The Insider’s Weekly Guide to the Commercial Mortgage Industry In This Issue

3 $200M Credit Facility Secured for West Coast Opp. Fund.

3 Dunn Development Closes Debt and Equity Financing for Livonia Commons

5 Wells Fargo Finances South California Multifamily Acquisition ..

5 Berkadia Finances Luxury 101 Park Place Acquisition

7 TripAdvisor Headquarters Receives $85 Million Construction Loan

7 Poughkeepsie Office Building Loan Goes Delinquent Following Hospital Tenant Bankruptcy

7 Greystone Finances Nursing Center acquisition With Bridge Loan

“Residential condominium Goldman Sachs Fund Tops Off inventories have fallen to historic lows driving condo 56 Financing pricing and land values to unprecedented levels” With $100M Mezz Loan —Matt Petrula from Q&A on page 10

The Goldman Sachs Group private-eq- The 821-foot tower designed by Swiss archi- uity fund Whitehall Street Global Real tecture firm Herzog & de Meuron is sched- Estate Limited Partnership 2005 has uled for completion in the summer of 2015. provided a $99.5 million mezzanine loan for The building, which will include custom-de- Alexico Group’s condominium skyscraper signed kitchens, fixtures, bathrooms and fire- under construction at 56 Leonard Street in places, is expected to top out later this year. Meridian Secures . Since the developers opened their sales of- That financing comes on top of a $350 mil- fice in March 2013, 90 percent of the prop- $160M CMBS lion first mortgage from a syndicate of lend- erty’s 145 units have sold. In June 2013, the Refinancing for ers led by Bank of America and building’s top penthouse went into a separate $60 million mezzanine contract for $47 million, making Student Housing loan provided by Apollo Commer- The it the most expensive residential cial Real Estate Finance, both in property ever sold below Midtown Tower January 2013. The mezzanine loan LEAD , The Wall Street Journal Meridian Capital Group has arranged from the Whitehall fund closed ear- reported at the time. a $160 million CMBS loan to refinance a lier this month, a person familiar Some real estate brokers have nursing home-turned-student housing with the transaction confirmed to dubbed the 56 Leonard Street build- property at 1760 Third Avenue on behalf Mortgage Observer Weekly on background. ing the Jenga Tower, due to its look resem- of the Chetrit Group, Mort- The recent rounds of financing put the bling the Parker Brothers game of 54 wooden MOW gage Observer Weekly has ex- 60-story development at 56 Leonard Street blocks that players stack and then remove EXCLUSIVE clusively learned. back on track after a nearly six-year delay one by one. Natixis Real Estate Cap- caused by the financial crisis. Alexico Presi- The completed residential tower will con- ital provided the five-year dent Izak Senbahar, in a joint partnership tain a sculpture by celebrated Indian artist conduit financing, which features in- with Goldman Sachs and Dune Real Estate Anish Kapoor. Mr. Kapoor’s piece will be in- terest-only payments for the full term. Partners, purchased the land and air rights tegrated into the base of the property, mark- Meridian Managing Director Ronnie from for about $140 ing the artist’s first permanent public work in million in 2007. . See Meridian... continued on page 3

1 | January 31, 2014 2 | January 31, 2014 Meridian... continued from page 1

Levine, based out of the company’s New York City headquarters, negotiated the deal. “Meridian was able to quickly procure this competitive financing for the Chetrit Group based on the strength of the borrower, the high quality of the asset and a solid prior fi- nancing relationship with the lender,” Mr. Levine said. The 19-story, 498-unit property in East Harlem totals 247,600 square feet. The build- ing’s tenants include Baruch College, Hunt- er College, LIM College and Educational Housing Services. The Chetrit Group began converting the former nursing home in 2009. “Given the shortage of quality student housing stock in New York City, a property of this caliber will serve both our client and its inhabitants very well for years to come,” Mr. Levine said.

$200M Credit Facility Secured for Livonia Commons West Coast Opp. Fund Avison Young has kicked off 2014 with Dunn Development Closes Debt and the closing of several deals—among them a $200 million credit facility for arranged Equity Financing for Livonia Commons for a West Coast opportuni- MOW ty fund—that demonstrate The de Blasio administration has scored J.P. Morgan, totals $43.7 million. All of the fi- EXCLUSIVE lenders’ willingness to fund several hundred points toward its affordable nancing closed on Jan. 15. nontraditional deals. housing goal as Dunn Development Corp. “Bonds have to finance more than 50 per- The fund, El Segundo, received $87 million in first-mortgage cent of the total costs,” Mr. Dunn ex- Calif.-based HMC Assets, targets non- bond debt, subsidized loans and per- MOW plained. “We will use the tax-credit performing and reperforming residential manent equity financing for its planned EXCLUSIVE proceeds to retire the short-term loans. Its financing is fromNomura. Livonia Commons project in East bonds, and the permanent loan amount According to Justin Piasecki, an Avison New York, Brooklyn. will be supported by the low-income Young principal who worked on the trans- The completed development will consist rents.” action with colleague and fellow principal of four buildings containing 278 low-income In September 2012, the Bloomberg ad- Mickey Goldring, HMC is a fairly long-term apartment units and 28,000 square feet of ministration selected Dunn to turn the four client, and Avison had “traded nonperform- retail and community space on the ground vacant city-owned lots, located on Livonia ing loans to them since the downturn.” floors of the buildings. Avenue, between Pennsylvania and Williams HMC typically buys loans from the U.S. “We’re excited to be undertaking Livonia Avenues, into low-income rental apartments. Department of Housing and Urban De- Commons as one of the first projects to close Construction on the new affordable housing velopment and the Federal Housing Ad- under the de Blasio administration,” Mar- development is set to begin in early February ministration. The properties securing tin Dunn, the development company’s pres- 2014. Completion dates on the four buildings them are often located in California, Nevada ident, told Mortgage Observer Weekly. “This will run from September 2015 to February and Arizona. innovative development will revitalize a long 2016. Studios in the complex will run between “Due to out relationships, this buyer neglected corridor in East New York, bringing $500 and $801, one-bedrooms will run be- came to us looking for a line of credit that new affordable housing to the local commu- tween $538 and $861, two-bedrooms will run would enable them to increase their buy- nity along with badly needed retail stores and between $655 and $1,042, and three-bedrooms ing power and acquire larger portfolios,” community services.” will run between $749 and $1,196. Mr. Piasecki said. “We were pleased to be The first-mortgage amount, which totals Mayor Bill de Blasio’s goal, as it stands, is able to identify an appropriate lender for $44 million, consists of $32.7 million in short- to create 90,000 new units of affordable hous- this line of credit in a transaction that is in- term bonds and $11.3 million in permanent ing and preserve an additional 110,000 units dicative of lenders’ increased appetite for bonds from the New York City Housing De- throughout the city over the next 10 years. In nontraditional financing deals.” velopment Corporation. The subsidized January, Mortgage Observer talked to sever- Mr. Piasecki told Mortgage Observer loans consist of a HDC second mortgage of al New York-based lenders, developers and Weekly that his group had also recently $18.1 million and three subordinate mortgag- housing experts who voiced concerns about completed the closing of a $10 million fa- es from the Department of Housing Pres- the potential hurdles the new administration cility for First Platinum Capital, which ervation and Development totaling $13.9 faces from a financing and policy perspective. is run by a private family that specializes million—a mixture of federal and city funds. Among those concerns are available sourc- in bridge loans. The permanent equity, which came in the es of subsidy capital, accessible land and the form of federal and state tax credits sold to ability to process such a goal in time.

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4 | January 31, 2014 Berkadia Finances Luxury 101 Park Place Acquisition Sources told Mortgage Observer Week- ly that Berkadia Commercial Mortgage has provided a $67.5 million acquisition loan to Capri Capital Partners for its purchase of the luxury apartment building 101 Park Place in Stamford, Conn. The 10-year, interest-only loan carries a rate of 4.4 percent, two people familiar with the transaction said on the condition of anonymity. The loan-to-purchase ratio was 50 percent, one of them noted. Capri confirmed those details. The -based commercial real es- tate investment firm acquired the 15-story Milano Apartments property earlier this month on behalf of an Wells Fargo Finances South California Multifamily Acquisition

Wells Fargo has provided a $37.8 million M West Holdings, an existing customer of Fannie Mae loan to M West Holdings for the San Francisco-based financial giant, has the real estate investment firm’s ac- acquired the property from Fairfield quisition of Milano Apartments, MOW Residential for an unknown price. a 248-unit apartment complex in EXCLUSIVE Milano Apartments, located at Torrance, Calif., Mortgage Observer 20900 Anza Avenue less than two Weekly can exclusively report. miles from beaches in Redondo and The 10-year, fixed-rate acquisition loan Hermosa, consists of studio and one- and closed on Jan. 30, a Wells Fargo spokesper- two-bedroom apartments. The property was son said. built in 1964 and rehabilitated in 2008. 101 Park Place Work Force “During the next year, we anticipate addi- Dean Giannakopoulos has been named tional growth with new service offerings and unnamed institutional investor, the com- a director at Marcus & Millichap Capital expansion of our geographic footprint with pany said in a Jan. 6 press release. Corporation. It’s a promotion for Mr. Gi- offices in the Midwest and West Coast.” Local developer Building Land & annakopoulos, who joined MMCC in 2011 as Mr. Jaeger founded and led the New York Technology and partner Lupert-Adler an association director. office of Pinnacle Advisory Group, acom- Real Estate Funds finished development “Dean’s ability to leverage the strength pany that provides advice and analysis for on 101 Park Place in 2010. It was the first of the Marcus & Millichap Real Estate In- properties across the hospitality sector, ac- new luxury apartment building erected in vestment Services platform, combined with cording to its website. Harbor Point, an 80-acre, transit-orient- his knowledge and experience, is a winning ed community that is still under develop- proposition for owners, buyers and agents,” Prince Realty Advisors has named ment in Stamford. said Charles Krawitz, the MMCC central Kyle Stein as managing director of debt and Rents at the 336-unit luxury apartment region vice president. equity division. Mr. Stein will be responsible building range from about $1,900 to $3,700 Mr. Giannakopoulos arranged roughly for arranging debt, joint venture equity and per month. The building has an occupancy $70 million in financing for clients last year recapitalization for the firm’s clients. rate of 94 percent, according to Capri. and works in the firm’s Downtown Chicago “Kyle has an amazing track record with “We are excited to be investing in Stam- office. nearly a decade of experience that spans ford within the city’s newest and most vi- some of the most difficult markets,” saidDa - brant residential neighborhoods,” Ken Hospitality firm LW Hospitality Advi- vid Ash, a founder and principal of the firm. Lombard, a partner and the head of the sors has hired Jonathan Jaeger as a man- “He understands the complexities of the real estate firm’s investment team, said aging director in its New York office. He was capital stack and knows how to arrange the earlier this month. “The BLT team has most recently a vice president at Pinnacle right financing for both the project and the earned a reputation as one of Stamford’s Advisory Group. clients’ needs.” most highly regarded developers, owners “Jonathan’s experience and capabilities Mr. Stein previously served as a senior and operators.” in lodging valuation and hospitality consult- vice president at the Carlton Group where Berkadia declined to comment on the ing enhance the firm’s senior talent,” said he worked across office, hotel, residential recent financing. LWHA President and CEO Daniel Lesser. and retail asset classes.

5 | January 31, 2014 Interests always aligned… Just do the diligence.

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6 | January 31, 2014 “The motivation for our involvement was working with Normandy and Greenfield, a premier client,” Mr. Butler told Mortgage Observer Weekly. “TripAdvisor, a preferred client of the bank, helped facilitate the financing.” Due for completion in July 2015, the web- site company’s built-to-suit headquarters will contain a 280,000-square-foot office building with an employee cafeteria, a fit- ness center and meeting areas, as well as a 1,100-space parking garage. The finished building will provide space to accommodate 1,500 employees, including 400 new hires. Construction on the property began in November 2013, prior to the loan closing. TripAdvisor’s Future Headquarters The construction site is situated on 4.7 acres along First Avenue in Needham’s larger Cen- ter 128 office park development site, about 8 TripAdvisor Headquarters Receives miles west of Downtown Boston. Center 128 will house four office buildings in all. The HFF team representing the borrow- $85M Construction Loan er was led by Senior Managing Director Riaz RBS Citizens and People’s United Bank between Normandy Real Estate Partners Cassum, Director Porter Terry and Senior have provided an $85 million construction and Greenfield Partners, to secure the Real Estate Analyst Brett Paulsrud. loan for a planned six-story office building three-year, floating-rate loan from the two “Normandy and Greenfield had the vision in Needham, Mass., which will serve as cor- banks. and persistence to transform an underuti- porate headquarters for the travel website Senior Vice President Bill Butler led the lized group of 1950s-era R&D buildings into company TripAdvisor. RBS Citizens led the RBS Citizens lending team, while Senior an amenity-rich corporate office location, transaction. Vice President and institutional real estate and HFF was thrilled to play a part,” Mr. Cas- Mortgage banking firm HFF worked group manager David Lewis led the Peo- sum said in an HFF press release. on behalf of the borrower, a joint venture ple’s United Bank team.

a TreppWire report from Jan. 23 states. be presented to HUD for permanent financ- Poughkeepsie Office Failure to pay off the balance in 2015 would ing within six months, a Greystone spokes- not trigger a default, although the loan’s pay- person told Mortgage Observer Weekly. Building Loan Goes ment terms would change after July 2015. Fred Levine, a loan originator based out Delinquent Following The 149,000-square-foot building, which of the company’s Monsey, N.Y., office, led the opened in 2000, has medical tenants occupy- transaction. The bridge loan is one of sever- Hospital Tenant ing the bulk of its five floors. St. Francis Hospi- al deals that Greystone has closed on behalf tal has not made a lease payment since August of SentosaCare over the past 10 years. Bankruptcy 2013. The Hamptons Center for Rehabilitation A $27.4 million loan on a medical office and Nursing has a 96.8 percent occupancy building in Poughkeepsie, N.Y., recently be- rate as of January 2014. The health care cen- came 30-days delinquent after the building’s ter’s services for residents include rehabili- largest tenant filed for bankruptcy, accord- Greystone Finances tation, medical, housekeeping, lab work and ing to January 2014 servicer data acquired by physical therapy. TreppWire. Nursing Center SentosaCare acquired the property from The 30-year loan on the Atrium at St. Acquisition With Payton Lane NH in late December for an Francis, located at 1 Webster Avenue, came undisclosed price. into troubled waters after St. Francis Hospi- Bridge Loan “We’re an organization that places high tal filed for Chapter 11 bankruptcy protection importance on relationships, and after 10 in mid-December 2013. Credit Suisse’s Col- Greystone has closed a $54.5 million years of working together, we believe Grey- umn Financial originated the loan, which bridge loan for New York-based SentosaC- stone shares the same values,” Ben Philip- carries a fixed-interest rate of 4.97 percent, in are’s acquisition of a 280-bed skilled-nurs- son, principal of SentosaCare, said. “As a August 2005. ing facility in Southampton, Long Island. trusted partner, Greystone is well versed “The loan’s anticipated maturity date is in The interest-only bridge loan on the in navigating the challenges of secur- July 2015, but the note was structured as an Hamptons Center for Rehabilitation and ing financing for skilled-nursing facilities ARD [anticipated repayment date] loan, so Nursing, which closed within 90 days, car- and senior housing, especially in regions the ultimate maturity date is not until 2035,” ries a term of less than a year. The loan will where property values are quite high.”

7 | January 31, 2014 The Insider’s Guide to the Commercial Real Estate Financial Industry

Mortgage Observer is a monthly glossy magazine dedicated to in-depth coverage of the commercial real estate finance industry, delving into the trends driving commercial real estate finance and the lending philosophies of those in control of the purse strings.

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8 | January 31, 2014 The Takeaway

“January CMBS liquidation volume remained steady month over month but several large losses pushed the average loss severity up signifi- cantly,” said Joe McBride, a research analyst with Trepp. “Liquidation volume registered $1.28 billion in January, equal to December 2013’s vol- ume and slightly above the 12-month moving average of $1.19 billion. Of the loans liquidated, 94 percent fell into the greater than 2 percent loss severity category.”

Source: Includes Loss Severities < 2% Vintage Loan Count Loan Balance ($) Realized Losses ($) Loss Severity 1996 10 48,134,523 21,216,031 44.08 1997 39 207,101,491 103,898,725 50.17 1998 118 616,305,526 362,059,663 58.75 1999 256 1,224,966,869 565,937,556 46.20 2000 452 2,156,710,609 765,649,537 35.50 2001 533 3,006,226,304 1,136,984,209 37.82 2002 366 2,041,900,335 863,237,059 42.28 2003 356 2,359,818,050 917,640,117 38.89 2004 458 3,684,390,723 1,480,899,583 40.19 2005 895 10,031,425,432 4,051,805,397 40.39 2006 1360 14,344,329,826 7,222,891,607 50.35 2007 1356 16,922,769,069 7,019,466,883 41.48 2008 95 1,074,875,751 584,248,303 54.35 Grand Total 6,294 57,718,954,508 25,095,934,671 43.48

Date Loan Count Loan Balance ($) Realized Losses ($) Loss Severity February-12 93 892,886,456 228,146,008 25.55 March-12 95 995,211,836 316,218,274 31.77 April-12 148 1,433,378,787 611,763,752 42.68 May-12 164 1,647,558,372 722,764,383 43.87 June-12 149 1,338,602,053 513,663,285 38.37 July-12 163 1,383,011,075 525,022,795 37.96 August-12 141 1,439,449,977 767,154,748 53.29 September-12 160 1,528,750,475 578,921,404 37.87 October-12 124 1,363,009,776 579,402,603 42.51 November-12 159 1,777,173,077 750,272,934 42.22 December-12 119 1,326,016,363 491,368,163 37.06 January-13 158 1,154,286,869 512,332,825 44.39 February-13 73 965,368,495 427,313,387 44.26 March-13 76 849,223,457 336,708,100 39.65 April-13 128 1,620,167,519 742,005,208 45.80 May-13 82 849,219,982 408,864,658 48.15 June-13 107 1,247,788,795 704,900,255 56.49 July-13 135 2,048,444,360 893,792,138 43.63 August-13 90 1,086,210,514 444,286,234 40.90 September-13 92 870,223,114 376,776,505 43.30 October-13 76 960,053,380 370,428,425 38.58 November-13 105 1,205,174,082 579,638,745 48.10 December-13 93 1,284,976,607 647,167,050 50.36 January-14 79 1,276,517,305 746,849,655 58.51

9 | January 31, 2014 Q+A Matt Petrula 321 West 44th Street, New York, NY 10036 Senior Group Manager, Commercial Real Estate 212.755.2400 at M&T Bank Carl Gaines project involved the conversion of a for- Editor mer hotel on a leasehold estate to a luxury for-sale cooperative with some of the most Damian Ghigliotty sought-after retail space in New York. Our Staff Writer loan allowed for the presale, release and Nadia Croes subsequent refinance of the retail compo- Copy Editor nent prior to completion or delivery to the purchaser, Thor Equities. Our team thor- oughly enjoyed working through the intri- Barbara Ginsburg Shapiro cacies of this highly successful transaction. Associate Publisher Another interesting transaction involved speculative financing for the development Mark Stinson of 837 Washington Street for Taconic and Sr. Designer Thor in the Meatpacking District. This ar- Lisa Medchill chitecturally significant structure contin- Advertising Production ues to attract a great deal of attention and leasing interest in one of New York’s most sought-after Downtown locations. Matt Petrula OBSERVER MEDIA GROUP What are the biggest challenges of your Jared Kushner job? Publisher Mortgage Observer Weekly: How did The biggest challenges we face today, along Joseph Meyer you get your start in commercial real with all banks, relate to the regulatory envi- estate financing? ronment and the costs of interpreting these CEO Matt Petrula: I guess you can say it’s complex rules. Aside from the distraction, the in my blood. My father, Steve, now retired, costs of increased capital requirements are Michael Albanese President led the real estate division for many years at borne by banks in a market where the com- the Bank of New York, and I took an inter- petition often includes nonbanks not sub- Ken Kurson est in his business while growing up. I was ject to the same regulatory constraints. While Editorial Director drawn to the tangibility and the varied na- an ongoing challenge, the CRE department ture of the projects he’d describe. I’m also Robyn Reiss had one of its best years ever, and I expect an Vice President of Sales somewhat of a science buff and enjoy learn- equally prosperous 2014. ing about the engineering complexities of Deborah Brundy developing in New York. What are the main trends that you cur- Marketing Director rently see in the market? Zarah Burstein How has your role at M&T expanded in New York City space markets are hot. Marketing & Events Director the past year? Residential condominium inventories have Last year, I was named head of the New fallen to historic lows, driving condo pric- Thomas D’Agostino York City commercial real estate depart- ing and land values to unprecedented lev- Controller ment, having previously co-managed the els. Consequently, it has become virtually Tracy Roberts group. This meant greater responsibility unfeasible to develop rental units in Man- Accounts Payable Manager for strategic planning while stepping back hattan, a trend I would expect to continue from the day-to-day operations of the orig- driving long-term rental growth. Accounts Receivable inations and portfolio-management func- Retail rents in sought-after locations in- Ian McCormick tions. In total, we’re a team of more than cluding Madison and Fifth Avenues, Times 30, including over 20 lenders, and I’m for- Square and Soho continue to skyrocket as For editorial comments or to submit a tip, tunate to have a very capable management luxury and national retailers insist there is no please email Damian Ghigliotty at [email protected]. team, who, most importantly, share an ap- alternative to being in these iconic locations. preciation for the art of the complex cred- Downtown and Brooklyn commercial For advertising, contact Barbara Ginsburg it transaction. I’m very proud of what we’ve and residential markets continue to thrive Shapiro at [email protected] or call accomplished together. and show no signs of cooling. The commer- 212-407-9383. cial growth is largely driven by creative- What are the two largest deals you’ve type companies looking for space that suits For general questions and concerns, contact worked on in your career? their specific needs and is more convenient Carl Gaines at [email protected] or call One of the largest and more complex to their employees, many of whom com- 212-407-9313. transactions was the financing of Extell and mute from Brooklyn, which, while soar- Angelo, Gordon’s redevelopment of Car- ing, still offers a relative bargain to living in To receive a trial subscription to Mortgage lton House at 680 Madison Avenue. This Manhattan. Observer Weekly, please call 212-407-9371.

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