, Michigan, Mis- locations throughout Georgia capital sources, iCap produc- and 25 investment sales bro- egories received a grade of A+. sissippi, Ohio, and West Vir- and Alabama. Bill Mitchell of ers were able to close more kers, iCap’s seasoned profes- iCap’s Atlanta office arranged than 330 loans in 2006. Those sionals are experienced and the loan through one of iCap’s loans totaled $2.4 billion dol- skilled at managing transac- trusted capital markets lending lars, with an average loan size tions from quote through clos- sources, company spokesmen of $6.9 million. The company ing, spokesmen added. NYSERDA Releases its said. Multifamily Gas Efficiency Program ARMONK—The New York ily Gas Efficiency Performance State Energy Research and Program, applicants will: Development Authority •Apply using a simplified form. (NYSERDA) recently an- • Use incentives to implement nounced the availability of its gas-saving measures quickly. Multifamily Gas Efficiency Per- • Experience savings on gas formance Program. costs for their current bud- The program allows building gets. owners to install custom or pre- NYSERDA officials added scriptive gas-related measures that: before the heating season be- •The program serves only ex- gins. isting buildings. The incentives of the pro- • A Technical Study of the cur- gram are determined based on rent gas equipment and pro- the estimated annual gas sav- posed improvements must be ings (therms) of the proposed completed. The Energy Re- custom gas improvement from duction Plan format will be ac- a technical study and differ cepted under the program. based on the market sector • Cost estimates for the pro- definition of the building, posed improvements must be NYSERDA officials said. submitted with the Technical The details include: Study. • Affordable Housing Building: • Incentives are paid directly to ($2.50/therm) multiplied by owners. Annual Gas Savings. •The offer is “a Limited-Time • Market-Rate Building: ($2.00/ Program” with limited funding. therm) multiplied by Annual Gas Savings. Combinations with the • Applicants must have multi- Multifamily family building(s) with more Performance Program than 50 percent of the gross The Multifamily Gas Effi- heated square foot (ghsf) ciency Program can work inde- area dedicated to residential pendently or in conjunction tenants. Applicants must also with the Multifamily Perfor- be Con Edison gas distribu- mance Program, NYSERDA tion customers who are as- officials said. Applicants may sessed the Monthly Rate Ad- participate in either one or both justment (MRA) applicable to programs. all Con Edison gas customers More information and appli- under rate classifications SC cations are available at 1, SC 2, SC 3, SC 13 and any www.getenergysmart.org. corresponding SC 9 firm Comments and questions can transportation customers. be answered at 1-877-NY- “Cooking only” customers are SMART, or by e-mail at not eligible. [email protected]. By applying to the Multifam- PAGE 5 - IMPACT - SEPTEMBER/OCTOBER 2007 An Update on Important Rulings For Both The Co-op and Apartment Building Owner Sectors

ants Corp. v. Lapidus, 39 dition precedent to the tenant COUNSEL’S A.D.3d 379, 835 N.Y.S.2d 68 claiming a breach of the war- N.Y.A.D. 1 Dept., 2007, the Ap- ranty of habitability in a non CORNER pellate Division First Depart- payment proceeding or in with- By: Kenneth J. Finger, ment upheld a cooperative holding rent, to wit: written no- Carl L. Finger and board’s authority to terminate a tice to the landlord. Daniel S. Finger, shareholder’s lease for “objec- Finger & Finger, Chief Counsel, tionable conduct.” Advice for Co-ops and Building & Realty Institute (BRI) This case was reported in Landlords (Subhead) this column relative to the dis- Landlords should take note cussions of the business judg- of this mechanism, i.e., if you WHITE PLAINS - The Appel- should be given to the lan- which require the opening of ment rule. In that case the co- settle a case in court, make late Division Second Depart- guage of the lease, as well as ceilings, walls, etc. implicate is- operative had terminated the sure you try to get the tenant to ment, which is the intermediate the reasonable expectations of sues impacting the structure of lease of the shareholder pursu- provide written notice to the appellate court with jurisdiction the parties, i.e. the shareholder the building and would reason- ant to the provision in the Landlord as to any claims or over Westchester, Rockland and the cooperative. ably have been anticipated to lease. complaints in the future. and Putnam counties, among be the responsibility of the co- In a recent decision the Ap- Responsibility While this case is interesting others, determined in the mat- operative. pellate Term decided a case in- in view of the several litigations ter of Franklin Apartment Asso- The Court reviewed the The facts in this situation volving the same parties as to between the parties and the en- ciates, Inc. v. Westbrook Ten- lease provisions applicable, were not unique, nor were the a pending non-payment case forcement of the business judg- ants Corp., — N.Y.S.2d ——, the first providing that generally provisions in the proprietary (actually commenced prior to ment rule in the related matter, it 2007 WL 2670092 (N.Y.A.D. 2 that the cooperative is respon- lease, and thus we can antici- the lease termination case is equally significant in its appli- Dept.), 2007 N.Y. Slip Op. sible for the building, apart- pate that this question, which which implicated the business cability to settlements of land- 06630, that the cooperative ments, etc. except as set forth has arisen in many coopera- judgment rule) in which the lord tenant cases imposing ad- was responsible for shower in Paragraph 18 of the lease. tives, will continue to arise as same shareholder asserted a ditional burdens on the respec- bodies, not the shareholder. This fundamental apportion- the buildings and plumbing of breach of warranty of habitabil- tive parties and should be noted The facts of that case were ment of responsibility was out- many cooperatives continue to ity as a basis for withholding by traditional landlords as well not uncommon to many coop- lined in Paragraph 2 of the age. This decision should pro- the maintenance. as cooperatives. eratives, leaks were develop- lease and is similar in many if vide meaningful guidance to The Appellate Term held that Editor’s Note: The authors ing in the shower bodies. The not most proprietary leases. cooperatives, and sharehold- an earlier settlement between are attorneys with Finger shareholder wanted the coop- Article 18 of the lease pro- ers, faced with similar dilem- the parties which required the and Finger, A Professional erative to take responsibility for vides the exceptions and the mas. shareholders to provide written Corporation. The firm is the repairs and the cooperative Court reviewed that Article, Once again, the practical ad- notice of any warranty of habit- based in White Plains. Ken- wanted the shareholder to be particularly as it pertained to vice given by many practitio- ability claims to the cooperative neth J. Finger is chief coun- responsible for the repairs. plumbing. The terms of this ar- ners in this field, i.e., is that “if it was enforceable. The signifi- sel to the Building and Re- As a result of this disagree- ticle as outlined by the Court is within the wall, the coopera- cance of this decision is the alty Institute of Westchester ment the shareholder com- may also be found in many tive is responsible and if it is enforcement of a mechanism and the Mid-Hudson Region menced a lawsuit against the proprietary leases. within the apartment, outside that in essence provided a con- (BRI). cooperative seeking a court or- The cooperative in the sub- the wall, the shareholder is re- der that the cooperative was ject case claimed that the sponsible, held forth.” 80 Business Park Drive, Suite 309, responsible for the shower shower bodies were “fixtures” Armonk, N.Y. 10504. bodies. The cooperative then A Business Judgment or “equipment” and as such (914) 273-0730 sought a judgment that the were the responsibility of the Rule Case Post Script www.BuildersInstitute.org shareholder was responsible shareholder under Article 18 of In the matter of 1050 Ten- for the shower bodies to seek a the lease. After providing a determination as to whether brief review of the function, lo- the shower bodies were the re- cation, and description of sponsibility of the shareholder shower bodies, the Court held or the cooperative. that the shower bodies, unlike The Court addressed basic the fixtures, were located be- contract interpretation and ap- hind the walls, and as such re- Got Flat Roof Leaks? plied such concepts to the pro- sponsibility for same was upon prietary lease and indicated the cooperative. 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YONKERS—The revival of the Hudson Park North in a joint the city’s potential at a time began construction last fall, is has become a major selling Yonkers waterfront recently venture with AIG Global Real when no one else was.” located just north of Hudson point in attracting residents took another major step for- Estate. “We’ve had tremendous Park South, the $75 million first who work in Manhattan. ward with a “topping out” cer- “We are particularly grateful success with Hudson Park and phase of the highly successful “Where else can you find emony for Hudson Park North, for the cooperation and assis- we anticipate even more with waterfront development. such breathtaking views of the the second of two luxury apart- tance of Mayor Amicone and Hudson Park North,” he said. Hudson Park South features Hudson River and the Pali- ment complexes being devel- his staff. Under Mayor Ami- 266 luxury riverfront apart- sades and be only 20 minutes oped along the Hudson River cone’s leadership, the City of The Details ments and 20,000 square feet from Grand Central Station?” by Collins Enterprises. Yonkers has made tremen- Hudson Park North will fea- of retail, restaurants and pro- he said. Yonkers Mayor Philip Ami- dous progress and has be- ture 294 one- and two-bed- fessional office space. The The success of Hudson cone, members of the City come a model for successful room rental apartments in two project also includes a public Park is attracting new upscale Council and various city offi- urban redevelopment in our re- towers of 14 and 12 stories esplanade along the waterfront restaurants to the waterfront, cials joined with senior execu- gion. We look forward to wel- connected by a four-story that will be linked to an espla- most notably celebrity chef Pe- tives from Collins Enterprises coming Mayor Amicone back building. The one- and two- nade on the Hudson River. ter Kelly’s X2O Restaurant, at the expansive steel and con- next spring for the grand open- bedroom apartments feature Hudson Park South, which was which offers five-star dining in a crete structure for the “topping ing of Hudson Park North,” spacious walk-in closets, luxu- completed in 2003, is nearly spectacular waterfront setting. out,” which marks the comple- Collins added. rious bathrooms, washers and 100 percent leased. Hudson “Peter Kelly’s restaurant has tion of the building’s highest dryers, wall-to-wall carpeting, Park South apartments rent already become a major desti- floor. To celebrate the event, a A Change in the and fully applianced designer from $1,570 to $2,770 for one- nation point and is bringing giant American flag was un- Landscape kitchens, spokesmen said. bedroom apartments and new excitement and energy to furled from one of the new tow- “The landscape in Yonkers is Parking is provided in an at- $2,140 to $3,500 for two bed- the Yonkers waterfront,” ers under construction, project in the process of an amazing tached garage. rooms. The total development Collins said. “Clearly, the Yon- spokesmen said. transformation,” Amicone said. In addition to spectacular wa- cost of the two-phase project is kers waterfront has emerged “A decade ago our company “We are redefining the future of terfront views of the Palisades $200 million, spokesmen said. as one of the most exciting ur- came to this great city with a vi- Yonkers by transforming un- and the Manhattan skyline, Hudson Park is located next ban redevelopment locations sion of transforming a vacant derutilized and industrial wa- Hudson Park North will offer a to the Yonkers Metro North train in the region. We’re delighted industrial site into a thriving terfront properties into spec- wide array of lifestyle amenities, station, which is only 25 min- that Hudson Park is playing a residential waterfront commu- tacular residential, business spokesmen added. They in- utes from Manhattan. The train major part in the revival of nity. Today that vision is a real- and public spaces.” clude a health and fitness cen- station was recently renovated downtown Yonkers.” ity. Yonkers is now home to a Amicone added: “Judging by ter, riverfront courtyard, com- and redesigned and provides Collins Enterprises, a third- vibrant waterfront with luxury the success of phase one of munity rooms and business direct access to the esplanade generation private real estate rental housing, first-class res- Hudson Park, the first major center. Monthly rents at Hudson at Hudson Park. Residents of company based in Stamford taurants, a beautiful public es- redevelopment project to be Park North will range from Hudson Park can also enjoy the (Conn.), is nationally recog- planade and the most spec- completed on the Yonkers wa- $1,850 - $2,300 for one-bed- convenience of taking the re- nized for building unique rede- tacular views to be found any- terfront in decades, we have a room apartments and $2,530 - cently launched water taxi at the velopment projects, often in where in the region. We’re lot to look forward to with $3600 for two bedrooms. nearby Yonkers City Pier, which strategic locations, such as ur- proud that Hudson Park has Hudson Park North.” Project officials added that offers a 45-minute commute to ban waterfronts, reemerging served as a catalyst for this Collins Enterprises, Ami- the $125 million Hudson Park Wall Street, officials said. downtowns and Brownfield riverfront renaissance,” said cone said, shares his vision for North complex is expected to sites, company officials said. Arthur Collins, co-founding a revitalized and improved be completed and ready for oc- A Key Point principal of Collins Enterprises, Yonkers. The company, he cupancy next spring. Collins said Hudson Park’s LLC, which is developing said, “was willing to invest in Hudson Park North, which easy access to mass transit PAGE 7 - IMPACT - SEPTEMBER/OCTOBER 2007 Haverstraw-to-Manhattan Commuter Ferry Service Begins

VALHALLA—The long dream continue to grow as commut- tan terminals—Battery Park that has won national and re- The National Association of of a “one-seat” commute from ers and government officials City and Pier 11, which is on gional awards for its design and Home Builders (NAHB) gave Rockland County to New York come to recognize the many the East River at the end of site planning. When it is com- The Harbors seven 2006 “Na- City recently became available advantages ferries have over Wall Street. Some 85-to-175 pleted, The Harbors will have tionals” awards, including na- with the debut of ferry service cars and buses. There are no people a day are expected to nearly 850 homes served by tional citations for Best Master- from Haverstraw to Manhattan. traffic jams or potholes, just ride the ferry, according to a two clubhouse complexes with Planned Community, Best Scores of Rockland and Or- beautiful scenery and a com- June 2006 study by the Lower pools, fitness centers, social Landscape Design for an At- ange county residents are ex- fortable trip to and from work,” Manhattan Development Corp rooms and small general stores tached Community and Best pected to take advantage of Ginsburg added. cited by The Journal News. selling sundries and food. Sales Environment. the service, which will use a Ginsburg, a longtime advo- “Dozens of people who live Famed restaurateur Buzzy The Harbors also received a ferry terminal at The Harbors at “Best of American Living” Haverstraw, a master-planned The Haverstraw-Manhattan ferries will be operated by New York award from the NAHB for the community being built along Best Community Recreation the waterfront by Ginsburg De- Water Taxi, which will use 149-passenger catamarans capable Building or Clubhouse. velopment Companies (GDC). of traveling 28 mph. The boats will have 42-inch TV’s, plush Current GDC communities in- The service was officially clude AVANT Chelsea (New launched in early September seats, a cafe and a bar. Free parking is available at the ferry York); Riverwatch at Greystone; with a brief ceremony at the dock, which also is served by a free shuttle along Route 202. Riverbend in Peekskill; Hudson Haverstraw ferry pier. Pointe in Poughkeepsie; The Two ferries each morning cate of commuter ferries along in The Harbors use the existing O’Keeffe, owner of some of Fairways at Wallkill; Ridgewood and evening will take the 90- the Hudson River, has made ferry to the Ossining train sta- New York City’s most re- at Middlebury (Conn.); The minute trip between Haver- provisions for ferry docks at a tion,” said Ginsburg. “They spected eateries, is working on Greens at Gillette Ridge straw and lower Manhattan, number of his waterfront devel- found it very convenient to be plans for a restaurant and a (Bloomfield, Conn.) and Quaker with a brief stop for passengers opments. able to take a short walk from banquet hall overlooking the Green (West Hartford, Conn.). in Yonkers along the way. Ex- “The Hudson River is being their homes to the ferry. They Hudson River at the northern- GDC, established in 1964 and isting ferry service from rediscovered as a waterway for don’t even need a car to get to most point of The Harbors, based in Valhalla, is one of the Haverstraw to the Ossining tourism and transportation, so it work.” spokesmen said. nation’s leading full-service real train station will continue with- is essential to have access like The Haverstraw-Manhattan Prices start in the $200,000’s estate design, development and out any changes. piers to help people connect ferries will be operated by New for well-appointed condo flats management companies. The with the river,” said Ginsburg. York Water Taxi, which will use company has developed more A Noteworthy and in the $500,000’s for the “Piers will let commuters get 149-passenger catamarans two- and three-bedroom town- than 10,000 residential units dur- Beginning to work and, perhaps as impor- capable of traveling 28 mph. houses, spokesmen added. ing its 40-plus year corporate “The start of ferry service tantly, let tourists visit the his- The boats will have 42-inch The Harbors has received a history, spokesmen said. from Rockland County to Man- toric river towns lining the TV’s, plush seats, a cafe and a number of prestigious awards. hattan is a great step forward Hudson. I’d love to see cruise bar. Free parking is available at for the area’s commuters, who ships and tourist boats return the ferry dock, which also is will benefit from a faster, easier to the Hudson and make stops served by a free shuttle along Groups Launch Green trip to the city each day,” said in towns like Yonkers and Route 202. Martin Ginsburg, founder and Haverstraw, which have great principal of GDC. Ginsburg shops, restaurants and muse- Details Certification Program participated in the ceremony. The Harbors is a master- ums most people don’t know DES PLAINES, Ill.—It is esti- practices or products for at “Ferry service has become planned community with a mix about,” he added. mated that by 2010, residential least 3 years, have at least 16 very popular during the past of townhouses and condo flats The ferries from Haverstraw green building will become a hours of green or sustainable decade and I think interest will in a pedestrian-friendly setting will stop at two Lower Manhat- $19 –to-$38 billion market, ac- remodeling related continuing cording to a recent McGraw Hill education and pass a compre- survey. hensive examination. The National Association of Willem Maas, the founder and Cappelli Enterprises Gains Approval to the Remodeling Industry publisher of GreenHomeGuide (NARI), recently announced said: “We are excited to be a part Build Cafe Opposite the Ritz-Carlton that, in accordance with that of this first-ever nationwide pro- estimate, it has initiated its gram to certify green remod- Complex in White Plains Green Certified Professional elers. Together, with NARI, we (GCP) Certification Program, will help make more homes WHITE PLAINS—Cappelli En- oped as a component of the floor panels that look down in conjunction with its alliance healthy and energy efficient by terprises has been given the Ritz-Carlton project, reflecting onto the restaurant/café a level with GreenHomeGuide, an combining NARI’s rigorous certi- go-ahead to build a visually the sleek architectural design below. In addition, the building online service. fication program with Green- striking, new three-story struc- and providing architectural will also offer an outdoor roof- The program is designed to HomeGuide’s trusted advice ture at 189 Main Street in continuity to the Court Street top seating gallery for the cafe. address the rapidly growing and information.” downtown White Plains. extension Cappelli is building Cappelli noted that the demand for green home re- NARI President Thomas J. The project recently gained between Main Street and building’s modern glass de- modeling projects, spokesmen Hagner, agreed, adding: “Our unanimous approval from the Hamilton Avenue. sign, which he said has been for both organizations said. goal is to leverage the two or- City Common Council and is The entrance to the new designed to be both edgy and Homeowners seeking to re- ganizations’ assets to broaden expected to be completed this Ritz-Carlton Hotel, as well as eye-catching, fits perfectly with model green will be able to find current services to better serve fall, project officials recently the two adjoining residential the striking design of the Ritz- local NARI Green Certified NARI members and their cus- announced. towers, will be from Court Carlton towers, the tallest Professionals in GreenHome- tomers, the homeowner.” The 4,700-square-foot build- Street. The hotel and the first buildings between New York Guide’s green directory, offi- NARI is the only trade asso- ing, which will be in the heart of residential tower are to open City and Boston. cials for both groups recently ciation dedicated solely to the downtown White Plains oppo- this fall. “This one-of-a-kind building said. Spokesmen added that remodeling industry, associa- site the new Ritz-Carlton, will be a jewel of the down- GreenHomeGuide and NARI tion officials said. Westchester complex the com- A Top Location town,” he said. “It will be a great will jointly develop Continuing With more than 7,600 mem- pany is building, is expected to Designed by Mark Shulman addition to the downtown cen- Education Programs for NARI ber companies nationwide, the be occupied by the world fa- of Design Development of ter of the city.” members. association is known as “the mous Via Quadronno cafe. White Plains, the structure will Cappelli Enterprises is a NARI’s Green Remodeling voice of the Remodeling Indus- The cafe will be unlike any be home to Via Quadronno, leading real estate developer Certification is designed to rec- try,” spokesmen said. other in the Westchester and which Louis R. Cappelli, presi- and general contractor. Head- ognize remodelers with a solid Since its launching in 2004, the Mid-Hudson Region, dent of Cappelli Enterprises, quartered in Valhalla, the com- foundation in Green Remodel- GreenHomeGuide has be- project officials said. expects will quickly become a pany has built more than 10 ing, association officials said. come an online source for The design, comprised of top destination in Westchester. million square feet of mixed “If a remodeling contractor greening the home, spokes- diamond-shaped glass panels, “There will be nothing like it use, retail, waterfront, residen- seeks to demonstrate their men said. GreenHomeGuide will complement the two 44- in the county and it will add yet tial, office building, laboratory knowledge and skill in the area connects homeowners with the story glass towers Cappelli is another exciting element to the and parking facilities, company of Green Remodeling,” said green home improvement in- building on the opposite side of core of White Plains, which is officials said. the chair of NARI’s Green Edu- formation, products and Court Street—The Residences emerging as one of the most Cappelli has been the driv- cation Sub-Committee, Chris people they need. at the Ritz-Carlton, Westches- stylish downtowns of any small ing force behind the dramatic Donatelli, “the GCP will help More than 150 leading au- ter and The Ritz-Carlton, city in the nation,” he said. “It revival of downtown White realize those goals.” thorities are involved in the Westchester. will be a major attraction for Plains with the highly success- In order to attain the GCP website, both as contributors Project officials said that the residents and visitors.” ful 1 million-square-foot City certification, the remodeler and advisors, including David new structure will replace a di- As envisioned, the first floor Center complex, including the must have been a fulltime Gottfried, founder of the U.S. lapidated, fire-damaged three- will include a publicly-acces- sold-out Trump Tower, West- remodeler for at least 5 years, Green Building Council, story building that has been sible gallery with multi-media chester’s first luxury high-rise have conducted remodeling spokesmen said. demolished. It will be devel- screens. It will feature glass condominium. projects using green principles, PAGE 8 - IMPACT - SEPTEMBER/OCTOBER 2007

Parker Appointed Executive Sales Manager at Trump Parc Stamford STAMFORD, Conn.—Trump town Stamford, the complex Parc Stamford, Stamford’s only will feature one-, two- and luxury high-rise condominium, three-bedroom residences, in- has announced the appoint- cluding duplex penthouses ment of Roger I. Parker as ex- with sumptuous wrap-around ecutive sales manager for the terraces on the top two floors, new, 34-story high-rise tower. project spokesmen said. The The facility is under construc- tion in downtown Stamford. Parker has extensive real es- tate sales and marketing expe- rience, serving as sales director for numerous prominent devel- opers and marketing firms in the region. They include Coldwell Banker, Cross and Brown, Trafalgar House, Gil- bert Charles Beylen and J.I. Sopher. He has on-site experi- ence at many Manhattan resi- dential properties, as well as Roger I. Parker residential communities in Fair- field and Westchester counties. residences are priced from A resident of Westport, Conn., $670,000 for a one-bedroom to Parker earned a bachelor’s de- more than $3 million for duplex gree in business administration penthouses. from Lincolnshire University in Amenities include 24-hour England. He has real estate bro- concierge/doorman services, kers’ licenses in Connecticut and landscaped terraces, an indoor New York. swimming pool, a full-service Trump Parc Stamford will health club, a wireless lounge, feature 170 luxury condo- billiards and screening rooms, th minium residences, amenities a 34 floor private observation and services never before deck and Stamford’s first “Car available in the Stamford mar- Spa.” ket. The complex is being built Soon to be the tallest building by Donald J. Trump, Thomas in Stamford, Trump Parc Stam- L. Rich of F.D. Rich Company ford will also offer spectacular of Stamford, and Louis R. views of Long Island Sound Cappelli of Cappelli Enter- and the New York City skyline, prises of Valhalla (N.Y.). Trump project officials said. The con- Parc Stamford is the first con- struction of the facility is ex- dominium in Connecticut to pected to take approximately bear the Trump name. 18 months, with occupancy Located in the heart of down- scheduled for early 2009.

Managing Agents, Co-op and Condo Boards, Mahony Returns to NAI Owners and Managers of Apartment Buildings & Friedland Realty NEW YORK - NAI Friedland Mahony was previously a Commercial Properties— Realty recently announced the Top Retail Producer and a Top hiring of commercial real es- Overall Producer at NAI When Preparing For Your Next Exterior or Interior Painting Job, tate broker Miles Mahony. Friedland. He currently repre- Mahony served as executive sents Sprint Nextel and the Remember the Following Regarding vice president at NAI Friedland New York Sports Club. Prior to from 1998 until 2006. He joined joining NAI Friedland, Mahony The Painting & Decorating Contractors NAI Friedland’s Retail Group worked in construction and as a retail director. owned and operated a resi- of Westchester Inc. (PDCW): Mahony has been a com- dential real estate brokerage. mercial real estate broker in “We are pleased to welcome • PDCW members are the largest, most respected and skilled painting the New York City market for Miles Mahony back to NAI contractors in our region. They offer extremely competitive pricing. PDCW the past 10 years. Most re- Friedland Realty,” said Steven contractors carry all required insurance; cently, he was with Northwest Oder, chief executive officer of Atlantic Real Estate Services NAI Friedland. “His extensive • PDCW members offer you a trained and reliable workforce. Workers are L.L.C., a White Plains real es- knowledge of the retail real es- skilled in safety. They maintain a professional appearance (in uniforms) and tate services firm focusing on tate landscape brings tremen- carry ID badges with pictures at all times. Your tenants will always know tenant representation. Mahony dous value to our clients, our who the workers are. Workers also maintain a professional attitude. They represented Staples, WAMU, team and our firm.” are trained at a state-of-the-art center and are familiar with all industry DSW, Starbucks and others. NAI Friedland was founded requirements; While at NAI Friedland, in 1970. The company is a full • Utilizing PDCW member eliminates the liability that exists when you employ Mahony represented various service commercial real estate direct hires; landlords and tenants. He firm in metropolitan New York, completed more than 150 retail including Westchester County, • Your worries concerning inexperienced and unskilled contractors producing leases and numerous building the five boroughs of New York a sub-standard job will be over after choosing a PDCW member. All who sales in the Bronx, Queens City, Long Island, Connecticut work and live in your buildings or complexes are no longer at risk. and Brooklyn, most notably the and New Jersey. Headquar- The PDCW, the local affiliate of the Association of Master Painters and sale of the Wagner Building tered in Yonkers, Friedland Decorators of New York, wants to work more closely with you. PDCW members and the Sears Building, both also maintains a satellite office offer the best options for your buildings and complexes. Go with the best in on Fordham Road in the in Manhattan. The firm has four terms of pricing, experience and safety! For further information, call the PDCW, Bronx, to Jem Realty and divisions: Retail, Industrial, Of- care of the Building & Realty Institute, at (914) 273-0730. Acadia Realty Trust, respec- fice and Residential/Develop- tively. ment. PAGE 9 - IMPACT - SEPTEMBER/OCTOBER 2007 GHP Office Realty Sells New Jersey Facility

FAIRFIELD, N.J.—GHP Office Dealer Services and Marie Realty recently announced Ann Greenberg, Esq. that it has closed on the sale of Andrew Greenspan and 30 Two Bridges Road in James Schwartz of GHP Office Fairfield. Realty arranged the transac- The buyers, Marcon-Fair- tion on behalf of the seller, field, LLC, paid $14 million, or GHP Two Bridges Delaware, $152 per square foot, GHP LLC. Michael Lynch, Esq. of spokesmen said. 30 Two Lynch and Associates was Bridges Road is a highly vis- counsel for the seller. Brad ible, 92,000 square-foot, three- Thoubboron of MRH Real Es- story multi-tenant building. It is tate Services, Inc. represented 90 percent leased, GHP said. the buyers, spokesmen said. GHP officials said that GHP Office Realty is the of- Marcon “has acquired a prime, fice building division of multi-tenanted office building Houlihan-Parnes/iCap Realty that provides strong, in-place Advisors, which is one of the credit cash flow, as well as fu- New York area’s leading own- ture upside potential from the ers, operators and purchasers lease-up of vacant space.” of suburban, Class A office Built in 1986, the building space. ranks as the premier building in The firm has what company the submarket, GHP officials officials described as “major, said. Officials added that the multi-tenanted properties lo- facility offers flexible and effi- cated in Westchester, Rock- cient floor plate designs, sub- land and Nassau Counties.” stantial amenities and high vis- The partnership owns and ibility from both Route 46 and manages more than 7,000,000 Interstate 80. Current tenants square feet in more than 100 include New England Life In- properties throughout the U.S., surance Company, Vanguard spokesmen said. PAGE 10 - IMPACT - SEPTEMBER/OCTOBER 2007

TECH TALK Geer, Russek Join Prudential Rand Realty Reviewing Key Trends and Practices For Business PINE BUSH—Prudential Rand around the country opening a By Andrea Wagner, Wagner Web Designs, Inc. Realty recently announced variety of hotels and restau- ARMONK—Welcome to my include “and” between terms. If of course, you intend to that Brenda Geer and Joe rants. first installment of Tech Talk. you are looking for a particular shout!). Russek have joined the firm’s Additionally, Russek is the My goal is to help your com- phrase, put quotation marks 2. When forwarding, it is not Pine Bush office. owner of Third Generation pany maximize its business around it. proper to include all previously Geer became a licensed real Homes LLC, a home renova- and marketing potential by un- attached email addresses. Re- estate professional in 2002. tion company that he has derstanding and taking advan- Five Basic Rules for move those addresses before Prior to joining Prudential Rand owned for two years. tage of technology today. You E-mail Etiquette forwarding. as an associate broker, she Russek is a lifelong resident will also find a list of useful Why do you need email eti- 3. If you require a response, was the broker/owner of Karina of Orange County. He resides websites in this article. quette? Professionalism is a please ask for it. Many emails Real Estate in Middletown in Pine Bush. Very often, the need to con- factor. By using proper email are read but not always re- (N.Y.), where she worked as a “We are thrilled to welcome duct a search arises. Here’s language, your company will sponded back to. sales associate since 2003. Brenda and Joe to Prudential where we can learn to get the convey a professional image. 4. If more than one person is Before beginning a career in Rand,” said Matt Rand, manag- most out of a google. Have you Efficiency is another ele- emailed, the reply should be real estate, Geer worked in ing partner of Prudential Rand ever searched for something ment. Emails that get to the “To All.” telecommunications. She is a Realty. “They are a top-tier ad- on the web and gotten unre- point are much more effective 5. Use meaningful subject member of the National Asso- dition to our team and will be lated responses? than poorly worded emails. titles. Many emails are saved ciation of Realtors (NAR), the highly instrumental in strength- Here’s a tip: Use multiple Protection from liability also for future reference and this New York State Association of ening the Pine Bush office.” search terms. If you’re looking comes into play. Employee becomes essential. Realtors (NYSAR), the New Prudential Rand Realty, for a plumber, you’ll do better awareness of email risks can Do you have any questions? York State Commercial Asso- founded in 1984, is the largest with “Plumber New York” than help to protect your company Send me an email at ciation of Realtors and the Or- real estate brokerage in the the general word. And “Plum- from costly law suits. [email protected] ange County Association of Greater Hudson Valley, com- ber New York Licensed” may (use your email etiquette!) and Realtors. pany officials said. The firm produce even better results. Tips I’ll do my best to respond di- Geer resides in Pine Bush has 21 offices serving Wes- Google ignores common 1. Do not use all caps. This is rectly or add to my next install- and specializes in Orange tchester, Rockland, Orange words, so there is no need to considered shouting (unless, ment of Tech Talk. County properties. and Sullivan counties. Based Russek also worked for on market share, Rand is the Karina Real Estate prior to join- top real estate company in Useful Websites ing Prudential Rand as a sales Rockland, first in Orange and associate. Before beginning third and fastest- growing in Here are some helpful websites: his real estate career at Karina Westchester, spokesmen said. irs.gov/businesses/small/index.html. A one-stop resource from the Internal Real Estate in 2005, Russek The company has more than Revenue Service (IRS) for Small Businesses and Self-Employed Individuals. worked for 13 years as an ex- 700 sales associates. ecutive chef, where he traveled The site offers tips, new information and important tax dates. bizrate.com or pricegrabber.com. Before you buy anything, compare prices! Prudential Holmes & Kennedy Names Marwell Manager of its Bedford Office BEDFORD—Prudential Holmes & Kennedy, one of Northern Westchester’s top residential real estate firms, re- cently announced the appoint- ment of Gloria Marwell of Greenwich (Conn.) as man- ager of its Bedford office. Marwell is consistently rec- ognized for sales achieve- ments by the Westchester County Board of Realtors Gloria Marwell (WCBR). She is one of north- ern Westchester’s top-produc- Founded in 1968 by Bill ing Realtors, company officials Holmes, Prudential Holmes said. Licensed as an associate and Kennedy has enjoyed con- broker in New York and Con- tinued growth and success by necticut, with clients in both respecting its mission state- communities, she offers more ment of “building lifetime rela- than 14 years of real estate ex- tionships, one house at a time,” perience and is certified as a company officials said. “Fine Home Specialist.” An affiliate of Prudential Real Marwell is also a proven Estate since 2004, Prudential marketing and sales leader, Holmes & Kennedy remains in- having a background as a na- dependently owned and oper- tional sales manager and as a ated. The company offers six financial planner, company offi- full-service offices in Armonk, cials said. Bedford, Chappaqua, Kato- She was Northern West- nah, Pleasantville and Somers, chester’s top producer in 2003, as well as a global relocation and is active with the A-Home department and an in-house fi- and My Second Home organi- nancial/mortgage service with zations. Communitywide Mortgage. Local Group Announces Syosset Transaction WHITE PLAINS—Houlihan of Jericho Turnpike and South Parnes/iCap Realty Advisors, Oyster Bay Road. The facility CLK Management of Great includes a Bank of America Neck (N.Y.) and Menowitz Branch. It is a prime retail cor- Management of Elmhurst ner that the group will rede- (N.Y.) recently announced the velop, spokesmen said. acquisition of the retail property The property is within 1 mile at 378 Jericho Turnpike in of the Crossways and Gate- Syosset (N.Y.). ways Office Parks, which are The property is at the corner also owned by the group. PAGE 11 - IMPACT - SEPTEMBER/OCTOBER 2007 Builders, Remodelers Membership in The BRI Could Be The Best Investment You Ever Made. Just ask the 1,700 Members of The Building & Realty Institute (BRI).

A Statewide Political Action The Oldest and Largest Committee Industry Force with clout Members include Homebuilders, Remodelers, Service Trades and Supporting candidates who Professionals support industry objectives

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Yes, I am interested in a membership investment in the BRI, a building and realty industry and professional association with over 60 years of growth, service and performance. Please send an application. Name Title Company Address City, State, Zip Building and Realty Institute (BRI)

80 Business Park Drive, Suite 309, Armonk, NY 10504 (914) 273-0730 • Fax: (914) 273-7051 Members of: Urban Land Institute, Washington, D.C • N.Y. State Business Council, Albany, N.Y. www.buildersinstitute.org PAGE 12 - IMPACT - SEPTEMBER/OCTOBER 2007 Property Managers, Co-op, Condo, Apartment House and Office Building Owners, Building Construction Contractors and Subcontractors COMPARE PERFORMANCE Save %% Up to Below55 55Manual Rates For Workers’ Comp The Building and Realty Institute’s NYS Safety Groups #530 and #458 Offer Stability, Consistently High Dividends and Large Reserves Since 1951. Over 1,400 Members. Levitt-Fuirst Assocs., Ltd., Group Managers. For more information, call: (914) 376-2500.