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Honors New York City Leaders at Annual Banquet

The year 2017 was an eventful one for New York City’s real estate market.

Although rents have receded for Manhattan retail properties this year, leasing of commercial property in the borough was on the upswing toward the close of the year.

On the residential front, closed sales in Manhattan remained stable from the previous year; and in Brooklyn, prices for townhouses hit a record $1.2 million in the third quarter. At the same time, there were new average price records set in sales of co-ops in Manhattan, Brooklyn and Queens; sales of condos in Queens; and sales of one-to-three family dwellings in Brooklyn, Queens and Staten Island. The Bronx, meanwhile, saw a boom in development. Construction starts for 2017 are A LEGACY OF SUCCESS expected to be greater than $2 billion, making it the third year in a row, according to the New York Building Congress.

“The five boroughs are buzzing with excitement,” said John H. Banks, president of the Real Estate Board of New York (REBNY).

But there are also ongoing challenges that call for smart public policy. Affordable housing, construction safety, sustainability, taxes and zoning issues are among the biggest issues facing New York City’s real estate community at the moment, said Banks.

“New York’s affordable housing crisis can only be addressed by increasing our production of new housing,” said Banks. “It is important to maintain the quality COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE of our existing inventory of affordable housing, but we will need approximately 200,000 additional affordable units if we are to close the gap between the number of households at median income and the number of existing units at rents they can afford.”

Read on to learn how REBNY is working to make a difference and for a look at the seven movers and shakers being honored at REBNY’s 122nd Annual Banquet, who are NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE shaping the city’s skyline and quality of life.

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ARCH BROKERAGE LTD HUDSON REAL ESTATE PARTNERS RKF Laurence Roberts Alexander Schwartz Ross Berkowitz Thank You. Robert Futterman AVISON YOUNG JONES LANG LASALLE Michael Paster We are grateful to the Marty Cottingham Eliza Akers Ariel Schuster New York Robin Kelz Michael Berg Jaclyn Totolo New York brokerage Arthur Mirante Alexander Chudno™ Peter Whitenack is a City of Spectacular community for your Abe Cooper SAVILLS STUDLEY support in helping us BP REALTY NYC Erin Grace Architectural Icons Betty Posner Howard Hersch Allyson Bowen lease 800,000 SF Doug Kau™man Richard Schuham CBRE Matt Ogle Greg Taubin ehind each landmark building are the people who run the city’s real in 2017. Bill Peters Ryan Alexander Hayley Shoener VICUS PARTNERS Ariel Ball estate industry, handling jobs such as leasing properties, bringing Patrick Smith Cassie Durand Andrew Stein Dan Turkewtiz large-scale development projects to life and building infrastructure Jared Freed B Cynthia Wasserberger WEXLER HEALTHCARE Michael Geoghegan Corey Zolcinski PROPERTIES TEAM AT that allows for easy access. Eric Kleinstein THE CORCORAN GROUP Douglas Durst Rocco Laginestra LANSCO Many New Yorkers sometimes forget just how lucky we are to live among David LaPierre Kathleen Caracappa Sinclair Li Robert Kulick Paul Wexler such architectural grandeur, but it has been a powerful lure for visitors from Zachary Price Josef Yadgarov LEE & ASSOCIATES Scott Sloves around the world for generations. I count myself lucky to have grown up in Harly Stevens Peter Braus WHARTON PROPERTY ADVISORS New York City, gone to college here and to live here now with my husband and Robert Stillman Richard Kave David Alperstein Jonathan Durst J. Paul Stimpfle Jaime Schultz Ruth Colp-Haber two children. Michael Wellen Brad Schwarz Rob Wizenberg Dennis Someck WINICK REALTY GROUP Garry Steinberg Steven Baker We are delighted to partner with the Real Estate Board of New York (REBNY) COLLIERS INTERNATIONAL JP Sutro Louis Eisinger Michael Joseph Kenneth Hochhauser to celebrate the contributions of the industry and the individuals within it who MANHATTAN COMMERCIAL Dylan Mattes Danielle Winick have shaped the New York City skyline and communities throughout the five REALTY Je™ Winick CRESA PARTNERS Robert Bielsky boroughs. In the pages to come, you’ll meet the industry’s most prominent Jane Roundell WINSLOW & COMPANY NEWMARK KNIGHT FRANK leaders, who are receiving public recognition on January 18 at REBNY’s 122nd Barry Spagna Catherine Menmo Bob Stella Benjamin Birnbaum Josh Winslow Annual Banquet. We congratulate them for their outstanding achievements. Corey Borg CROWN/RKF Eric Cagner WOODMAN GROUP Stephan Stephanou Brian Cohen Lee Barnes Irene Bar-Am Jonathan Franzel Advertising Director CUSHMAN & WAKEFIELD, INC. Neil Goldmacher Brian Goldman Connor Daugstrup Michael Horn Crain’s New York Business Robert Eisenberg Tatsuru Kono Jonathan Fein Andrew Taub Barry Garfinkle Alexandra Tennenbaum Je™ery Heller Eric Zemachson Justin Royce Table of Contents Gregory Skaler Tara Stacom Peter Trivelas Mark Weiss www.ccctvradio.com / 212-255-7100 Introduction ...... S1 Barry Zeller

• LATEST DIGITAL RADIOS REBNY and the Digital Age ...... S5 • NEW TECHNOLOGY APPLICATIONS AND BENEFITS Rob Speyer ...... S9 • PERFORMANCE COMPARISONS Elizabeth Stribling ...... S13 • COST EFFECTIVE OPPORTUNITIES

• SYSTEM DESIGN CONSIDERATIONS Chuck Schumer ...... S15

Since 1989, we’re proud of our long term association Richard LeFrak ...... S19 with REBNY members and award recipients.

Joanne Podell ...... S23

Gene Boniberger ...... S27

Ron Lo Russo ...... S31

CCTV • IP Cameras • Security Access REBNY Looks Back at 2017 ...... S33

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Committee hosted the inaugural #REBNYTech over the last 120+ years,” said Banks. With REBNY reinvents itself Hackathon at the Urban Tech Hub at Grand REBNY’s Residential Listing Service (RLS) now for the digital age Central Tech from Oct. 13-15, with competing launched and growing, the information the group teams of up to five people vying for $75,000 in has amassed will power the next generation of echnology is transforming many cash and prizes. The teams received access to listings programs in New York, he said. industries in New York City; and in real datasets from REBNY and its partners as they T estate, it is now playing a vital role. worked to solve challenges in six categories. Among the 19,000 residential real estate listings in the RLS, more than 90% are In response to rising demand for real estate “Hackathon teams worked throughout a currently being syndicated, exceeding JUNE 2018 technology innovation, members of the Real weekend-long competition to solve some of REBNY’s goal of 80% according to REBNY. Estate Board of New York (REBNY) formed the the most common problems observed across REBNYTech Committee in 2017. Chaired by all areas of the real estate industry,” said “The RLS is actively syndicating listings John J. Gilbert, III, chief operating officer and John H. Banks, president of REBNY. to more than 100 partner websites and executive vice president at Rudin Management broker products as we continue to grow our Company, Inc.; and Winston Fisher, partner at The Hackathon enabled REBNY members expanding network, launch new products, Fisher Brothers, the new committee focuses to connect with emerging tech talent on enhance technology and deliver world-class on ensuring that New York City remains on the creating cutting-edge “PropTech” solutions service to our members,” said Banks. cutting edge in global real estate technology by and new tools to improve efficiency. Winners encouraging innovation and collaboration. were chosen in each of the six categories: In June, REBNY finalized plans to syndicate architecture, engineering and construction RLS listings through a centralized, single feed. Other founding members include Blackstone, (ACE) and development; brokerage; sustainable “With this process, the RLS will improve data Douglas Elliman, the LeFrak Organization, maintenance and operations; open hack; quality for residential real estate agents and Millennium Properties, Milstein Properties, geospatial intelligence and cybersecurity. the public, who will have access to accurate Newmark Knight Frank, Pan Am Equities, Related and consistent listing content, drive listing Companies, RoseTech Ventures, Sidewalk Labs, In 2018, REBNY plans to develop new digital visibility and transparency and streamline Silver Mountain Investors, Silverstein Properties, products that, said Banks, will transform how the process of sharing listings for all REBNY Sterling Equities and Warburg Realty. it delivers services to its members. firms that choose to opt-in,” Michael Bisordi, president of Tungsten Property and co-chair of In one recent initiative, the REBNYTech “REBNY has built an incredible cache of data REBNY’s board of directors, said at the time.

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Kirill Azovtsev Bill Levitsky Thomas Tassone JLL Newmark Knight Frank Empire Leasing

Brian Bey Allan Lieberman Paul Walker Capital Real Estate Advisors Meridian Capital Group CBRE

Aidan Campbell Mike Mathias Brian Weld Colliers International Savills Studley Cushman & Wakefi eld

Rael Gervis Clyde Reetz Jim Wenk Meridian Capital Group CBRE JLL

Stephen Gordon Scott Rosen Rob Wizenberg Newmark Knight Frank Akron Trotter CBRE

Ralph Herzka Andrew Sachs Meridian Capital Group Newmark Knight Frank

Michael Joseph Jarod Stern Colliers International Savills Studley

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The firm now has 2,300 office tower designed by Bjarke Ingels, who A visionary steward tenants around the also designed the Two World Trade Center world and 8 million square building. The Spiral is located at the intersection of Manhattan’s feet of new developments of the High Line and Hudson Park Boulevard. landmarks in the pipeline for New Ingels’ design features a cascading series of continues to York City. landscaped terraces and hanging gardens. transform the Under Speyer’s leadership, Tishman Speyer has also assembled a second Tishman Speyer has in prime Hudson Yards development site, where cityscape recent years invested in the firm plans to construct a 1.3 million-square- developing neighborhoods foot office tower. in Long Island City, Downtown Brooklyn and Speyer is also active in city affairs. He chairs the s dramatic developments such as the Far West Side of Manhattan. Advisory Board of the Mayor’s Fund to Advance Jackson Park in Long Island City, The New York City, to which he was appointed by ASpiral on the Far West Side of Manhattan In Long Island City, the company is nearing Mayor Bloomberg in 2006 and reappointed by and The Wheeler in Downtown Brooklyn bring completion of construction at Jackson Park, Mayor de Blasio in 2014. new growth to their neighborhoods, Rob Speyer which will include three rental apartment towers, is playing a leading role. a park and more than 120,000 square feet of Speyer is active in the nonprofit arena, as well residential amenities. as a member of the Board of Trustees of New Speyer is the president and chief executive York-Presbyterian Hospital and St. Patrick’s officer of Tishman Speyer, best known as owner Across the street, Tishman Speyer is building Cathedral in New York City, where he was of such landmark properties as Rockefeller The Jacx, a 1.2 million-square-foot creative co-chairman of the construction committee Center, the Metlife Building and the Chrysler office and retail campus. The complex is overseeing its restoration and renovation. He Center and a large overseas portfolio in China, currently more than 70% pre-leased, according also participates on the Shanghai Mayor’s Brazil and other countries. to Tishman Speyer. International Business Leaders Advisory Council. Speyer is also in the fifth year of his term as Upon completion of these Long Island City chairman of the Real Estate Board of New York projects, Tishman Speyer will have added 1,900 An emeritus member of the Columbia College (REBNY). apartments, 1.2 million square feet of office Board of Visitors, Speyer graduated magna cum

REBNY is honoring Speyer with the Harry B. Helmsley Distinguished New Yorker Award at its “ Rob Speyer’s record of service and civic 122nd Annual Banquet on Jan. 18. leadership as REBNY Chairman will be a tough The award recognizes a member of the industry for invaluable contributions to New York’s civic act to follow. His vision and dedication to the welfare and the real estate community. industry have made REBNY a stronger and “Rob Speyer’s generosity of spirit and strategic guidance throughout his tenure better organization than ever before.” as REBNY chair represent the very best of New York City,” said John H. Banks, REBNY —William Rudin, Rudin Management Company president, in a statement. “I want to thank him and each of the award winners for their extensive contributions to our industry space and more than 50,000 square feet of laude from Columbia University in 1992 and was through professional accomplishments, shops and restaurants. elected to the Phi Beta Kappa Society. leadership and dedicated service.” Under Speyer’s leadership, Tishman Speyer is In addition to leading Tishman Speyer, Speyer Before becoming CEO of Tishman Speyer, also building The Wheeler, a 10-story vertical is a board member of EXOR, a European Speyer served as president and co-CEO from office campus In Downtown Brooklyn that will investment firm whose global interests include 2008 to 2015. Speyer shared the CEO title with rise above Macy’s historic Downtown Brooklyn significant shareholdings in Fiat Chrysler his father, Jerry Speyer, for seven years before department store. The complex will include Automobiles, CNH Industrial, PartnerRe, The becoming sole CEO. outdoor terraces and roof decks, a dedicated Economist and Ferrari. amenity floor, and dramatic views of Lower “As leaders of a private enterprise, we strongly Manhattan and New York Harbor. As Speyer steps down as REBNY chair, believe in the importance of actively shaping our incoming REBNY Chair William Rudin, CEO of own future,” the company said in a statement As a companion to this building, Tishman Rudin Management Company, noted how high at the time. “This means progressive change Speyer is currently designing 11 Hoyt, a mixed- Speyer set the bar for his successor. without losing the continuity of experience and use project that will include 475 condos and management that is one of our key strengths.” more than 40,000 square feet of shops and “Rob Speyer’s record of service and civic restaurants. leadership as REBNY Chairman will be a tough During Speyer’s tenure, he has steered the act to follow,” Rudin said in a statement REBNY firm’s growth into a leading global real estate Meanwhile, on the Far West Side of Manhattan, released.” His vision and dedication to the investment management firm with more than Speyer has led his firm into the pre-construction industry have made REBNY a stronger and $45 billion in assets under management. phase on The Spiral, a 2.85 million-square-foot better organization than ever before.”

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over $5 million dollars. Associates with her colleague Connie Tyson. Smart negotiating Meanwhile, at Stribling Marketing Associates, “It was wildly exciting and still is,” she said. is the key for this which advises and “To this day, I still think the business is very leading residential markets development glamorous. I never lost the stars in my eyes.” offerings, and where broker Stribling is president, They found that other firms were some she oversees sales and of their biggest allies. When Stribling & marketing efforts for Associates needed talent, these firms a vast portfolio of new referred brokers to them to consider. As development offerings. the two women grew the firm, recalled Stribling, “they were wildly supportive,” t residential brokerage Stribling Stribling still goes out she said. & Associates, it’s not unusual for on pitches with her team. “I’ve been named Aemployees to stay for decades. four times in people’s wills as the personal Stribling, who serves on REBNY’s board broker who should take care of their of governors, was one of the founding “I’m working with people I’ve been properties,” she said. members of its residential division in working with over 40 years,” said Elizabeth 1980 and previously received the REBNY ON THE Stribling, chairwoman of the firm. “I’ve got Born in Atlanta and raised in New York City, Residential Brokerage Division’s Henry many people who have worked with me over where her father worked as an international Forster Award for Lifetime Achievement for 30 years. We feel we’re a family. We’ve textile consultant, Stribling attended the outstanding excellence, ethical conduct, and been through thick and thin—marriages, Hewitt School, a school for girls on the Upper contributions to the real estate industry and first children.” East Side, earned her undergraduate degree community-at-large. at Vassar College and did graduate work Stribling, chairman of Stribling & at Girton College, Cambridge University, in Active in charitable endeavors, Stribling Associates, is being honored with The England. After completing her education, is chairwoman of the French Heritage Bernard H. Mendik Lifetime Leadership Stribling says she expected “to work for Society and on the board of directors for in Real Estate Award at the Real Estate a couple of years, get married and have a the Women’s Committee of the Central Board of New York’s (REBNY’s) annual couple of kids and a dog.” Park Conservancy, New York Landmarks banquet. The award recognizes exceptional Conservancy and the American Hospital of accomplishments in the profession, But her life changed when she attended a Paris Foundation. including leadership and service to the RISE real estate industry. Newmark experienced tremendous growth in 2017 and continues to pioneer the next evolution in real estate services. “I’m never at a loss for words—but I was “ There is nothing like a good negotiator, speechless,” said Stribling, about her finding

out she was being recognized with the award. and tech can’t do that. Selling residential “This award is extremely meaningful and NEW PROFESSIONALS humbling for me.” real estate is not about showing people Added more than 500 brokers in the past 3 years. Stribling co-founded her firm in 1980 and grew it to four offices with more than 300 around; it’s about negotiating. That’s agents across Manhattan and Brooklyn. In January 2013, Elizabeth Ann Stribling-Kivlan, where personal skills and market NEW ACQUISITIONS Stribling’s daughter, succeeded her as Acquired more than 30 companies in the past 5 years. president of the family-owned firm. knowledge come in. It’s where trust

“Elizabeth has brought technology into comes in.” Stribling in a major way,” said Stribling. NEW IPO “We can do neighborhood analyses for Traded publicly on NASDAQ (NMRK) for the first time. customers and comparisons to other markets very quickly.” party in Newport, Rhode Island given by She previously served as a trustee of her However, Stribling is quick to note that it’s James Van Alen, who owned the historic alma mater, the Hewitt School, and served on NEWMARK the personal touch that matters most. Avalon Estate and founded the Tennis Hall of the board of directors for the Foreign Policy Fame. When her escort asked what she was Association, Cambridge in America, the French- The world’s fastest-growing commercial real estate firm. “There is nothing like a good negotiator, doing at the time, she told him, “I’m trying American Foundation and the Institut Pasteur. and tech can’t do that,” she said. “Selling to get a job.” He suggested real estate and residential real estate is not about showing in 1967 she joined the firm Whitbread-Nolan, Stribling currently lives in Brooklyn with her people around; it’s about negotiating. That’s Inc., where her escort had a friend. There, she husband Guy Robinson in a penthouse at 1 where personal skills and market knowledge worked as a broker and worked her way up to Brooklyn Bridge Park from which she can see come in. It’s where trust comes in.” residential vice president. every skyscraper in Manhattan.

In addition to Stribling & Associates, By 1980 she was ready to go out on her “I am in London and Paris a lot,” said Stribling Private Brokerage specializes in own and, encouraged by her late husband Stribling. “I travel to Italy. There is no city the custom offerings of properties worth William C. M. Kivlin, established Stribling & like New York.” www.ngkf.com

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his column in Real Estate 7 train was extended to Hudson Yards,” Banks REBNY Weekly. “Throughout four wrote. “A new neighborhood is taking shape as terms in the U.S. Senate, the unlikely transformation of the High Line from recognizes four- Chuck has demonstrated an abandoned stretch of rail freight tracks to one term Democratic unwavering leadership of the city’s top tourist destinations continues to and commitment to fuel new growth. This progress has been a boon Senator Chuck urban improvement.” to all New Yorkers in the form of jobs created, generating tax revenue to fund vital city services.” Schumer for his In 2016, Schumer public service was re-elected to Schumer unveiled a $1 trillion infrastructure plan a fourth Senate in January 2017, with a group of senior Senate term. Meanwhile, his Democrats, that proposed to repair roads n early January, U.S. Senator Charles E. colleagues elected him to serve as Leader of and bridges, replace and expand rail and bus Schumer urged President Donald J. Trump to the Democratic Caucus, the first time a New systems, modernize water and sewer systems, Isign a recently passed bipartisan bill he had York Senator has held the position. modernize the energy grid and enhance local championed aimed at stopping the flow of illicit ports, airports and waterways. fentanyl from China, Mexico and other countries REBNY described Schumer as a “tireless into New York via JFK Airport. fighter for New York,” in a statement. With President Trump working on his own infrastructure plan at press time, Banks Schumer’s effort to curb the opioid The organization pointed to Schumer’s noted that Schumer’s plan “showed that he epidemic through the “International authorship of a permanent tax credit to offset understands the significant challenges and Narcotics Trafficking Emergency Response the rising costs of college tuition, his work shortcomings in America’s infrastructure, by Detecting Incoming Contraband with protecting Social Security and Medicare, and his particularly on the East Coast.” Technology Act,” also known as the encouragement of job-creating infrastructure INTERDICT Act, was the latest initiative by the projects. His work has both retained existing Banks also lauded Schumer’s support of U.S. Senator to fight for his vision of New York. jobs and helped create new ones, REBNY noted. the Gateway project, in which the federal government, Amtrak, New York and New Jersey The INTERDICT Act would give U.S. Customs The city’s current skyline can be traced back to were to split the $13 billion cost of building a and Border Protection new high-tech—and Schumer’s 2001 “Group of 35” report urging the new tunnel under the Hudson River. Federal portable—tools and personnel to improve city to use its zoning, taxing and condemnation transportation officials recently said they had detection capabilities and increase the seizure powers to speed up office construction, not OK’d such an arrangement. of illicit fentanyl shipped to the U.S. from abroad through mail and express consignment carriers. “Senator Schumer shares John Zuccotti’s Schumer is being recognized with the John E. Zuccotti Public Service Award at The Real understanding that the success of our Estate Board of New York’s (REBNY’s) 122nd annual banquet. endeavors means the success of our

The award is named for the late former REBNY exceptional city. Throughout four terms in Chairman John Zuccotti, who played an important role in state and local government. the U.S. Senate, Chuck has demonstrated Zuccotti was the first deputy mayor under unwavering leadership and commitment to Mayor Abraham Beame, serving from 1975 to 1977. He later became chairman of the urban improvement.” City Planning Commission under Mayor John Lindsay. —John H. Banks, REBNY

Among his many civic accomplishments, Zuccotti was known for his work in helping New particularly on the West Side of Manhattan “There is no such agreement,” Federal York recover from near-bankruptcy in the 1970s in Midtown, Long Island City, Queens and Transit Administration Deputy Administrator and for being instrumental in rebuilding Lower Downtown Brooklyn, according to REBNY. K. Jane Williams wrote to officials in New York. Manhattan after the 9/11 terrorist attacks. Zuccotti Park, a public space across from 1 “It is not an overstatement to say that today’s Some supporters of the Gateway project Liberty Tower in Manhattan, was named for him New York City skyline looks the way that it does believe that Schumer and other colleagues in 2006, after it was restored from damage in thanks in part to Senator Schumer,” Banks will successfully persuade President Trump the Sept. 11 attacks. noted in his column. to see that it is funded, by potentially supporting Trump’s infrastructure plan, Zuccotti, who lived in Brooklyn, passed away The recommendations in the report resulted suddenly from a heart attack on Nov. 19, 2015. in a construction boom on the Far West Side “It will be a victory to everybody in New York that continues to this day, Banks pointed out and New Jersey,” Carlo Scissura, president of “Senator Schumer shares John Zuccotti’s in his column. the New York Building Congress, told Crain’s understanding that the success of our in early January. “And you will have four endeavors means the success of our exceptional “Aside from the new office space, hotels, Democratic Senators who will have part of city,” REBNY President John H. Banks said in residential buildings, and retail centers, the that victory.”

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The gift made possible and summer camps are able to come to the the purchase of a new museum free of charge. Real estate da Vinci surgical robot, the third such device at LeFrak has also worked to preserve open developer New York-Presbyteri- space in the city. In 2013, the LeFrak family Richard LeFrak’s an/Weill Cornell at the helped Brooklyn’s Prospect Park Alliance time. The LeFrak Center restore the park by providing a $10 million second career: also used the money to gift. The Samuel J. and Ethel LeFrak Center at giving back support multidisciplinary Lakeside today offers a location where local research toward innova- residents and visitors can bike, boat, roll- FOCUS: tions in robotic surgery, er-skate and ice skate in the winter. such as work aimed at any people in New York City’s real estate the creation of a center to train other physi- “The LeFrak family has a history of philan- community and beyond know Richard cians in robotic surgical techniques. thropy in Brooklyn, and all of New York, and MS. LeFrak for his role as chairman and their generous gift to Lakeside—a place CEO of LeFrak, a privately held, family-managed “It gives Karen and me great pleasure to support where families will enjoy a day outdoors, company with more than 115 years of experience continued work to advance new robotic treat- children will step out on to the ice for the very in real estate development and investment. ments and enhance care for patients,” LeFrak first time, and visitors can take in the beauty SUCCESS said at the time. of Prospect Park from a new vantage point— The firm—established by his great grandfather will continue that legacy,” NYC Parks Com- Aaron in 1905—has built a portfolio of more than The center, led by the internationally renowned missioner Veronica M. White said at the time. TALENT 40 million square feet of real property across the surgeon, Dr. Jim C. Hu, focuses on offering robot- ENTERPRISING U.S., primarily focusing on the New York metro- ic surgical techniques to patients. The robotically LeFrak who earned his B.A. from Amherst politan area, with significant interests in South assisted and minimally invasive surgical practic- College and J.D. from Columbia University, APPROACH Perspective Florida and the U.S. West Coast. es used at the center are designed to minimize has managed to maintain a full schedule of recovery time and post-op complications associ- charitable commitments while moving his Among the firm’s major assets are LeFrak City ated with traditional surgeries. business forward rapidly, too. community in central Queens, 40 W. 57th St. in Midtown Manhattan, and Gateway in Battery Everyone says they focus on clients. We focus on success Park City. LeFrak is also the developer of the “ REBNY does a herculean task and makes Newport community on the Hudson River water- — de ning the best ways to create positive momentum for front in Jersey City. it look easy. The real estate industry is our clients, their business, their people and THEIR clients in But LeFrak is equally well known in charitable made up of thousands of independent New York, the Tri-State or the world. The bene ts of circles for giving back to the community. He enterprising approaches, innovative perspectives and is this year’s honoree for the The Kenneth R. entrepreneurs who aren’t natural allies and Gerrety Humanitarian Award, which recog- multigenerational talent and experience — you’ll know it nizes a REBNY member’s meritorious service to the community. “REBNY does a herculean can have really different issues. But REBNY when you see it. task and makes it look easy,” LeFrak said in an emailed comment. “The real estate industry is brings the whole New York real estate made up of thousands of independent entre- colliers.com/newyork preneurs who aren’t natural allies. Huge com- industry to the table and they do it by being mercial property managers and small neigh- borhood real estate brokers are barely in the genuinely helpful to everyone. They really same business and they can have very different issues. But REBNY brings the whole New York are a critical asset to our industry.” real estate industry to the table and they do it by being genuinely helpful to everyone. They really are a critical asset to our industry.” Meanwhile, the Richard LeFrak Young Investiga- Among recent projects are the Ellipse, a 43-sto- The LeFrak Family and LeFrak charitable foun- tors program at the Icahn School of Medicine at ry luxury tower on the Jersey City waterfront, dations support a who’s who of philanthropic Mount Sinai aims to halve the time between med- and the repositioning of the former Dumont organizations and projects in New York. Among ical breakthroughs and patient benefits in urology. Hotel into the Murray Hill Marquis luxury apart- them are organizations such as the Guggenheim ments on Manhattan’s East 34th Street. Museum, the American Museum of Natural Lefrak also plays a leadership role in organizations History, Prospect Park, Barnard College, the New such as the Prostate Cancer Foundation, where In the past year he has been a voice of York Philharmonic and the Metropolitan Opera, he is a member of the board of directors, and the caution against high housing prices, telling re- as well as New York Presbyterian Hospital. American Museum of Natural History, where he porters that housing costs will need to fall at is vice chairman. He has previously served as a least 15% for an excess of high-end housing Through the Richard S. and Karen LeFrak trustee of Amherst College and of Trinity School. to be absorbed. Charitable Foundation, named for LeFrak and his wife, Karen, a children’s author, he and his Owing to a $10 million gift the LeFrak’s “We need more affordable product in the family funded the LeFrak Center for Robotic foundation made to the American Museum of market,” LeFrak said in a Bloomberg Tele- Surgery at New York Presbyterian Hospital, Natural History in 2012, hundreds of thou- vision interview in March. “There’s a huge Accelerating success. providing a $3 million gift in 2009. sands of children from New York City schools demand at that price point.”

S19 S20 A Special Thank You

To the Brokers and Tenants Who Helped Make 2017 a Successful Year!

FRED F. FRENCH BUILDING 570 LEXINGTON AVENUE Propoint Graphics 261 FIFTH AVENUE JLL 551 5th Avenue Urbanspace Northwest Companies Cynthia Wasserberger Charles H. Greenthal Commercial Sales Corp. CBRE Cushman & Wakefield Cushman & Wakefield Amira Yunis New Age Training, Inc. Jonathan Serko Intrepid Real Estate Group Mark Weiss/Robert Eisenberg/ InnovaHealth Partners LP David Menaged 853 BROADWAY Remy Liebersohn Transwestern Charles Vaillant, Inc. Lauren Davidson/Alessio Tropeano 250 PARK AVENUE SOUTH Union Square Hospitality Group Transwestern Savills Studley Rizk Ventures Pentagram Lauren Davidson Michael Mathias/Luke Raimondo CBRE Newmark Knight Frank One Commercial Realty Services, LLC Roger P. Griswold Brian Waterman/Lance Korman NOMAD/Ilona Capital New Vista Horizons, Inc. Newmark Knight Frank Newport Group, Inc. Dash Financial Lisa Levina Matthew Siegel/Joseph Sipala Cushman & Wakefield Coldwell Banker Commercial Advisors Pasternick, Tilker, Ziegler, Walsh, Jonathan Schindler/Andrew Smith David Danick/Richard Selig Garnett Station Partners Stanton & Romano, LLP Transwestern Text 100 JJOP Realty Services 7 PENN PLAZA Joseph DeRosa/Alessio Tropeano/ Savills Studley Jack J. Jemal Peanuts Worldwide, Inc. Christopher Menard Howard Nottingham/Allyson Bowen/ CBRE Sol de Janeiro USA, Inc. Christina Bicks 2001 MARCUS AVENUE Commercial Spaces Group, LLC Gerry Miovski/Masha Dudelzak Flexport Tim Canty MD PLLC Mike Anton Destination Media, Inc. Cushman & Wakefield Bloom Real Estate Group MHP Real Estate Services Regent Atlantic, LLC Jospeh Cirone/Martin Manilla Scott Bloom/Josh McCord Real Property Advisors, Inc. Jesse Rubens George McCarthy Office of the Contract Administrator 251 PARK AVENUE SOUTH GARDEN CITY CENTER 100 Quentin Roosevelt Blvd Windsor Jewelers, Inc. Cushman & Wakefield Bankrate/The Points Guy The Square Foot Robert Eisenberg Savills Studley BTIG Jason Majlessi Douglaston Development, LLC Steve Berliner/Scott Weiss/Peter Cipriano Newmark Knight Frank MHP Real Estate Services Daniel Oliver 488 MADISON AVENUE 257 PARK AVENUE SOUTH Jesse Rubens MELVILLE SQUARE UNTUCKit mParticle Cushman & Wakefield 145 WEST 30TH STREET Newmark Knight Frank CORPORATE CENTER Mike O’Neill/Jason Greenstone/Taylor Reynolds Alvanon, Inc. Daniel Levine Merchant Pro Express Colliers international Team8 Benchmark Properties Burns McLellan Patricia Miller Newmark Knight Frank Michael Beyda Cushman & Wakefield Scott Brown/Morgan Feldman Turner Trade School Douglas Dolgoff Norman Bobrow & Company ISAIA 200 WEST 57TH STREET Josh Berger Savills Studley The Center for Anxiety, LLC Skift, Inc. John Mambrino/Nicholas Farmakis MHP Real Estate Services Cushman & Wakefield Jesse Rubens/Jessica Trizano Matthew Etlinger

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

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FO526.Lease Trans-REBNY Crains 1-15-18.indd 1 1/8/18 2:31 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

to the culture of the of directors. Currently, Podell serves as a firm and its retail member of REBNY’s commercial brokerage This retail department. “There is division board of directors, retail committee, TF Cornerstone is pleased to announce our 2017 leasing transactions within our New York Portfolio. a tremendous amount and Lower Manhattan office building Thank you to the following tenants and their participating brokers. broker’s secret of cooperation,” she committee. to closing deals? said. “We all learn from one another regarding A three-time recipient of the prestigious Hard work what is going on in the REBNY Retail Deal of the Year Award, market.” she first won the award in 1998 for her involvement in the leasing of Harlem O— ce Since then, Podell USA. “I felt like I was doing things for the has guided the retail community,” said Podell. “It’s nice when you oanne Podell, executive vice chairman strategies of clients including TD Bank, Nike, can do things that have value for everyone.” Carnegie Hall Tower Regals Capital Management LP CBRE at Cushman & Wakefield, has had a seat Ann Taylor, LOFT, H&R Block, Destination Robert Kluge at the table of some of New York City’s XL, Cole Haan, Dean & DeLuca and Converse. She won her subsequent Deal of the Year Anexia, Inc. J Oxford Property Group Sberbank CIB USA, Inc. highest-profile retail deals. In late 2016, she She has also represented major New York Awards in 2000 for the Ethan Allen lease in Andrew Wetmore CBRE led the transaction with Nike when it signed City landlords such as Empire State Realty Harlem, and in 2017 for bringing Nike to 650 Jason L Pollen, Benjamin Friedland & Silvio Petriello a lease on a more than 60,000-square-foot Trust (ESRT), Trump, Madison Capital and Fifth Ave. Brill Securities, Inc. CBRE Midtown Manhattan flagship space at 650 TIAA-CREF. Signet Healthcare Partners, LP Benjamin Friedland & Silvio Petriello CBRE Fifth Avenue—among the largest deals in Podell is an active participant in Cushman Silvio Petriello & Timothy Freydberg commercial real estate history. In doing so, she has been involved in & Wakefield’s women’s networking Canyon Partners LLC Sire Management Corporation many challenging endeavors, such as the organization, Artemis, and enjoys mentoring JLL Cynthia Wasserberger & Hayley Shoener Sprayregen Real Estate Advisors Her secret to success? “I think you need to Manhattan rollout of TD Bank (with 50 colleagues. “I feel—and this is not specific Philip Sprayregen focus on the work,” said Podell. “Just focus locations to date) and developing flagship to Cushman—there is a sense of isolation Centurion Physical Therapy, P.C. Integrity Real Estate Partners Stonehenge Capital Corporation on serving your clients. It’s not simple, but stores for Nike in Washington, D.C. and San in a business that is primarily male,” said David West Cushman & Wakefi eld, Inc. it’s as simple as that. Don’t worry about Francisco. Podell. “I think that is going to change over Jamie Katcher & Sebastian Infante what other people are doing. There is always JBR Law Firm NKF The Sage Group, LLC opportunity in good markets and bad.” Moshe Sukenik & Jordan Brustein CBRE Alexander Golod & Brad Needleman At its annual banquet on Jan. 18, The Real “ I think you need to focus on the work. Master Com Group USA Corp. Citi Habitats Tillman Global Holdings LLC Estate Board of New York (REBNY) is Elena Ravich NKF honoring Podell with The Louis Smadbeck Just focus on serving your clients. It’s not John Moran Memorial Broker Recognition Award, Moab Partners, LLC Hanley Advisors LLC WNW Capital Inc. which celebrates a commercial broker simple, but it’s as simple as that. Don’t James Seo NKF with exceptional personal and professional Joshua Gosin & Jordan Gosin New York City Opera, Inc. integrity, leadership, prominence in the worry about what other people are doing. JLL brokerage community and service to Steven Bauer & Harley Dalton 387 Park Avenue South REBNY’s committees. There is always opportunity in good Pearl Studio LLC Criteo Corp. Jonathan Barry Associates, Inc. Cushman & Wakefi eld, Inc. “It’s very exciting for me,” said Podell. “It’s Greg Lublin & Luke Elliot Peter Trivelas, Dirk Hrobsky, Gary Ceder & markets and bad.” Chris Helgesen not something I’m very casual about.” Petra Holdings, LLC NKF Carnegie Hall Tower Podell started her career in real estate 27 Leslie Harwood & Brent Ozarowski years ago after a foray as a home furnishings retailer did not work out. A friend suggested She also individually represented both Kay time.” She volunteers and fundraises for she try real estate, given that she had Jewelers and Converse in the openings of charitable organizations such as the Young Retail experience negotiating the leases for 10 their first Manhattan stores. Among recent Women’s Leadership Network and Same stores in the New York Metropolitan area. deals she has brokered with her team include Sky, a trade initiative that provides training bringing a Nike flagship to 529 Broadway and employment for HIV-positive women 33 Bond Street 23 E 10th St “With some trepidation, I said, ‘Let me try in SoHo and leasing 43,000 square feet to survivors of the 1994 Rwandan genocide. Devoción Lucky Lee this,’” Podell recalled. She began working Target at ESRT’s 112 W. 34th St. Covell Consulting Group AG Consulting in retail leasing for the late Charles Aug at When she’s not at her desk or meeting Jordan Covell Adam Goldschmidt Garrick-Aug Associates, a store leasing Podell, who is consistently ranked among clients, Podell says one of her favorite spots Winick Realty Group company. Aug had helped her find stores. Cushman & Wakefield’s top 10 U.S. brokers, in the city to relax and take in the view is a Aaron Fishbein, Daniyel Cohen & Steven Baker 95 Horatio Street “There are many alumni who have done was the firm’s overall top retail broker tiny park at the end of 56th Street, near the nicely as a result of being part of that in the U.S. in both 2014 and 2015. She is river. “It is really magical,” she said. “It’s Dépanneur - Artisanal Market White Columns Ripco Real Estate Corp. Savills Studley specialty group,” she said. the first broker in Cushman & Wakefield’s heavenly.” Benjamin Weiner L. Craig Lemle retail services division to receive the title Winick Realty Group 33 Bond Street Podell later joined New Spectrum, which of executive vice chairman. She was also In her free time, Podell likes to sojourn at her Aaron Fishbein, Daniyel Cohen & Steven Baker was acquired by Newmark Grubb Knight Cushman & Wakefield’s 2016 top global house in the Hamptons, where she enjoys Frank and was eventually recruited by broker. golfing and being with her family. She has Cushman & Wakefield to help build the three grown sons and three grandchildren. firm’s retail practice. Podell first got involved with REBNY in the “As soon as I get on the Triborough Bridge For o— ce leasing opportunities, please contact: For retail leasing opportunities, please contact: late 1990s. She has served as chair of the and see the skyline, I think I am the luckiest Kristin E Sather Matthew T. Leon Steve N. Gonzalez Podell joined Cushman & Wakefield in retail committee and vice chairwoman of person to be living here,” she said. TF Cornerstone Newmark Grubb Knight Frank TF Cornerstone September 2000. She took immediately the REBNY’s commercial brokerage board Senior Vice President Executive Managing Director Director of Retail Leasing [email protected] [email protected] [email protected] 212-984-1734 212-372-2041 212-984-1768 S23 S24 1 5 0 1 T H E N E W

B R O A D W A Y L O B B Y W E L C O M E S

S25 S26 ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Rudin says the one thing a microsuite of cloud-based applications for The Undisputed Leader in New York City Healthcare Properties A building star that has kept him at the building owners and operators developing company is its culture. sustainability strategies. The technology Premier Available Medical Properties embraces the is owned by Internet of Things startup “Even at the entry-level Prescriptive Data, launched by Rudin in 2015. digital era positions you knew the owners,” he says. “They “Buildings have gotten complicated,” said saw you and interacted Boniberger. “They are much more complicated with you. It was a very than 30 or 40 years ago. The industry as a whole, different situation. You whether it’s dealing with regulations or replacing could tell they cared about building systems, continues to advance and the people that worked for become more technologically advanced.” ene Boniberger has experienced them. I saw that more and more over the years. many of New York City’s crises I knew it was a not the normal company to work Boniberger has been involved with REBNY since Gfirsthand in his 40 years at Rudin for. I owe my career to the culture of the company, about 2012 and was previously recognized with Management Company. some terrific mentors—and the Rudin family.” REBNY’s Residential Management Community Service Award and the Edward A. Riguardi During Hurricane Sandy, 80 Pine Street, one Boniberger also enjoys working in New York City. Commercial Management Executive of the Year. of the company’s properties, took about 5 “Every different area of the city is like a different He serves on REBNY’s Management Division PARK.SIXTY MEDICAL 110 East 60th Street Between Park & Lexington Avenue | Size: 4,500 – 155,000 SF +/- for lease million gallons of water in the basement, with little city,” he says. “It’s very interesting as you get Board of Directors, Commercial and Residential 1 1 /2 feet deep of water in the ground-floor around the city to different communities. There Management Councils, and Sustainability and lobby, he recalled. are good restaurants all over the city. Overall, it’s Technology Committees. an interesting place to be.” “We almost lost two people in the basement Boniberger lives with his wife Susan in when it flooded,” said Boniberger, senior vice One perk of his job is the view from his office West Islip, on Long Island and their three president and director of building operations at 345 Park Avenue. “I spend a lot of time young adult children. In his spare time, he SPECTACULAR PARK VIEWS NEW WEST SIDE DEVELOPMENT RITZ TOWER MEDICAL THE SUNNYSIDE THE BEST OF PARK Rudin Management Co., a privately owned in my office,” he says. “I have a nice view of said, he likes to fish and boat. One of his 4 West 58th Street 600 West 58th Street 111 East 57th Street 38-01 Queens Boulevard 740 Park Avenue firm, which owns and manages more than Lexington Avenue, looking South. I can look favorite spots is in the Great South Bay, on Between 5th & 6th Avenue At Eleventh Avenue At Park Avenue Between 38th & 39th Street Between East 71st & East 72nd Street Size: 3,974 – 18,296 SF +/- for lease Size: 18,620 SF +/- for lease Size: 1,228 – 37,579 SF +/- for lease Size: 1,500 – 18,602 SF +/- for lease Size: 2,100 SF and 2,330 SF +/- for sale 15 million square feet of New York City real out to the East River.” the South Shore of Long Island. He is also a estate. “The building manager and chief private pilot and aviation enthusiast. engineer were in the basement when it As he has moved ahead in his career, flooded. They were able to get out in the nick Boniberger has found Dick Concannon, He is active in several charities, as well, serving on of time. They were basically swimming in formerly senior vice president of operations at the board of DonateEight, an organization that the basement. They had to get pulled out by Rudin, to be an important mentor. Boniberger raises awareness of the need for organ donors,

other members of the team.” SUTTON PLACE DENTAL RUTHERFORD PLACE MEDICAL CONDO BUILD TO SUIT MURRAY HILL MEDICAL CONDO THE DOWNTOWN MEDICAL BUILDING 400 East 56th Street 303-305 Second Avenue 418 East 71st Street 308 East 38th Street 156 William Street “ Buildings have gotten complicated. They Sutton Place South & First Avenue Between East 17th & East 18th Street Between First & York Avenue Between First & Second Avenue Between Ann & Beekman Street The next day, the team went back to work on Size: 3,257 SF +/- for sale Size: 2,170 SF +/- for sale/lease Size: 985 – 4,735 SF +/- for lease Size: 516 SF +/- for sale Size: 3,000 – 19,385 SF +/- for lease the recovery effort. “When you have a good team, everyone knows what they need to do,” are much more complicated than 30 or 40 said Boniberger. years ago. The industry as a whole, whether The Real Estate Board of New York (REBNY) is recognizing Boniberger with The George M. it’s dealing with regulations or replacing Brooker Management Executive of the Year MAGNIFICENT TOWNHOUSE FIFTH AVENUE FOR SALE/LEASE PERFECT FOR PSYCHIATRIST LOCATION LOCATION LOCATION PRIME MEDICAL ON UPPER EAST SIDE Award at its 122nd annual banquet on Jan.18. 12 East 68th Street 1041 Fifth Avenue 180 East 79th Street 791 Park Avenue 1035 Third Avenue building systems, continues to advance and Between Madison & 5th Avenue Between East 84th & East 85th Street Between Lexington & Third Avenue At 74th Street Between East 61st & East 62nd Street The award honors individuals of superior Size: 1,180 SF +/- for lease Size: 1,275 SF +/- for sale/lease Size: 1,220 SF +/- for sale Size: 1,300 SF +/- for sale Size: 1,120 – 3,874 SF +/- for lease accomplishment in property management become more technologically advanced.” based on outstanding professionalism, civic achievement and contributions to the real estate industry. assumed management of his department from and a member of the LiveOnNY foundation board, Concannon—who still works at the company as an affiliated organ donation group. Boniberger joined the Rudin organization a consultant one day a week—in 2013. in 1977 as a building engineer’s helper. That “New York State, as compared to the rest of SUTTON AREA MEDICAL FABULOUS FIFTH AVENUE SMALL GEM ON FIFTH FABULOUS PARK AVENUE LOCATION CHARMING UWS MEDICAL OFFICE position led to a variety of jobs in different “Before that, we worked together for my entire the country, ranks in last place in terms of 333 East 57th Street 800A Fifth Avenue 1056 Fifth Avenue 700 Park Avenue 8 West 86th Street Between 2nd & 1st Avenue At East 61st Street Between East 86th & East 87th Street Between East 69th & East 70th Street Between Central Park West & Columbus Ave. buildings, as he moved up in the ranks in career,” said Boniberger. “It goes back to the people who are eligible to be donors who are Size: 1,200 SF +/- for sale Size: 950 SF, 1,860 SF & 4,293 SF +/- for lease Size: 678 SF +/- for sale Size: 1,800 SF +/- for sale Size: 1,200 SF +/- for lease roles including chief engineer and building company culture--being surrounded by good signed up,” Boniberger said. manager for several properties, as well as people who want to do a good job, like their job operations manager and vice president for and are interested in the business.” The big culprit, he said, is lack of awareness commercial building operations. of the need. Money the organization raises Active in “PropTech,” a popular moniker for at an annual cocktail event every June is Today, Boniberger manages the Rudin technology related to real estate, Boniberger donated to LiveOnNY, an organization that operations department as well as the day- co-invented the Digital Building Operating uses funds for advertising, outreach and MEDICAL CONDO IN FORT GREENE UPPER EAST SIDE MEDICAL / RETAIL SUTTON PLACE RETAIL / MEDICAL PRESTIGIOUS PARK AVENUE CARNEGIE HILL MEDICAL SPACE 55 Greene Avenue 260 East 67th Street 2 Sutton Place North 950 Park Avenue 1172 PARK AVENUE to-day operation of the organization’s System (DiBOSS), which helps a building’s education of medical professionals related to At Carlton Avenue At Second Avenue York Avenue @ 61st Street Between East 81st & East 82nd Street Between East 92nd & East 93rd Street commercial and residential portfolios, and systems communicate with each other; and organ donation. Once people find out about Size: 1,916 SF +/- for sale Size: 1,915 to 10,858 SF +/- for lease Size: 2,000 SF +/- for lease Size: 1,100 SF +/- for sale Size: 1,501 SF +/- for sale the mechanical, electrical and plumbing NANTUM, a real-time building operating the scarcity of donors, said Boniberger, For information on these properties and for the largest selection of Healthcare Properties in New York City, call: aspects of all new construction projects. system/integration platform that provides “they want to sign up.” Paul L. Wexler | Lic. Associate Real Estate Broker | o: 212.836.1075 | [email protected] | www.healthcare-properties.com

Real estate agents affiliated with The Corcoran Group are independent contractors 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. S27 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 S28errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

40168_PWexler Available Properties_Crain's_10.875x14.5.indd 1 1/8/18 1:38 PM Some closed transactions in 2017

Thank you to all who helped make it happen…

SOLD SOLD SOLD SOLD Queens, NY Brooklyn, NY Bronx, NY Bronx, NY $135,000,000 $46,900,000 $38,100,000 $38,000,000  21 Story Elevator Build- Two 12 Story Elevator 8 Story Elevator Bldg. 6 Story Elevator Bldg. ing Bldgs. 223 Residential Units 180 Residential Units  925 Residential Units 107 Residential Units 203,000 SF 278,000 SF 745,000 SF 113,500 SF  We are actively seeking to participate in investment partnerships or acquire properties SOLD SOLD SOLD SOLD SOLD for our own account. Bronx Portfolio Manhattan, NY NJ Portfolio Manhattan, NY Manhattan, NY $34,700,000 $19,600,000 $15,500,000 $14,000,000 $11,550,000 WE SPECIALIZE IN: 8 Buildings Three 5 Story Walkup Five 5 Story Walk Three 5 Story Walkups Two 5 Story Walkup Ownership | Strategic Acquisitions 226 Residential Units Bldgs. Bldgs. 58 Residential Units Bldgs. Agency Representation | Tenant Representation 2 Retail Spaces 91 Residential Units 148 Residential Units 29,000 SF 47 Residential Units 220,000 SF 65,220 SF 110,000 SF Property Management 40,000 SF

SOLD SOLD SOLD SOLD NOTE SALE Bronx, NY Bronx, NY Manhattan, NY Bronx, NY Brooklyn, NY $11,100,000 $10,500,000 $9,000,000 $7,700,000 $4,700,000 Two 5 Story Walkup 6 Story Elevator Bldg. 5 Story Walkup Bldg. 5 Story Walkup Bldg. 3 Parcels Bldgs. 66 Residential Units 40 Residential Units 41 Residential Units 60 Residential Units 63,000 SF 20,000 SF 46,000 SF 51,000 SF

Scott Galin, Principal Steven Vegh 212.398.1888 Direct: 212 335 0797 Handler-re.com [email protected] westwoodra.com S29 S30

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With extensive complex lease and acquisition transactions From an early experience in agency throughout Manhattan. He has also been leasing, Lo Russo is involved in mergers and acquisitions activity age, this exec known for driving new at the firm, leading its strategic purchase business opportunities of Massey Knakal Realty in 2014, and the knew his calling for the firm through acquisition and integration of New York’s top was real estate creative leasing capital markets team from Eastdil Secured, campaigns. The Agency which strengthened the firm’s position in Consulting Group he runs capital markets throughout the region. 1 1 1 EAST 59TH STREET serves many landlords in New York City. “There is nothing that really worries me about BLOOMI NGDALE’ S CORRIDO R BET WEE N L E XINGT ON & PARK AVENUES New York City real estate,” said Lo Russo. “I want our business “There are ups and downs but the market is on Lo Russo first became interested to be known as the best in the industry and the most resilient I’ve ever seen. The diversity in real estate while growing up and the place where landlords will find excellent of people, cultures and livelihoods makes it a Robserving his father, who was a unparalleled service,” said Lo Russo. place people want to be.” contractor who had built two-family homes. “Ultimately I want to pass that along to the younger people in my group. I want this to Outside of his role at Cushman & Wakefield, “I always thought it would be great owning have real sustainability.” Lo Russo finds many ways to pay it forward; property,” he said. “I was in the fifth or sixth he is chairman emeritus of the Young Men’s/ grade when I wanted to be in real estate In the past, Lo Russo served as president Women’s Real Estate Association. “It’s a which was a little unusual.” of the Tri-State Region, overseeing the great platform for young professionals to operations and performance of the 15 get together and network and fulfill a civic It turned out that Lo Russo knew himself well regional offices throughout New York, New responsibility by giving back,” he said. In at that tender age. Today his life revolves Jersey and Connecticut. Lo Russo served addition to projects such as raising money around real estate: He is president of real as a member of Cushman & Wakefield’s for the Wounded Warrior Project, the group estate services company Cushman & executive management team in the U.S. and provides monthly educational luncheons to Wakefield’s Agency Consulting Group. reported directly to the CEO of the Americas. young professionals. He was also a member of the firm’s global Lo Russo is being honored with The operating committee. “I always look to be helpful to any members Young Real Estate Professional of the Year of the organization,” he says. Award at the Real Estate Board of New At Cushman & Wakefield, Lo Russo launched York’s (REBNY’s) 122nd Annual Banquet. and developed “PREP” (Professional Real He also serves on the boards of the Boy Individuals in the industry who exemplify Estate Program), a regional training and Scouts of New York and Tomorrow’s Hope; integrity, professionalism and personal ethics are selected by the Young Men’s/Women’s Real Estate Association of New York for this recognition. “ There is nothing that really worries Lo Russo, a graduate of NYU’s Stern School of Business, began his career at age 22 at me about New York City real estate. Vornado, where he started out in a property management role. He worked his way up There are ups and downs but the through what is now Vornado Realty Trust. He spent seven years as vice president of leasing market is the most resilient I’ve ever for the New York Office Division, overseeing a portfolio of commercial real estate seen. The diversity of people, cultures transactions totaling more than 6.5 million square feet. He was involved in REBNY from and livelihoods makes it a place people the start of his career.

“I wanted to be transacting real estate deals want to be.” in New York,” he said. “The magnitude of the deals and the people you get to work with • 32 ft of vertical glass storefront For Inquiries Contact: are the highest level in New York. From the Free Standing ownership level to the brokers, you’re always • Steps from Lexington Avenue/59th street subway Andrew Mandell • [email protected] dealing with the best and most successful rotational program for aspiring commercial he is a trustee of the Citizens Budget Retail Box (4,5,6,N,Q,R trains) Richard Skulnik • [email protected] caliber of individuals. I was attracted to it.” real estate professionals. He enjoys Commission and a member of Partnership • Up to 25,000 sf • 21,557,198 annual ridership mentoring new team members at the firm. for New York City. • On 59th between Bloomingdales & Apple Jeremy Modest • [email protected] After 16 years at Vornado, he joined Cushman “I’m looking for people with a passion for & Wakefield, where one draw was the culture. the business,” he said. “I look for business Raised in Bergen County, New Jersey, Lo • Ground Floor: 7,700 sf / 17’ Ceilings “It’s the biggest family organization without maturity.” Russo now resides in Garden City, Long • Second Floor: 11,000 sf / 15’ Ceilings 212.750.6565 • www.ripcony.com being a family organization,” he says. “It’s Island with his wife and three children. To • Lower Level: 5,800 sf / 15’8” Ceilings hard to explain. I have deep relationships Lo Russo, who holds a J.D. from New York relax, he boxes at New York Athletic Club. with people on a local level, a national level Law School and is licensed to practice law “It’s a great workout,” he said. “Afterwards,

and a global level.” in New York and New Jersey, has structured I am extremely relaxed.” Ripco Real Estate is a licensed real estate broker located at 150 E 58th St, New York, NY 10155. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Ripco makes no warranty or representation as to the accuracy S31 thereof. All property information is presented subject to errors, omissions,S32 price changes, changed property conditions, and withdrawal of the property from the market, without notice. ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

REBNY has called for the removal of zoning Sustainability push: In February of 2017, REBNY’s 2017: A key restrictions on mid-block buildings—located REBNY teamed up with Mayor de Blasio industry organization in what is known as the “preservation area”— to launch the NYC Carbon Challenge for looks back at an which mandate that 50% of the space in these Commercial Owners and Tenants. buildings be used by apparel manufacturers. STRATEGIC HUNTS POINT LOCATION influential year With employment in the garment industry In the challenge, new commercial owners and waning, these buildings generate tax revenue tenants joined forces to identify strategies 1300 VIELE AVENUE & 1301 RYAWA AVENUE The year 2017 was an exciting one for New York that is half that of buildings not subject to to implement energy efficiency projects and City’s real estate community, with projects the zoning restrictions. reduce greenhouse gas emissions from their such as SL Green’s skyscraper One Vanderbilt buildings by 30% or more, in 10 years. BRONX, NY breaking ground in late 2016 and moving “Over the past 30 years, these zoning ahead with construction, development projects restrictions have failed manufacturers and city When City Council legislation was introduced sweeping over the Bronx, and new zoning rules residents alike with declining employment and in September to mandate fossil fuel use limits proposed for Manhattan’s Garment District and forgone tax revenue,” said Banks. on commercial and residential buildings over Greater East Midtown. 25,000 square feet, REBNY met with the Under the EDC’s proposal, 50% of the space administration and City Council to stress “The mark of a thriving and vibrant city is must be set aside for apparel manufacturers. the unintended consequences of these constant ingenuity and improvement – that Manufacturers would have an option to move mandates—notably a disproportionate effect is, after all, the engine underneath all new into less expensive, state-of-the-art space at on multi-family buildings, which mainly rely development,” said John H. Banks, Real Estate the Brooklyn Army Terminal and Bush Terminal on natural gas and oil. The plan, which goes Board of New York (REBNY) president. “Bold, in Sunset Park. into effect in 2030, sets specific fossil-fuel use innovative thinking tends to be rewarded in our limits based upon the building type. Buildings industry, and the results of that are on display that use too much fossil fuel to meet the all around us in New York.” guidelines will face severe financial penalties.

Against this backdrop, real estate-related REBNY’s Sustainability Committee also taxes brought in $28.7 billion into New York met with members of the United Nations PRIME LAST MILE, LARGE BOX WAREHOUSE City’s coffers. Meanwhile, REBNY’s Real Environment Program—Finance Initiative Estate Broker Confidence Index found that (UNEP FI), a partnership, between UNEP 120,775 SF broker confidence in the New York City real and the global financial sector, aimed at +$5 MILLION CAPITAL IMPROVEMENTS UNDERWAY estate market increased slightly to 6 out of encouraging sustainable finance. AVAILABLE 10 in the third quarter of 2017, up 0.11 from 8 LOADING DOCKS, 8 DRIVE-IN DOORS the previous quarter. Improved confidence In conjunction, REBNY released its FOR LEASE in residential financing and commercial Sustainability Statement, which includes 20' CLEAR HEIGHT, PRIVATE PARKING leasing drove this increase in overall market six commitments to fiscally, socially and confidence. REBNY regularly surveys its environmentally responsible business residential and commercial brokerage division practices among real estate management members to measure their confidence in the firms in NYC. New York City real estate market. Survey OCCUPANCY 1ST QUARTER 2018 results are published quarterly. “We have attempted unsuccessfully to The statement has received widespread assist this industry through zoning and support in the industry. Among the “Our Broker Confidence Index reflects land use controls for 30 years,” said Banks. REBNY members who have adopted the cautious optimism among REBNY brokers, “It is time for a better path forward for these statement are ATCO, Brookfield, CodeGreen who closely monitor economic indicators businesses that have called New York Solutions, the Durst Organization, Fetner, that impact commercial and residential home for decades.” Kibel Companies, LaSalle Investment transactions across New York City’s real Management, RFR, Rudin Management estate market,” Banks said. “Residential The Greater East Midtown rezoning plan: Company, Inc., Silverstein Properties, SL brokers express confidence in their ability Enacted in August, this plan—in which Green, TF Cornerstone, Time Equities, to reconcile buyers’ and sellers’ price REBNY played an active role—establishes Tishman Speyer and Vornado. expectations, and commercial brokers are a mechanism to increase the allowable hopeful about opportunities in the leasing floor area for the development of new office Improved member services: In 2017, market.” buildings in the Greater Midtown East REBNY’s residential brokerage division commercial district. The plan sets up a way launched syndication through the REBNY REBNY undertook some key initiatives to for landmarked properties to transfer unused Residential Listing Service (RLS). The move make the most of current opportunities. Here development of their air rights to office came at a time when competition in the are some of the major ones for REBNY and its buildings within the district. listings space was heating up. More than members. 300 residential brokerage firms are currently The transfers are conditioned upon a participating in syndication, representing Proposed changes to Garment District contribution to a fund for the creation of more than 75% of firms with active listings zoning: In the Garment District of Manhattan, public realm improvements, which will in the RLS. OWNED AND MANAGED BY CO-EXCLUSIVE LEASING BROKERS the New York City Economic Development result in upgrades of the local mass-transit Corporation (EDC), with the support of the infrastructure and, ideally, more space for That is just the beginning according to Garment Center Business Improvement New Yorkers to relax. “These improvements Banks. REBNY has ambitious plans to expand FOR LEASING INFORMATION, CONTACT: District, introduced a proposal to remove will enhance subway stations and transit its technological offerings and introduce zoning restrictions that critics say have service in the area, while expanding public new ones as the real estate industry GARY CAPETTA MATTHEW CORPUEL JOHN REINERTSEN choked off growth in the neighborhood. open space,” said Banks. continues to evolve. Pantheon Properties Pantheon Properties CBRE Principal Senior Vice President Senior Vice President S33 +1 212 277 7504 +1 212 277 7510 +1 718 289 7720 S34 [email protected] [email protected] [email protected]

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