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4.34.3 billion billion square square feet feet of of space space under under management. management. REBNY to $191$191 billion billion in in transactions. transactions. $5$5 billion billion in in revenues. revenues. celebrate Built to help clients reach their full potential. Built to help clients reach their full potential. real estate’s movers cushmanwakeﬁcushmanwakeﬁ eld.comeld.com and shakers at Annual Banquet

ith investment capital pouring into real estate projects across New York City, the local landscape is seeing an W exciting transformation—from the massive Hudson Yards development on the West Side of Manhattan to the New York Wheel, a 630-foot tall ferris wheel being built to lure tourists to Staten Island. “There is not a neighborhood that has not in one way, shape or form experienced the positive effects,” says John H. Banks III, president of the Real Estate Board of New York (REBNY).

That development is helping provide needed funds to the city to support public services. Last year, income-producing properties contributed 41 percent of all locally-generated tax revenue— amounting to more than $15 billion—via real estate taxes, transaction taxes, personal income taxes and sales taxes connected to real estate activity, according to REBNY.

Behind the hive of activity are the city’s real estate professionals, whose work will be celebrated at REBNY’s 120th Annual Banquet on January 21 at the New York Hilton. REBNY will present six awards to leaders who have had a powerful impact on New York City real estate and give a posthumous tribute to former REBNY Chairman John E. MemberMember Zuccotti. To learn more about REBNY and the stories of its high-profile honorees, read on.

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New York City’s skyline is an icon Table of Contents Real Estate Board of New York of architectural achievement. Introduction...... S1 COLLIERS INTERNATIONAL Index of Advertisers...... S3 Annual REBNY Banquet Behind the great buildings that make the city an epicenter of cosmopolitan living are the real estate professionals who have devoted their lives to bringing out its Letter from our Publisher...... S3 glory. These developers, investors and brokers make a unique contribution to Tribute to John Zucotti...... S7 the city’s vibrant culture, creating the hubs where New Yorkers and visitors from The new year is a time for ref ection as well as looking forward. around the world can enjoy the finest in dining, arts and entertainment. The REBNY Advantage...... S9 At Colliers, we celebrate the hard work of our talented and passionate Real Estate in the Digital Age...... S11 We are honored to partner with the Real Estate Board of New York (REBNY) to professionals over the last year. And we are committed to ensuring celebrate the influencers and innovators who are leading the city’s real estate Tara Stacom Profile...... S15 that our clients achieve unequaled success in the year ahead. industry as REBNY holds its 120th Annual Banquet to commemorate the event Darcy Stacom Profile...... S19 in the Grand Ballroom of the New York Hilton on January 21. We are delighted colliers.com/NewYork to introduce you to the real estate industry leaders being honored there. Daniel Brodsky Profile...... S23 Bill Montana Profile...... S25 Wishing you the best for a healthy, happy and prosperous 2016! Jeffrey Levine...... S29

Ed Piccinich Profile...... S31

Steve Marvin Profile...... S33

Millennials Reshape NYC Real Estate...... S35

Upcoming Trends...... S37

Jill Kaplan VP & Publisher Crain’s New York Business

Index of Advertisers

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Cushman & Wakefield...... S2 Herrick Feinstein LLP...... S28 SL Green...... S5 + S6 Durst...... S16 Hilson Management...... S12 Westwood Realty...... S27 Accelerating success.

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was under enormously stressful times during the fiscal crisis. He engendered great trust. People who dealt with him sitting across the table always trusted him. He was a very decent, straightforward guy. That’s a large reason he was so instrumental in us getting out of the fiscal morass we were in.”

Zuccotti, who served as chair of the Real Estate Board of New York (REBNY) from 2004 to 2006, will be remembered at REBNY’s annual banquet on January 21 in a posthumous tribute. He is survived by his wife Susan and his children Gianna, Andrew and Milena. BRINGING ON “In the various capacities that John Zuccotti tirelessly served this THE BEST. city, he always left an indelible, positive imprint,” said John H. Banks, III, Newmark Grubb Knight Frank has experienced tremendous growth, chairman of REBNY. “We look forward and our momentum continues to build. to honoring and remembering his vast With the addition of 175 brokers across key markets in 2015 alone, contributions and accomplishments, and by acquiring best-in-class frms to expand our coverage and in both the public and private sectors.” services, NGKF continues to grow to ensure the best platform for servicing clients. Banks said he had the pleasure of getting to know Zuccotti over the past year and could not have been more impressed with who he was as a person and his iconic role in the city. Cornish & Carey Apartment Realty REBNY to honor At the banquet, REBNY will honor Zuccotti in remembrance of his many contributions, Banks said. “He was so important, not Commercial Advisors (ARA) just for the real estate industry but also for the city, going back to the 70s Northern California’s premier commercial The nation’s largest full-service when he was deputy mayor. His passing is a very difficult time for us in the real estate brokerage frm, with 280 investment advisory frm focusing John industry. The city will also mourn the loss of someone such as John.” professionals operating from 12 cities exclusively on the multihousing industry Zuccotti had a powerful impact on many who knew him. Ric Clark, chairman of Brookfield Property Group and member of the Executive , a former Committee of REBNY, was friends with Zuccotti for 30 years. He had met Zuccotti him at Olympia & York when Clark was a junior employee and Zuccotti was REBNY chairman and prominent CEO. Clark saw Zuccotti lead the firm through a complicated restructuring. Stefner Commercial Cincinnati Commercial Real Estate Real Estate, Inc. (CCR) civic leader “He was a remarkable man—very kind and considerate, respectful of others, incredibly smart; very big-picture, goal-oriented,” recalled Clark. Metropolitan Memphis’ established full- Southern Ohio’s commercial real estate hen Alan Wiener met John Zuccotti, both were working “He was just a fun guy to be around. He was just full of life. Whether service commercial real estate specialists experts in ofce, industrial and retail for New York City during the Beame administration. you were the guy doing the mail in our office or the CEO of some major and the cornerstone for Mid-South leasing and investment sales W Zuccotti was the first deputy mayor under Mayor international bank, John always took the time to greet you, talk with you regional growth Abraham Beame, serving from 1975 to 1977. He had previously served and take an interest in you.” as chairman of the city planning commission under Mayor John Lindsay. Zuccotti often received awards for his contributions to the city and its As Zuccotti steered the city through the fiscal crisis of the 1970s, he and many charities. Clark recalled one occasion where Zuccotti was to receive Wiener began a friendship that lasted 40 years. Zuccotti, a Brooklyn resident, the Man of Vision award from the Eye Bank for Sight Restoration. After Excess Space Computerized Facility passed away suddenly from complications of a heart attack on November 19, Zuccotti began reading from crumpled notes in his pocket, the way he Retail Services, Inc. Integration, LLC 2015. At the time he was chairman of global operations at Brookfield Asset often did, he stopped suddenly and asked a young boy, whom he had

Management, overseeing the World Financial Center among other landmark just met, to come up to the stage and receive the award instead. Zuccotti, A leading specialist in real estate A premier real estate strategic consulting city properties, and a partner in Olympia & York, a property development firm Clark recalled, wanted to honor the boy’s heroism as a living eye donor. disposition, lease restructuring, and systems integration frm that manages based in Toronto. Zuccotti was also of counsel in the real estate department of lease renewals and valuations for over three billion square feet globally retailers nationwide New York-based law firm Weil Gotshal & Manges. “What he did was refocus the crowd on why their donation mattered,” said Clark. Zuccotti Park, a public square owned by Brookfield Property Partners—a branch of Brookfield Assets Management — across from 1 Liberty Tower At 78, Zuccotti still came into the office three times a week, noted Clark. in Manhattan, was named after John Zuccotti in 2006, following its He often spent his free time on Long Island. “He was an incredible We are proud of these recent acquisitions, which add to restoration from damage on Sept. 11. Zuccotti, considered one of the outdoorsman,” recalled Clark. “He’d arrange bird hunts on Long Island city’s greatest civic leaders, was instrumental in the rebuilding of Lower and invite a bunch of us to go with him. He’d have Thanksgiving lunch and our growing family and expand our services. Manhattan after the terrorist attacks. would basically serve all of the things he had shot at the Anglers’ Club in Lower Manhattan.” By all accounts, his skills in bringing people together went back to the early days of his career. “He was wonderful to work with,” said Wiener, now group Regardless of the situation, said Clark, “John made New York City and head of Wells Fargo Multifamily Capital. “He was very smart, very patient. He everything he touched better. He created a legacy that will live long after never lost his temper. He had great insights. People trusted him. He was a him by his example.” great strategist. I never saw him get visibly upset or lose his temper, and it

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The REBNY advantage: “One of the real differences of the education component at the board is that the instructors are highly successful brokers,” said Barbaccia. “They From education to support, are industry experts and are practicing their unique disciplines. Every day, they are right in the thick of things. They clearly understand the culture of to those in need, a trade New York real estate because they are in New York City and transact real estate. They not only speak about those trends, they also explore what WELL- organization helps its own might be trendy tomorrow.” hen Hurricane Sandy struck, many real estate professionals saw their businesses disrupted, and for some it was devastating. But REBNY also gives educational seminars. At a recent “Breakfast Club” Wthey were not alone, thanks to the Real Estate Board of New event, residential brokers learned about developments in the Financial York (REBNY) whose Member in Need Fund offers financial support to District. Meanwhile, at REBNY’s popular “Commercial Crossfire” events, a residential brokers and sales associates suffering catastrophic events, from panel of well-known real estate experts presents a variety of timely topics natural disaster to a personal or family member’s serious illness. The fund that affect the industry and market. In December, the topic was “Amenitize was launched in 1994. or Perish: Rise of the Full-Service Office Building.”

“After Hurricane Sandy we had a few requests from people who had liter- Many of the events are designed with networking in mind. At Shark Nights, ally lost everything,” said licensed real estate broker Barbara Fox, president a roundtable educational event, for instance, instructors travel from table to PREPARED of Fox Residential Group, and co-chair of REBNY’s Residential Brokerage table discussing a “potpourri” of topics, said Barbaccia. Deal of the Year Awards & Charity Gala Committee. “They needed some time to regroup their lives before they could start working again.” They “One instructor might be talking about how to secure financing for your were able to apply for grants through a highly confidential application deal,” said Barbaccia. “Another would be advising on how to navigate the process, where even those awarding the grants do not know the identity of process of a transaction with a foreign purchaser.” the applicants. And at some at REBNY’s education events, there are cocktail hours. “It’s To raise money to support the fund, REBNY’s Deal of the Year Committee the perfect platform for young brokers to meet more senior brokers and organizes its annual Residential Deal of the Year Gala. It has raised more ask How did you become successful?” said Barbaccia. than three quarters of a million dollars, said Fox, and in 2015 raised more than $20,000 in raffle-ticket sales and private donations. REBNY is also focused on giving back to the community. The REBNY Foundation, funded through events such as REBNY’s Annual Banquet, As many real estate brokers know, the professional freedom and independence they prize often requires a tradeoff: They are left to their own devices when it comes to everything from financial security to staying current on the fast-changing requirements of the field. REBNY, which has 17,000 real estate professionals as members, aims to make it easier for them to get the re- TO BE SUCCESSFUL AND INNOVATIVE IN REAL ESTATE NOW, MS in Real Estate sources they need to thrive YOU MUST BE AWARE OF WHAT LIES AHEAD CONCENTRATIONS: in the field, said President Finance and Investment John H. Banks III. Today’s commercial real estate markets are seeing sustained growth, “As the president of REBNY, I want to see the organization but those who pursue careers in this evolving industry, must be able to Real Estate Management “As the president of REBNY, anticipate and react to developing trends including demographic shifts, I want to see the organization continue to grow and provide services to our members,” said increased urbanization, new technologies, regional connectivity, and the MS in Real Estate Development continue to grow and provide demand for sustainability. The NYU School of Professional Studies Schack CONCENTRATIONS: services to our members,” President John H. Banks. “Without our members, we would Institute of Real Estate ofers the MS in Real Estate and the MS in Real said Banks. “Without our The Business of Development Estate Development, which integrate theory with real-world practice. members, we would not be not be able to do the things we do.” Sustainable Development Learn directly from seasoned industry veterans in the heart of NYC—the able to do the things we do.” Global Real Estate offers relief for victims of natural disasters and provides financial support real estate capital of the world. Extraordinary networking opportunities, Offering state-required continuing education is a key focus at REBNY, to organizations that deliver housing and services to New Yorkers in need. internships at some of the top international frms, and study away where the Mendik Education Center seats about 100 people. REBNY For instance, the REBNY Foundation has supported the Mayor’s Fund to opportunities around the globe, provide the stellar education and the Graduate Certifcate in hosts more than 90 on-site courses throughout the year. Most offer con- Advance New York City to provide housing for the families displaced fol- vision required to ensure your success now and throughout your career. Real Estate tinuing education or licensing requirements for real estate agents. lowing East Harlem’s gas leak explosion in 2014, and is currently working to help end veteran homelessness through donations of both funding and REBNY also offers education for brokers to attain two specialized designa- apartment spaces. As Mayor de Blasio has looked for ways to get about tions, noted Joseph Barbaccia, REBNY’s senior vice president of Bro- 600 homeless veterans out of the shelter system, REBNY has participated ATTEND: A Graduate Information Session on Saturday, Feb. 20, 10 a.m. kerage Services and Education, past recipient of REBNY’s Henry Forster in discussions, Banks said. “They are working very, very hard to get them Award, and a veteran broker who was former sales director for Essential out of the shelter system,” he said. REGISTER: sps.nyu.edu/graduate-events6b VISIT: sps.nyu.edu/msre1b • sps.nyu.edu/msred1h New York Real Estate, a Manhattan residential real estate company. CALL: 212-998-7100 REQUEST INFO./APPLY TODAY: sps.nyu.edu/gradinfo6b In another charitable endeavor, REBNY’s Residential Brokerage Deal of the One of the designations is “New York residential specialist,” for brokers Year Awards & Charity Gala Committee selected the New York City AIDS who have accomplished a certain number of residential transactions in Memorial to receive a $25,000 donation. The coalition, founded in 2011, is FIND YOUR New York City. Obtainment requires 30 hours of study. The other desig- focused on recognizing and preserving the history of the AIDS crisis. Fox FUTURE SELF nation is “New York commercial professional,” the acquirement of which said the donation was given in honor of the many members of the residen- requires 48.5 hours of study. tial real estate community who have died of AIDS.

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Real Estate in the Digital Age: Report, a company-sponsored report on growth, activities, statistics and From smart buildings to virtual company bios for the CRE tech industry. Real estate may be the ultimate “brick and mortar” industry, but the desire reality, technology transforms the of professionals in the field to work more efficiently is driving the adoption of real estate industry a range of new technologies. At Eastern Consolidated, a New York City firm focused on investment property sales, capital advisory and retail leasing, s those at Rudin Management like to put it, the last time brokers are using 360 degree video and 360 degree rendered models — in the Rudin family launched a startup was 100 years ago, conjunction with virtual reality (VR) gear from Samsung/Oculus, such as the A when they first started buying real estate in New York City. mobile-compatible headset, the Samsung Gear VR Innovator Edition, to Today, the Rudins, who also build and manage real estate through conduct virtual reality tours and show their spaces to distant buyers. their firm, are back at it with Prescriptive Data, a technology startup built around their proprietary smart-building system. Currently, Eastern Consolidated is selling a newly constructed, one-story commercial building at 507 West 24th Street in West Chelsea and is targeting a lot Prescriptive Data’s Digital Building Operating System Solution (Di-BOSS) acts of international buyers, said Brad Cohen, senior director at Eastern Consolidated. as an operating system for all of the systems in a building, such as heating “How do you get them to say something other than, ‘We’re not coming over for a and cooling, elevator and security systems, so that building managers can month,’ or ‘We should be there sometime in March,’? Technology is enabling us to communicate with them all simultaneously in real time. The system uses have conversations today, even if they can’t get here today.” 390 FIFTH AVENUE algorithms to predict and prescribe how much electricity or steam is needed on any given day, which helps to reduce energy use. In the first quarter of By presenting a true picture of what a property looks like through immersive, 35TH-36TH STREETS / WEST SIDE 2016, Prescriptive Data will launch version two of the technology. 360-degree photography, virtual reality tours can reel in serious potential buyers early. Cohen said that one buyer, based in China and San Francisco, RETAIL SPACE AVAILABLE “The building will finally get a brain,” said John J. Gilbert III, executive vice bought a property after a virtual realty tour without physically setting foot in it. president and COO at Rudin Management, and acting CEO of Prescriptive However, he is quick to add it was a unique situation and the purchase was 25,300 SQ FT Data. Di-BOSS was initially funded by Rudin Management and developed in influenced by both the virtual reality tour and the immersive photography of a collaboration with Columbia University’s Center for Computational Learning the neighborhood where the property was located. This enabled them to learn Systems. Research and development cost several million. more about the locale and made the property more memorable, he said.

Di-BOSS is an example of the boom in technology that is sweeping New While rendering 360-degree, photo realistic work can get expensive— York City’s real estate industry. U.S. firms involved in CRE tech, as the especially for a large building—Eastern Consolidated finds there’s a good commercial real estate technology is known, raised $92.8 million in 2015, return on investment in doing so. “Yes, it can be costly but it’s proven to be up from $44 million in 2014, according to the CRE/Tech 2015 Mid Year a marketing expense that is well worth it,” Cohen said.

Real Estate Board of New York PRICED TO LEASE in honoring six of our friends who are great New Yorkers APPROXIMATE SIZE NEIGHBORING RETAILERS Daniel Brodsky Jeffrey E. Levine Edward V. Piccinich GROUND 7,600 SF The Harry B. Helmsley The Kenneth R. Gerrety The George M. Brooker MEZZANINE 5,400 SF Distinguished New Yorker Award Humanitarian Award Management Executive of the Year Award BASEMENT 8,800 SF SUB BASEMENT 3,500 SF The Stacom Family William C. Montana Steven H. Marvin The Bernard H. Mendik The Louis Smadbeck Broker The Young Real Estate FRONTAGE Lifetime Leadership in Real Estate Award Recognition Award Man of the Year Award APPROXIMATELY 45 FEET PREVIOUSLY CITY SPORTS

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“REBNY was instrumental in the early years because the big firms didn’t AVISON YOUNG CENTURY 21 METROPOLITAIN DOUGLAS ELLIMAN MB REAL ESTATE have those workshops,” said Stacom. Martin Cottingham Rebekah Metz Brian Kapchan Gere Ricker Anthony LoPresti COLLIERS HANLEY ADVISORS NEWMARK GRUBB Fast forward to today where Stacom, an executive vice chairman at Cush- Arthur Mirante INTERNATIONAL NY LLC Steve Kaufman KNIGHT FRANK man & Wakefield, has consistently been one of the firm’s top-producing CBIZ GIBRALTAR Michael Cohen Kyle Ciminelli JANSIZIAN GROUP brokers, including one of its top three in the New York Region and top five RE SERVICES James Emden Jared Horowitz worldwide over the past decade. She has previously been named one of Phil Metzidakis Eric Galanti Leon Manof Tatsuru Kono Crain’s New York Business’ 100 Most Influential Women in New York City Peter Simel JLL David Simson Business, was a Realty Foundation of New York honoree, and Woman of CBRE the Year honoree of the New York Women Executives in Real Estate. Robert Alexander THE CORCORAN GROUP Ed DiTolla NOVO INTERNATIONAL Frank Doyle Ryan Alexander Madi Assouline Linyue Chen Patricia Ardigo Craig Slosberg “The best outcome,” she said, “is I have CRESA SAVILLS-STUDLEY Chris Corrinet JRT REALTY GROUP Jane Roundell Allyson Bowen Conor Denihan Jodi Pulice so many women entering the minor David Carlos James Einstein CUSHMAN & WAKEFIELD KAUFMAN LEASING COMPANY Christopher Foerch Frederick Fackelmayer Andrew Braver and wanting to get into real estate. It’s Elliot Warren Daniel Horowitz Michael Geoghegan John Cefaly Gary Kerper a wonderful pipeline to help with the David Hollander Dan D’Agnes LEE & ASSOCIATES Lance Leighton William Iacovelli Conner Daugstrup Matthew Burlant Evan Margolin diversity in our industry.” Emily Jones Nicholas Dysenchuk Peter Braus Michael Mathias Rocco Laginestra Matthew Etlinger Richard Kave hen Tara Stacom became Cushman & Wakefield’s top-pro- A low point for Stacom was when Darcy left Cushman & Wakefield in 2002 Howard Nottingham Brad Needleman Jonathan Fein Brad Schwarz ducing broker worldwide, women around the world wrote to to join CBRE. “It was a sad moment for me,” Stacom said. But the two are Key Otomo Silvio Petriello Gus Field JP Sutro tell her how she had inspired them. At the time, in 2004, Stacom still close. At family gatherings, said Stacom, “We do have a lot of fun as girls Jef rey Peck W Zachary Price David Green was the first woman to have ever earned the coveted achievement. talking about juicy stuff in our industry—Can you believe this is happening? The Tatiana Tarassenko Clyde Reetz Jamie Katcher soap-opera stuff of our business is what we always get to after a glass of wine.” Greg Taubin Ramneek Rikhy Josh Kurilof “I got emails from across the globe from Russia, China and Germany,” recalled Robert Lowe THE SQUARE FOOT Stacom in a recent interview. “It was so meaningful to many women, who re- Stacom lives in Manhattan with her husband Arthur Hill Diedrick, Jr., a Connecti- Samuel Spillane David Mainthow Arash Sadighi alized ‘I can get there.’ You don’t realize the impact you really do have until you cut real estate developer. Harly Stevens Robert Stillman Jon Mayeske get correspondence like that.” TRANSWESTERN J. Paul Stimpﬂ e Fernando Murillo For 2016, Stacom said she is focused on continuing Cushman & Wakefield’s Michael Gochman Joel Wechsler Justin Royce At its upcoming 120th annual banquet, the Real Estate Board of New York September 2015 merger with DTZ, a privately owned real estate firm. Andrew Hawkins (REBNY) will award the The Bernard H. Mendik Lifetime Leadership in Real Nicholas Weld Jonathan Schindler Estate Award to the Stacom family. The winners of this award include Tara “It truly enhanced the platform we have as individuals to offer our clients,” Daniel Wilpon Aron Schreier WHARTON PROPERTY ADVISORS Stacom; her late father, Matthew Stacom, former chairman of Cushman & Stacom said. “I’ve benefitted greatly with my global accounts and can far better James Searl Ruth Colp-Haber Wakefield; and her sister Darcy Stacom, vice chairwoman and head of the service them. Our foundation cities are much stronger. Our platforms and the Tara Stacom Investment Properties group for CBRE’s New York Office. Their late mother service lines we have to offer within those foundation cities are more robust.” Alan Stein was a commercial broker at Cushman & Wakefield. Peter Trivelas On the New York City real estate scene, she is working on continuing to Wayne Van Aken The ever-busy Stacom—who juggled a phone interview with a business lease remaining availabilities at One World Trade Center and continuing Barry Zeller call she jumped off of temporarily—has spent most of her career in the to fill 180 Maiden Lane, a 1.2 million-square-foot LEED-certified tower in family business. One feather in her cap is the leasing of Condé Nast in the Seaport District currently being renovated under a $28 million capi- 2011 as an anchor tenant at One World Trade Center. tal improvement plan by owners Clarion Partners and MHP. “We’ve just finished our huge amenity floors in the building,” said Stacom, pointing to Stacom didn’t start out in real estate. After graduating with a finance degree its glass facade on all sides, waterfront views and extensive fitness ameni- from Lehigh University, she took a job at Time Inc.—an announcement she ties. “Showing it today is easy. You will literally show it and an offer comes made by pay phone, to which her father responded by hanging up on her. in immediately following.” Currently floors 2 through 10 are mostly leased, and she is moving on to floors 11 and up, she said. “I wanted to go to Wall Street but the recession of 1980 hit and the Wall Street firms were not hiring,” recalled Stacom. Stacom, who likes deal-making in the Devon & Blakely coffee shop at Rockefeller Plaza, has also set her sights on filling 75 Rockefeller Plaza in Her career at Time Inc. was short lived. Stacom and 13 other colleagues hired 2016. “It’s going to turn the corner as the renovation plans get realized in with her in an HBO division got laid off a year later. the first quarter of next year,” said Stacom.

“I went home to live, not having an income,” Stacom said. “My father said, Outside of work, Stacom has focused on projects such as chairing Lehigh ‘You can’t live here rent-free.’ He said, ‘You’ve got to come work for me at University’s real estate minor in the business school, known as Integrated Cushman & Wakefield to help pay your rent. I went to work with him and Real Estate at Lehigh (ire@l). She proposed the idea for the program as a his team and, of course, I never saw Dad; he was five or six people up the trustee of the university. “The best outcome,” she said, “is I have so many chain. I was the lowest lackey on the team. I never left. Father knows best.” women entering the minor and wanting to get into real estate. It’s a wonderful pipeline to help with the diversity in our industry.”

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valuation and marketing materials.” Structuring deals has also become more important, she said. In some cases, she might be selling a 49% interest in a building, for instance, so buyers and sellers can take advantage of better tax efficiency.

Powerful mentors helped Stacom learn the nuances of the field. One was Arthur Mirante, former CEO of Cushman and Wakefield, who is now

“I just keep moving and try not to think about it,” said Stacom, the vice chairman and head of the Investment Properties Group for CBRE’s New York office. “Often a couple of deals are going on A simultaneously. It’s rare you only have one big deal at a time. If you stop and think about it, you’re like, Oh my God.”

Darcy Stacom: principal and Tri-State president of real estate solutions firm Avison Young, Two words not to say to Darcy in New York City. Developer Richard Fisher, now deceased, and Marty Edelman, who is of counsel in the real estate practice of Paul Hastings in Stacom: Sit down New York City, also proved to be willing guides.

sk what the highlights of her career have been, and elite “I ended up with Richard Fisher and Marty Edelman as mentors from the broker Darcy Stacom will rattle off a list of some of the University of Pennsylvania transaction, where we acquired the buildings A city’s best known real estate deals: General Motors, the sale of they now have as their club on West 44th Street,” Stacom recalled. “You Peter Cooper Village and Stuyvesant Town, the Park Lane Hotel sale. The never know where a mentor comes from. Arthur used to always say to me: list goes on. What have you done for me lately? What’s the next goal? Where are we going from here? You can do more.” Stacom provided brokerage and advisory services on the sale of the Park Lane Hotel, formerly a Helmsley property, for $653 million in 2014. She Fortunately, it took little to motivate Stacom do more. “The good news is also brokered the $1.4 billion sales of a 40% stake in the General Mo- I am that classic, really driven person,” Stacom said. “My mother in law tors building in 2013 and the $5.4 billion sale of Peter Cooper Village and often goes, Sit down. I’m not good at sitting down. My idea of relaxing is to Stuyvesant town to developer Tishman Speyer Properties in 2006. go out and work in my garden in Connecticut for eight hours. I’m not good at sitting down.” How does she stay calm when the stakes are so high? “I just keep moving and try not to think about it,” said Stacom, the vice chairman and head Stacom, who owns a home in Easton, Conn., with her husband Chris of the Investment Properties Group for CBRE’s New York office. “Often a Krause, a managing director at Jones Lang Lasalle, managed to juggle her couple of deals are going on simultaneously. It’s rare you only have one big deal-making with raising two daughters, Amber and Teal, now grown. deal at a time. If you stop and think about it, you’re like, Oh my God.” “As they were growing up, they only cared if I was selling a building that Stacom will be honored by the Real Estate Board of New York’s (REBNY) had a really cool tenant they could relate to,” said Stacom. “‘Yeah, Mom, 120th Annual Banquet, as a recipient of The Bernard H. Mendik Lifetime we know you sold that one.’” I would make sure they [Amber and Teal] Leadership in Real Estate Award. She will be sharing the award, which will came to the office. That was more to have chair races or climb on top of be given to the Stacom family, with her late father Matthew Stacom, former the cubicle. That was more for fun.” chairman of Cushman & Wakefield; and her sister Tara Stacom, executive vice chairman at Cushman & Wakefield. Amber now works at Tischman Speyer in the sustainability group. “Her interest is in the sustainability side of real estate,” said Stacom. Teal is Stacom, known by some in the city as “Queen of the Skyscrapers,” thanks to studying marketing communications in college. “We’ll see,” Stacom said. a Wall Street Journal article, started out in the industry working with her father at Cushman & Wakefield in the 1980s. She made the leap to CBRE in 2002. In recent years, Stacom has increasingly made it a point to mentor young women at her firm, as Mirante, Fisher and Edelman guided her. Examples “Tara was great about working with Dad but I found it hard to work in that include Barbara Emmons, now a vice chairman in Los Angeles, and Patrice group,” said Stacom, who said she wanted to be in control of her own Meagher, now a senior vice president in New York City. “I make the time as destiny and finances. She did, however, discover that she loved real estate, I can,” she said. “You kind of pick up people as you go along.” and focused early on, on building sales and capital markets. “I stayed in the field because there was money to be made,” she said. One of her mentees is a young woman from the firm’s San Francisco office who has asked her advice on deals, work/life balance and other matters. At the time, selling buildings wasn’t the complicated scenario it is today, when “‘She says, It’ll only take 5 minutes,’” said Stacom. “She does it so effec- selling buildings has evolved into a specialty career heavy on the advisory element. tively she gets me on the phone.”

“In the old days, you’d find out someone wanted to sell 540 Madison Ave- Given the pace at which Stacom works, those quick discussions are no nue, and you’d go out and offer it to five people,” Stacom said. “Someone doubt very fruitful. “I can pack more into an hour than 90% of people,” might want to buy it. Today, you have to create all of these sophisticated Stacom said. “I’m definitely hyper efficient. Nothing like having kids.”

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He recalls that at the time, New York’s real estate scene was Jack Resnick & Sons thanks the following Firms and the Brokers who represented them, very different. as well as our existing Tenants that renewed their commitment to New York City in 2015. “It was really just a small group of

families doing the majority of the The City of New York One Kings Lane Target Corporation 2322 THIRD AVENUE 315 HUDSON STREET 255 GREENWICH STREET building,” he said. “Now people represented by: represented by: represented by: Robert Giglio of Cushman & Wakefield Peter Gross of Douglas Peter Ripka & Jeff Howard of from all over the place are com- & Ellen Israel of JRT Realty Elliman Commerical Ripco Real Estate ing in and are involved in New Marchon Eyewear QS Investors Holding Midtown Orthopaedic 8 WEST 40TH STREET 880 THRID AVENUE Specialists Management represented by: 485 MADISON AVENUE York City real estate. It really has Snezana Anderson, Leonard Dimicelli & Vision Service Plan represented by: Bernard Weinstabel of CBRE 8 WEST 40TH STREET Jim Wenk & Kirill Azovtsev of JLL evolved into an international city, a represented by: RP Management Icahn School of Medicine Snezana Anderson, Leonard Dimicelli & 110 EAST 59TH STREET global city more than it was in the at Mount Sinai Bernard Weinstabel of CBRE 255 GREENWICH STREET Stanton Public Relations 70s, when I was first building.” represented by: TED Conferences & Marketing Jonathan Serko & Frank Cento of 315 HUDSON STREET 880 THIRD AVENUE Cushman & Wakefield Financing has also gotten easier, with interest rates still low, Livingston Holdings Culbro he adds. Fourth Wall Restaurants 485 MADISON AVENUE 880 THIRD AVENUE 880 THIRD AVENUE Manhattan Physical Medicine In addition to finishing the Enclave at the Cathedral, currently, Empire Physical Therapy Daniel Brodsky: Interpublic Group of Companies & Rehabilitation & Athletic Rehabilitation Brodsky is setting his sights on completing a 440-unit rental project at 336 250 HUDSON STREET 133 EAST 58TH STREET 133 EAST 58TH STREET A well-known developer makes Flatbush Avenue Extension in Brooklyn. “For both, the construction is wind- represented by: represented by: ing down at this point,” he said. “For this coming year, we will be finishing Robert Romano of JLL Paul Wexler & Kathleen Caracappa Brad Gorsky, D.M.D. an art of championing the city’s those projects and renting them.” of Wexler Healthcare 133 EAST 58TH STREET Coinmach cultural institutions Asked who his favorite architects are, he said, “The architects we’re work- 235 WEST 56TH STREET Joshua M. Most, D.D.S. Blooming Nails ing with currently are some of my favorites.” He pointed to Sofield, along 133 EAST 58TH STREET 430 EAST 72ND STREET or Daniel Brodsky, each building his firm develops in New with Peter Claman, Rick Cook and Gary Handel. DMR USA Daniel Hsu York City is unforgettable. “They were each a labor of love 133 EAST 58TH STREET Bustler Coffee represented by: 485 MADISON AVENUE 133 EAST 58TH STREET F and all-consuming when I built them,” he said. “I know the He also sees a few key challenges for the New York City real estate com- represented by: layouts of the buildings. They all stay in my mind pretty clearly.” munity. “The question is: Is the market getting too heated up at this point?” Pardis Zarei of Platinum Property Group New represented by: York Alexandra Turboff of Branded Conor Kenney & Jonathan Schindler asks Brodsky. “Is it a realistic market? When you’re building I don’t know Concept Development of Cushman & Wakefield Brodsky is senior partner of the Brodsky Organization, which does large- how many condos that are supposed to be selling for more than $10 mil- Bochner Chiropractic scale residential and mixed-use development in Manhattan. It manages lion or $20 million, how deep is that market? How realistic is that?” Coinmach & Sports Injury Care Jacqueline White Gallery 401 EAST 80TH STREET more than 6,500 residential units, as well as retail and office space. 133 EAST 58TH STREET 205 WEST 57TH STREET Real estate taxes are also on his mind. represented by: T-Mobile Northeast At the 120th Annual Banquet of the Real Estate Board of New York (REB- East Side Pediatric Dental Mike Antkies of Lansco Corporation 485 MADISON AVENUE NY), Brodsky, who is also chairman of the Metropolitan Museum of Art “A big challenge in New York City is that the real estate taxes on buildings 133 EAST 58TH STREET and a trustee for the New York City Ballet, will receive the Harry B. Helms- without tax abatements are close to 30% of the rent role,” he said. “That is represented by: Jack Victor Cubit Corporation ley Distinguished New Yorker Award which is presented to an industry a big challenge—how these buildings can make money.” Stanley J. Piesh of Prime 8 WEST 40TH STREET 133 EAST 58TH STREET member for invaluable contributions to New York’s civic welfare and the Manhattan Realty represented by: real estate community. Among the Brodsky Organization’s recent projects When he has time to slow down, Brodsky enjoys observing New York Corey Abdo of Coldwell Banker 72nd Apple Farm Grocery are a luxury condo at 135 E. 79th Street. Designed by architect William City’s streetscapes and city lights. “Sometimes, on lower floors, looking William S. Harwayne, D.M.D. Commercial Alliance 434 EAST 72ND STREET 133 EAST 58TH STREET Sofield, Brodsky said, “It is a great architectural statement.” Another is the down at parks, seeing people walking around … I find those views—city- residential Enclave at the Cathedral at 113th Street on the grounds of the scapes and city activities—very interesting,” he said. Cathedral of St. John the Divine, which Brodsky aims to complete in 2016. “Working with nonprofit organizations and seeing how we helped them and Brodsky lives in Manhattan with his wife Estrellita, an art historian and they helped us has been very special,” he said. philanthropist with a Ph.D. in art history. His sons Alexander and Thomas work in the business with him, along with his nephew, Dean Amro. His Brodsky got his start in real estate in 1970, when he joined what became daughter, Katy Brodsky, is an attorney interested in prison reform. the Brodsky Organization, the business his father Nathan launched in 1951 Jack Resnick & Sons Owners & Builders Since 1928 to rehabilitate Greenwich Village brownstones and office buildings. In addi- Each year, a highlight of Brodsky’s year is hosting a dinner at the Metro- 110 East 59th Street tion to developing residential housing, Brodsky and his father got involved politan Museum of Art for the Real Estate Council, which he chairs. It has New York, NY 10022 in a series of hotel conversions in the 1970s, turning them into apartment raised more than $20 million for the MET. 212-421-1300 houses. One was the Carteret, at 208 W. 23rd Street in Chelsea. www.resnick.nyc “I strongly believe there is a major tie between the quality of life in New York Along the way, Nathan Brodsky was both a close friend and a mentor, City and the real estate industry,” he said. “The better the parks, museums, Brodsky said. “He had an ethical way of doing business that I was brought theater are, the better the city is. All of these cultural institutions and parks Proud to be a member up with, and a sense of fairness, which I really respected,” he said. “Very make the city into what it is.”

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In a relationship-driven business, Montana later joined the Edward S. Gordon Company, where he To the Brokers Who Helped Make 2015 a Successful Year! negotiated large lease transactions before being recruited to join the broker Bill Montana makes sure he firm now known as Savills Studley, in 1996. There, he plays the role of a doesn’t miss out on any tenant advocate. “What I do is help the users of office space discover and better hen Bill understand their needs, explore the market and negotiate leases on their Montana, behalf” he said. Wsenior managing director Along the way, Montana has relied on the mentorship of Paul J. Massey, of commercial real Jr., president, New York investment sales at Cushman & Wakefield. estate advisory “When I was chairman of the Young Men’s/Women’s Real Estate firm Savills Studley, Association of New York, he invited me to join the Commercial Board 7 PENN PLAZA FRED F. FRENCH BUILDING 570 LEXINGTON AVENUE 488 MADISON AVENUE 551 Fifth Avenue needs to deliver of Directors, which oversees the commercial division of REBNY,” said Laurence Briody/Brian Gell Lance Leighton/ Daoud A. Awad/Chris Kraus CBRE Eric Ferriello Michael Bertini JLL documents in a Montana. “He sort of groomed me to be his successor. Paul and I Retail Wholesale and Colliers International Savills Studley Hahn & Hessen LLP deal, he usually became good friends. He ultimately became a client. He’s got a lot of Department Store Union The Cheyenne Group Marlin & Associates Christel Engel does it on foot. For wisdom and is very generous in sharing that wisdom. I’m so lucky to David A. Kahane Bill Montana Evan Margolin Colliers International one thing, he loves have him as a friend and mentor.” DAK Commercial Realty, Inc Savills Studley Savills Studley Schaffer, Schonholz to walk. For anoth- Gruber Palumberi Raffale, P.C. R2Net, LLC Millbrook Capital & Drossman, LLP Management Inc. er, doing business At Savills Studley, Montana provides real estate advisory services on Joseph Mangiacotti Jonathan Schindler Paul A. Haskin CBRE Cushman & Wakefield Stephen Sunderland CBRE in person often many high-visibility deals. Recently, he helped the Teachers’ Retirement TranSystems Corporation Eclipsed, LLC Optimal Spaces Crowe Horwath LLP leads to friendships System of the City of New York restructure its lease and expand from Alexander Benisatto/ Randy Abend Artemis Wealth Advisors, LLC Conor J. Denihan and indirectly to 160,000 square feet to 190,000 square feet. “I saved them money in the Conor J. Denihan JLL Edward F. Egan CBRE other deals. process,” he said. CBRE Iguana Healthcare Halstead Property, LLC Varagon Capital Northstar Group Services, Inc. Management, LLC Dominick & Dickerman, LLC Management MGP, LLC “I’ve gotten to In the past year, he also worked with nonprofits, such as Samaritan Steven Kaplan Jesse Rubens Neal Lerner Jaimie S. Katcher meet attorneys Village, a comprehensive human services agency in New York, and The Lansco Corporation MHP Real Estate Services, Inc Neal J. Lerner & Company, Inc. Cushman & Wakefield Brian Raphan & Associates Kleinberg, Kaplan, Wolff Ostrager Chong Flaherty Cotton Incorporated who represent LiveOn New York, which is focused on reshaping the future of aging. & Cohen, P.C. & Broitman P.C. Ken Kronstadt CONCOURSE PLAZA landlords,” said Newmark Grubb Knight Frank Kyle Greiert David W. Berke Montana, who “I love to do not-for-profit work because not only are you getting to do John E. Osborn P.C. Mohr Partners Cushman & Wakefield Irwin Rachlin Brown Harris Stevens represents tenants. the fun real estate deals you love to do but you are helping the not-for- Josh Stuart Supplemental Heathcare, Inc. Ziegler, Ziegler & Associates American Stenographic I say, `I want to shake hands.’ They’re often incredulous. They say, ‘That profits,” Montana said. “I enjoy doing that a lot.” JLL Michael Hirsh/Wyatt Melzer Nicholas M. Gilman was really nice of you.’ I’ll end up spending half an hour with that person AFIAA U.S. Investments, Inc. CBRE Coldwell Banker Commercial Alliance 2001 MARCUS AVENUE Strata Energy Investments, LP The Swedish American and making a friendship.” Montana’s pitch to his clients is that he will help them make very informed Justin Lee Ken Ruderman TheSquareFoot Doug Campbell Chamber of Commerce, Inc. real estate decisions and leverage their tenancy in the market to get the Savills Studley O.C. Tanner Company Campbell Real Estate Advisory Montana will receive The Louis Smadbeck Broker Recognition Award at best deal—but he balances tenants’ desire for short-term gains with the 841 BROADWAY Hair Club For Men Andrew Stein Sandler, Travis the Real Estate Board of New York’s (REBNY) 120th Annual Banquet. need for a productive long-term relationship with the landlords. & Rosenberg, P.A. Samuel Clark GARDEN CITY CENTER Vicus Partners Cushman & Wakefield Richard Freiman & Associates 100 Quentin Roosevelt Boulevard 140 WEST 57TH STREET EY and the Law Offices of Jerry Guerra/ Montana decided New York City was the ideal place to launch his career. Growing Joseph Monaco, P.C. Michael Robbins Paul Berkman/Davie Berke Jeffrey Nemshin Redwood Property Group JLL Paragon Group 145 WEST 30TH STREET Synpulse USA, Inc. Maison Kayser Miller & Milone up, he said, he’d heard the expression, “If you’re going to be a bear, be a grizzly,” Elie Reiss Laura Belt Stephen Sjurset/ Jack Britvan Skylight Leasing L.K. Belt, LLC David LaPierre Commercial Realty Services and applied the same logic to his career. Said Montana, “If you’re going to get into Knock Twice, LLC O.R. Elder, Inc. CBRE Vincent J. Russo & Associates Ken Lerner Santander Bank 250 PARK AVENUE SOUTH Joseph Lopresti Okada & Company this game, which isn’t easy, go all in. Go to New York City, the ultimate crucible.” Jason Frazier 853 BROADWAY JLL CBRE Bloch, Inc. Jonathan Plotkin/Taylor Bell Armao LLP All Market, Inc. Colliers International Wayne Steinberg 200 WEST 57TH STREET Howard Rosenblum/ BCAM USA, LLC Real Estate Strategies The award celebrates a commercial broker with exceptional personal “There are times I may have incredible leverage over landlords but I Alan Rosinsky Michale Affronti/ JGM Resources and professional integrity, leadership, prominence in the brokerage don’t use the situation to make unreasonable demands,” said Montana. Jareed Sternberg Metro Manhattan Office Kaufman Organization Nicholas Weld Marc Berkowitz Space, Inc. community and service to REBNY’s committees. “I try to get a good deal for my client and leave the landlord happy as CBRE The Rochlin Organization ODA Architecture Hapworth Psychiatric well. These leases in New York are for 10 and 15 years. You can kill the Shaw Industries FBA of Syosset 251 PARK AVENUE SOUTH Services, P.C. Montana entered the real estate field in 1988. “I’ve always read landlord but I think it’s a self-defeating way to conduct business. I think it Craig Hantgan Jed Aber Joshua Sands Michael Laginestra, CBRE Esquire Properties biographies and autobiographies to study what successful people had is ultimately counterproductive. If you are going to be in a building for 10 Justin Royce Stewart Lantner, D.D.S. Sandmark Realty Chop’t Salad REI done,” he said. “Once people had achieved success in other fields, or 15 years, you are going to need things from the landlord. I never want Cushman & Wakefield Joseph Lombardi Jonathan Wasserstrum most seemed to ultimately invest in and get involved in real estate. My the landlord to feel burned.” Herman Miller Masserano Real Estate TheSquareFoot QUEENS ATRIUM grandfather Bill Montana was a commercial real estate broker. His wife Carnegie Oral Surgery, LLC 261 FIFTH AVENUE Breather Products John Morill/John Reinertsen/Michael Lee Theresa was a residential real estate broker. My dad had some real estate When he’s not working, Montana and his wife Jan and their almost Michael Dubin/Jesse Topal Chris Salizzoni CBRE Robert Gallucci Savitt Partners, LLC dealings as well, but it was not his main business. I knew about it from 9-year-old daughter Theresa, are avid skiers—although he has been AC Lawrence Real Estate DDC Colliers International Extend Fertility MBF Trading the kitchen table.” known to take business calls on his Android phone from the chairlift. The Party Rental Acquisitions, LLC Barry Rosner family, which lives in Greenwich, Conn., also enjoys volunteer work and is Barry Fishback Newmark Grubb Knight Frank Robin Fisher RKF CUNY Originally from Lake George, N.Y., Montana decided New York City was very involved in programs for the Knights of Columbus. Newmark Grubb Knight Frank Capital One the ideal place to launch his career. Growing up, he said, he’d heard the Daniel Kuhn, M.D., P.C expression, “If you’re going to be a bear, be a grizzly,” and applied the same “We have a lot of fun doing that,” said Montana. “You meet the greatest logic to his career. Said Montana, “If you’re going to get into this game, people. Anybody can write a check. I really enjoy doing the on-the- which isn’t easy, go all in. Go to New York City, the ultimate crucible.” ground work.” That’s because whether he’s feeding the homeless or delivering a contract that’s ready to be signed, Montana doesn’t miss a Owner/Manager :: 7 Penn Plaza, NY, NY 10001 His first job was at Newmark & Company, a large landlord representative chance to meet people. “If you walk down Park Avenue with me, I’ll run 212.563.6557 :: www.feilorg.com firm in New York City, where he played a leading role in establishing its into 10 people I know,” he said. NOTHING BEATS 60 YEARS OF STABILITY.

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ThanksThanks to to our our clients clients and and friends friends for for partnering partnering with with us us on on billionsbillions of of dollars dollars in in financings, financings, developments, developments, joint joint ventures ventures, , acquisitions,acquisitions, and and other other high-profile high-profile real real estate estate transactions. transactions.

InIn 2015, 2015, we we were were pleased pleased to to welcome welcome sixteen sixteen new new members members toto our our real real estate estate team: team:

PARTNER: PARTNER: • •Ellen Ellen Shapiro Shapiro

COUNSEL: COUNSEL: • •Ariadne Ariadne Bender Bender • •David David Kaufman Kaufman • •Jonathan Jonathan Makarowitz Makarowitz • •Anne Anne McCaughey McCaughey • •Lisa Lisa Segal Segal • •Louis Louis Seminski, Seminski, Jr. Jr.

ASSOCIATES: ASSOCIATES: • •Michael Michael Dabah Dabah • •Mark Mark Falcon Falcon • •Jason Jason Goldstoff Goldstoff • •Erin Erin Goodman Goodman • •Terry Terry Kim Kim • •Jason Jason Kleinman Kleinman • •Joshua Joshua Lustiger Lustiger • •Tzvi Tzvi Weisz Weisz

CHIEF LAND USE & DEVELOPMENT SPECIALIST: CHIEF LAND USE & DEVELOPMENT SPECIALIST: • •Eldad Eldad Gothelf Gothelf

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Jeffrey Levine: member of its Board of Governors. Jeffrey Levine’s passion for building After attending City University of New York’s City College School of MOVING FORWARD Architecture at night while working in construction by day, Levine began MOVING FORWARD extends to his charitable endeavors hunting for his first professional job. At that time in 1972, he found that jobs were few and far between. Answering an advertisement in the New on MANY FRONTS York Times, he got a job working as an assistant superintendent for on MANY FRONTS Herbert Mandell, a major renovator of large vacant buildings in New York City. Levine had been offered $150 per week to work in another position for about 80 hours a week, for an architect, while he pursued his licensing We are actively seeking to participate in exams—but Mandell offered $300 for 40 hours. “It was twice the pay for We are actively seeking to participate in half the hours,” recalled Levine. investment partnerships or acquire investment partnerships or acquire By 1979, though, Levine realized he did not want to be an employee and properties for our own account. started his own construction business, becoming a minority partner to properties for our own account. developers at first. He grew the company by working with a number of city properties for our own account. agencies where financing was readily available with little equity, because Our range of activities include of sweat equity provisions the city allowed. He gradually branched out Our range of activities include into small condominium projects and expanded into larger rentals, hotels, Our range of activities include senior-living facilities and other projects. Ownership Ownership Strategic Acquisitions “I very much enjoyed the challenge Strategic Acquisitions and accomplishment of building Agency Representation Agency Representation construction,” said Levine. “I enjoyed Tenant Representation Tenant Representation Property Management the accomplishment associated with Property Management building buildings. The bigger and more

s a young man living in Brooklyn and Queens, Jeffrey complex they got, the more challenging Levine turned to local contractors to find carpentry work A and discovered a calling. “I very much enjoyed the chal- and satisfying it was.” lenge and accomplishment of building construction,” said Levine. “I enjoyed the accomplishment associated with building buildings. The bigger Along the way, Mandell acted as a mentor, giving Levine an overview of and more complex they got, the more challenging and satisfying it was.” the development process. Mandell’s father Henry, prominent in the roaring twenties, was the developer for classic buildings such as London Terrace, Little did Levine know that those early gigs would lead to a career where he the apartment complex in Chelsea, and the Pershing Square Building, a would eventually develop thousands of residential units of all stripes, and 24-story office tower on Park Avenue between 41st and 42nd Streets that millions of square feet of commercial, retail, office and institutional space. is now owned by SL Green. Today he is chairman of residential developer Douglaston Development, construction firm Levine Builders, and Clinton Management, which Other mentors have been Burt Resnick, chairman and CEO of Jack manages and operates projects for Douglaston Development. His buildings Resnick & Sons, Inc., an owner, builder and manager of commercial have won many awards. For instance, 555 West 23rd Street received both space, and Alan Wiener, group head of Wells Fargo Multifamily Capital, the National and NY Regional Design Award of Excellence from the Society both of whom he said, have been “great friends throughout the years.” of American Registered Architects. For Levine, it’s also been a career John Banks III, president of REBNY, and Steven Spinola, REBNY’s former throughout which he has been a strong presence in many city charities. president, are also role models, said Levine.

Early to spot the potential for redeveloping Williamsburg, Levine recently “The industry is always changing but the value of character and integrity developed the 1.5-million-square-foot mixed-use project known as The have never changed,” he said. “Those people that have it have it.” Edge, along the community’s waterfront. It includes about 1,000 residential units, more than 60,000 square feet of retail, a water taxi pier and a What is different in the industry, Levine has found, is how project financing pedestrian esplanade. is obtained. At one time, it came mainly through bank loans and mezzanine lenders, he noted. “Today, large projects can only be achieved with the “We were early innovators,” Levine said. “We saw Williamsburg as a great participation of equity partners—either insurance funds or pension funds,” opportunity going back to 2001, when it was all basically industrially zoned.” he said. Scott Galin, Principal Scott Galin, Principal Levine was also involved in bringing 90 West Street back into service after Levine’s many charitable, community and industry activities include serving Scott Galin,646.747.4688 Principal it was structurally and cosmetically damaged in the Sept. 11 attacks. It had as president of the Jewish National Fund—“following in the footsteps of 646.747.4688 been built in 1906 by Cass Gilbert, who went on to become the architect Ron Lauder, which is something I am very proud of,” he said. In addition, of the Woolworth building. With use of Liberty Bonds, it was one of the first he is a founding Member of the New York State Association for Affordable damaged buildings to be put back into service after 9/11. Housing. He is also on the board of St. Mary’s Healthcare System for Children, which serves many low-income families. “It is one of my favorite buildings in the world,” Levine said. His wife Randi has been very active in charitable work, too. “None of At the Real Estate Board of New York’s (REBNY) 120th Annual Banquet anything I do would be possible without her support,” said Levine. Their on January 21, Levine will receive the Kenneth R. Gerrety Humanitarian children Benjamin, Jessica and Dara have also gravitated to charitable Award, which recognizes a REBNY member’s meritorious service to the activities. “I’m very proud they have been following in both my wife’s and community. Levine is a member of REBNY’s Executive Committee and a my footsteps, in that fashion,” he said. Handler-re.com Handler-re.com S29 Handler-re.com

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Ed Piccinich: scarce, he also prides himself on his team’s diversity: about 60% are women. “I think it has something do with me and my son being outnumbered at home,” From running the World Trade Center he said. to shaping the city skyline, SL Green One of six children, Piccinich studied engineering at Manhattan College in exec Ed Piccinich is living his dream Riverdale. After graduation, he married his wife Roseanne whom he’d met while they were high-school students: she at Fort Lee High School in New Jersey and he at St. Joseph of the Palisades High School in West New York. “I was a senior and she was a junior,” he said.

It was Piccinich’s father, a Croatian immigrant from the former Yugoslavia who did terrazzo flooring work in the construction industry, who helped him get his first interview at the Port Authority.

“My dad was out on a job at Newark International Airport,” recalled Piccinich. “He befriended one of the guys that would come over—Jack Cohen, [head of aviation construction]—I still know his name. He said, `My son is graduating from engineering school. Would you guys be interested in seeing him?’” Piccinich soon got an interview. “Next thing I knew, I got an offer from the Port Authority to get into their one-year management-training program,” said Piccinich. “I have to thank my dad. He decided, on his hands and knees, to get the attention of an executive. It turned out to be a wonderful career.”

he New York City blackout. The blast of the first terrorist attack Since Piccinich entered the world of commercial real estate, he says the field on the World Trade Center in 1993. Hurricanes Irene and Floyd. has changed dramatically. For one thing, the technology is evolving rapidly. “I T Superstorm Sandy. remember my first cell phone,” he said. “It was a cinder block.” “When it comes to New York City’s emergencies, I think I’ve seen them all And thanks to technology, the industry has also become more of a 24/7, firsthand,” said Edward V. Piccinich, former general manager of operations 365-day-a-year commitment. for the World Trade Center and Port Authority of New York and New Jersey. Not only has he seen them, but he’s also had the opportunity to help the city recover from them. “You have to thrive on it,” Piccinich said. “If you don’t do it with a passion and don’t Piccinich, now executive vice president of SL Green Realty Corp., will receive The George M. Brooker Management Executive of the Year Award at the 120th have the enthusiasm required to create Annual Banquet of the Real Estate Board of New York (REBNY). The award recognizes individuals of superior accomplishment in property management enough momentum to do great things, based on outstanding professionalism, civic achievement and contributions to the real estate industry. you’re not going to succeed.”

At SL Green Realty Corp., a large real estate investment trust (REIT) and the Fortunately, he loves it—and counts himself very lucky when he looks back largest landlord in New York City, he manages development, redevelopment, at what his parents went through. When his parents escaped from the former construction, operations, and underwriting for all potential acquisitions and Yugoslavia in the late fifties and spent two years in Italian refugee camps after structured finance deals. He leads a team of about 140 people. He joined the World War II, they were separated during the journey. His mother, traveling firm in 2002. “Every building, before it came into our portfolio, was looked at by with his older sister, who was then a small child, and a brother who was then my team to make sure we were making the proper investment,” said Piccinich. a baby, suffered a tragedy along the way through Italy. “He would only live to 6 months old,” said Piccinich. “He got sick along the way.” His father never got Before joining SL Green, Piccinich was a vice president at JP Morgan, where he to meet his brother. His sister, who had muscular dystrophy, died in her early oversaw operations at properties such as 15 Broad Street and 23 Wall Street. thirties from the disease. He served at the Port Authority of New York and New Jersey for a decade. He was working at the World Trade Center during the 1993 bombing, and was 90 The loss of his sister has prompted philanthropic commitments to muscular feet away from the blast. “I lost half a dozen friends,” he said. dystrophy, in addition to charitable commitments to St. Francis Food Pantries and Shelters, the Diabetes Research Institute, National Jewish Health and Among Piccinich’s most exciting projects at the moment is One Vanderbilt, SL other nonprofits. “All of those things are interconnected with my career and the Green’s planned, super-tall skyscraper in Midtown East intended to be a new people I’ve met,” said Piccinich. successor to Rockefeller Center. After many years in New Jersey, Piccinich and his wife recently moved to “We’re knocking down the whole city block, right outside of Grand Central,” he Manhattan, where his favorite view is of Central Park, with the skyline backdrop, said. “It’s going to be connected to East Midtown access. We are almost done when looking south from within the park. “I feel I’m going to need the next 30 to demolishing the four buildings. Being a part of the assemblage taking place 40 years to see all of the historic sites along Central Park,” he said. “It’s exciting over the last 10-plus years and finally seeing the buildings come down, it’s really to see what Frederick Law Olmstead has created.” Now that the couple has exciting.” taken up running, he enjoys the views from the paths in the park. “No matter what time of day, no matter what the temperature, we take a different route He has also embraced a new responsibility for which his CEO and president every time,” he said. chose him: overseeing technology for SL Green. “They have referred to me as a ‘good field general’ in the past, and I appreciate the challenge, especially when The couple has raised three children together. Piccinich’s 27-year-old daughter, I have their full support,” he said. Amy, who went to Lehigh University, is a vice president, global real estate at JP Morgan Chase. His 21-year-old daughter, Carly, was just named captain of the At SL Green, Piccinich says the energy and commitment of his youthful team softball team at University of Notre Dame; and his son, Derek, 16, attends The keeps him inspired. “That full autonomy they give me is something I’m very Lawrenceville School, a boarding school in New Jersey. Said Piccinich, “I pinch proud of,” he said. “I’m sprinting along.” In a field where women are often myself and feel like I’m living the dream.”

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Steven Marvin: “The canteen can be used for meet-ups, all-hands-on-deck meetings, breakfast and lunch,” Marvin said. “People can be working there in groups, A rising industry star makes his sitting on bar stools, etc. People are building telephone breakout rooms mark on New York real estate— and smaller rooms so you can have private meetings, private phone calls.” and the community Some companies are also questioning whether there should be permanent desks for every worker.

“There’s a lot of remote-working going on,” he said. “If a company is growing at a very rapid pace, do you have desks for everyone or do some people come in two days a week? I think that’s going to have some impact going forward on how much space tenants take.”

Sam Rosenblatt, president of Olmstead Properties, has been Marvin’s mentor. “I have worked with him for the last 24 years,” Marvin said. “I worked with him to reposition 180 Varick Street, now home to many architecture and design buildings. His grandfather had built it in the 1920s; it was a printing and manufacturing building. I was fortunate enough that he brought me on to work with him. We transformed it into one of the most soughtafter office buildings in Hudson Square Market.”

Media, technology and creative companies have become bigger players on the local landscape. “We need to be responsive to the needs of that group of tenants—which means broadband capabilities, amenities and retail.” teven H. Marvin, executive managing director and partner at Olmstead Properties, Inc., will receive the Young Real Estate Man Marvin tries to pay it forward through YMWREA. “I’ve done the mentoring Sof the Year Award at the Real Estate Board of New York’s (REBNY) program through YMWREA a couple of times,” he said. “I think I’ve helped 120th Annual Banquet on January 21. some younger guys with advice.”

Marvin, will receive the Young Real Estate Man of the Year Award at His goal for 2016 is to keep Olmstead Properties’ buildings at the highest the Real Estate Board of New York’s (REBNY) 120th Annual Banquet occupancy possible and work with existing tenants who need to expand, on January 21. Selected by the Young Men’s/Women’s Real Estate and look for ways to serve them. “I’m still an old-school person, where I Association of New York (YMWREA), the award goes to a member who like to meet people face to face,” he said. “A lot of transactional work is exemplifies strong integrity, professionalism and personal ethics. Marvin done over computer. I think we’re in the service business. I like to be out serves on the Admissions Committee for the YMWREA. and about with my tenants, so I can understand what their needs are.”

At Olmstead Properties, Marvin is responsible for the leasing and marketing When he has a moment to pause, his favorite view in New York City is of about 2.5 million square feet of Manhattan properties in SoHo, Hudson from the top of Rockefeller Center. “I also like some of the downtown Square, and the City Hall, NoMad and Fashion districts. He is a tenant views at One World Trade Center,” he said. “I’ve been fortunate enough in representative whose other clients include Paperless Post, Intent Media, S. the business to be in a lot of pretty special buildings. I’ve seen views from Rothschild & Company and SR Gambrel. throughout the city.”

After earning his bachelor’s degree from Clark University, Marvin started When he meets clients, Marvin gravitates to restaurants like Lure Fishbar his career in the training department of Saks Fifth Avenue in 1987 and and Fanelli’s Café in SoHo or Wolfgang’s Steakhouse in Midtown. “Our networked his way into a job as an onsite leasing agent. In 1992, he office is on 8th Avenue,” he said. “I like to go to what’s convenient.” joined Olmstead Properties, where he represents tenants. Marvin was the leasing/managing agent guiding the conversion of 584-588 Broadway When he’s not working, Marvin loves spending time with his wife Samantha into office space in SoHo; it was one of SoHo’s first transformations and two children, Lily and Aaron. of a manufacturing building into a commercial office building. In 1995, Olmstead and its partners purchased the building, which they still own and He is also a trustee at the Educational Alliance, which provides education, operate today. arts, health and wellness and social services to New Yorkers from locations in Lower Manhattan. Active in Project Ore, a program that serves Jewish Marvin has seen many changes in the industry since he started his career, homeless people with mental disabilities, he was an honoree at the when the local industry was still dominated by real estate families. “One of the Educational Alliance’s 2015 gala. biggest changes is that real estate has become a traded commodity,” he said. Marvin is also co-chair of admission at Fresh Meadow Country Club, Media, technology and creative companies have become bigger players on cochairof the UJA Federation of New York’s Sites and Sounds Committee, the local landscape. “We need to be responsive to the needs of that group of Real Estate Division and member of the executive board and board of tenants—which means broadband capabilities, amenities and retail,” he said. directors of The Hudson Square Business Improvement District. It’s hard to envision someone so active in the community living elsewhere, but if he Tenants are also utilizing their workspaces differently, reflecting how had to live outside of New York, Marvin has an idea where he would go. younger generations interact and work efficiently, he said. Many are “If I didn’t have to work, I’d probably go somewhere out west and ski and gravitating to multi-purpose spaces. play golf,” he said.

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Millennials Reshape NY Real Estate: looks like an opportunity. They start spinning their wheels. What REBNY allows people to do is get a little taste of everything. Certainly, the first year For up-and-coming brokers, or two it’s okay to be a generalist. Then you really have to pick what you the right mentors can jump start want to do. Whether you are doing leasing, sales or finance, you really need to pick. Are you doing landlord representation? Tenant representa- The Right Prescription For All Of Your Healthcare Real Estate Needs a career tion? Working with law firms? Technology firms? The business has become The Right Prescription For All Of Your Healthcare Real Estate Needs very specialized.” hen Connor Sullivan, 30, an associate director in the Midtown AVAILABLE PROPERTIES Manhattan office of Colliers International, entered the real estate REBNY has tried to make it easier for new members in the field to make AVAILABLE PROPERTIES Wfield about seven years ago, he quickly realized how many skills informed decisions about their future career path through a variety of pro- he needed to master to succeed. grams, according to Nelson.

ARTIST RENDERING “There are certainly challenges to anyone starting up the business,” said For instance, REBNY introduced the Commercial Real Estate Early Access ARTIST Sullivan, who previously worked at a real estate investment management program to help new commercial brokers familiarize themselves with how RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THERENDERING DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THE DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL firm. “There’s a lot to learn about negotiation. You have to dedicate yourself At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease to a long-term career. You can’t just jump out of the gate and expect to At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY close deals the first year or two.” “When entering the field, I would Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease

Fortunately, Sullivan had willing mentors. Working on a team led by Colliers recommend they get to know as many International Chairman Alexander Jinishian, Sullivan has had a chance to get involved in business development on a regional and national level. He people as they can at their own firm,” said turned to Jinishian for advice recently when a client decided not to hire a UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO New York City attorney familiar with the quirks of local leases, which put Sullivan. “Sit down. Have conversations with Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale him at a potential financial disadvantage. “Alex is very good at reading a Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street them. Learn about some of their battles. Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale lease and discovered areas where we could reclaim value,” said Sullivan. Plan on being extremely patient in the Another key mentor has been Cynthia Foster, president, national office services at Colliers International. “Any time I am trying to get in touch with business. Commissions don’t necessarily certain financial services tenants, I speak with her about strategy,” said MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE Sullivan. “It’s nice to have someone like that in your court.” come in your first year. It takes time.” 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease Like Sullivan, many Millennials and older career changers are discovering At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease that real estate can be very promising field, especially if they have mentors the organization works and connect with senior brokers. Each graduating willing to help them. The Real Estate Board of New York (REBNY) has more class of participants gathers quarterly as a group that has two mentors than 300 commercial members joining every year, according to James and hears guest speakers. “Five to 10 years from now, they will all have Nelson, vice chairman of Cushman & Wakefield and chair of REBNY’s advanced in their careers and be able to help each other as they grow,”

Commercial Board of Directors. said Nelson. PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S As a past winner of REBNY’s “Most Promising Commercial Salesper- Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place son of the Year Award,” Nelson himself partook in another mentoring Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale opportunity the trade organization offers: the Commercial Broker- age Circle of Winners events, which take place four times a year. There, he and other winners in the Circle got a chance to learn from luminaries in the field—among them Jerry Speyer whose firm owns a controlling stake in Rockefeller Center, RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL developer David Walentas, and Mary Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease Ann Tighe, CEO of CBRE’s New York Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues Tri-State region. The Circle of Winners Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease award goes to promising brokers who have five years of experience in the business or less.

“To have access to these kinds of leg- LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** ends has been an amazing thing,” said Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale Nelson. Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue Unlike many fields that have shrunk in the digital era, real estate is expand- Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale ing. The U.S. Bureau of Labor Statistics (BLS) projects 11% growth in jobs Participating in REBNY’s mentoring and education programs often inspires for brokers and sales agents through 2022. And New York, in particular, members to pay it forward by mentoring others. Sullivan, who had attend- can be a very good place to build a real estate career. The mean annual ed Commercial Crossfire events at REBNY on timely topics such as the wage of real estate agents in New York State ranges between $58,190 to Garment District, and a panel moderated by Tighe at REBNY’s Members’ ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT $94,410, which is in the top quartile for the country, according to the BLS. Luncheon in November 2015, now looks for opportunities to mentor young 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street brokers who are entering the business. Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues Still, getting established in real estate can be challenging in the first few Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease years, often because new professionals have yet to build the relationships His advice to new real estate professionals? Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. they need to succeed. Time management is another common challenge Contact us for information on any of these properties or for the largest selection of Healthcare Properties in New York City. for newcomers, say seasoned pros, as many aren’t sure what niche is right “When entering the field, I would recommend they get to know as many Paul L. Wexler | Licensed Associate Real Estate Broker | o: 212.836.1075 | [email protected] for them. people as they can at their own firm,” said Sullivan. “Sit down. Have JosefPaul Yadgarov L. Wexler | Licensed| Licensed Real Associate Estate Real Salesperson Estate Broker | o: 212.836.1097 | o: 212.836.1075 | [email protected] | [email protected] conversations with them. Learn about some of their battles. Plan on being KathleenJosef Yadgarov Caracappa | |Licensed Licensed Real Real Estate Estate Salesperson Salesperson | |o: o: 212.836.1097 212.893.1441 | | [email protected] [email protected] “The challenge for people new in the business is that in this business, you extremely patient in the business. Commissions don’t necessarily come Kathleen Caracappa | Licensed Real Estate Salesperson | o: 212.893.1441 | [email protected] have to learn to specialize,” said Nelson. “Sometimes, people coming in in your first year. It takes time.” Fortunately, he has found, having the right The complete offering terms are in an offering plan from *Sponsor File No: CD110149 **Sponsor File No: CD890467 Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, don’t know what they want to do yet. They start chasing anything that mentors can speed up the learning curve. NY, NY 10065. All information furnished regarding property for sale or rent orThe regarding complete financingoffering terms is from are in sources an offering deemed plan fromreliable, *Sponsor but Corcoran File No: CD110149 makes no **Sponsor warranty File or No:representation CD890467 as to the accuracy thereof. All property information is presented subject to errors,Real omissions,estate agents price affiliated changes, withchanged The Corcoran property Groupconditions, are independent and withdrawal contractor of the propertysales associates from the and market, are not without employees notice. of AllThe dimensions Corcoran providedGroup. Equal are approximate.Housing Opportunity. To obtain The exact Corcoran dimensions, Group Corcoranis a licensed advises real youestate to brokerhire a qualifiedlocated at architect660 Madison or engineer. Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. S35

The Right Prescription For All Of Your Healthcare Real Estate Needs

AVAILABLE PROPERTIES

ARTIST RENDERING

RITZ TOWER MEDICAL CHARMING VILLAGE OFFICE THE DOWNTOWN MEDICAL BUILDING CORNER OFFICE MEDICAL LARGE GARDEN CITY MEDICAL 111 East 57th Street 20 East 9th Street 156 William Street 1060 Fifth Avenue 711 Stewart Avenue At Park Avenue At University Place Between Ann & Beekman Street Between 88th and 87th Streets Garden City, NY Size: 2,832 to 35,884 SF+/- for lease Size: 700 SF+/- for Sale Size: 24,000 to 124,000 SF+/- for lease Size: 1,200 SF+/- for Sale Size: 4,000 to 26,646 SF+/- for lease

UPPER EAST MEDICAL SPACE LARGE SUTTON AREA DENTAL MEDICAL OFFICE ACROSS FROM CP THE BEST OF PARK RUTHERFORD PLACE MEDICAL CONDO 260 East 67th Street 400 East 56th Street 1150 Fifth Avenue 740 Park Avenue 303 Second Avenue Between Second & Third Avenue At First Avenue Between 96th and 97th Streets Between 72nd and 71st Streets Between East 17th & East 18th Street Size: 5,200 SF+/- for lease Size: 3,257 SF+/- for sale Size: 1,630 SF+/- for Sale Size: 1,450 SF+/- for Sale Size: 2,170 SF+/- for sale

MOVE-IN CONDITION ON PARK UPPER EAST SIDE OB/GYN PREWAR ELEGANCE GREAT UPPER EAST SIDE LOCATION FABULOUS FIFTH AVENUE 885 Park Avenue 885 Park Avenue 955 Park Avenue 1095 Park Avenue 800A Fifth Avenue At East 78th Street At East 78th Street At East 82nd Street At East 89th Street At East 61st Street Size: 2,100 SF+/- for Sale Size: 1,900 SF+/- for sale Size: 678 SF+/- for Sale Size: 1,800 SF+/- for Sale Size: 1,468 to 6,477 SF +/- for lease

PARK AVENUE GEM CLOSE TO GRAND CENTRAL MOVE-IN CONDITION ON MADISON EXCELLENT UES LOCATION RARE SURGICAL CONDO 580 Park Avenue 20 East 46th Street 635 Madison Avenue 1199 Park Avenue 22 Perry Street/160 Seventh Avenue S At East 63rd Street Between Fifth & Madison Avenue Between East 59th & East 60th Street At East 94th Street At Waverly Place Size: 1,700 SF+/- for sale Size: 935 SF+/- for lease Size: 3,200 SF+/- for sublease Size: 1,100 SF+/- for Sale Size: 3,068 SF+/- for Sale

RARE UPPER EAST SIDE CONDO UPPER EAST SIDE MEDICAL OFFICE MEDICAL CONDO IN FT GREENE PRIME UPPER EAST SIDE LOCATION EAST VILLAGE MEDICAL 212 East 70th Street 215 East 72ND Street 55 Greene Avenue 157 East 81st Street 94 East 4th Street Between Second and Third Avenues Between Second and Third Avenues At Carlton Avenue Between Lexington and Third Avenues Between Second and First Avenues Size: 1,700 SF+/- for Sale Size: 1,050 SF+/- for Sale Size: 3,400 SF+/- for Sale Size: 2,700 SF+/- for Lease Size: 5,800 SF+/- for Lease

LARGE BLOCK ON UES PERFECT LOCATION ON PARK UPPER EAST SIDE MEDICAL OFFICE GREAT UPPER EAST LOCATION LAST CONDO UNIT LEFT** 157 East 86th Street 1065 Park Avenue 1095 Park Avenue 55 East 87th Street 225 East 64th Street Between Lexington and Third Avenues Between 87th and 88th Streets Between East 88th & East 89th Street Between Park & Madison Avenue Between 2nd & 3rd Avenue Size: 15,000 SF+/- for Lease Size: 4,200 SF+/- for Lease Size: 1,300 SF+/- for sale Size: 920 SF+/- for sale Size: 10,500 SF+/- for lease/sale

ACROSS FROM CENTRAL PARK UPPER EAST SIDE MEDICAL OFFICE LARGE SUTTON AREA DENTAL OFFICE SUTTON PLACE RETAIL BUILD TO SUIT 955 Fifth Avenue 203 East 72nd Street 400 East 56th Street 2 Sutton Place North 418 East 71st Street Between 76th and 77th Streets Between Second and Third Avenues At First Avenue York Avenue at East 61st Street Between First and York Avenues Size: 1,500 SF+/- for Lease Size: 450 SF+/- for Lease Size: 3,257 SF+/- for Sale Size: 2,000 SF+/- for lease Size: 6,525 SF+/- for Lease

The complete offering terms are in an offering plan from *Sponsor File No: CD110149 **Sponsor File No: CD890467 Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer. ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS

Upcoming Trends: office building located in the Hunts Point section is almost full, noted Ellen Israel, managing director at JRT Realty Group, a full-service commercial New York City real estate pros real estate firm in Manhattan. JRT was the leasing agent for the property. remain optimistic for 2016 One tenant is a city agency that occupies 200,000 square feet, she said. “That area is heating up,” said Israel. “There are some buildings around any industry professionals expect 2016 to be an exciting year for there that have decent bones. They have subway access.” New York City real estate, despite developments like the recent Mhike in interest rates, a softening in new office leasing, and the Also noted in Ariel’s report is the addition of three new hotels. One ripple effect of China’s economic slowdown is a 69-room Holiday Inn Express slated for completion in 2016 at 500 Exterior Street. “This has been a fantastic year for real estate in New York City,” said John H. Banks III, president of the Real Estate Board of New York The Bronx has seen an influx of investors developing vacant land, (REBNY). “There have been mega deals that have gone through, both especially in the South Bronx and the Mott Haven sections, noted Shkury. in terms of large properties and Stuy Town. There have been individual “You have the second wave of smaller developers going there mostly to buildings that have broken records for sale. There is so much positive build commercial but also residential rentals,” he said. about what is happening in real estate, and not just in the traditional Manhattan central business district. The growing strength of the real If the borough is to attract new residents, it will need to add more and estate industry in the other boroughs is a relatively new phenomenon better retail, according to Israel. “You can go for blocks and blocks I see continue to grow in the year to come and in the future.” without a coffee shop,” she said, adding that the Bronx also needs more drugstores, clothing stores, restaurants and supermarkets. Said Israel, Here’s a look at some of the key trends New York City real estate “In order to fill your building, you need to bring things people are going to professionals are watching in 2016. want.” She believes that landlords who are willing to offer attractive rents to such businesses will find themselves in a strong position. Queens has its moment Brooklyn gets even hipper From the growth of trendy lodgings like the Paper Factory Hotel to the Falchi building’s full occupancy by commercial tenants, all signs point to a strong Peter Hauspurg, chairman and CEO at real estate investment services firm year for Queens real estate, say local brokers. And hot neighborhoods like Eastern Consolidated, expects to see Brooklyn expand to its outer edges. Long Island City and Astoria aren’t the only ones percolating. “We’re going to see the continuation of the transformation of Brooklyn as it reaches into areas like Gowanus, East New York, and Bedford “You’re seeing pockets of strength in Flushing, Sunnyside and other markets,” Stuyvesant—areas that have not previously seen the kind of development said David Brause, president of Brause Reality, which specializes in the we’ve seen in Williamsburg, the Heights and downtown Brooklyn,” said long-term ownership, management and development of commercial real Hauspurg. estate assets. Brause is also chairman of both the Long Island City Business Improvement District and the Queens commercial division of REBNY. Affordable housing remains a concern

One draw for Long Island City is its accessibility to Manhattan, with As rents in many neighborhoods skyrocket, the demand for affordable abundant subway lines, ferry service into Manhattan and 11 new bike- housing will increase. “It’s interesting to see the city is allowing smaller share docking stations, Brause notes. units—or micro units—which might start to pick up steam,” said Shkury.

Local real estate experts say that one up-and-coming neighborhood to The proposed extension of the watch is Jamaica. New residential developments include The Dermot 421-a, tax abatement program Company’s Moda, which has brought 346 residential units to 153-30 89th for affordable housing Avenue, according to a report by Ariel Property Advisors. Currently in the within otherwise market- pipeline is The Crossing at Jamaica Station, BRP Development’s 584- rate buildings will help unit mixed-use project which will include affordable housing, the report adds. There are also two commercial centers under construction, a strong attraction for many business people who appreciate the neighborhood’s accessibility to John F. Kennedy Airport and other parts of the city. “It’s very close to express trains to Manhattan,” noted Shimon Shkury, founder and president of Ariel Property Advisors and member of REBNYs new Commercial Brokerage Upper Manhattan and Bronx Committee.

The Bronx continues to percolate

The Bronx, where Fresh Direct broke ground on a new 423,530-square-foot headquarters in 2014, should continue to attract interest from both businesses and developers in 2016, brokers say.

Technology firms, searching for more affordable space than they can find in Brooklyn and Manhattan, are fuel the growth, particularly in boroughs outside of Manhattan where it starting to poke around the northern borough for office space, according is more feasible to build residential units, said Hauspurg. But even for to local real estate professionals. pricier boroughs, Hauspurg says that change is afoot. “In Manhattan and Brooklyn and the luxury areas, you are seeing a switch from larger, more Meanwhile, government agencies, nonprofits and schools are also on the expensive units to price points that are more affordable,” he said. But in hunt for space. The BankNote Building, a 414,000-square-foot, Class B Manhattan, he added, that means “sub-$5 million.”

S37 CONGRATULATIONS

We salute

and the 2016 Awards Honorees for their contributions to the New York Real Estate Industry