THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 TABLE OF CONTENTS

TABLE OF CONTENTS

Year in Review ...... 3

Awards ...... 4

Events ...... 13

Committees ...... 19

Education ...... 25

Member Services ...... 32

Philanthropic Activity . . . . . 39

Economic Impact ...... 41

New York City Issues ...... 42

New York State Issues . . . . . 45

Federal Issues ...... 47

Contact REBNY ...... 48

2 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 YEAR IN REVIEW

YEAR IN REVIEW

This was a promising year for New York City and our industry as we continued to experience an increasing pace of job creation, near record low crime levels and improving schools . A healthy real estate market meant our industry continued to generate billions of dollars in tax revenue to fund vital city services . Tourists continue to choose New York City as the place to be with 2016 registering a new record of more than 60 million visitors .

were consistently sold out and have among the leaders who helped spare become increasingly popular . The New York City from bankruptcy in the Residential Education Committee 1970s, and was devoted to improving conducted numerous Boot Camp the lives of the less fortunate through Seminars and informational Breakfast his extraordinary generosity and Clubs . In 2016, for the first time, REBNY involvement in health care, education, held a successful six-week course on the arts and social services . New York public speaking and presentation skills . is a better place today thanks to Jack Throughout 2016, REBNY was at the Rudin and his family’s philanthropy, Finally, in 2016 we bid farewell to a friend, forefront of a wide variety of public public leadership and civic obligation . a great champion for New York City and policy debates related to our industry . an esteemed REBNY member for over As we move forward, our industry We played a crucial role in winning 63 years . Jack Rudin was awarded the will continue to focus on progress, legislative victories on issues ranging Bronze Star for his bravery in World understanding that the success of our from combating illegal short-term War II and was a hero to all of us who endeavors and members means the rentals to creating reasonable timelines were touched by his kindness . Jack was success of New York City . for considering landmark designations . REBNY helped develop a framework for the rezoning of Greater East Midtown as an active member of the Greater East Midtown Steering Committee . Once again, REBNY members demonstrated our commitment to protecting the environment with the launch of a new energy efficiency and sustainability training program that registered more than 800 building managers in 2016 .

REBNY Residential and Commercial Brokers had a tremendous year, keeping up with a busy calendar of networking events and awards JOHN BANKS ROB SPEYER ceremonies . Our educational offerings REBNY President REBNY Chairman

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 3 TABLEAWARDS OF CONTENTS

AWARDS

To recognize the wide-ranging In addition to professional, networking opportunities, furthering achievements of our members and philanthropic and humanitarian peer relationships and building brand their contributions to REBNY, the service, the honors also span awareness among the real estate real estate industry, New York City development, sustainability, energy industry’s best and brightest . and beyond, distinguished awards conservation and public safety, are annually presented at REBNY’s among other fields . From up-and- Separate from our annual REBNY esteemed events . coming brokers to seasoned industry awards, our Vice President of titans, REBNY’s awards cover all Urban Planning & Data Analytics, These honors represent excellence in levels of professional experience and Paimaan Lodhi, was honored at leadership, deal-making, meritorious accomplishment, and are celebrated City & State New York’s annual 40 service, moral character and ethical by all divisions of membership . Under 40 Awards, which recognizes conduct, among other stand- exceptional individuals working in out attributes . They demonstrate Award winners are announced at New York City government, advocacy, the creativity, ingenuity and galas, ceremonies and cocktail media and more . Ryan Baxter, professionalism of REBNY members, parties, as well as at dinner, REBNY’s Vice President of Public while also highlighting the impact luncheon and breakfast events Affairs, Management Services and that contributions of REBNY members held throughout the year . These Government Affairs, won the same have on the communities they serve . events are among the industry’s top honor in 2015 .

REBNY 120TH BANQUET Real estate’s finest, along with City 120th Annual Banquet held at the Zuccotti, a former REBNY Chairman, and State dignitaries, including New York Hilton on January 21st . and the exceptional contributions and Governor Andrew Cuomo and Mayor accomplishments of distinguished Bill de Blasio, showed up in force at The momentous evening honored leaders among REBNY membership . REBNY’s overwhelmingly successful the legacy of industry titan John E .

REBNY’S 120TH ANNUAL BANQUET HONOREES (L-R) Edward V. Piccinich, Executive Vice President of SL Green Realty Corp.; Daniel Brodsky, Senior Managing Partner of the Brodsky Organization; Darcy Stacom, Vice Chairman and Head of the Investment Properties group for CBRE’s New York office; Tara Stacom, Executive Vice Chairman of Cushman & Wakefield; Jeffrey E. Levine, Chairman of Douglaston Development, Levine Builders and Clinton Management; Bill Montana, Senior Managing Director of Savills Studley; and Steven H. Marvin, Executive Managing Director and Partner of Olmstead Properties, Inc.

Photo: Jill Lotenberg Photography

4 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 INTRODUCTIONAWARDS

REBNY 120TH BANQUET (CONTINUED)

Darcy Stacom (center), Vice Chairman and Head of the Investment Properties group Daniel Brodsky, Senior Managing for CBRE’s New York office, gives the acceptance speech for The Bernard H. Mendik Partner of the Brodsky Organization, Lifetime Leadership in Real Estate Award, presented to Darcy, Tara Stacom (left of received The Harry B. Helmsley Darcy), Executive Vice Chairman of Cushman & Wakefield, and the late Matthew Stacom, Distinguished New Yorker Award, former Vice Chairman of Cushman & Wakefield, for their exceptional accomplishments which is presented to an industry in the profession, leadership and service to the real estate industry over the course of member for invaluable contributions to their distinguished careers. This is the first time a family was presented with an award New York’s civic welfare and the real at REBNY’s Banquet. estate community.

Bill Montana (center), Senior Managing Director of Savills Studley, Steven H. Marvin, Executive Managing Director and Partner accepting The Louis Smadbeck Broker Recognition Award, which of Olmstead Properties, Inc., who received the Young celebrates a commercial broker with exceptional personal and Real Estate Man of the Year Award, pictured with his wife professional integrity, leadership, prominence in the brokerage Samantha Delsener Marvin. community and service to REBNY’s committees.

Photos: Jill Lotenberg Photography

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REBNY 120TH BANQUET (CONTINUED)

(L-R) REBNY Chairman Rob Speyer; REBNY President John Banks; and (L-R) Bruce Mosler, Chairman of Global Brokerage at Cushman Governor Andrew Cuomo & Wakefield; Mayor Bill de Blasio; and REBNY President John Banks

(L-R) Jay Kriegel of Related Companies New York City Deputy Mayor Firefighter Frank Pizarro of the New York and Alan Wiener, group head of Wells Alicia Glen City Fire Department performs the national Fargo Multifamily Capital anthem

(L-R) Leslie Himmel, Himmel + Meringoff Properties; New York State (L-R) Rev. Dr. Johnny Ray Youngblood, Executive Pastor and Senator Timothy Kennedy; and Jonathan Mechanic, Fried, Frank, Spiritual Advisor for the Mount Pisgah Baptist Church with Harris, Shriver & Jacobson LLP Sam NeJame, Shareholder, Greenberg Traurig LLP

Photos: Jill Lotenberg Photography

6 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 INTRODUCTIONAWARDS

RESIDENTIAL BROKERAGE AWARD WINNERS New York City’s top professionals in held at Pier Sixty at Chelsea Piers on estate industry, and raised funds residential home sales and rentals October 27th . for REBNY’s “Member in Need were honored and serenaded by Fund”, which provides grants to superstar recording artist Gloria The prestigious event highlighted residential brokerage members who Gaynor at REBNY’s 28th Annual the achievements of the city’s most are experiencing a financial crisis or Residential Deal of the Year Charity & accomplished residential dealmakers hardship . Awards Gala, “A Night at the Disco”, and their contributions to the real

WINNERS OF REBNY’S 28TH ANNUAL RESIDENTIAL DEAL OF THE YEAR AWARDS FOR 2015-2016

(Back row, L-R) Timothy Simmons, Brown Harris Stevens, co-broker for the Second Prize Residential Sales Award; Peter Michael Riolo, Brown Harris Stevens, winner of the Second Prize Residential Sales Award; Douglas Wagner, Bond New York, winner of The Eileen Spinola Award for Distinguished Service; Karen DeMeco, Compass, winner of the First Prize Residential Sales Award; and Mirza Avdovic, Keller Williams NYC, winner of The Most Promising Rookie Salesperson of the Year Award. (Front row, L-R) Neoly Lika Williams, Town Residential, winner of the Third Prize Residential Sales Award; Ruth McCoy, Brown Harris Stevens, winner of The Henry Forster Award for Lifetime Achievement; Reba Miller, RP Miller Realty Group, co-broker for the Rental Award; and Emel Glicksman, Fox Residential Group, winner of the Rental Award.

Photo: Richard Lewin

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RESIDENTIAL BROKERAGE AWARD WINNERS (CONTINUED)

Photos: Richard Lewin

(L-R) Bess Freedman, Brown Harris Stevens; Corinne Pulitzer, (L-R) Ruth McCoy, Brown Harris Stevens; Eileen Spinola, REBNY’s Douglas Elliman; Ruth McCoy, Brown Harris Stevens, accepting former Senior Vice President of Education and Brokerage The Henry Forster Award for Lifetime Achievement; and Hall Services; and Doug Wagner, Bond New York, accepting The Eileen Willkie, Brown Harris Stevens Spinola Award for Distinguished Service

COMMERCIAL BROKERAGE AWARD WINNERS At REBNY’s 72nd Annual Commercial honors were awarded to seven stand-out, Sales Brokers Committee Cocktail New York City commercial brokers for Party, held at Club 101 on April 12th, top their ingenious deals completed in 2015 .

MOST INGENIOUS DEAL OF THE YEAR AWARD WINNERS (L-R) Judges Andrew Albstein of Goldberg Weprin & Ustin, LLP and Peter Hauspurg of Eastern Consolidated; third place Edward S. Gordon Memorial Award winner Alan Goodkin, The Ackman-Ziff Real Estate Group; Patrick Nessenthaler, The Ackman- Ziff Real Estate Group; Vice Chair of REBNY’s Sales Brokers Committee David Robinov, The Ackman-Ziff Real Estate Group; first place Henry Hart Rice Achievement Award winners Mark Weiss (now of Cushman & Wakefield) with Howard Kesseler and Justin DiMare of Newmark Grubb Knight Frank; second place Robert T. Lawrence Memorial Award winner Lauren Crowley Corrinet of CBRE, Inc. (not pictured, second place winners: Gregory Tosko and Sacha Zarba of CBRE, Inc.); John Banks, REBNY President; and Chair of REBNY’s Sales Brokers Committee Woody Heller, Savills Studley

8 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 INTRODUCTIONAWARDS

COMMERCIAL BROKERAGE AWARD WINNERS (CONTINUED) The retail community came out Year Award winners on June 7th at 13 deals submitted by the industry’s in force for the announcement of Club 101 . The winners were selected top retail brokers for the 18th annual REBNY’s 2015 Retail Deal of the from a highly competitive roster of competition .

2015 RETAIL DEAL OF THE YEAR AWARD WINNERS (L-R) John Banks, REBNY President; Brian Goldman, Newmark Grubb Knight Frank, winner of The Most Ingenious Retail Deal of the Year (not pictured: Neil Goldmacher of Newmark Grubb Knight Frank); Eric Gelber, CBRE, Inc., winner of The Most Significant Retail Deal of the Year; and Andrew Mandell, Ripco Real Estate, Chair of REBNY’s Retail Committee

The best and brightest up-and-coming REBNY’s Commercial Brokerage and will become a lifetime member of commercial brokers in New York City Board of Directors presented the REBNY’s selective “Circle of Winners” competed for REBNY’s 2015 Most coveted award to Morris Betesh, a group, which convenes four times a Promising Commercial Salesperson Managing Director in Cushman & year for a private dinner with some of of the Year (Rookie Award), which was Wakefield’s New York Capital Markets the real estate industry’s top leaders . presented at the REBNY Members’ group . As the 19th winner of this Luncheon at the New York Hilton award, Betesh received a one-year Midtown on March 22nd . seat on REBNY’s Board of Governors

ROOKIE OF THE YEAR AWARD WINNER James Nelson of Cushman & Wakefield and Chair of REBNY’s Commercial Brokerage Board of Directors (second from right) presenting Morris Betesh of Cushman & Wakefield (middle) with the 2015 Most Promising Commercial Salesperson of the Year Award alongside REBNY’s Commercial Board of Directors. Also Pictured (L-R) Brian Ezratty of Eastern Consolidated; Robin Abrams of The Lansco Corporation; and Bill Montana of Savills Studley

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COMMERCIAL MANAGEMENT AWARD WINNERS A record 1,000 real estate industry “Running high-quality, high-service heroes who comprise the heart and professionals gathered to celebrate commercial buildings that make up the soul of our industry ”. outstanding leaders in commercial iconic New York City skyline requires property management at REBNY’s the best in class,” said John H . Banks, 13th Annual Commercial Management III, REBNY President . “We are proud to Leadership Breakfast held at the New annually celebrate the leadership and York Hilton on June 2nd . civic contributions of these unsung

COMMERCIAL MANAGEMENT LEADERSHIP BREAKFAST

(L-R) Howard Styles, Local 94; Rising Star of the Year Award winner Ryan Waggner, Vornado Realty Trust; On-Site Manager of the Year Award winner Mark Windt, Jones Lang LaSalle; Small Building Engineer of the Year Award winner Noel Gerena, Edward J. Minskoff Equities, Inc.; John Banks, REBNY; Large Building Engineer of the Year Award winner Dennis Rozario, Brookfield Properties; Thomas Hill, Boston Properties LP; Security Professional of the Year Award winner Edward Dillahunt, Fisher Brothers Management; Edward A. Riguardi Commercial Management Leadership Award winner Hank M. Celestino, L&L Holding Company; Porter of the Year Award winner Maritza Garcia, Edison Properties; Gaston Silva, Vornado Realty Trust; Nick Mazzola of RXR Realty’s 450 Lexington Avenue, winner of the Best Engine Room Award; Portfolio Manager of the Year Award winner Michael Aisner, RXR Realty; John M. Griffin Community Service Award winner Louis Mantia, Cushman & Wakefield; Louis Trimboli, CBRE; Karla Kudatzky, CBRE; Edward Piccinich, SL Green Realty Corp.; Michael Placente of RXR Realty’s 450 Lexington Avenue, winner of the Best Engine Room Award; Carl Hum, REBNY; and Héctor Figueroa, 32BJ SEIU

10 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 INTRODUCTIONAWARDS

RESIDENTIAL MANAGEMENT AWARD WINNERS To honor outstanding leaders in February 24th at the Roosevelt Hotel . Sladkus of Schwartz Sladkus Reich the field of residential property Greenberg Atlas LLP received the management, approximately 500 Bill Brake, of Related Management Residential Management Community members of New York City’s residential Company, was presented with the Service Award for his outstanding management community attended Residential Management Executive commitment to volunteer work . REBNY’s 18th Annual Residential of the Year Award for his exceptional Management Leadership Breakfast on dedication to the industry, while Steven

RESIDENTIAL MANAGEMENT LEADERSHIP BREAKFAST

(L-R) Leslie Bogen Winkler, Penmark Realty Corp., Chair of REBNY’s Residential Management Breakfast Planning Committee; Ben Kirschenbaum, FirstService Residential, member of REBNY’s Residential Management Council; Noreen McKenna, Brown Harris Stevens Residential Management, previous winner of REBNY’s Residential Management Executive of the Year Award; Steven Hirsch, FirstService Residential, member of REBNY’s Residential Management Council; Eva Talel, Stroock & Stroock & Lavan LLP, previous winner of REBNY’s Residential Management Community Service Award; Bill Brake, Related Management Company, winner of the Residential Management Executive of the Year Award; Steven Sladkus, Schwartz Sladkus Reich Greenberg Atlas LLP, winner of the Residential Management Community Service Award; John H. Banks, REBNY President; and Carl Hum, REBNY Senior Vice President of Management Services and Government Affairs

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 11 AWARDS

CITY & STATE 40 UNDER 40 AWARDS

This year, Paimaan Lodhi, REBNY’s Vice President of Urban In 2015, Ryan Baxter, REBNY’s Vice President of Public Affairs, Planning & Data Analytics, was honored at City & State New Management Services and Government Affairs, won the York’s annual 40 Under 40 Awards, which recognizes exceptional same honor at City & State New York’s annual 40 Under individuals working in New York City government, advocacy, 40 Awards. media and more.

12 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 EVENTS

EVENTS

In addition to our award ceremonies, top-performing real estate agents, architecture; and to explore, through REBNY also hosts a wide array of brokers, and managers—also provide a self-guided tour, dozens of the events to discuss issues that impact great opportunities for market hottest, most exclusive coop, condo the real estate industry . Our members discussion and networking . and townhouse listings on the market encourage collaboration and share at REBNY’s 2016 Uptown Open best practices and information to For the first time this year, we hosted House Expo . analyze market trends . We provide the REBNY Legacy Luncheon to bring networking opportunities to members together winners of The Henry Forster This spring, we also hosted the first of every division throughout the year . Award for Lifetime Achievement and NYC Real Estate Tech (RETech) Expo, winners of the Residential Brokerage in collaboration with MetaProp NYC, Some of the largest events we host Most Promising Rookie Salesperson of an RETech nexus and accelerator, throughout the year include our the Year Award . featuring presentations and discussions Members’ Luncheons, which feature on RETech and innovative ideas that thought-provoking panel discussions Riding on the “Hamilton” effect this aid sustainability across the real estate presented by top industry leaders . year, created by the hit Broadway value chain . The Expo was led by Our Commercial Brokerage “Crossfire” musical, New York City house hunters leaders of RETech companies, the real Seminars and Residential Brokerage had the opportunity to learn about the estate industry and the New York City Inside Secrets of Top Brokers and Founding Father’s legacy in Upper Economic Development Corporation . Industry Leaders seminars—which Manhattan: the history of the area’s include panel discussions featuring neighborhoods; its buildings and

MEMBERS’ LUNCHEONS Panelists at the Members’ Luncheon investment, affordable housing,discussion at the Members’ Luncheon on March 22nd offered comments predictions for tenant classes and held on November 10th, at the New reflecting on 2015 and made industry sectors, and the national York Hilton Midtown . predictions for New York City’s election’s impact on the real estate real estate market in 2016, while market in New York City were topics of

MEMBERS’ LUNCHEON ON NOVEMBER 10TH MEMBERS’ LUNCHEON ON MARCH 22ND

(L-R) Panelist Charles R. Bendit, Co-CEO of Taconic Investment (L-R) John Banks, REBNY President, with speakers: Chase Welles, Partners, LLC; moderator Seth Pinsky, Executive Vice President, SCG Retail; Sacha Zarba, CBRE, Inc.; Helen Hwang, Meridian Fund Manager for Metro Emerging Markets and Public Affairs Investment Sales, LLC; Ron Lo Russo, Cushman & Wakefield Director for RXR Realty; Kevin Wang, KRW Realty Advisors, Chair (moderator); Hal Stein, Newmark Grubb Knight Frank; and Kevin of REBNY’s General Meetings Committee; panelist Leslie Himmel, Wang, KRW Realty Advisors, LLC, and Co-Chair of REBNY’s General Partner at Himmel + Meringoff Properties; and panelist Kevin Meetings Committee Hoo, Founder and Managing Partner of Cove Property Group

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COMMERCIAL BROKERAGE HOLIDAY LUNCHEON Paul J . Massey Jr . , Cushman & Wakefield’s at REBNY’s annual Holiday Luncheon Astoria . Massey laid out his vision for President of New York Investment Sales hosted by the Commercial Brokerage where he would like to see New York and 2017 Mayoral Candidate, spoke Division on December 5th at the Waldorf City go in the coming years .

(L-R) Bill Montana, Savills Studley, Vice Chair of REBNY’s Holiday Luncheon attendees in the Empire Room at the Waldorf Commercial Brokerage Board of Directors; John Banks, REBNY Astoria President; event speaker Paul J. Massey, 2017 Mayoral Candidate for New York City, Cushman & Wakefield; and James Nelson, Cushman & Wakefield, Chair of REBNY’s Commercial Brokerage Board of Directors

RESIDENTIAL OWNER/MANAGER LUNCHEON On June 7th, REBNY held its annual by REBNY Residential Brokerage Real Estate and Barry Brandt of Argo Residential Owner/Manager Luncheon Membership Committee Co-Chairs Residential . at the New York Athletic Club, hosted Corinne Pulitzer of Douglas Elliman

(L-R) REBNY Residential Brokerage Membership Committee Co-Chair Barry Brandt, Argo Residential; John Banks, REBNY; Robert Knakal, Cushman & Wakefield; Gregory Gushee, Related Companies; Residential Brokerage Membership Committee Co-Chair Corrinne Pulitzer, Douglas Elliman Real Estate; Carl Weisbrod, NYC Department of City Planning; Jonathan Woloshin, UBS Financial Services; panel discussion moderator Jonathan Miller, Miller Samuel Inc.; and Donald Capoccia, BFC Partners

14 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 EVENTS

REAL ESTATE TECH EXPO Innovative real estate technology by REBNY and MetaProp NYC, a real newest developments in RETech and (RETech) companies joined real estate technology nexus and RETech innovative ideas that aid sustainability estate and New York City Economic accelerator, on April 6th . At the all-day across the real estate value chain . Development Corporation speakers expo, REBNY members heard from a at the first NYC RETech Expo, hosted wide range of experts on some of the

(L-R) Aaron Block, Co-Founder and Managing Director, MetaProp NYC; Marshall Cox, Founder and CEO, Radiator Labs; Kate Daly, Senior Vice President for Industry Transformation Teams at NYCEDC; Ryan Baxter, Assistant Vice President, Public Affairs, Management Services and Government Affairs, REBNY; Woody Heller, Executive Managing Director and group head of the Capital Transactions Group at Savills Studley; and Fotis Merakos, President, The Clean Cube

RESIDENTIAL DOWNTOWN BREAKFAST ROUND ROBIN

REBNY’s Residential Downtown Committee hosted its Annual Downtown Breakfast Round Robin on June 3rd, moderated by Karen Gastiaburo of Town Financial District and Co-Chair of REBNY’s Downtown Committee (center, right). The special seminar and networking event featured presentations on key industry topics by experts. (L-R) Stephen G. Kliegerman, President of Terra Development Marketing; Neil Garfinkel, Abrams Garfinkel Margolis Bergson, LLP, REBNY Broker Counsel; Vivace Maxvictor, Motivational Speaker & Life Coach; Solomon Algazi, Credit Servicez; Matthew J. Leone, Chief Marketing Officer of Terra Holdings, LLC; Craig Price, Partner at Belkin Burden Wenig & Goldman, LLP; and Richard Grossman, President of Halstead Property

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LEGACY LUNCHEON The first REBNY Legacy Luncheon for Lifetime Achievement and winners honor his father’s memory and meet was held at the Yale Club on April of the Residential Brokerage Most the winners of the award named for 19th . The event brought together Promising Rookie Salesperson of the him, was Christopher Forster, one of winners of The Henry Forster Award Year Award . Also in attendance, to Henry Forster’s sons .

THE HENRY FORSTER AWARD WINNERS WITH CHRISTOPHER FORSTER, HENRY’S SON, AT THE INAUGURAL REBNY LEGACY LUNCHEON

(L-R): Stephen Kliegerman and Diane M. Ramirez, Halstead Property; Jeffrey Rothstein, Douglas Elliman; Reba Miller, RP Miller Realty Group; Steven James, Douglas Elliman; John Wollberg, Halstead Property; Christopher Forster; Corinne Pulitzer, Douglas Elliman; Joseph Barbaccia, REBNY; Barbara Fox, Fox Residential Group; and Tresa Hall, The Corcoran Group

THE RESIDENTIAL BROKERAGE MOST PROMISING ROOKIE SALESPERSON OF THE YEAR AWARD WINNERS IN ATTENDANCE AT THE LEGACY LUNCHEON

(L-R) Renée Fishman and Tamara Abir, Halstead Property; Timothy Melzer, The Corcoran Group; Ari Harkov, Halstead Property; Antony Bitar, The Corcoran Group; Sarah Williams, Douglas Elliman; Vincent Smith, Halstead Property; Julie Pham, The Corcoran Group; Kyle Blackmon, Compass; and Vickey Barron, Douglas Elliman

16 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 EVENTS

RESIDENTIAL SOUTH BROOKLYN SEMINAR

REBNY’s Residential South Brooklyn Seminar at Buckley’s Restaurant on September 23rd featured Jason Muss, Principal of Muss Development (second from left) who discussed place-making in the context of his Sheepshead Bay Project – a 28-story, 321-foot condo tower at 1501 Voorhies Avenue, a joint venture by Muss Development and AvalonBay. It will become the tallest structure in Sheepshead Bay, New York, when completed in 2017. Also pictured: Mitchell Feldman, John Reinhardt and Maryann Arbia of Fillmore Real Estate

(L-R) Speakers Natalie Rabaa, Brown Harris Stevens Brooklyn; Danielle Lurie, The Corcoran Group; Maureen Hogan, Douglas Elliman; and Ari Harkov, Halstead Property, with moderator Vickey Barron, Douglas Elliman, at the Residential South Brooklyn Top Brokers Seminar at Buckley’s Restaurant on May 12th titled, “Who are Today’s Buyers, Where are They Coming From?”

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RESIDENTIAL BROKERAGE DIVISION UPTOWN OPEN HOUSE EXPO REBNY’s Upper Manhattan Committee guided tour, dozens of the hottest, most greet” that included breakfast and an partnered with Experience Harlem to exclusive coop, condo and townhouse information session where potential home host the fourth Uptown Open House listings on the market . Each of the buyers had the opportunity to speak Expo, an all-access, free and public event two-day events—April 10th in Harlem with REBNY’s expert uptown residential where New York City house hunters were and April 17th in Washington Heights and brokers about the home buying process able to conveniently view, through a self- Inwood—kicked off with a “meet and and listings in uptown Manhattan .

APRIL 10TH HARLEM UPTOWN OPEN HOUSE EXPO MEET & GREET

Event speakers and REBNY Residential Brokerage Upper Manhattan Committee Members: (L-R) Leesa Grant, Halstead Property; Robb Pair, Harlem Lofts; DeAnna Rieber, Halstead Property, LLC; Brian Phillips, Douglas Elliman; Charlie Lewis, Warburg Realty; Tasha Trice, Halstead Property; Curtis Archer, Harlem Community Development Corporation; Angie Hancock, Experience Harlem; Jeanne Oliver-Taylor, REBNY; Bruce Robertson, The Corcoran Group; Gabrielle Everett, Douglas Elliman; Peter Edwards, Citibank; Joseph Barbaccia, REBNY; Jamarr Lewis, Citibank; and Kevin Draper, New York Historical Tours

APRIL 17TH WASHINGTON HEIGHTS & INWOOD UPTOWN OPEN HOUSE EXPO MEET & GREET

Event speakers and REBNY Residential Brokerage Upper Manhattan Committee Members: (L-R) Robb Pair, Harlem Lofts; Martin Collins, Washington Heights and Inwood Development Corporation, Uptown Arts Stroll; Jeanne Oliver-Taylor and Joseph Barbaccia, REBNY; Brian Phillips, Douglas Elliman; Angie Hancock, Experience Harlem; Zachary Kussin, New York Post; Iris Walls, Halstead Property; Bruce Robertson, The Corcoran Group; Tasha Trice, Halstead Property; Mitchell Cohen, First Republic Bank; DeAnna Rieber, Gus Perry, Shebrelle Hunter-Green and Elizabeth Alicea of Halstead Property; Charlie Lewis, Warburg Realty

18 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 COMMITTEES

COMMITTEES

REBNY’s more than 40 committees regularly throughout the year and topics . Members who lead and are a driving force behind a diverse each represents a different area of contribute to these committees’ range of events and programming— concentration among our membership . activities create highly focused from panel discussions and awards Our committees focus on particular learning environments for their ceremonies to networking events industry issues, areas of business peers to share ideas and network and educational opportunities and/or. activity in individual boroughs with others in their specific fields Committees and sub-committees meet and neighborhoods, among other of expertise .

COMMERCIAL – RESIDENTIAL BROKERAGE BOARD OF DIRECTORS

(L-R): Commercial Brokerage Board of Directors Vice Chair Diane Ramirez, Halstead Property, Co-Chair of REBNY’s Bill Montana, of Savills Studley, with Chair James Nelson, of Residential Brokerage Board of Directors (not pictured: Cushman & Wakefield. Elected members of the Commercial Michael Bisordi, Tungsten Partners, Co-Chair of the Residential Brokerage Board of Directors review the official acts and Brokerage Board of Directors). Elected members of the decisions of all other committees of the Commercial Brokerage Residential Brokerage Board of Directors manage the affairs Division and take necessary steps to ensure that the division of the Residential Brokerage Division, and review and make runs effectively. decisions on the official acts and decisions of its committees.

MANAGEMENT BOARD OF DIRECTORS AND COMMERCIAL & RESIDENTIAL MANAGEMENT COUNCIL

New York City Department of Sanitation Commissioner Kathryn Garcia speaking to REBNY’s Management Board of Directors and Commercial Management Council in December.

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MANAGEMENT BOARD OF DIRECTORS AND COMMERCIAL & RESIDENTIAL MANAGEMENT COUNCIL (CONTINUED) The Management Division Board of CMC are valuable forums for commercial RMC invites a speaker from a city agency Directors (MBOD) and the Commercial managers to share best practices, or other service provider to discuss Management Council (CMC) are discuss common issues, and network information important to the interests committees of commercial property in an informal setting . The MBOD and of those in the residential management managers, including directors of CMC discuss upcoming legislation, community . In addition, the RMC is a operations, portfolio managers, corporate hold events and recognize their own at valuable forum for residential managers management executives, and managers the annual Commercial Management to share best practices, discuss common of individual properties . Each month, the Leadership Breakfast . issues, and network in an informal MBOD and CMC invite a speaker from a setting . The RMC discusses upcoming City agency or other service provider to The Residential Management Council legislation, holds events, and recognizes discuss important information pertinent (RMC) is a committee of residential its own at the annual Residential to those in the commercial management managers including both coop/condo Management Breakfast . community . In addition, the MBOD and and rental properties . Each month, the

CUNY’s Sustainability Team and the Urban Green Council Brett Mons, Senior Manager of Commercial Programs at the presenting to the REBNY Residential Management Council New York City Department of Sanitation, presenting to the in October Commercial Management Council in May

20 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 COMMITTEES

RESIDENTIAL BROKERAGE DEAL OF THE YEAR CHARITY & AWARDS GALA COMMITTEE REBNY’s Residential Brokerage city’s most accomplished residential to residential brokerage members Division Deal of the Year Charity & dealmakers and their contributions to who are experiencing a financial crisis Awards Gala Committee organizes the real estate industry . The event also or hardship . the prestigious event annually, which raises funds for REBNY’s “Member highlights the achievements of the in Need Fund,” which provides grants

Committee members are pictured at the 28th Annual Residential Deal of the Year Charity & Awards Gala, “A Night at the Disco,” held at Pier Sixty at Chelsea Piers on October 26th. (L-R): Brenda Hersh-Weinberg, Buchbinder & Warren; John Wollberg, Halstead Property; Ruth McCoy, Brown Harris Stevens; Jeffrey Rothstein, Douglas Elliman; Christopher Wilson, Stribling & Associates; Rebecca Mason, OneTitle National Guaranty Company; Barbara Fox, Fox Residential Group; Karen Gastiaburo, Town Residential; and Elizabeth Henry, The Corcoran Group

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 21 COMMITTEES

COMMERCIAL AND RESIDENTIAL BROKERAGE BROOKLYN COMMITTEES

REBNY’s Commercial Brokerage Brooklyn Committee held a panel Maria Torres-Springer, President and CEO of the New York City discussion on the commercial real estate market’s momentum Economic Development Corporation, moderated the “Movers & in Brooklyn and how it is taking shape through transit-oriented Shakers of Downtown Brooklyn” panel discussion, hosted by development. The event was held on November 15th at City REBNY’s Residential Brooklyn Committee on June 10th at Point in Downtown Brooklyn. St. Francis College, to discuss and analyze the effects of (L-R) John Ritter of Sholom & Zuckerbrot Realty, emerging neighborhoods and what they can mean for Co-Chair of the REBNY Commercial Brokerage Brooklyn surrounding communities. Committee; Peter Levitan of Lee & Associates NYC, Co-Chair (L-R): REBNY President John Banks with panelists: Tucker of the REBNY Commercial Brokerage Brooklyn Committee; Reed, Downtown Brooklyn Partnership; Emily Cohen, Gotham Ali Esmaeilzadeh of Forest City Ratner Companies; Lori Pellegrino Organization; Paul Travis, Washington Square Partners; of Chipotle Mexican Grill; Aron Gooblar of Washington Square Susi Yu, Forest City Ratner Companies; and moderator Maria Partners; and Andrew Kimball of Industry City Torres-Springer

RESIDENTIAL BROKERAGE UPPER MANHATTAN COMMITTEE In addition to the Uptown Open annual panel discussions focused neighborhood leaders and real estate House Expo, REBNY’s Residential on the residential market in Harlem industry experts . Upper Manhattan Committee hosts and Washington Heights/Inwood with

The Washington Heights/Inwood panel discussion, held at the United Palace on April 14th, included dinner on the stage of the historic theater. Panelists and committee members pictured (L-R): Gregory Heym, Terra Holdings; Jeanne Oliver-Taylor, REBNY; Todd Meyer, Citibank; Peter Edwards, Citibank; Angie Hancock, Experience Harlem; Brian Phillips, Douglas Elliman; Stephen McBride, SJM Partners; Gabrielle Everett, Douglas Elliman; Michael Fitelson, United Palace of Cultural Arts; Elizabeth Alicea, Halstead Property; Gus Perry, Halstead Property; Leesa Grant, Halstead Property; Charlie Lewis, Warburg Realty; and Bruce Robertson, The Corcoran Group

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RESIDENTIAL BROKERAGE UPPER MANHATTAN COMMITTEE (CONTINUED)

The Washington Heights/Inwood panel discussion, held at the The Harlem Panel discussion at MIST Harlem on December 1st United Palace on April 14th, included dinner on the stage of the covered neighborhood changes from retail to construction historic theater. and alterations in the laws pertaining to residential real estate brokers. (L-R): Gregory Heym, Terra Holdings; Dana Gordon, The Andrews Organization, Inc.; Brian Phillips, Douglas Elliman, Co-Chair of the Upper Manhattan Committee; Faith Hope Consolo, Douglas Elliman; Pamela Walker, Esq., The Walker Firm; and Curtis L. Archer, Harlem Community Development Corporation. (Not pictured: Aaron C. Pisano, Sr. Mortgage Loan Officer of Capital One Home Loans)

SUSTAINABILITY COMMITTEE

REBNY’s Sustainability Committee and C40 Climate Leadership Dan Zarrilli, P.E. Senior Director of Climate Policy and Programs representatives and staff celebrating the intersection of at the NYC Mayor’s Office speaking with the Sustainability Sustainability and Real Estate Technology at Hudson Yards Committee in October 2016 during NYC RETech Week 2016

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 23 COMMITTEES

COMMERCIAL REAL ESTATE FINANCE COMMITTEE Members of REBNY’s Commercial brokers and mortgage officers of an related to real estate finance . Brokerage Real Estate Finance institutional lender, meet during the Committee, comprised of mortgage program year to hear talks on subjects

The committee honored Scott Singer, The October 31st event also featured At the Finance Committee’s meeting on President of The Singer & Bassuk a discussion with guest speakers Mike September 19th, at the Yale Club, Jeffrey Organization (center), for his outstanding Nash, Executive Chairman of the Board for E. Levine, Chairman of Douglaston service and leadership as Chair of Blackstone Mortgage Trust (second from Development LLC (left) offered a REBNY’s Real Estate Finance Committee left), and Dan Thomas, Vice Chairman & developer’s perspective on where we are from 2013 to 2016, at its luncheon held Chief Lending Officer for Bank of the in the cycle through an interview with at the Yale Club on October 31st. Also Ozarks (second from right). Also pictured: Garrett Thelander of Cushman & Wakefield pictured: Co-Chairs of the Real Estate Evan Pariser, of HFF, Co-Chair of REBNY’s Capital Services, Co-Chair of the Real Estate Finance Committee: Garrett Thelander Real Estate Finance Committee and Finance Committee (right). of Cushman & Wakefield Capital Services moderator of the discussion (far right), (left) and Evan Pariser of HFF (right). and Garrett Thelander of Cushman & Wakefield Capital Services, Co-Chair of REBNY’s Real Estate Finance Committee (far left).

COMMERCIAL SALES BROKERS COMMITTEE

Robert Lapidus, President and Chief Investment Officer of L&L Holding Company, LLC, provided an update on L&L’s current projects and his view of the real estate market at REBNY’s Commercial Division Sales Brokers Committee Luncheon held at The Cornell Club on November 29th. Also pictured: (left) David Robinov, Ackman- Ziff Real Estate Group LLC, Co-Chair of the Sales Brokers Committee, and Woody Heller, Savills Studley, Inc., Chair of the Sales Brokers Committee

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EDUCATION

REBNY is accredited by the New York Most educational programming is held and commercial buildings from more State Department of State to conduct at REBNY’s Midtown location (570 than 90 organizations, including 196 both salesperson and broker licensing Lexington Avenue) in comfortable New York City Housing Authority qualifying courses . In addition to classrooms equipped with state-of-the- (NYCHA) staff members, have the qualifying courses, we offer the art technology . participated in the program to learn New York State continuing education key strategies and work practices In spring 2016, REBNY kicked off courses required to help members needed to transition to green building Sustainability Boot Camp, an energy keep their licenses current . operations . efficiency and sustainability training program for New York building REBNY’s on-site and online programs Sustainability Boot Camp complements managers, superintendents, operators include special designation courses, Mayor Bill de Blasio’s OneNYC and engineers, in collaboration with continuing education courses and commitment to reduce city-wide the Mayor’s Office of Sustainability, non-credit seminars, in addition to greenhouse gas emissions to 80 Building Owners and Managers lectures and panel discussions for percent of 2005 levels by 2050 Association of New York (BOMA NY), residential and commercial real (“80x50”) . estate specialists featuring industry and Urban Green Council . practitioners, as well as property Since then, over 800 building management professionals . professionals in multi-family residential

SUSTAINABILITY BOOT CAMP

Council Member Costa Constantinides, chair of the New York Paul Reale, MEME, LEED AP, Senior Technology Project Manager City Council’s Environmental Protection Committee (right), at the CUNY Building Performance Lab, Instructor for the Urban joined REBNY president John Banks (center) and Russell Unger, Green Council’s GPRO Operations & Maintenance Essentials Executive Director of the Urban Green Council (left) to open (O&M) certificate program teaching New York City Housing the first weekday Sustainability Boot Camp course. Authority (NYCHA) staff members at Sustainability Boot Camp this summer.

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 25 EDUCATION

SUSTAINABILITY BOOT CAMP (CONTINUED)

(L-R) Ryan J. S. Baxter, Vice President of Public Affairs, Shane McCarthy, GPRO Training Specialist at the Urban Green Management Services and Government Affairs, REBNY; Nilda Council, teaching at Sustainability Boot Camp Mesa, former head of Mayor’s Office of Sustainability; John Banks, REBNY President; and Ellen Honigstock, Urban Green Council’s Education Director, at Sustainability Boot Camp

COMMERCIAL BROKERAGE SEMINARS

Core new development, major renovations and transportation The future of Midtown South, development in New York City improvements in Midtown took the spotlight during “The and movement of retailers were the focus of conversation at Surge,” REBNY’s Commercial Seminar on September 22nd. The the Commercial “Crossfire” Seminar, moderated by Ira Fishman panel discussion was moderated by Andrew D. Levin, Senior of EVO Real Estate Group, a member of NAI Global (center), on Vice President of Leasing at Boston Properties (left) and June 15th. Offering perspective from multiple angles within the featured commercial brokerage experts. commercial real estate market were panelists. (L-R) David Kaufman of SL Green Realty Corp.; David Berkey of (L-R) retail broker Jason Pruger, Newmark Grubb Knight L&L Holding Company, LLC; Cynthia Wasserberger of Jones Lang Frank; tenant rep broker Bill Montana, Savills Studley, Vice LaSalle; and Andrew Sachs of Newmark Grubb Knight Frank Chair of REBNY’s Commercial Brokerage Board of Directors; Grant Greenspan, Kaufman Organization; and investment sales broker James Nelson, Cushman & Wakefield, Chair of REBNY’s Commercial Brokerage Board of Directors

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RESIDENTIAL BROKERAGE INSIDE SECRETS OF TOP BROKERS AND INDUSTRY LEADERS SEMINARS The Residential Brokerage Inside residential members where a panel of estate to enhance the professional Secrets of Top Brokers & Industry notable real estate experts examines knowledge of each attending agent . Experts is a free seminar for REBNY and presents current trends in real

“The Art of the Resale - The Development is in the Details” was At the Inside Secrets of Top Brokers & Industry Leaders Seminar the focus of the Residential Brokerage Inside Secrets of Top on May 19th, “Finding Opportunities in the Current Market: Brokers and Industry Leaders Seminar on November 15th. Agents In the Know – Know What to Show,” industry mavens (L-R) Ginger Brokaw, Brown Harris Stevens; Barry Brandt, Argo shared strategies and insider tips on finding and securing Residential, Co-Chair of the REBNY Membership Committee; opportunities in New York City’s residential real estate market. Deanna Kory, The Corcoran Group; Corinne Pulitzer, Douglas (L-R) panelists Tim Rothman, Compass; Daniel Marrello, Town Elliman, Co-Chair of the REBNY Membership Committee; Diana Flatiron; and Steven Matz, Esq., Katz & Matz, P.C.; moderator Diaz, Argo Residential; Barbara Fox, Fox Residential Group; and Jeffrey Rothstein, Douglas Elliman; Co-Chairs of the REBNY Brian Lewis, Halstead Property Membership Committee Corinne Pulitzer, Douglas Elliman, and Barry Brandt, Argo Residential; panelist Jeff Krantz, Halstead Property; and event sponsor Marc Sokobin, Bank of America

PUBLIC SPEAKING AND PRESENTATION SKILLS

The graduates and instructors of REBNY’s inaugural Public Speaking and Presentation Skills class after their final presentations on December 1st. Participants honed their public speaking techniques through the six-week course instructed by REBNY’s Senior Vice President of Brokerage Services, Joseph Barbaccia, and Assistant Instructors/Residential Brokerage Members: Antonio Del Rosario of Town Residential, Eileen Kim of Douglas Elliman, Justin Homkow of Brown Harris Stevens, Julian Berkeley of Corcoran, and Sarah Orlinsky-Maitland of Brown Harris Stevens.

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 27 EDUCATION

RESIDENTIAL BROKERAGE SALES AGENT BOOT CAMP

(L-R) Justin Homkow and Caroline Brown of Brown Harris The formula for well-managed expectations: facts, honesty, Stevens Residential Sales, with REBNY’s Broker Counsel Neil communication and follow-through. REBNY’s Residential Sales Garkinfel, Partner-in-Charge of real estate and banking Agent Boot Camp on August 23rd was packed with expert insight, practices at Abrams Garfinkel Margolis Bergson, LLP, who led interactive scenarios and tips for managing the expectations of our March 15th Residential Sales Agent Boot Camp on Agency buyers and sellers. Disclosure—one of the most effective marketing tools available (L-R) Trish Martin of Halstead Property and Vickey Barron of to a real estate agent. Douglas Elliman

RESIDENTIAL BROKERAGE BREAKFAST CLUB

(L-R) Matthew Chook, Senior Director of Sales at HFZ Capital REBNY’s Residential Breakfast Club Seminar, “How to Leave Group, and Mindy Diane Feldman, of Halstead Property, LLC, Every Listing Appointment with a Signed Exclusive,” held on led the November 22nd Residential Breakfast Club titled: May 10th, with panelists (L-R): Paul Zweben, Principal of The “Five Surefire Tips for Buyers’ Brokers to Add Value toNew Zweben Team at Douglas Elliman; Ari Harkov, Principal of Construction and Conversion Transactions.” The experts The Harkov Lewis Team at Halstead Property; David Walker, discussed the perspectives of clients, on-site agents, developers Co-Founder & CEO of TripleMint; and Eric Barron, Chief Revenue and sponsors to provide members with insight on how to Officer at TripleMint better serve their clients while guiding them through often overlooked aspects of these transactions.

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RESIDENTIAL BROKERAGE RENTAL CLINIC

REBNY hosted its first ever Residential Rental Clinic Breakfast (L-R) Jesse Rhinier, DSA Realty; Gary Kiyan, Perfect RE Solutions Roundtable on March 22nd. Inc.; Lauren Feldesman, Town Residential; and Daniel Itingen, (L-R) speaker Dmitry Itingen, Platinum Properties; event Mirador Real Estate, discussed rental advertising tips and how to sponsor Ben Kogan, Basic Moving; and speakers Karla Saladino, convert leads into appointments at our Residential Rental Clinic Mirador Real Estate LLC; Gary Kiyan, Perfect RE Solutions Inc.; Seminar on December 9th. Jesse Rhinier, DSA Realty; and Daniel Marrello, Town Flatiron

Following the summer’s hot rental activity, brokers/agents need to change their marketing strategy to adjust to the new rental season. On September 23rd, Residential Rental Clinic Seminar panelists (L-R) Mark Danich, Bond New York; Jesse Rhinier, DSA Realty; Gary Kiyan, Perfect RE Solutions Inc.; and Douglas Wagner, Bond New York, shared their expertise on how to navigate the market and build your book of business in the fall/winter.

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 29 EDUCATION

NYRS AND NYCP NEW YORK At any given time, more than 500 real RESIDENTIAL estate brokers actively participate SPECIALIST (NYRS®) DESIGNATION in REBNY’s special designation The NYRS courses to achieve graduate designation designations, which include the New recognizes the York Residential Specialist (NYRS), achievements NEW YORK COMMERCIAL PROFESSIONAL New York Commercial Professional (NYCP) DESIGNATION of dedicated, (NYCP), Certified Negotiation Expert: REBNY created the NYCP credential successful agents I, II & III (CNE) and Master Certified program for commercial brokers and gives them the opportunity to take Negotiation Expert (MCNE), and who aspire to raise their own level of their knowledge and performance to Certified Buyer Representative professionalism and leadership . All an even higher level . The REBNY- (CBR) . The credits achieved through courses are approved by New York awarded credential demonstrates attaining these designations also State for continuing education credit professional excellence, ethical count towards each broker’s required and are open to the public, but the behavior and advanced training . This continuing education credits . designation can only be attained by year, NYRS hosted several Master REBNY Commercial members who Series and Headliners Dinner Series, meet the eligibility requirements . a New Development Roundtable and Sponsorship Appreciation Breakfast, among other informative events for NYRS graduates .

The NYRS Spring 2016 graduating class

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NYPD ACTIVE SHOOTER TRAINING

Detective Anthony Mannuzza (left) and Officer Dino Puglia (right) from the New York City Police Department (NYPD) Counterterrorism Division – SHIELD Unit, pictured with REBNY’s Cindy Ramotar (center), at “The Active Shooter” Training Session presented by REBNY’s Owner and Management Division Board of Directors, in collaboration with the Commercial Management Council on June 15th. Detective Mannuzza and Officer Puglia led the interactive program tailored for building security personnel, employees, owners and managers, which taught attendees how to respond to an active shooter situation.

Detective Anthony Mannuzza and Officer Dino Puglia leading the training session.

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 31 MEMBER SERVICES

MEMBER SERVICES

120TH ANNUAL BANQUET VIDEO ON especially in Lower Manhattan and the 60 million square feet of additional COMMERCIAL DEVELOPMENT IN NYC Far West Side of Manhattan . At the commercial space, including 3 million At the 120th Annual Banquet, REBNY same time, New York’s development for the life sciences and biotech presented a video focused on the community is showing a high degree industries, which are especially hungry importance of commercial real estate of ingenuity in adapting existing office for specialized lab space . Meeting that development to the growth of our city . space to meet the demands of modern demand will require plenty of private Between 1960 and 1975, New York tenants . sector development, and the City City created new office space at an believes nearly half of its goal could astounding rate: 169 new buildings and Leading public and private sector be realized in outer-borough markets 110 million square feet of office space experts discussed the state of the including Jamaica, Queens; Downtown during that 15-year stretch . However, commercial real estate market and Brooklyn; the Lower Concourse in the the period from 2000 through 2015 explained what New York City needs to Bronx; and the North Shore of Staten pales by comparison, with just 36 new do to maintain its edge in a 21st century Island . office buildings totaling 33 million global economy . square feet . Office buildings are critical to the A New York City Economic Development region’s continued growth and The City is currently witnessing a Corporation study found that over economic vitality . significant increase in new construction, the next 10 years, the city will need

32 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 MEMBER SERVICES

REBNY HOW TO SERIES consumers either aren’t sure or don’t As a continuation to the “REBNY How To” know how they’re being represented by YouTube series, we created the Summer their agent, and this series addresses Series in order to take a deeper dive into some of those concerns. The goal of a particular topic . In 2016, our Summer this series is to make the relationship Series featured Neil Garfinkel, REBNY between the agent and the client more Broker Counsel, of Abrams Garfinkel clear, and, if we can achieve that clarity, Margolis Bergson, LLP, and Eileen Kim, there can and will be tremendous Licensed Associate Real Estate Broker “An agent’s obligation to disclose how benefits on both sides.” of Douglas Elliman, who discussed the they are acting in a transaction is one — Neil Garfinkel, Esq ,. REBNY Broker core concepts behind agency disclosure of the most important things an agent Counsel, and Partner-in-Charge of and client representation . Garfinkel and can do at the onset of the relationship Real Estate and Banking Practices Kim covered a wide range of topics between the agent and their clients. with Abrams Garfinkel Margolis including the procedure for completing One of the biggest complaints that Bergson, LLP the Agency Disclosure Form (ADF) and consumers have regarding real using the ADF as a “marketing tool” . estate agents nationwide is that the

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 33 MEMBER SERVICES

LEGAL LINE regularly assists in interpreting issues involving real estate ethics, the For over 10 years, REBNY Broker regarding current events in today’s law of agency, RLS requirements, Counsel Neil B . Garfinkel, Esq , . has real estate world . advertising and licensing . been hosting the REBNY Legal Line . The Legal Line is available to REBNY This year, the Legal Line averaged Mr . Garfinkel also continued to issue members on a daily basis and is 195 phone calls and emails per the very popular Legal Line Question one of the most valuable services month . This continued communication of the Week, a weekly e-newsletter that REBNY offers . Mr . Garfinkel has between REBNY’s Broker Counsel distributed to REBNY members, been an indispensable resource to and its members has created a which highlights a legal issue any member needing legal and real collaborative forum, fostering pertaining to our industry and gives estate brokerage information . He also a dialogue on longstanding issues an in-depth and concise explanation of it . The Question of the Week addressed a variety of residential and commercial brokerage topics, including laws pertaining to fair housing, rent stabilization, changes to continuing education rules and 1031 exchanges .

34 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 MEMBER SERVICES

RESEARCH SERVICES Numbers You Need to Know REBNY com,. contains information REBNY’s Research Department “Numbers You Need to Know” on every property in New York provides new and ongoing data, succinctly reports on current real City . Searching for properties property information, answers a wide estate issues that have a quantitative in the database can be done by variety of real estate questions, and component . Subjects include the local entering addresses, blocks and lots, issues quarterly and bi-annual reports economy, taxes, real estate sales and neighborhoods and other identifiers . to keep members up to date on housing permits . Records for individual properties market conditions and trends in the include recent sales, ownership, New York City residential, commercial Property Database zoning, taxes, physical characteristics and investment sales markets . This searchable web-based and more . The data is sourced directly tool, accessible to members on from the New York City Department of Finance and is updated monthly .

New Construction Starts Lists of new office, hotel and residential projects currently planned and under construction in New York City are accessible to members on REBNY com. .

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 35 MEMBER SERVICES

REPORTS retail corridors in Brooklyn in the winter on the first half of 2016 saw activity New York City Residential and summer . This year, the Manhattan in the New York City investment Sales Report retail real estate market experienced sales market settle, countering the The residential home sales market a natural adjustment, with asking rents heightened activity seen throughout in New York City posted an all-time for ground floor retail spaces tempering 2015’s historic first half . high: $13 6. billion in total consideration in a number of corridors and less Broker Confidence Survey (monetary value for completed home overall leasing velocity, following the We regularly survey our residential sales transactions), and average record rent prices and robust growth and commercial brokerage division sales price for a home, at $1,018,000 . that dominated the retail market in members to measure their confidence Additionally, home sales activity 2015 . In Brooklyn, the strongest in the real estate market now and surged significantly in the Bronx and asking rent growth in 2016 occurred project it six months from now . Drops Staten Island, driven by the sale of in retail corridors with new residential in both the commercial and residential one-to-three family dwellings . This development and the potential for broker indices have contributed to quarterly comprehensive report on increased residential density . the slow and steady decline in overall city-wide residential sales transactions broker confidence in the current covers all ownership property classes New York City Investment market and the market six months from (cooperatives, condos and one-to-three Sales Report now . In 2016, New York City real estate family dwellings), all five boroughs, This winter we launched our brokers reported that concerns over and includes breakdowns of data by inaugural, biannual report the nation’s political future and global neighborhood . on investment sales activity city-wide, and for each of the five economic instability contributed to a Manhattan and Brooklyn boroughs . This report analyzes the slow and steady decline in confidence . Retail Reports sale of property types including Both residential and commercial Twice per year, REBNY surveys asking multi-family rental buildings, office brokers maintain cautious optimism for rents for available ground floor retail buildings, industrial property, hotels, the current and future New York City spaces along prime retail corridors . We retail properties and commercial real estate market . report on retail corridors in Manhattan condos, in addition to garages, gas Visit REBNY.com/research to view our in the fall and spring, and separately on stations and vacant sites . Our report latest Research Reports.

36 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 MEMBER SERVICES

RESIDENTIAL LISTING SERVICE U S . . real estate marketplaces, all independent vendors or systems . REBNY’s Residential Brokerage third-party websites receive just one As a result, data quality—including Board of Directors unanimously voted feed from their local Multiple Listing compliance with REBNY’s Universal to substantially increase REBNY’s System (MLS)—a process called Co-Brokerage Agreement and investment in its Residential Listing “single-feed syndication”—thereby applicable New York State law— Service (RLS) and the technology assuring that information seen by suffers as information travels that has become so critical to New consumers and brokers is consistent between the RLS and these various York City residential brokers and and accurate, and that brokers and systems . In order to allow the RLS agents . REBNY’s new investment in the public have simultaneous access to properly oversee the quality and the RLS will address two of the critical to listings . The new RLS budget will integrity of the listing data being challenges facing the residential allow the RLS to offer single-feed transmitted, CoreLogic’s nationally brokerage industry by creating: syndication services to its members recognized Listing Data Checker® via Bridge Interactive and ListHub, two system will be employed by the RLS 1. Centralized, Single-Feed of the country’s largest syndication to monitor the thousands of listings Syndication services . This should cut down that flow each day through the RLS At the present time, brokerages send enormously on the number of content- system, a major step in improving their listing data directly to third-party related issues on consumer-facing data quality and integrity . Coupled portal websites through hundreds of websites, and allow for greater control with single-feed syndication, this separate “feeds” . This cumbersome and ownership of our data . new system will enable information process results in countless errors and to be managed and updated more issues, including inconsistent/incorrect 2. Improved Data Quality efficiently and quickly, a great benefit information, listings appearing in one Unlike other markets around the to the entire residential community place and not another, and photo country, the RLS receives and and public . displacement/distortion . In most major distributes data from multiple

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 37 MEMBER SERVICES

UBS FINANCIAL AND TAX CONSIDERATIONS FOR REAL ESTATE PROFESSIONALS SEMINAR REBNY and UBS Bank provided several well-attended seminars to help members plan for their financial futures . Christopher L . Michelsen, Financial Advisor of UBS Financial Services, Inc , . with guest speaker Andrew Presti, Managing Partner, Presti & Naegele Accounting Offices, discussed limiting tax liability through IRS qualified pension plans, maximizing deductions, choosing a business entity, and health insurance for independent contractors . These informative seminars left attendees with answers to their most pressing financial concerns for their businesses and their families .

38 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 PHILANTHROPIC ACTIVITY

PHILANTHROPIC ACTIVITY

Through the generosity of our members, REBNY continued its mission of giving back to the real estate community, and giving back to New York City . In 2016, we were successful in continuing to donate funds to charitable organizations throughout the city .

The REBNY Foundation partnered with the Mayor’s Fund to Advance New York City, the Mayor’s Office of Veterans Affairs (MOVA) and the Deutsche Bank Americas Foundation to help raise $750,000 to end homelessness within the veteran population in New York City .

For the eighth consecutive year, REBNY held its Annual Summer Donation Drive . This year we worked with The Bowery Mission to serve homeless and hungry New Yorkers . REBNY members donated toiletries including, soap, shampoo, conditioner, toothpaste and shaving cream to help restore dignity and respect to our city’s homeless community .

Members of the Real Estate Board of New York donated essentials to the organization’s 8th Annual Summer Donation Drive 2016, in partnership with The Bowery Mission, to help New York City’s homeless get a fresh start each day. Pictured with the donations (L-R): Ruth McCoy, Brown Harris Stevens, Founder & Coordinator of REBNY’s 8th Annual Summer Donation Drive; Jeanne Oliver-Taylor, REBNY; Blair Nordby, Development Officer, Corporate and Community Partnerships, The Bowery Mission; and Indi Jaipal, REBNY

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 39 PHILANTHROPIC ACTIVITY

In June, more than 120 real estate professionals from a dozen leading industry organizations battled it out at Chelsea Piers for the first ever JDRF Real Estate Games in New York City, hosted by the JDRF New York City Chapter . The afternoon competition— with events in sand volleyball, “Hot Shot” basketball, rock climbing relay, tug of war, pedestal jousting and a Jenga-like balancing game called “Tower Power”—raised more than $81,000 to fund Type One diabetes (T1D) research .

$80,000 was raised for REBNY’s “Member in Need Fund”, which provides grants to residential brokerage members who are experiencing a financial crisis or hardship, at REBNY’s 28th Annual Residential Deal of the Year Charity & Awards Gala .

Thanks to all our members who participated in events, volunteered JDRF REAL ESTATE GAMES and contributed their time and money to demonstrate the generosity of our (From top, L-R): industry . 1. Team Vornado facing off Team Two Trees in sand volleyball 2. Team Savills Studley prepares for their tug-of-war competition. 3. Team Hines in the ring with Team Brookfield 4. Team Tishman Speyer and Team Vornado stack ‘em high in “Tower Power.” 5. Team Glenwood battling Team Hines in the rock climbing relay race 6. Team Eastdil Secured and Team Tishman Speyer/AECOM go head-to-head in sand volleyball. 7. Team Glenwood takes a shot in the basketball competition.

Photos: JDRF New York City Chapter, ArtPhotoEla

40 | THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 ECONOMIC IMPACT

THE INVISIBLE ENGINE: 2016 ECONOMIC IMPACT OF NEW YORK CITY’S REAL ESTATE INDUSTRY

ANNUAL TAXES FROM THE REAL ESTATE INDUSTRY1 • $20 4. billion, which is 43% of total NYC taxes collected, is from the real estate industry, including taxes from revenue- generating properties (such as residential rental buildings, office buildings, hotels, retail stores and utility property; it excludes property and transaction taxes from 1-3 family homes and coop and condo units) and real estate activity • The $20 4. billion in annual taxes from the real estate industry increased by 24 4%. between FY 2013 and FY 2016; the 43% share of total New York City taxes is 2 percentage points higher than in FY 2013 • These taxes could pay the City’s entire share of salaries for teachers, police officers, fire fighters, sanitation workers and corrections officers, with $5 .4B left to fully fund numerous City agencies

ANNUAL REAL ESTATE INDUSTRY CITY FUNDED PAYROLL EXPENSES THAT COULD SHARE OF NYC TAXES BE PAID BY REAL ESTATE INDUSTRY TAXES ($ in billions) ($ in billions)

Other Sales 7% 12% $3.2 $7.3 $6.0 Owner- DOE Occupied $4.4 Real Estate NYPD Properties Industry 17% 43% FDNY $1.4 DOC $8.0 Other Agencies* $1.0 Personal $20.4 DOS Income $0.9 $5.4 21% $10.0

*$5.4 billion remaining can fully fund the following agencies: DOT, DEP, DOH, Technology, Libraries, Children’s Services, Youth and Community Development, and all 5 District Attorney’s Offices

TOTAL ECONOMIC IMPACT OF THE REAL ESTATE INDUSTRY2 • $139 .4 billion in total economic output in 2015, a 20 1%. increase from 2013 • Approximately 12 .5% of Gross City Product (GCP), which is a 0 .5 percentage point increase from 2013 • 606,600 total jobs, a 9 .5% increase from 2013 –– 15 .3% = the increase in direct employment in the construction industry compared with 2013 • $45 .8 billion in total wages and benefits, a 28 7%. increase from 2013 –– 16 6%. = The increase in direct wages in the construction industry compared with 2013 • $75,700 = The average salary and benefits for a worker directly employed in the real estate industry

1 Annual taxes include real estate related taxes (property, mortgage, transfer, hotel and commercial occupancy) from revenue-generating property (all properties in Class 3 [utility] and Class 4 [office, hotels, etc.] and all residential rental buildings in Class 2; it excludes property and transaction taxes from 1-3 family homes and coop and condo units) and taxes (personal income, sales, corporate and other business taxes) generated by real estate industry activity. Activity includes individuals employed in the real estate industry (e.g., brokers, property managers) and the goods and services this employment generates. 2 Total economic impact is the combined direct, indirect and induced effect on the local economy, including jobs, wages and tax revenue, and includes construction and non-construction real estate activities. All comparisons are to our 2014 report.

Prepared for: Prepared by:

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 41 NEW YORK CITY ISSUES

NEW YORK CITY ISSUES

SUSTAINABILITY to examine potential incentives that has taken action to clear the previous In April, REBNY partnered with the will make the achievement of such backlog of properties, some of which Mayor’s Office of Sustainability, the mandates achievable . had been sitting on the waiting list for Urban Green Council, and the Building nearly five decades . Most importantly, LANDMARK TIMELINES Owners and Managers Association of the new law will provide much- REBNY successfully advocated for a New York to launch an energy efficiency new law that establishes specific time needed predictability and stability to and sustainability training pilot program frames for the Landmarks Preservation the landmark review process without known as Sustainability Boot Camp . Commission (LPC) to approve or deny curtailing the LPC’s ability to effectively Since its launch, Sustainability Boot historic designations, and prevents preserve our city’s architectural and Camp has received more than 800 properties from languishing on the historic treasures . registrations from building staff from over 90 different organizations . The effort was inspired by the City’s efforts to reduce greenhouse gas emissions .

In September 2014, New York City became the largest city in the world to adopt the goal of an 80% reduction in greenhouse gas emissions by 2050 (“80x50”) . The City convened a technical working group (TWG) featuring interested parties in order to determine what interim goals are necessary to meet 80x50 .

REBNY and several of our Sustainability Committee members (including Tishman Speyer, Related Companies, Rudin Management Company, Vornado Realty Trust, Jones Lang LaSalle, Empire State Realty Trust and Glenwood Management Corporation) landmark waiting list for decades . GREATER EAST MIDTOWN participated in the TWG and its steering The previous practice of leaving REBNY was an active member in committee over 18 months to ensure designation requests on the LPC’s the Greater East Midtown Steering that a rational approach is taken in calendar indefinitely—without any Committee, which developed a regards to building mandates, and that timelines to end the process—resulted framework for the rezoning of Greater adequate focus is placed on residential in a backlog of nearly 4,000 properties East Midtown over the course of one emissions . that could not be developed because year . The Department of City Planning The Mayor’s Office of Sustainability put of their status on the waiting list . The (DCP) took the committee report and forward an updated plan in September new law will require the LPC to decide is transforming the recommendations 2016 . Despite prior assurances to the whether to approve or deny a request into a comprehensive zoning proposal contrary, the plan proposes a series of within one year of it being calendared that would encourage new and mandates on commercial and multi- for an individual property and two years large office buildings, enhance the family residential buildings . REBNY’s for a historic district . The administration public realm, and permit landmarks Sustainability Committee will begin now acts within these time frames and in the area to transfer their unused

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development rights throughout the New York—that will include the new New York City each year, and do an district . REBNY members interested mandatory inclusionary requirements . exemplary job of protecting workers in the rezoning have identified a wide Additional rezonings in East Harlem and the public . In 2016, REBNY range of concerns with the plan, from and the South Bronx are expected conducted a comprehensive analysis the percentage of the contribution to a to advance this year . Aside from the of construction-related accidents in district improvement fund; the sale of positive impacts of this program, New York City between 2010 and 2015 . landmark air rights; the establishment REBNY has also raised awareness of The report showed that the city’s most of a “floor price” as the basis for a the importance of the 421-a program unsafe construction sites were typically minimum contribution to the fund; the in bolstering the success of MIH . on projects of fewer than 10 stories . cost of rebuilding overbuilt floor area In MIH areas, household incomes Specifically, the report found that 75 in pre- and post-1961 buildings; revised must be considerably lower than percent of all construction-related height and setback rules to ensure what 421-a requires in order to fatalities occurred on sites less than that new buildings can be constructed satisfy the mandatory inclusionary 10 stories, and 60 percent of fatalities as-of-right at the higher FARs; requirements . Given this factor, the occurred on sites less than five stories . as-of-right mid-block development combination of MIH and 421-a is Additionally, the report highlighted and enlargements; zoning lot mergers intended to be a powerful catalyst for the need for more construction safety on split lot sites; street closings and affordable housing in neighborhoods measures focused on protecting the retention of the East Side of that have seen little new development workers at these relatively smaller Third Avenue as part of the rezoning . in the past . development projects . Following the certification of the rezoning plan, DCP expects to secure ZONING FOR QUALITY AND Using this data, as well as input from City Council approval in 2017 . AFFORDABILITY our members, REBNY crafted a set of The second new initiative, Zoning best practices to improve the culture of MANDATORY INCLUSIONARY for Quality and Affordability (ZQA), safety on worksites . HOUSING modernizes zoning rules to make CRANE SAFETY Recognizing the need to address it easier to develop affordable and The fatal crane collapse in Lower the city’s housing shortage, REBNY senior housing, create more quality Manhattan in February 2016 gave all supported two critical de Blasio ground-floor retail spaces and allow participants a moment of pause to administration initiatives to produce for more diverse and engaging consider how to make crane operations more affordable housing for low and architectural design . Alongside the safer and ensure the public’s safety . middle-income families across the affordability requirements of MIH, ZQA Over the past year, REBNY was part city . The first, Mandatory Inclusionary will play a vital role in strengthening of this discussion through its seat Housing (MIH), requires developers neighborhoods across the city on the New York City Department to make 25 to 30 percent of housing and providing new opportunities of Buildings’ Crane Rule Advisory units affordable in any new residential for impactful residential and retail Committee . REBNY advocated for projects located within areas rezoned development . ZQA was approved with sensible, workable crane operation and by the City . In these areas, the City MIH in early 2016 by the New York safety regulations such as installing will also increase the total amount City Council . REBNY looks forward anemometers on cranes, measuring of development permitted in order to seeing the positive effects both of wind speeds at the work site rather to increase the total housing supply these initiatives will have on projects than depending upon readings from and allow the additional floor area to in communities all across the city . cross-subsidize new affordable units . the local airports, and calling for more Since MIH was approved in early 2016, CONSTRUCTION SAFETY detailed inspections on cranes with the City has already accomplished REBNY members are responsible for longer boom lengths . Some of these one neighborhood rezoning—East billions of dollars in construction in recommendations are being considered

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for inclusion in a revised New York City assessments during the two-month REBNY testified that the current proposal Building Code . period following the release of the was problematic since it would allow tentative assessment roll, the DOF now the issuance of the additional permits GAS SAFETY LEGISLATION has clear guidance and authority to whether or not there was any increased In response to recent fatal gas rectify a broad range of clerical errors . enforcement to remove those who are explosions in East Harlem and the These new rules will allow for much vending illegally . East Village, the New York City Council more expedient corrections for property introduced a legislative package of owners . For instance, if the assessor REBNY discussed our objections bills to help prevent future explosions . mistakenly enters a property value at directly with the sponsor of this bill and Establishing periodic inspections of gas $11 million when it is actually $1 million, the chairman of the Consumer Affairs piping in covered buildings, requiring or if the property is listed as having Committee . An ad hoc committee of installation of gas meters and instituting three residential units when it actually interested members has met several qualification standards for those working has four units, the DOF will be able to times and lobbying efforts have been on gas piping were among the initiatives more swiftly fix the error and prevent directed to local council members . in the legislative package . many of the problems previously faced REBNY will continue to be actively by owners . engaged in this issue . Throughout 2016, REBNY worked closely with our membership as well FOOD VENDOR LEGISLATION HOTEL CONVERSION LAWSUIT as the engineering and plumbing In October 2016, the New York City REBNY filed a lawsuit against a new City industries negotiating with the City Council introduced several bills pertaining law that imposed a two-year moratorium Council to amend and improve the to food vendors . Shortly thereafter, on converting some Manhattan hotel legislative package to be workable, REBNY submitted written testimony and space into residential space . Specifically, practical and responsive to every testified at a public hearing . We joined the new law placed a moratorium on the stakeholder’s needs . As a result, the a coalition of Business Improvement conversion to non-hotel use of more than package of gas safety bills effectively Districts and community organizations 20 percent of space in any Manhattan exempts all commercial buildings expressing environmental, pedestrian hotels that have more than 150 rooms . that do not have gas service from the safety and small business concerns REBNY argued that the law was not inspection schedule, accommodates a about the legislation . necessary given that the city’s hotel timely schedule for any repairs identified industry has been thriving and adding during such an inspection, and ensures a REBNY opposed Intro #1335, which new units each year, while enjoying high ready, competent workforce to address would reduce clearance requirements rates of occupancy . Further, we pointed gas safety issues . The City Council for vendor carts located near bus stops, out that REBNY and its hotel owner passed the gas safety bills in November hospitals, driveways, subway exits and members believe the moratorium is a and the Mayor signed them into law corners, and Intro #1334, which would constitutional violation of the owner’s in December . permit a cart to be situated within three property rights and that this restriction feet of the curb instead of at the curb as should have gone through the city’s DEPARTMENT OF FINANCE currently required . CORRECTION OF ASSESSMENT land use review procedure (ULURP) . ERRORS Intro #1303 would establish a Street While REBNY’s litigation against this law REBNY worked closely with the Vendor Advisory Board and create the received an unfavorable lower decision, Department of Finance (DOF) to Office of Street Vendor Enforcement, in we are in the process of planning clarify and clearly explain the rules addition to authorizing the issuance of an appeal . governing the department’s correction 600 additional permits each year from of administrative errors in real estate 2018 to 2024, as well as the immediate assessments . In addition to correcting issuance of 200 outer borough permits .

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NEW YORK STATE ISSUES

POLITICAL ENGAGEMENT In 2016, REBNY continued its tradition of supporting candidates, Democrat or Republican, who seek to promote a brighter economic future for New York, specifically focused on housing and job creation and retention . REBNY also engaged its independent expenditure committee, Jobs for New York, to support a Republican- led State Senate . Jobs for New York hired Mercury Public Affairs, which conducted independent campaigns in support of six Republican State Senate candidates running in districts throughout New York State . Jobs for New York was successful in five of the six races . Jobs for New York also 421-A ILLEGAL SHORT-TERM RENTALS participated in the 2014 State Senate REBNY has been regularly meeting Illegal short-term rentals facilitated by elections, during which it won all four and negotiating with construction sharing services such as Airbnb are an races in which it participated . union leaders and the Governor’s increasing problem in New York City’s Office in an effort to revive the 421-a multi-family rental properties . REBNY ATTORNEY GENERAL DISCLAIMER program . A June 2015 law passed by is opposed to their proliferation and The New York State Attorney General’s the State Legislature required the real has been focused on eliminating office issued a draft memorandum estate industry and labor to agree these uses, which cause safety issues, that raised serious concerns among on wage standards before this vital create quality of life problems, and REBNY sponsors and brokers . tax abatement program could be re- exacerbate New York’s housing However, REBNY quickly responded established . Since no such agreement shortage by depleting an already and worked to mitigate any negative was reached by the January 2016 scarce supply of affordable housing . impacts . The original memorandum deadline, the 421-a program has required new disclaimers of reliance, In 2016, REBNY played a crucial role been officially suspended since that in which the purchaser of a property in persuading the State Legislature to time . REBNY will continue to work acknowledges that he or she has pass, and Governor Cuomo to sign, with stakeholders until the program not relied on any statement or a bill that levies fines on hosts who is restored . 421-a is an essential tool representation not included in the advertise listings that violate the state’s for developing rental housing and the purchase contract . If the Attorney laws on short-term rentals . The new law June 2015 revisions to the program General’s directive were left to stand, has penalties ranging from $1,000 per would require affordable housing in sponsors and brokers were concerned violation to $7,500 . We are also working all projects receiving a 421-a benefit . that it would make it easier to void a closely with City officials to improve the REBNY has noted that the newly contract simply by making false claims, enforcement of the law, as well as the revised 421-a program, once it is especially during a market downturn . building and fire code, to ensure that the restored, will play a critical role in This would have had particularly appropriate party is held responsible for generating more mixed-income rental severe implications for deals on violations that do occur . housing in all five boroughs . condominium projects . REBNY was

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able to reach a positive resolution by persuading the Attorney General’s office to revise the memorandum and minimize the sponsor’s liability .

ATTORNEY GENERAL WAIVES DUPLICATE FILING REBNY strongly supported the State Attorney General’s decision to change certain filing requirements in order to better facilitate sales of condominium properties located outside New York . With input from REBNY, the Attorney General has waived the requirement for duplicate filings on these out-of- state sales, as long as the state in question has consumer protections comparable to New York’s Martin Act, which lays out strict regulations to pursue paths to reverse the Court’s the Governor’s Office of Energy and prevent financial fraud . decision and its misguided approach Finance and NYSERDA to insert a to the law . standby tariff rate pilot into the 2016 RENT REGULATIONS Con Ed Rate Case settlement . Once REBNY joined the Rent Stabilization STANDBY TARIFF REFORMS the settlement proposal is approved Association (RSA) and the Community Since 2014, REBNY’s Sustainability by DPS, up to 50 megawatts of new or Housing Improvement Program (CHIP) Committee has worked to advance expanded CHP will receive a four-to- in an effort to overturn a wrong-headed reforms regarding the Con Ed electric 10-year exemption from the standby State Appellate Court decision that and steam standby tariffs with the tariffs based on system efficiency . ignored more than 20 years of rent New York State Department of Public DPS will use the real-world data regulation law . The law states that Service (DPS) . In 2015, we submitted produced to create a new standby rental units can be deregulated upon a formal petition to DPS that tariff rate structure . vacancy if the legal rent surpasses the produced a four-year exemption from deregulation threshold as a result of both tariffs for distributed energy allowable rent increases . However, resource (DER) installations such the Appellate Court maintained that as combined heat and power (CHP) a unit can be deregulated only if the plants up to 15 megawatts, as well legal rent surpassed the deregulation as important changes to customer threshold before the unit was vacated . contract demand calculations and This is a significant reinterpretation rates . To continue these efforts and of state law and it will reverberate to support the Governor’s Reforming negatively throughout the regulated the Energy Vision goal of increasing rental market . REBNY will continue to DER penetration, we worked with

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FEDERAL ISSUES

EB-5 The EB-5 regional center program has promoted economic growth for more than 25 years by channeling foreign investments into a variety of job-creating projects across the United States . After last year’s series of short- term reauthorization, REBNY worked with The Real Estate Roundtable and the EB-5 Investment Coalition to evaluate various proposals and ideas for reforming the program, including potential changes to the way that Targeted Investment Areas are determined .

In early December, Congress extended the program through April 28, 2017 . REBNY continues to advocate for a long-term program reauthorization that includes important integrity reforms to enhance national security and deter possible investor fraud; minimizes changes to the program that would disadvantage urban areas; and ensures that program modifications are phased in reasonably and existing program participants are protected . We are grateful to Senator Charles Schumer and Representative Daniel Donovan for their efforts to ensure that this important program continues to bring much-needed foreign investment to New York City projects and developments .

THE REAL ESTATE BOARD OF NEW YORK ANNUAL REPORT 2016 | 47 CONTACT REBNY

REAL ESTATE BOARD OF NEW YORK 570 LEXINGTON AVENUE • 2ND FLOOR • NEW YORK, NY 10022 • 212-616-5200 President • John H . Banks, III Executive Vice President • James Whelan Senior Executive Assistant to the President • Gladys Roman

ACCOUNTING OPERATIONS Chief Financial Officer, Accounting: William Auerbach Chief of Staff: Ali Ruth Davis Comptroller, Accounting: Tracey Mallin Vice President, Human Resources, Operations and Accounts Receivable/Payable, Accounting: Rukminie Sudhai Member Benefits: Mariya Lyubman Board Services, Accounting: Jessenia Villarroel Chief Technology Officer: Steven Elster IT Specialist: Anthony DiRenzo BROKERAGE SERVICES & EDUCATION Vice President, Membership and Publications: Maryann Aviles Broker & Salesperson Licensing and Continuing Education Membership Department: Marta Posner, Shameza Johnson, REBNY Listing Service (RLS) Erica Maldonado, Yvette Schmidt Membership Luncheons Director of Compliance: Shelly-Ann Harris-Tracey Brokerage Committee Meetings & Events Receptionist: Amanda Jaipal Mailroom: Anthony Tyler, Arthur Barnes Senior Vice President, Brokerage Services and Education: Joseph Barbaccia OWNERS & MANAGEMENT SERVICES Executive Assistant to the Senior Vice President of Brokerage Green Buildings & Sustainability, Energy Services & Education: Indi Jaipal Cooperatives & Condominiums Vice President for Brokerage Services, Residential Brokerage Rent Stabilization Division: Jeanne Oliver-Taylor Construction Issues Vice President for Brokerage Services, Commercial Brokerage Labor Division: Ossie Shemtov Residential & Commercial Management Brokerage Services Associates: Angela Donovan, Desiree Jones, Veronica Quinones Senior Vice President, Management Services and RLS Director, Residential Brokerage Services: Freddy Sarabia Government Affairs: Carl Hum RLS Coordinator, Residential Brokerage Services: Yesenia Dhanraj Vice President of Public Affairs, Management Services and Government Affairs: Ryan Baxter COMMUNICATIONS Policy Analyst: Sunny Velez Press Inquiries Event Coordinator and Executive Assistant to the REBNY com. Senior Vice President for Management Services and Facebook: facebook com/REBNY. onFB Government Affairs: Cindy Ramotar Twitter: twitter com/REBNY. Instagram: instagram com/rebny. RESEARCH LinkedIn: linkedin com/company/rebny-real-estate-board-of-new-york. - Market Reports YouTube (How To Video Series): bit ly/2hXnrbB. Zoning & Planning Real Estate Taxes Senior Vice President, Communications: Jamie McShane Government Development Incentive Programs Vice President, Digital Media and Technology: Amanda Wood Assistant Vice President, Communications: Nicole Chin-Lyn Senior Vice President, Research: Michael Slattery Vice President, Urban Planning & Data Analytics: Paimaan Lodhi GOVERNMENT & PUBLIC AFFAIRS Vice President and Chief Economist: Brian Klimas City, State & Federal Relationships Research Analyst: Max Haight Campaigns Research Analyst: Sam Levy REBNY PAC Executive Assistant to the Senior Vice President Arbitration & Ethics for Research: Pamela Choy Senior Vice President, Government Affairs: John Doyle Executive Administrative Assistant to the Senior Vice President for Government Affairs: Angela Caldwell

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