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C M Y K Axxx,2019-01-17,ZM,001,Bs-4C,E1 THE NEW YORK TIMES, THURSDAY, JANUARY 17, 2019 ZM1 ADVERTISEMENT ADVERTISEMENT THE REAL ESTATE BOARD OF NEW YORK Photo: Getty Images Getty Photo: This special advertising feature is sponsored by participating advertisers. The material was prepared by T Brand Studio and did not involve the news or editorial stas of The New York Times. ©2019 The New York Times C M Y K Axxx,2019-01-17,ZM,002,Bs-4C,E1 ZM2 THE NEW YORK TIMES, THURSDAY, JANUARY 17, 2019 ADVERTISEMENT ADVERTISEMENT NEW YORK CITY’S COMMERCIAL REAL ESTATE MARKET Photo: Getty Images Getty Photo: As the New York real estate industry gathers for the Real Estate Board of New York’s (Rebny) 123nd Annual Banquet, the industry is enthusiastic about its success in 2018 and is looking forward to a strong 2019. This success — bolstered by job growth, as well as unemployment and crime rates at historic lows — is attracting the country’s leading entrepreneurs and technological innovators. Generating billions in annual tax revenue that funds vital city ser- vices, New York City’s real estate industry remains the engine behind the city’s economy. “As the Real Estate Board of New York celebrates its 123rd year, we are proud to report that Rebny is just as vibrant as the city itself,” said John H. Banks, president, Rebny. John H. Banks “Rebny’s outlook for the city’s future is an optimistic one,” he President, Rebny continued, “as our industry helps to guide the city forward with advocacy to advance sensible urban planning, responsible devel- opment and environmental sustainability to keep New York the greatest city in the world.” the Bronx,” said Banks. “We look forward to the upcoming legisla- Rebny Takes Issue With Commercial tive session in Albany, where we will work with Governor Cuomo and the new State Legislature. As the state’s rent regulations are Rent Control scheduled to expire in June, Rebny will advance policies to ensure Rebny was active at the city, state and federal levels in 2018, advo- investment in our housing stock, job growth and the creation of cating for the real estate industry in New York. A major effort much needed housing, particularly affordable rental units.” undertaken by the group was a campaign to educate and inform the public about a misguided New York City Council bill innocu- ously titled the “Small Business Jobs Survival Act” (S.B.S.J.A.). Rebny Leads Environmental Efforts in City “The bill is commercial rent control because it would mandate arbitration between landlords and commercial tenants for lease In 2018, Rebny and its members were once again leaders in New renewals, allow a lease renewal term of 10 years at the tenant’s York’s environmental efforts, committed to working with the city option and require the property owner to accept the results of the to build a more environmentally friendly New York, and to helping arbitration,” explained Banks. “The impetus behind the legislation reduce citywide greenhouse gas emissions 80 percent by 2050. is the mistaken belief that the apparent increase in vacant store- Recognizing the difficulties in finding a realistic path to achiev- fronts is solely the result of landlords either refusing to negotiate ing the City’s sustainability goals, Rebny hired a team of consul- a lease renewal or the landlord frequently asking for an untenable tants to help develop an appropriate energy-efficiency metric and rent increase — but those allegations do not have merit.” formed a coalition of allies, according to the group. Rebny’s Retail Reports and its numerous analyses pushing back In December, Rebny testified before the New York City Council in on false narratives around this issue gained considerable public conjunction with the National Resources Defense Council and 32BJ attention in 2018, according to Banks. “We organized more than SEIU to voice its general support of Intro 1253, which would set a 100 commercial brokers and property owners to attend and tes- path toward achieving greenhouse gas (GHG) reductions by 2050. tify at the City Council hearing on this legislation in October,” said The joint testimony emphasized the need to implement a reduc- the Rebny president. “We were joined by a coalition of groups tion regimen focused on long-term goals, but cognizant of short- representing homeowners, building service workers and business term realities, according to Rebny. Other environmental advocates improvement districts from across the city. The New York City and organizations like the Rent Stabilization Association, the Council Bar Association issued a report that found the Council lacked the of New York Cooperatives and Condominiums and the Archdiocese authority to enforce legislation on this issue and Mayor de Blasio of New York voiced similar concerns with the legislation before the signaled that there were legal hurdles with the current legislation.” City Council, according to Banks. Rebny testified that it would bring a lawsuit if the bill passed. Although the bill gained additional sponsors following the hearing, Rebny will continue to advance its fact-based advocacy in 2019. Pushing Transportation and Infrastructure COVER: An aerial view of Manhattan, Rebny continues to stress transportation and infrastructure devel- with the Empire State Building opment as it has for many years because it is vital to the city’s continued health. Rebny is pushing for the Gateway Project, for TOP: The lake at Central Park, example, which would create a new rail tunnel under the Hudson with Central Park South in River to connect Manhattan and New Jersey, would alleviate many the background of New York and New Jersey’s pressing infrastructural demands and help keep the Amtrak rail system productive for the entire northeastern United States. RIGHT: One World Trade “Rebny strongly supports the Gateway Project and encourages Center elected officials from across the country to provide New York and New Jersey with the vital federal funding the project needs to advance,” declared Banks. “We will continue to partner with like- minded organizations to advance this effort in 2019.” Good Jobs and Affordable Housing Thanks to New York’s sparkling economy, its population continues to grow and will likely reach 9 million by 2030. Rebny said that in 2018 New York City’s elected officials continued to support poli- cies that would help the city to address its need for more good jobs and affordable housing to meet the enormous demand of its growing population. “The mayor and City Council put in place several crucial zoning changes last year, in the process generating thousands of new units of affordable housing and driving economic investment in areas like Manhattan’s Garment District, Inwood, and Jerome Avenue in Photo: Getty Images Getty Photo: C M Y K Axxx,2019-01-17,ZM,003,Bs-4C,E1 THE NEW YORK TIMES, THURSDAY, JANUARY 17, 2019 ZM3 AS WORK TRANSFORMS, SO DOES NEW YORK CITY. Companies today are hunting for vibrant, wired, amenity-rich spaces to attract and retain the best talent in the center of the global business marketplace, New York City. Where they do business not only showcases the investment in their operations and talent, but also embeds them in the fabric of their neighborhoods—where you live and work becomes a part of who you are. As innovative brands move to new spaces in unexpected places, they trust CBRE to guide them and pioneer this renaissance. We are proud to enable our clients to realize their potential in the new spaces they occupy—turning their real estate into real advantage. C M Y K Axxx,2019-01-17,ZM,004,Bs-4C,E1 ZM4 THE NEW YORK TIMES, THURSDAY, JANUARY 17, 2019 ADVERTISEMENT ADVERTISEMENT Technological Needs of the Industry Seeking More Construction Jobs Like every industry today, the technological needs and demands An important program that Rebny strongly supports is Building of the real estate industry are rapidly changing. In 2018, Rebny Skills New York (BSNY), a not-for-profit organization that helps New advanced various initiatives to help meet those changes. Rebny’s Yorkers find construction jobs across New York City. It was founded Residential Listing Service (RLS) celebrated the one-year anniver- in 2015 and began connecting workers with historically high rates sary of Syndication. The launch of RLS Syndication has empow- of unemployment and poverty with access to quality training and ered Rebny brokers and salespersons to send residential listings expanded career opportunities. via the RLS to a growing network of local, national and interna- “In 2017, I became the chairman of Building Skills New York,” said Banks. tional consumer websites, and has ensured the accuracy of list- “Since then, Rebny made a substantial investment in BSNY and supports ings by centralizing listing data through a single feed. The success its expanding mission of helping underemployed and underserved New of this effort is demonstrated by the participation of 600 resi- Yorkers find continuous employment in the construction industry. dential brokerage firms with 98 percent of them having adopted In 2018, according to Rebny, BSNY placed individuals in over 220 Syndication. The RLS also developed and launched a new compli- constructions jobs, an increase of more than 90 percent over 2017. ance tool, which is a critical milestone in its commitment to clean BSNY had its most active month ever in October 2018, with 28 con- and accurate residential listing data, according to Rebny. struction placements. Of those placed, 100 percent are New York City Rebny was successful with another technological initiative as residents and 96 percent identify as black or Latino. BSNY has also well. “Driven by the demand for real estate technology innovation, placed over 50 individuals in additional jobs after their initial placement the Rebny Tech Committee hosted a global competition called the was complete.
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