years10 OF outstanding womenin REAL ESTATE judy kessler Doing well by Doing gooD

The creation of the iconic 15 West condominium on ’s and the sparkling transformation of another touchstone, the Four Seasons Hotel, have a major element in common—they were both achieved by talented teams of industry leaders under the day-to-day guidance and coordination of Zeckendorf Development project director Judy Kessler. But helping great teams achieve their best work is only part of Kessler’s story. Equally important to her are creating affordable, not-for-profit housing, as well as mentoring the future generation Judy Kessler, of innovative and altruistic thought-leaders Zeckendorf Development s in the development field. 15 Central Park West Library

14 • www.sokolmediaonline.com • December 2011 December 2011 • www.sokolmediaonline.com • 15 Housing Fund is building a community center with a swimming Four SeaSonS Hotel pool, dance center and library while providing college counsel- Ty Warner new York, 57tH Street ing to help area residents escape poverty. PenThouse aT i.m pei Façade Four seasons The 15 Central Park West project was, recalls Kessler, a lesson hoTel neW york in the pursuit of excellence. She thrived on the hard work that brought her in contact with the best practitioners in all the related fields, from the Zeckendorf brothers and their partners to the exceptional designers and engineers, manufacturers, stone fabricators, contractors, endlessly patient law professionals, tradespeople working on the site, and later the building staff itself. She remembers reaching out to the project’s famed archi- tect Robert A.M. Stern, organizing the necessary expert teams, meeting the neighbors and developing relationships in the com- munity, and of course overcoming all the obstacles one by one. “Everybody involved knew this was a unique development and very much wanted to do their best work. I was so fortunate to be part of that team. For someone who loves ground up, com- plex real estate development, it was a dream job.”

Four SeaSonS Hotel new York Kessler’s work at 15 Central Park West was actually a natural extension of being Ty Warner’s development and asset manager when he purchased the Four Seasons Hotel New York. Taking the ten-year-old property and re-conceptualizing its crown with a new IM Pei addition, the property was further enhanced via the creation of the most expensive hotel suite in the world. Maintaining and operating this five-star hotel during such For Kessler, who first joined the firm in 1987, the Zeckendorf extensive construction was exactly the type of challenge that Company has been a wonderful match—giving her the opportu- stretched Kessler’s imagination while creating a new definition nity not only to absorb the development process from incep- of true luxury. tion to completion, but supporting her passionate goals to help improve the lives of those in need. Case and point, when Arthur BrooklYn - atlantic aSSetS Group and William Zeckendorf asked her to be project director of the Kessler is also a principal of Atlantic Assets Group with partners 15 Central Park West development—one of the most storied Barbara Koz-Paley and Gentry Ashmore Hoit, which specializes and successful residential condominiums of all time—Kessler in the renovation and repositioning of urban infill projects welcomed the opportunity to take on this very special challenge. in Brooklyn. Two of its completed projects include Atlantic 15 Central Park West would become an aesthetic model for Gardens and Kingston Court. Atlantic Gardens added retail luxury mixed-use development citywide. Moreover, through shops to re-pattern the pedestrian flow along the historic Atlan- Kessler’s leadership and use of the City’s inclusionary zoning tic Avenue thoroughfare. Steps away from the Atlantic Terminal program, it would also include Zeckendorf Development’s con- Markets and LIRR station, the development provides an ideal structing and donating 22 low-income apartments of supportive environment for creative professionals to live in the heart of housing on West 102nd Street. “We donated the completed Brooklyn’s cultural district, just two blocks from Brooklyn Acad- building to the Settlement Housing Fund,” explains Judy, “This emy of Music. is the first semi-permanent supportive housing in New York Kingston Court is located in the Crown Heights neighbor- City—a program that Settlement Housing was eager to bring to hood of Brooklyn, at Kingston Avenue and Rutland Road, close New York.” The semi-permanent model supports single parents to the Brooklyn Museum and Brooklyn Botanic Gardens, The for up to five years while they establish themselves, while also Brooklyn Zoo, Prospect Park, and just one block from the providing education, job support and children’s programs. Kings County Hospital Center. Atlantic Assets Group renovated Kessler is now an active board member and personal con- the apartments and added a beautiful outdoor courtyard and tributor to Settlement Housing Fund. (please see sidebar on community space shared by the residents. page 18 of this article.) She is also enthusiastic about the new opportunities that will become available to Bronx residents Harvard real eState academic initiative from the New Settlement School and Community Center now Feeling extremely fortunate to have had the opportunity to be being built in the Bronx. Through this project, the Settlement integrally involved in the 15 Central Park West development,

16 • www.sokolmediaonline.com • December 2011 December 2011 • www.sokolmediaonline.com • 17 gain the skills to become independent. Judy had an opportunity Settlement to create housing with a special purpose, and thus Semiperm, a transformational residence for formerly homeless single parent HouSing Fund families, was born. Background and current Projects Located on W. 102nd Street in Manhattan, Semiperm is a 4-year-old, debt free, 23-unit building that Settlement Hous- ettlement Housing Fund exists to create and maintain ing Fund obtained from the Zeckendorf Development LLC economically and ethnically diverse affordable housing through the City’s Inclusionary Zoning Program. New York swith community programs and neighborhood amenities City provides project-based Section 8 housing subsidies and throughout New York City. Since 1969, we have developed 57 participants pay 30% of their income towards rent and for elec- New SettlemeNt CommuNity CampuS iN the BroNx, projects with over 8,700 apartments -- rentals, cooperatives, and tricity to develop budgeting skills and financial responsibility. a CommuNity CeNter aNd pre-K through 12th grade puBliC SChool opeNiNg SeptemBer, 2012 two-family houses -- that are home to more than 25,000 low and While there are many shelters that provide temporary housing, middle income residents, time and staffing constraints make it hard for them to ad- • The acquisition of a 27-unit distressed building on the including formerly home- dress the root causes of each family’s homelessness. Semiperm same square block as our New Settlement Community less people. Whenever provides a unique model of intermediate housing that targets Campus now under construction in the Bronx; negotiations possible, we incorporate the root causes of an individual’s homelessness and provides with a co-developer and the City to create 150 units of new commercial developments single parents with a supportive program for two to five years, low- and middle-income housing in the Two Bridges Urban and community programs during which time they develop the skills necessary to support Renewal Area of the Lower East Side; and RFP submissions for children, young adults themselves, care for their children, pay their rent and live inde- for 300 units of rehabilitated affordable and public hous- and families that provide pendently. As an affordable housing owner, we are able to offer ing at Randolph Houses in Harlem, and approximately 300 atlantic avenue opportunities for educa- eligible graduates permanent housing in communities where we storefronts rehabilitated affordable housing units at Prospect Plaza in tional success and upward have established programs that also provide ongoing assistance Ocean Hill, Brooklyn. mobility. Traditionally, we to parents and their children after they leave the program. have set aside approximate- “I have worked with many developers but have never en- • Oversight of the retrofitting and energy upgrades to four ly 30% of our apartments in countered anyone like Judy. Her attention to detail, her persis- Kessler is giving back in other ways, too. She serves as buildings that comprise our St. John’s Place Family Center, new developments for for- tence, fine eye and intelligent approach add up to a wonder. In chair of the Alumni Board of Harvard’s Real Estate Aca- a transitional shelter and daycare facility for 97 homeless merly homeless families. In semiPerm, transformational our case, she was working to build a small inclusionary zoning demic Initiative (REAI). This interdisciplinary initiative families, and one permanent residential building on the same addition to developing our housing for formerly homeless building for single parent homeless families. It was challeng- seeks to advance real estate practice by sponsoring student single Parent families on block in Crown Heights, Brooklyn, as well as the develop- own buildings and creating W. 102nd street ing, but she plunged ahead. We worked collaboratively on every research projects (such as Mumbai Studio) and hosting an ment of a new community center next door to our shelter. and managing programs, step. I can only imagine how she must have worked to create 15 annual conference in Cambridge. The mission of Harvard’s • The continued rehabilitation and cooperative conversion Settlement Housing Fund serves as a marketing consultant and Central Park West. Our entire staff became her fan club, and we REAI is to contribute to the quality of urban development of nine of the original eleven distressed buildings in Harlem technical assistance provider to real estate developers renting up are very lucky that she agreed to serve on Settlement Housing throughout the United States and internationally through and Washington Heights that were transferred to us by the 80/20 units throughout New York City. Fund’s Board of Directors.” Carol Lamberg, Executive Director, multi-disciplinary research and education in real estate and City. This work will culminate in the preservation of 450 Settlement Housing Fund is overseen by a board of directors, Settlement Housing Fund. urban development. The Initiative is intended to provide units of affordable housing and homeownership opportuni- including professionals in real estate, law, banking, community We are engaged in a number of current and prospective a focus for education and research by bringing together ties for the mostly low-income residents who reside there. development, education and other fields, and is headed by Carol housing and community development projects, most notably: faculty, students and alumni throughout Harvard who work We were recently approved to take on additional buildings Lamberg who has over 40 years of expertise in housing finance • A major community school construction project that in fields relating to real estate and urban development. through the City’s Third Party Transfer program and are and development. Starting with affordable housing, we work will secure the capstone of a successful twenty year neigh- with community and business partners, government agencies exploring additional properties in Central Harlem. What is next? borhood development effort in the Mount Eden section and private funders to develop and preserve affordable housing, of the southwest Bronx. In partnership with the School Kessler is used to leading-edge real estate development, • The operation of our DREAMS YouthBuild program in and to help low- and moderate-income individuals overcome Construction Authority, we are building a state-of-the-art and is poised to continue bringing grand visions to frui- Brooklyn, which provides pre-GED, GED, job training, and obstacles to achieving independent living, education and em- Community Campus that includes a community center with tion. Both in her role as executive director of Zeckendorf wrap-around services to out of school, unemployed young ployment. swimming pool, dance studios, and a green roof learning Development on future projects, and also in her bold new adults who also gain construction and rehabilitation skills terrace, adjoining a new pre-kindergarten through grade 12 business enterprise, Apple Residential Ventures LLC, Settlement HouSing Fund and while helping to return affordable housing units to the public school, on schedule to open in September of 2012. co-founded with business partner Gayle Blakeley Farris ZeckendorF development partner market. Another 21 students graduated from the program This state-of-the art facility will be managed by New Settle- (former president of Forest City Enterprises Science and on tranSFormational HouSing this spring, and 44 are currently enrolled in the program. ment Apartments, our affiliate, which oversees the 16 build- Technology Group). Most recently, Kessler and Farris have We were recently awarded a major grant from the U.S. In 2004, Judy Kessler paid a visit to Carol Lamberg to see if ings we developed (one newly constructed) into 995 units of been considering how to develop urban housing that will Department of Labor through YouthBuild USA to expand Settlement Housing Fund would be interested in co-venturing affordable housing and a broad spectrum of award-winning support active and health-conscious lifestyles at an afford- and formalize our work with young adults coming out of the on a new development. We had long seen the need for a hous- community and school-based programs that serve 5,000 able level—and their company plans to do just that. juvenile and criminal justice systems. ing program that would help single parents living in the shelters children, teens, adults and families. Stay tuned…

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