VOL. 8 NO. 2 SERVING WESTCHESTER AND THE MID-HUDSON REGION APR /MAY 2009
Local Housing Market Feeling Negative Effects THE HANLEY of Last Fall’s Economic Downturn, Report Says REPORT WHITE PLAINS—Deepening reces first quarter of 2009, a decrease of 37 The Price Scenario sionary conditions in the autumn months percent from the first quarter of 2008. Prices also decreased, accord of 2008 markedly reduced real estate Westchester’s single family house mar ing to the report. The first quarter me activity in the Westchester region. ket was most affected, with a 41 per dian sale price of a single family house Plunging equity markets, rising un cent decrease. Putnam County clos in Westchester was $532,000, a de employment, weak corporate earnings ings were down by 31 percent from last crease of $90,500 or nearly 15 percent reports, and pre- and post-election jit year, the study said. from last year. That price level was last ters about economic policy and the un The first quarter normally posts the seen in 2003. Reviewing Positive known effects of the various stimulus lowest closed sales volume of the year, The Putnam County median of and bailout plans all combined to dis since it follows upon reduced sales ac Reactions and Two $411,250 was 20 percent lower than courage prospective homebuyers from tivity during the holiday season and last year’s. The Westchester decrease, Noteworthy Anniversaries entering the real estate market then. winter months. however, was not all a case of across- By JEFF HANLEY The result of the reduced marketing However, when the data are adjust the-board price depreciation. Rather, see page 2 and showing activity at the end of 2008 ed for such seasonality, the first quar much of it reflected a severe contrac was that far fewer closings were posted ter, 2009 rate of closings was down 31 tion in the volume of high-end sales. in the first quarter of 2009, an industry percent from the fourth quarter of 2008. Houses selling for $1 million or more study recently reported. The 850 Westchester closings were accounted for only 13 percent of all Realtor firms participating in the equivalent to an annual rate of only sales in the first quarter, whereas pri Westchester-Putnam Multiple List 4,230 sales, the lowest pace recorded or quarters have posted 20 percent or ing Service reported only 850 closed by the Multiple Listing Service since the CO-OP more, the study said. CONDO transactions in Westchester in the 1985-1990 period, the study said. Continued on page 3 CORNER Spano to Review “Westchester 2025” at June 11 Industry Meeting By Jeff Hanley, IMPACT Editor WHITE PLAINS – A new analysis from that highlights the input of Spano and that Westchester 2025 sets out a new Take a Close Look Westchester County on Land Use Poli the Westchester County Planning De framework for a planning partnership at Those “Claims of cies and their ramifications to the coun partment on a series of Land Use stud between the county and its 45 munici ty will be examined at the June Gener ies and positions. palities,” said Ken Nilsen, president of Savings” on Energy Bills! al Membership Meeting of the Building The meeting is entitled “Westchester the BRI. By HERB ROSE and Realty Institute (BRI). 2025 – What It Means to Our Region!” County officials have emphasized, see page 2 BRI officials recently announced that It is scheduled for Thursday, June 11, Nilsen added, that the summary is de the meeting will feature Westchester 6:30 p.m., at the Crowne Plaza Hotel in signed to assist Westchester County’s County Executive Andy Spano speak White Plains. government and its 45 municipalities ing on Westchester 2025, a summary “County officials have stressed to us Continued on page 3
COUNSEL’S Construction CORNER Compensation Insurance Group Announces a 25 Percent Dividend Real Estate Group Reports a 20 % Dividend By Jeff Hanley, IMPACT Editor YONKERS – New York State Work ers’ Compensation Group 458 – the compensation insurance group for the Builders Institute (BI) – recently an nounced a 25 percent dividend for the Court Denies Parking Space policy year ending June 29, 2008. The dividend was announced at the
to Shareholder, Claiming group’s annual meeting on May 27 at Photo by Myron Marcus the offices of Group Manager Levitt- Need as an Accommodation Fuirst Associates, Ltd. of Yonkers. It is ADDRESSING KEY ISSUES – “The Challenges to the New York Metro Region!” Under the Fair Housing Act in addition to the 25 percent advance was the topic of the May 14 General Membership Meeting of the Building and By Kenneth J. Finger, discount that group members are eligi Realty Institute (BRI). Richard Ravitch, the principal of Ravitch Rice and Co., Carl L. Finger and Daniel S. Finger ble to receive, spokesmen said. LLC and the former chairman of the Metropolitan Transportation Authority see page 5 Group spokesmen added that the (MTA), was the guest speaker. Pictured at the event are, from left to right, Ken Continued on page 3 Nilsen, president, BRI; Ravitch; and Albert Annunziata, executive director, BRI. PAGE 2 — IMPACT — APR/MAY 2009
CO-OP Take a Close Look at Those CONDO CORNER “Claims of Savings” on Energy Bills! can prudent board of directors change for not increasing the ture, the utility is attempting to do for their respective co-ops capacity in these same areas. modify demand and the need By HERB ROSE or condos? Participation in this program for all this investment. New in Economy comes only from will result in a building reducing vestment brings rate raises as less usage through fluores power usage by as much as 75 well. cent retrofitting and timing, so percent. This means new fix Application of DSM retro NEW YORK—When gaso based—are at a six-year low. that lights are off in daylight tures and replacing lamps with fitting, at present, appears to line is available for $2 a gallon, Future delivery contracts for hours. Deals with ESCOS more efficient lighting and has be focused on White Plains, why would anyone pay $3 a the next few years are also that pay off can only be made the double benefit of updating Harrison and certain streets gallon for the product? low. Recession consumption when the price is indexed to old receptacles, which would in Manhattan. Buildings who When electricity is produced is holding down demand and Con-Ed’s rates. eventually need replacement. have participated are express for six cents a kwh, why would the prospect for a 40 percent Yes, our friend Con-Ed is of Payback is represented as tak ing a very positive reaction to anyone pay 10 cents per kwh? rise in electric costs is a little ten the cheapest provider! ing about six months, but even the upgrades and savings. Recently, there have been far- fetched. Save by doing the math! a series of aggressive selling Participation in this program activities by ESCOS (energy Other Theories Herb’s Hints: service companies) and their A second argument for will result in a building 1) Install ceiling fans for agents to “sign-up” consumer buying from an ESCO is the air-conditioning comfort and buildings. 40 percent sales tax exemp reducing power usage by as economy. A close examination and tion (about one to two percent 2) Turn lights off when leav calculation of the resulting of the bill). Delivery costs are much as 75 percent. ing a space! rates often don’t match the ex sales tax free, when the prod Editor’s Note: Herb Rose is travagant claims of savings. uct (electricity) is bought from Big bargains are to be found a more realistic 12 months a co-op and condo consul- Recent charges by Con-Ed an outside supplier. Sales tax in a somewhat recent, un would result in a return of 100 tant. He is also a member have been as low as six cents is paid only on the electricity. derstated Con-ed plan called percent in a year. of the board of directors of per kwh. There is a separate In order to realize this econ “Demand Side Management” Greening the planet is rep The Cooperative and Con- box on your bill detailing the omy, the ESCO price must nev or DSM. Under this program, resented as another benefit, dominium Advisory Council kwh price. In contrast to this, er exceed Con-Ed’s charges. Con-Ed will subsidize retrofit since substantially less carbon of Westchester and the Mid- a recent proposal by an agent Aggressive selling being ting all the common area light dioxide is produced by the low Hudson Region (CCAC). for an ESCO was offering a done under the “power your fixtures. er usage. Rose can be reached at one-year contract at 10 cents way” heading has shown few An Important Pact Under Con-Ed’s DSM program, at [email protected]. In- per kwh! rewards. Consumers have a deal made with the Pub first mention, sounds like “pie formation on the CCAC can You could argue that the paid 21 cents per kwh when lic Service Commission last in the sky,” but the motivation be found at buildingandreal- price will go up. However, nat the Con-Ed rate was 14 cents, year, Con-Ed will spend $300 for this program is very prag tyinstitute.org. Details are ural gas rates—on whose pric fourteen cents when Con-Ed million-plus dollars to reduce matic. Instead of building new, also available by calling the es electric charges are largely charged 11, and so on. What demand in certain areas in ex expensive delivery infrastruc CCAC at (914) 273-0730.
THE HANLEY REPORT Reviewing Positive Reactions By JEFF HANLEY and Two Noteworthy Associate Director, Building and Realty Institute (BRI)/IMPACT Editor Anniversaries
ARMONK – “I couldn’t be hap That evaluation emphasiz The CCAC also helps its tor and Associate Director in their help since 1989. A word pier!” es how the BRI’s many events members with a variety of edu that span. And I look forward of thanks must also go to the Those are the words that can provide significant net cational, information, lobbying, to serving the association, its many colleagues I have met any staff member of a busi working channels. Those op insurance and referral servic members and members of the in the last 20 years. You know ness membership organiza portunities can eventually lead es. Simply put, the CCAC can building and realty industry in who you are. Again, thanks to tion longs to hear. When a to valuable contacts and new help your building or complex the years ahead. all of you. phrase of that type is received business growth. And those run more efficiently. It is staffed It is appropriate that I send a The time, as most would from a member, the organiza avenues are opened to suppli by veterans of the realty indus special word of thanks to Albert probably agree, moves more tion’s staff is thrilled. er and professional members try who are there for you on a Annunziata, executive director quickly as the years go by. With Members of the Building of the association at a very rea regular basis. It is most defi of the BRI, and George Frank, that being said – enjoy our lat and Realty Institute (BRI) staff sonable membership fee - $1 nitely a win-win situation for the former director, for all of est issue! received that exact phrase re per day, or $365 per year! All your facility. cently from a new member of things considered, it’s a “can’t CCAC officials said earlier the association – Mike Asch, miss” membership investment. this month that events mark a supplier of kitchen cabinets Just ask Mike Asch! ing the association’s anniver and other materials to the sary will be announced in the building and realty industry. Noteworthy weeks ahead. Asch joined the BRI last Anniversaries Another Anniversary January. He issued that eval And speaking of member uation after three months of ship issues, an affiliate organi There is one more anniver attending the association’s zation of the BRI is marking a sary worth citing. many programs and seminars. special anniversary in 2009. On Monday morning, March Asch has stressed that he is The Cooperative and Con 27, 1989, an excited and anx Publisher: ALBERT ANNUNZIaTA especially happy with the net dominium Advisory Council ious gentleman approached Executive Editor: Jeffrey R. Hanley working opportunities that BRI (CCAC), which represents the old Building and Realty In Editorial Assistants: peggie macdougall, Jane gill functions provide. more than 400 co-ops and stitute (BRI) offices in North Art Director: Bart d’andrea “I’ve made some valuable condos, is marking the 30th White Plains. He was very ea Photographic Consultant: barbara hansen contacts,” said the veteran of anniversary of its formation. ger to begin his role on the BRI Contributors: CARL FINGER, DAN FINGER, KEN FINGER, the kitchen cabinet industry. “I The CCAC was formed in staff as the association’s new ALEX ROBERTS, HERB ROSE have been a specialist in my 1979 as a resource for elect Assistant Director. Production: meadow art & design, fair lawn, n.j. area for 20-plus years. That That staff member is the Published By The Builders Institute/Building and Realty Institute. ed board members of co-ops Subscription, $20 Per Year, Included In Membership Dues. time includes experience in all and condos. The purpose of man pictured at the top of this ©2009, By The Builders Institute/Building and Realty Institute. All Rights Reserved. No Part Of This Publication May Be Reproduced In Any Form facets of the business, including the association is to broaden column. Or By Any Means Without The Written Permission From The Publisher. distributing, purchasing, sales and sharpen the knowledge It is truly hard to believe that Entered As Periodical Matter At Post Office, White Plains, NY 10610 and installation. I’ve had the op of board members to meet the 20 years have passed since USPS 259-900 portunity to stress that message big challenge of running their that day. It has been a plea IMPACT (USPS 259-900) Is Published Monthly For $20 Per Year By The Builders Institute/ at BRI meetings and I am very respective buildings and com sure for me to serve the BRI Building and Realty Institute, 80 Business Park Drive, Suite 309, Armonk, NY, 10504. Periodicals Postage Pending At Armonk, NY. satisfied as a new member.” plexes. in the roles of Assistant Direc POSTMASTER: Send Address Changes To IMPACT, 80 Business Park Drive, Suite 309, Armonk, NY 10504. IMPACT —APR/MAY 2009 PAGE 3
Local Housing Market Feeling Negative Effects of Last Fall’s Economic Downturn Continued from page 1 As a result of this change in Putnam County inventory, the contents of the real estate the report said, decreased by market basket, the mean sale 14 percent. The 2009 West price of a Westchester house chester inventory was actually fell to $695,176, a very large 26 less than that of the first quar percent decrease from 2008. ter of 2007, once again illus trating the volatility of the local The Condo & Co-op Scene market indicator in terms of the The condominium and co different forces that affect it, operative sectors fared better, the study added. the report said. The median In 2007 the inventory was sale price of a Westchester “high” because sellers were at condominium was $352,000, tracted to list by the still-favor a decrease of 7 percent able market conditions then. In or $28,000 from last year. 2009 the inventory could also The median sale price of a be regarded as “high,” but for Photo by Myron Marcus
The wild card that defeats A CCAC MEMBERSHIP MEETING – “Subletting – Examining the Ramifications to Your Build- ordinary supply and demand ing” was the topic of the May 4 membership meeting of the Cooperative and Condomin- ium Advisory Council (CCAC). Pictured at the event are, from left to right, Albert Annun- analysis in Westchester ziata, executive director, CCAC; panel members Jason Schiciano, insurance manager, CCAC; Carl Finger, Esq., counsel, CCAC; and Herb Rose, CCAC board member. More than continues to be the ability 50 members of the council attended the event at the Crowne Plaza Hotel in White Plains. of potential sellers to time their listing activity to market conditions.
Westchester cooperative unit the opposite reason, the study actually increased by 2 per noted. cent, to $179,500. At the same time, the 2009 inventory could also be re Inventories garded as exceptionally low, The inventory of MLS-listed considering the 37 percent de Westchester properties stood crease in sales volume. The at 6,324 units at the end of the wild card that defeats ordinary first quarter, an increase of 7 supply and demand analysis percent since last year. in Westchester continues to be Continued on page 4 Spano to Review “Westchester 2025” at June 11 Industry Meeting Continued from page 1 to “work together.” That effort, industry, as well as to the gen Photo by Myron Marcus county officials say, will help eral business community and county government and those the public.” DEALING WITH THE DOWNTURN - “How Building and Real Estate Companies Are Coping With the municipalities to eventually The meeting is open to all Economic Downturn” was the topic of the April 16 General Membership Meeting of the Building “speak with one regional vi BRI members. It is also open and Realty Institute (BRI). More than 50 building and realty industry members attended the event at sion, a vision that is critical for to non-members. Further infor the Crowne Plaza Hotel in White Plains. Pictured during the meeting, from left to right, are, Michael our area.” mation can be obtained by call O’Reilly, Paradigm Associates; Albert Annunziata, executive director, BRI; Damien Quinn, president, “We are urging our members ing the BRI at (914) 273-0730. Celtic Business Supplies; and Bruno Pasqualucci, vice president of sales, Mohawk Kitchens and More. to attend this meeting, it prom The BRI is a building, re ises to be a very important and alty and construction industry informative event,” said Albert membership organization. The Annunziata, executive direc association, formed in 1946, tor of the BRI. “County Execu has more than 1, 700 mem tive Spano will highlight the im bers in 14 counties of New portant points of Westchester York state. The BRI is based in 2025 to the building and realty Armonk. Insurance Group Announces Dividend Continued from page 1 group has now had 56 consec (CCAC) and the Apartment utive years of dividends. Owners Advisory Council Group 458 was formed in (AOAC) of the Building and 1951. Close to 1000 build Realty Institute (BRI), recent ing and construction industry ly announced a 20 percent members participate in the dividend for the policy year group. Contractors, Sub-Con ending June 1, 2008. tractors, Suppliers and Reno The announcement was vation/Remodeling companies made at the group’s annual are eligible for the program, meeting on Apr. 29 at the of Photo by Myron Marcus spokesmen added. fices of Levitt-Fuirst Associ Group 530 Announces ates in Yonkers. Its Dividend More than 500 coopera EXAMINING THE EFFECTS OF THE STIMULUS FUNDS - “What Can the Westchester and Hud- tives, condominiums and son Valley Region Expect From The Federal Stimulus Funds?” was the topic of the Mar. 19 Gen- Safety Group 530, the com rental buildings participate in eral Membership Meeting of the Building and Realty Institute (BRI). Pictured at the event are, pensation insurance group the group, spokesmen said. from left to right, Ken Finger, chief counsel, BRI; Ken Nilsen, president, BRI; Albert Annunzia- for the Cooperative and Con The program was formed in ta, executive director, BRI; Ross Pepe (speaker), president, Construction Industry Council (CIC) dominium Advisory Council 1990. and Frank McArdle (speaker), senior advisor, General Contractors Association of New York.
PAGE 4 — IMPACT — APR/MAY 2009
Local Housing Market Feeling Negative Effects of Last Fall’s Economic Downturn Continued from page 3 the ability of potential sellers to real estate market, the report time their listing activity to mar added. ket conditions. As of March 30, 2009, the report said, they A Possible Positive were still largely withdrawn The Westchester region’s from the market. close dependence on the bank ing and financial sectors – which The Effects of Wall Street brought the real estate reces The report said that it ap sion home to the region with pears from the dismal first- special severity and speed – may also be the factor that reju venates the local market as con The Westchester ditions improve, the study noted. It appears, the report said, region’s close that the “bail out” mechanisms dependence on of the Obama administration and Congress have served to the banking and stabilize the banking sector, financial sectors and the stock markets appear to have stabilized as well. – which brought The administration and the real estate Congress have also enacted legislation to mitigate the mar recession home ket-corroding effects of fore to the region with closures (“The Making Home Affordable Program”). West special severity chester does not have a se vere local problem with fore and speed – may closures, but will nevertheless also be the factor benefit if nationally some mea sure of control is achieved, the that rejuvenates report said. the local market Add to that factor the re sumption of mortgage lending as conditions by community banks, mort improve, the study gage interest rates that are still very low, and inducements to noted. buy such as the $8,000 first- time homebuyers credit, and quarter results that the West it can be argued that a frame chester real estate market work of conditions and policies was particularly hard hit by the is in place to take advantage chaos that occurred in the eq of any confidence-building uity markets during the autumn turnarounds in the general of 2008. The Dow Jones in economy that may occur, such dex fell by 25 percent from late as lower unemployment and September to mid-October, fol higher corporate earnings. lowed by a similar large decline The Westchester-Putnam in the first half of November. Multiple Listing Service, Inc. Higher-income households (WPMLS) is a subsidiary of the North Street Community Announces a heavily vested in stocks Westchester County Board of watched their portfolios plunge Realtors, Inc. (WCBR) and the Joint Venture to Develop an Assisted in value, thus putting a chill on Putnam County Association of any thoughts of home buying, Realtors, Inc. WPMLS serves Living Facility in White Plains according to the study. nearly 900 real estate offices Increasing unemployment having listings in the Bronx, WHITE PLAINS—North Street said Jan Burman, president of adjacent to the city’s down in the financial services indus Westchester, Putnam and Community recently announced The Engel Burman Group. town, four residential buildings tries also put a damper on the Dutchess counties. that it has signed a joint venture and an expansive club building agreement with The Engel Bur The Plans will be inter-connected by all- man Group to develop an assist North Street Community’s season pedestrian walkways. ed living community at the for plan calls for adaptively rede The club will offer a wide range Mack-Cali Announces Public mer St. Agnes Hospital in White signing the 150,000-square- of amenities for residents, in Plains. foot former main hospital build cluding a lap pool, spa and The Engel Burman Group is ing into an assisted living com various dining venues. Park Offering of Common Stock a full-service real estate com munity, with a separate area for ing will be provided in below- pany that owns, constructs those residents with memory ground garages. EDISON, N.J.—Mack-Cali ings under its unsecured re and manages industrial, office, loss associated with dementia. North Street Community Realty Corporation recently volving credit facility and for retail and residential properties “We are very pleased to is currently renovating a announced that it has com general corporate purposes. throughout the eastern sea have a company of this cali 72,000-square-foot building menced a public offering of The offering will be made board of the U.S. The privately ber, financial strength and se on the campus into a state-of- 6,500,000 shares of com pursuant to a prospectus sup held company developed and nior housing experience as the-art medical office complex mon stock. plement to the company’s pro operates The Bristal Assisted our joint venture partner in the called the Westchester Medi The company said that it spectus, dated November 26, Living communities, with loca development of this important cal Pavilion. The company is expects to grant to the under 2008, filed as part of the com tions in Westbury, East Mead new community. Engel Bur investing more than $4 million writers for the public offering pany’s effective $2 billion shelf ow, North Hills, Massapequa, man’s reputation for excel in enhancing and upgrading an option for 30 days to pur registration statement. Lynbrook and North Wood lence in the development and the four-story building. Ap chase up to 975,000 addition Mack-Cali is a fully-inte mere, N.Y., project officials daily management of assisted proximately 40 percent of the al shares of common stock grated, self-administered, said. living facilities is unsurpassed,” building is already occupied by to cover over allotments, if self-managed real estate in “We are excited about the said Alfred Caiola, a principal medical-related tenants, proj any. Merrill Lynch & Co. and vestment trust (REIT). The opportunity to convert St. Ag in North Street Community. ect officials said. Deutsche Bank Securities will company provides manage nes Hospital into a first-class North Street Community said The North Street Commu serve as the joint book-running ment, leasing, development, assisted living community, pro that is also plans to build 335 in nity acquired the St. Agnes managers, spokesmen said. construction and other tenant- viding a much- needed service dependent living condominiums property in 2004. Its redevel Mack-Cali said that it plans related services for its Class A to the residents of White Plains for those 60 and older. opment plan for the site was to use the net proceeds from real estate portfolio, officials and the surrounding areas,” Set in a quiet, wooded area approved in 2007. the offering to repay borrow said. IMPACT —APR/MAY 2009 PAGE 5
apartment and that the vehicle quested accommodation and COUNSEL’S be registered in New York, did the disability, and the present not preclude the shareholder’s nature of the need for the ac CORNER enjoyment of the home. In fact, commodation are significant By Kenneth J. Finger, the Court held that the request factors and should be consid Carl L. Finger and of the shareholder in this case ered by all landlords, including Daniel S. Finger would afford him greater rights cooperatives and condomini Finger & Finger, Chief Counsel, than other shareholders, i.e. ums, when reviewing such an Building & Realty Institute (BRI) the right to store the car rather application. than to park the car. It is important to note that The Court held that the ex while in this case should the Court Denies Parking Space to Shareholder, emption sought was not relat shareholder return to the prem ed to the disability or special ises he may of course request Claiming Need as an Accommodation need but to ensure that, if in the an accommodation, this deci future the shareholder needed sion still was a substantially ben an accommodation, an even eficial decision to the Board’s Under the Fair Housing Act tuality which was in no way as authority to commence and WHITE PLAINS—A recurring ness of the cooperative or con signed a parking space several sured, it would be fulfilled. prosecute the action, and in es sentially upholding the analysis theme in Westchester and the dominium. decades prior to the case. The Additional Findings New York area is the attempt In the case examined by this shareholder, however, had not it underwent in denying the re of many tenants to obtain and article the facts pertained to a resided in the apartment as his The Court particularly not quested accommodation. maintain benefits not normal cooperative. The cooperative primary residence for several ed that the many other share Editor’s Note: Finger and ly accorded them through the had severely limited parking years, but did have a car in the holders were being inconve Finger, a Professional Cor space which was registered out nienced by the lack of parking poration, is based in White of state and had not been driv and thus the idea that a future Plains. The firm is chief It is important to note that en in several years. The share need might require an accom counsel to the Building and while in this case should the holder claimed a disability and modation was not founded. Realty Institute of West that the space was required The upholding of the need for chester and the Mid-Hudson shareholder return to the to accommodate that disabil a relationship between the re Region (BRI). ity, especially in the event he premises he may of course should return to the premises request an accommodation, at sometime in the future. this decision still was a The Analysis substantially beneficial The Court began its analy sis with a review of the busi decision to the Board’s ness judgment rule. The authority to commence and Court found the cooperative was authorized to commence prosecute the action. the action and seek posses sion of the parking space. The Court found that, as long as the Board acted in good faith use of the Fair Housing Act in available, less than one space within the scope of its author a proactive fashion. for every two apartments. ity, and for cooperative purpos This is true not only in stan Parking was thus a valuable es, it must defer to the Board’s dard rental situations, but in co commodity in this cooperative, decision. The Court therefore operatives and condominiums as with many in Westchester. appropriately indicated an in as well. However, the coop The cooperative required that tention to defer to the decision- erative and condominium cas shareholders assigned park making process of the board. es implicate not only the Fair ing spaces actually reside at The Court reviewed the law Housing Act, but the so-called the cooperative for more than and noted that the Fair Hous “business judgment rule.” half the year and that the vehi ing Act is intended to afford The Business Judgment cles be registered to the share disabled individuals the right Rule in New York State ac holder with New York State to equal enjoyment of their cords cooperative and condo registration and insurance. homes. However, in this case, minium boards discretion in The shareholder owned the the rules of the Board, i.e., that the management of the busi apartment and had been as the shareholder reside in the PAGE 6 — IMPACT — APR/MAY 2009
Development Overview: Developments In “The River Towns” Offer A Winning Combination for Local Buyers By Tim Hays, Hays Media LLC TARRYTOWN —Chuck Pate year make that money in New they might do under these But in historic Tarrytown, 35 middle, and high schools. The man built his first home in the York City. They have to live “panic” conditions. minutes north of Grand Central police precinct is 1,000 yards Hudson River Towns area of somewhere. Manhattan offers “Sit it out,” was the advice of Station, you might have 1,000 away. The Fire Department is Westchester County in 1974. its residents tiny apartments of another broker. “Glad we did,” square feet for less than that a two-minute response, while Pateman, a member of the 750 square feet for upwards of Dan Frank now says. That Lower Manhattan flat. And, the Yacht Club is a short walk Building and Realty Institute a million dollars. That scenario Circle Drive home is worth up you will feel “environmentally ing distance. Midtown Manhat of Westchester and the Mid- can make the suburbs become wards of $1.1 million. It takes correct,” for much less money tan is 35 minutes away. Hudson Region (BRI), put up a really desirable. Frank 40 minutes, including than you would pay in SoHo. And in Tarrytown, where simple, two-story spec-house Long Island, and Bergen walking, to get to his Manhat And much less hassle! housing values have remained on a 50 x 100 lot in Irvington, County (N.J.) offer some nice tan office. Hudson Harbor is a “green” steady, buying a home in Hud 30 minutes north of New York homes - if you want to spend Jim Lane, a public rela development that was sched son Harbor is an investment City. After sweating it out, Pate a lifetime commuting, on the tions executive, bought his tri man sold that attractive Cape bus, or on the Long Island Rail plex town home in Irvington in Cod for $65,000. When he last road, that is, they then become 1988, for $600,000. When the looked in early January, that good housing “alternatives.” author visited him in 1992, its The Hudson River Towns make earnest home, in downtown Say “goodbye” to three hours value had declined to about up the most resilient real estate upscale Irvington, was worth of your life each day! $400,000. Lane lamented the just north of $500,000. But 30 friendly minutes to decline, but told me it was a market in the United States. Despite a stagnant year in the center of Manhattan by “temporary” devaluation. Right Westchester County’s real es train? Where else can you find he was! Jim Lane was off to tate market—as well as a stock that but in the River Towns? be Nelson Mandela’s spokes uled to be completed in March. that will grow over time. It’s market crash—Pateman’s Certainly, not on the Long Is man. When Jim returned, in It is on the Hudson River, a proved by economic statistics. 1,800-square foot spec-house land Railroad, or by bus from 1994, he learned that his town brief five-minute walk from the The Hudson River Towns had appreciated 769 percent New Jersey. home had just been valued at Tarrytown train station. Hud make up the most resilient real over 34 years. The Hudson River Towns $900,000. He sold it a year lat son Harbor, according to its estate market in the United As Pateman, whose roots are comprised of the incorpo er for $1 million! builders, National Resources, States. The author remem go to the early 20th Century rated villages of Hastings-on- was reclaimed from an old bers Orange County, Calif., in in Irvington, was launching his Hudson, Dobbs Ferry, Irving A Goal of Home Builders Consolidated Edison plant. the 1970’s, when an explosion career as a homebuilder, Con ton, historic Tarrytown, and As the demand for a con It was then abated and ap of prices there caused a huge gress was, for the first time, Sleepy Hollow on the east side venient commute to New York proved to be environmentally valuation of home prices. making gold available to indi of the Hudson. Demand for City has increased, home suitable, and will be a commu But, what about that $1 mil vidual buyers. Gold closed the housing in these small (three builders have sought to satisfy nity of town homes with its own lion dollar home in Corona del year 1974 at $195 an ounce. At square miles or less) villages is the housing demand for wage restaurants, cleaners, health Mar in 1978? Its value has the end of 2008, you could buy great, owing to their proximity earners. Want to buy that nice, club and other amenities. barely kept up with inflation. an ounce of the precious met to New York City, where a ma one-bedroom apartment in Hudson Harbor is a part And, what about that co al for $904, an appreciation of jority of the River Town wage- SoHo? Great! It’s only a mil of the River Towns, where lonial home atop the hills of 463 percent. earners travel to work. lion bucks for 500 square feet. schools, environment, and Tarrytown that was worth As “demand” goes, it’s not In the morning, a leisurely Plus another thousand or so a public safety are paramount. $200,000 in 1978? It just sold surprising that the Irvington ride on a Metro North commut month for common charges!! Ten minutes to the elementary, last year for $1,049,000! home Pateman slaved over er train takes 30 to 40 minutes, can command half a million with magnificent vistas of the dollars today, and has greatly Palisades, providing an anti outpaced the value of gold. dote to the bustle of the con Developer Receives CPC Loan to And that small home’s value is gested highways. in the middle of the market. Pateman has since built Specifics Acquire/Rehab Poughkeepsie Site more than 250 single family Dan Frank, an editor at a HAWTHORNE—The Com Martin, plans to completely provide financing to the Per dwellings, including a 28-unit major book publishing com munity Preservation Corpo rehab the building and cre sicos. They have contributed subdivision adjoining Irving pany in New York City, bought ration (CPC) recently closed ate two apartments and two significantly to the ongoing ton and Tarrytown, its north his home in Hastings-on-Hud on a $225,000 loan to a ground-floor retail/office revitalization of downtown ern neighbor. Most of his son with his wife in 1989. They long-time borrower to ac spaces. The work will include Poughkeepsie by owning hand-crafted homes are val paid $210,000 for a three-bed quire and rehabilitate a city- a new roof, windows, brick and managing 15 buildings ued near $1 million dollars, room house on Circle Drive, owned vacant, three-story pointing, all new mechanical with approximately 100 units. many of them more than that. overlooking the Hudson. Frank mixed-use brick building in systems and interior finishes, CPC is proud to continue The average price of a house was shocked, and scared, two Poughkeepsie. project officials said. being the lender of choice sold in Irvington in 2008 was years later during the reces The property, which is at Rents for the apartments for the Persicos on these $1,059,663. sion of 1991. He realized his 12 Noxon Street between will be competitively priced notable rehabilitation proj house was “under water”— its South Avenue and Acad at $950 per month for the ects,” said Sadie McKeown, A Desirable Location value, according to a local bro emy Street, is adjacent to four-room unit and $1,200 regional director of CPC’s A majority of Americans who ker, was only $180,000. The the Poughkeepsie Public Li per month for the five-room Hudson Valley office, which earn more than $200,000 a Franks scrambled to see what brary. It is in a neighborhood units. The commercial space handled the loan. of 1- to 4-family homes and will be rented for $12 per “We are excited to have small apartment buildings square foot, officials added. this opportunity of trans and is in close proximity to Mr. and Mrs. Persico are forming an older and vacant Building Superintendent With Main Street shopping and long-time CPC borrowers. property into an attractive Route 9. They have completed nu and affordable residential Years of Experience The Poughkeepsie City merous CPC financed proj and commercial space in the In All Phases of Building Council approved a bid by ects in Poughkeepsie, in heart of Poughkeepsie,” said Homestead and Martin, LLC cluding 553-561 Main Street Marc Persico. Maintenance Is Seeking A to purchase the property and 4 North White Street, The loan will be insured “Live-In” Position. for $120,000. The remain consisting of a gut rehab of by the State of New York ing balance of the CPC loan five buildings with 23 apart Mortgage Agency, CPC offi Please Call (914) 406-1551 will fund a portion of the hard ments and one storefront. cials said. construction loans, a contin They also completed a rehab CPC is a not-for-profit or (914) 337-7021. gency and a construction in of 548 Main Street into 10 mortgage lender that financ terest reserve. The city also apartments and a storefront. es residential multifamily de provided a HOME grant of Kevin Martin is a general velopment throughout New $160,000, which will be used contractor who has served York, New Jersey and Con for the hard construction as a construction manager necticut. Since its founding costs. on the past several CPC fi in 1974, the company has Homestead and Martin, nanced projects with the Per invested more than $7 billion whose principals are Marc sicos, project officials said. in more than 150,000 units and Moira Persico and Kevin “CPC is again pleased to of housing, spokesmen said. IMPACT —APR/MAY 2009 PAGE 7
Supplier Commentary: Amid Recent Oil “Shorts,” Managers and Owners Are Urged to Be Vigilant NEW YORK—Recent reports and maintain accurate records, ther and worked with a U.S. that he receive a credit for ed, inaccurate oil gauge tech of some scattered heating oil the representatives said. Energy Group client support the 200 gallons shorted. The nology, developed when the “shorts” have building owners representative to confirm that trucker agreed to use the Veri price of oil was less than a dime and property managers look Examples 340 gallons was, in fact, miss fier® Digital Fuel Gauge for bill a gallon. Additionally, in build ing carefully at some of their The most famous oil short ing. The property manager ing in the future. This outcome ings which used this inaccurate heating oil bills, according to a story involved the July, 2007 for the building confronted was possible because of the manual verification, sometimes recent commentary. high-profile FBI sting of two the vendor, who replaced the record-keeping function of the the Super could not physically Funds are tight in this cur major oil delivery companies missing heating oil, U.S. Ener Verifier,® U.S. Energy Group even get to the air-pump or the rent economy and oil is always and their indictment for steal gy Group officials said. officials said. tank to take a reading, and if he a major cost factor in operating ing over $75 million worth of oil. In another recent case, the Part of the problem is that found an error it was his word a building. As a result, prop But, too frequently, there have owner of a 1970’s Westchester the truck meters have inaccu against the oil delivery compa erty managers are setting up been informal reports of pump co-op, with 96 families and a racies built into the technology, ny’s, officials said. systems of verification, such ing oil into adjacent tanks, mix 5,000 gallon above ground and if the oil is pumped faster or For 30 years, U.S. Energy as U.S. Energy Group’s Veri ing air with oil and tampering tank, had been lax in compar slower, or if it is overheated, the Group, company officials said, fier® Digital Fuel Gauge, the with truck tickets, spokesmen ing his delivery tickets to the meter will have a different read has been on the side of build accurate (to 1/10th of an inch) for U.S. Energy Group said. Verifier,® U.S. Energy Group ing. With the Verifier® retaining ing owners and managers with and independently-monitored, Two recent stories of deliv officials added. details, including the speed of a heating control (EMS) prod record-keeping fuel gauge, ery shorts have the industry When he did so a month lat delivery, patterns based on the uct that significantly reduces which can be monitored via buzzing once more, U.S. En er, he found that out of six of his speed, specific trucks and sea fuel use. Now, the patented phone or Internet connection, ergy Group officials said. In deliveries of #4 oil, two of them sonal differences can be found. Verifier® Digital Fuel Gauge is product representatives said. Washington Heights, the super were short by over 100 gal Once a verification system is accurate (to 1/10th of an inch). Oil shorts are more preva in a six-story, 60-family, pre- lons. The vendor was contact implemented, shorts are identi The device is also the only in lent in the winter, when deliv war building which recently in ed and, on the next delivery, fied, vendors are more careful, dependently-monitored fuel eries are more frequent and stalled a Verifier® Digital Fuel officials from both companies and deliveries become accu gauge specifically designed quantities are higher. Howev Gauge on the building’s 4,000 were present to observe. rate, officials added. to verify deliveries and prevent er, some buildings use oil for gallon above ground tank, The oil line was cleared a Historically, the oil delivery theft, spokesmen said. the boiler with chillers for their looked at his truck ticket and number of times and the de process relied on an outmod air conditioning systems, so noticed it reflected a 340-gal livery was done very slowly. shorts are a year-round prob lon short of #6 oil, when com The amount delivered was lem, with the most susceptible pared to the Verifier® reading. actually over this time by 26 NARI Sets Its Latest “Green” buildings being those which do Knowing, of course, that his gallons. The owner agreed to not currently monitor their de Verifier’s digital reading was pay for the 26 additional gal liveries digitally and diligently accurate, he looked into it fur lons and, in turn, requested Remodeling Course DES PLAINES, IL—The Na • Deconstruction vs. Demoli tional Association of the Re tion Foundation modeling Industry (NARI) • Framing recently announced the • Roofing scheduling of its next “Green • Insulation HVAC Remodeling Course.” • Electrical The association’s next • Renewable Energy “Green Education Series” is • Appliances scheduled to begin June 8. • Plumbing The class will meet once a • Exterior Finishes week for two hours via a tele • Interior Materials & Finishes conference/webinar platform • Landscaping starting on June 8. The course • Green Marketing will run from 5 p.m. to 7 p.m., NARI officials said that the Pacific Time. It will last for 12 course is designed to provide weeks. participants “with a solid foun The class consists of 16 top dation in Green Remodeling.” ics related to green and sus For further information, call tainable remodeling, including: NARI at 1-800-611-NARI. In • Basic Building Science quiries will also be accepted at • Indoor Environmental Quality [email protected]. Atria Briarcliff Manor Unveils $5M Makeover BRIARCLIFF MANOR—Lo celebrating its place in Briarcliff cal community and business Manor with local leaders and leaders recently joined Atria emergency personnel, officials Briarcliff Manor residents and added. employees in celebrating their “We share a common goal newly refurbished community. and that is to protect area se The event showcased the niors and enhance their qual results of an almost $5 million ity of life,” said Wendy Palmi renovation project at the com ero, executive director of Atria munity, which is home to more Briarcliff Manor. “The outcome than 100 seniors, event offi of this project is a beautifully cials said. renovated building that I know The project enhanced com our residents are proud to call mon areas, the bistro and the home.” theater, as well as the well The one-year project was ness center and memory-care designed by New York City- neighborhood. The project based Gruzen Samton, offi also upgraded apartments cials said. throughout the facility, im Atria Senior Living Group, proved an emergency call the nation’s fourth largest as system and rejuvenated land sisted living owner-operator, scaping that surrounds the provides respectful, quality community. care that helps approximately In addition to the debut of its 13,000 older people live life to new community, Atria Briarc the fullest, spokesmen said. liff Manor also looks forward to PAGE 8 — IMPACT — APR/MAY 2009
Development Case Study: Luxury Condos Offer a Variety of Options NEW CITY—Sales have be complex has three floors, with “Demarest Court offers to offer, project officials said. “Demarest Court is conve gun at Demarest Court, a cul- three or four condominiums high-quality living,” said James Route 304 provides rapid niently located,” said Damiani. de-sac community of 10 com on each floor, accessible by el Damiani, a licensed real estate access to Bergen County, N.J. “It’s close to public transpor pleted luxury condominiums evator. salesperson with Prudential and to other areas of Rockland tation, easily accessible and at the intersection of Demar Units range from 1,100 to Rand Realty and the exclu County, including Pearl River, near the heart of New City – est Avenue and American Le 1,600 square feet. Each unit has sive listing agent for Demar Nanuet and Haverstraw. It is just minutes away from all that gion Way in New City. nine-foot ceilings, oak flooring, est Court. “These units are also close to the Palisades In Main Street has to offer, includ There are currently eight central air-conditioning, GE Pro designed for luxury and conve terstate Parkway and the New ing shopping, restaurants and units available for occupancy, file stainless-steel kitchen appli nience. They provide an abun York State Thruway. an assortment of businesses.” project officials recently an ances, granite countertops, a dance of amenities, beautiful nounced. laundry room with a washer and finishes, raised panel doors, The community, built by a dryer, crown moldings, a two- elaborate trims and a keen at Richard and Maria Straniere of car garage and walk-in closets. tention to detail.” BOMA Annual Hall of Nikko Construction, offers two- Most units have two bathrooms, Demarest Court is off of and three-bedroom condomin one of which contains a Jacuzzi- Route 304 and is close to all Honor Dinner Salutes iums starting at $519,900. The style or jet bathtub, officials said. that the hamlet of New City has Fordham University, Reckson WHITE PLAINS – Nearly 200 properties are 360 Hamilton TECH TALK members of Westchester in White Plains, The Summit County’s commercial real es in Valhalla and the Reckson Evaluating Your tate industry joined together Executive Park in Rye Brook. on Apr. 30 to honor Fordham John Barnes, senior vice pres University and Reckson, a di ident and senior director of Expertise Regarding vision of SL Green, at the 18th Reckson, accepted the award. Annual Hall of Honor Awards In addition to the Hall of Hon Dinner of the Building Owners or Awards, BOMA Westches the Internet and Managers Association of ter also presented The Best of By Andrea Wagner Westchester County (BOMA). BOMA -- Westchester County’s Wagner Web Designs, Inc. The event was at Abigail Signature Awards and The Of Kirsch at Tappan Hill in Tarry fice Building of the Year Awards YORKTOWN HEIGHTS—Are 5. Which of these is NOT a A. Track visitors town. The honorees were rec recognizing excellence in prop you “Internet Savvy?” Take search engine? B. Increase revenue ognized for their contributions erty management. this short quiz to see if you A. Dogpile C. Act as a portfolio to Westchester’s economy. BOMA Westchester is the measure up. B. Ask Henry D. Prepare dinner Fordham University recently county’s leading profession C. A9 1. URL stands for: 11. Which of these is not stan opened its new Westchester al organization dedicated to D. ChaCha A. Universal Resource Lo dard code for websites? campus in Harrison. The three- meeting the needs of building cator 6. Hosting a website is: A. HTML story, 62,500 square-foot build owners, property managers B. USA Resource Link A. How search engines find B. PHP ing is set on 32 landscaped and allied professionals and C. USA Registered Link your site C. DMOZ acres at 400 Westchester Av trades people, association of D. Unknown Referred Lo B. Having it maintained by a D. ASP.net enue. It is home to the adult ficials said. cator webmaster The Results undergraduate program, as BOMA Westchester is an 2. When someone sends you C. An Internet service pro well as the graduate schools affiliate of BOMA International, a “tweet,” you: vider that gives you a Answers: (1) A; (2) D; (3) C; of Social Service, Religion and the oldest and largest associa A. Receive periodic updates parking spot for your site. (4) B; (5) B; (6) C; (7) A; (8) C; Religious Education, Educa tion of the office building indus on birds D. Inviting your friends and (9) C; (10) D; (11) C. tion and Business Administra try, with more than 100 federat B. Have received email from associates over to unveil All Correct: Bravo! You are tion. Dr. Brian J. Byrne, vice ed associations in the U.S. and someone in your “Twitter your new site an Internet expert, now walk president of administration for around the world. Collectively, Family” 7. Which one of these is not a away from your computer and Fordham University, accepted BOMA members are respon C. You have been spammed social networking site? get some fresh air! the award. sible for the management of by “Twitters” A. Your mama *8-10 Correct: Congratula Reckson, a division of SL 8.5 million square feet of office D. Receive notifications of B. Buzznet tions! You are internet savvy Green, owns and manages space in North America, offi information requested to C. Facebook enough to get by – your time office buildings in Rye Brook, cials added. be tracked D. Badoo on the computer is well-spent. White Plains, Valhalla and Tar 3. Which of these is not a web 8. Which of these is not a do *4-7 Correct: You use the rytown. Among its prestigious browser? main name extension? internet only when needed, A. Firefox A. .info leave it to the next generation. Winners: The Best of BOMA — B. Mozilla B. .biz *0-3 Correct: Alert! Stay off Best Green Initiative: C. Yahoo C. .rhino of your computer! What you D. IE D. .tv C.W. Brown Inc., Thornwood don’t know can hurt you! Owned by Renee and Charles W. Brown, Jr. 4. Placing a sponsored listing 9. You get a domain name by: Editor’s Note: Wagner Web Comeback Building of the Year: in Google is: A. Bidding Designs, Inc. is a web design Westchester One, White Plains A. Free B. Buying company based in Yorktown Owned by 44 South Broadway Property, LLC, B. Called Pay-per-click C. Leasing Heights. The firm special- an affiliate of Beacon Capital Partners LLC, C. Called paper-click D. Stealing izes in providing services to Managed by Cushman & Wakefield, Inc. D. Fee based on how popu 10. Your website can do all the small businesses. The Office Building of the Year: lar your site is following except: Renovated Building Category 150 Grand Street, White Plains Owned and Managed by Reckson, a division of SL Green Under 100,000 Square Foot Category CPC, Beacon Combine for a 400 Westchester Avenue, Harrison “Main Street Summit” Owned and Managed by GHP Office Realty BEACON—Continuing its which was on Apr. 17, focused ley. He was followed by two lo successful Hudson Valley on the challenges business cal developers — Ron Sauers Main Street Summit Series, owners face in the turbulent and Doug Berlin — who began the Community Preservation economy with an emphasis on the process of jumpstarting Corporation (CPC) recently marketing and economic de development in Beacon more teamed up with the City of velopment strategies to help than a decade ago by rehabili Beacon to present a free work retail stay afloat in Beacon and tating several properties along shop entitled “Key Main Street the surrounding villages, pro the then neglected strip of East Topics in Today’s Economy.” gram officials said. Main Street and providing The summit was at the How Beacon Mayor Steven K. quality residential units atop land Cultural Center on Main Gold kicked off the summit first-class commercial space, Street in Beacon. with an account of the strides officials added. The third in a series of sum the city has made to become Topics covered at the con mits introduced by CPC last a hub for art aficionados ference were: Tips for a Re year, the most recent session, throughout the Hudson Val Continued on page 10 IMPACT —APR/MAY 2009 PAGE 9 The Club at Briarcliff Manor Receives Certificate Of Authority from New York Approval Represents a Major Milestone For New Continuing Care Retirement Community To Be Built on 59-Acre Site BRIARCLIFF MANOR—The This is a major step forward for sional staff will provide assist Fitness Center and Supportive private library; a multi-media Club at Briarcliff Manor, a new our project, which will redefine ed living, memory support and Living Center. business center with wireless fee-for-service Continuing the concept of luxury retire skilled nursing care on-site 24 The Lower Village homes Internet; surround sound the Care Retirement Community ment living in this region,” said hours a day, spokesmen said. will consist of 13 free-stand ater; 24-hour security; and (CCRC), recently announced Matthew K. Phillips, president The Club will offer a unique ing villas and 24 Townhomes extensive walking trails and that it has received a Cer and chief executive officer senior living experience that designed for today’s active pond. tificate of Authority from the of Integrated Development combines elegantly designed adult lifestyle with first-floor Among the services to be New York State Department of Group, the developer of The residences and a wealth of life master suites and attached included are concierge; inte Health (DOH). Club at Briarcliff Manor. rior and exterior maintenance, The Certificate of Authority, Phillips said the State’s is utilities, lunch and dinner in which was unanimously ap suance of the Certificate of Au “This approval shows that our two dining rooms; weekly proved by the State Continuing thority is significant on several ownership group has met the housekeeping and linen ser Care Retirement Community levels. vices; valet parking; regularly Council, represents a major “This approval shows that State’s standards for experience scheduled transportation to milestone for the $300 million our ownership group has met and competency. It also shopping and medical appoint development and culminates the State’s standards for ex ments, and educational, social a nearly two-year intensive li perience and competency. It demonstrates that our projected and cultural events. censure application process. also demonstrates that our development costs and financing Entrance fees for residenc The Club at Briarcliff Manor projected development costs es, which are 90 percent re is only the 14th CCRC in New and financing structure satisfy structure satisfy the State’s fundable, will start at $750,000. York State to have received the State’s feasibility require Monthly fees for amenities and state approval, officials said. ments,” he said. feasibility requirements.” services are projected to start “We are delighted to have Integrated Development —Matthew K. Phillips, at approximately $3,400. Ser achieved this important mile Group, a full service real es president and chief executive officer of Integrated vices provided by the Support stone in the development of tate development company Development Group. ive Living Center are not in this exciting new community. focused exclusively on devel cluded in the monthly fees and oping luxury senior living com are charged at market rate. munities, is developing The style amenities and services, two-car garages, spokesmen The Club is currently in the pre- Club in a joint venture with Na spokesmen added. The com said. Each is sited to maximize sales period, with construction tional Electrical Benefit Fund, a munity is comprised of two views of the pond and mead expected to start in 2011 and Washington, D.C. based pen residential “villages” comple ows. The Villas will be approxi occupancy in 2013. sion fund with over $10 billion mented by the Clubhouse, Spa mately 3,200 square feet and Located in the heart of in assets, officials said. and Fitness Center, walking the Townhomes will be approx Westchester County, The Club paths, beautifully landscaped imately 2,400 square feet. at Briarcliff Manor is only 45 Details grounds and a pond. minutes from Manhattan by Located on a 59-acre The Upper Village will fea Amenities Metro North Railroad. Nearby wooded site with views of the ture 288 unfurnished one- Amenities will include a full- is a wide array of entertain Hudson River, The Club at two- and three-bedroom inde service spa and salon; multiple ment, cultural and recreational Briarcliff Manor will feature pendent living residences in dining venues; a state-of-the- venues, including the Jacob 325 Independent Living resi Tudor-style buildings. The res art fitness center; an Aquatics Burns Film Center, Caramoor dences, world-class amenities idences will range in size from Center with a heated indoor Center for Music, the Rock and services, as well as a 60- 930 to 2,030 square feet. The pool, steam room and whirl efeller State Park Preserve, unit Supportive Living Center apartment building will also pool; Lodge Room with social as well as fine dining, officials where a licensed and profes contain a Clubhouse, Spa and space; outdoor tennis courts; said. PAGE 10 — IMPACT — APR/MAY 2009 Montefiore Medical Center Harrington Elected to Board of Community Signs a Lease at the Mutual Savings Bank WHITE PLAINS—CMS Ban Pediatric Center, Dominican Hutchinson Metro Center corp. Inc., the parent company Sisters of Hope Health System NEW YORK—Continuing to at 1,500 square feet. A second Bay section of the Bronx, the of Community Mutual Savings and the Capuchin Franciscan build on its reputation as the tower of 280,000 square feet Hutchinson Metro Center of Bank, recently announced Leadership Council. He is also location of choice for medi is planned for construction ad fers Class A office space and the election of Westchester- a member of the Board of Di cal practices in the region, the jacent to Tower One. The two world-class amenities and ser based attorney William P. Har rectors of TBS International, Hutchinson Metro Center re towers will be connected by a vices in a suburban campus rington to the CMS Bancorp’s Ltd., a publicly traded, dry car cently announced that Mon common lobby. setting that’s convenient to the and bank’s Board of Directors. go global shipping company. tefiore Medical Center has Tower One, which official city, as well as the suburbs, of Harrington is a partner with “We are very pleased to signed a 31,000-square-foot ly opened last fall, builds on ficials said. Bleakley Platt & Schmidt, welcome William P. Har lease for medical office space. the success of the first phase In addition to being near LLP, a law firm with offices in rington to our Board of Direc Montefiore, which is leas of 460,000 square feet at the four major medical institutions White Plains and Greenwich tors. He brings to the board ing space on the 8th floor of the Hutchinson Metro Center, – The Albert Einstein College (Conn.). He is a member of the a keen understanding of the new 13-story Tower One build which was fully leased in less of Medicine, The Montefiore firm’s Managing Committee, Westchester business com ing, joins the growing number than two years, officials said. Medical Center, Jacobi Medical the head of the Litigation and munity that will help guide the of medical practices based at Major tenants include Mer Center and Calvary Hospital – Toxic Tort/Complex Litigation bank as we continue to grow the 42-acre office complex in cy College, The Visiting Nurse the Hutchinson Metro Center Practice Groups and a mem our business,” said Thomas G. the Bronx. Montefiore will relo Service of New York, Universi features one of the most con ber of the Environmental Prac Ferrara, chairman of the Board cate its Orthopedic Specialties ty Diagnostic Medical Imaging venient and central office loca tice Group. of Directors of Community Mu Department to Tower One. Oc and The New York City Hous tions in the tri-state region, as An experienced trial at tual Savings Bank. cupancy is scheduled for next ing Authority. Many of the ten well as abundant free parking. torney, Harrington has repre Founded in 1887, Commu September, officials said. ants are companies that have The complex is easily accessi sented Fortune 500 compa nity Mutual Savings Bank has “We are delighted to wel consolidated multiple office lo ble to major highways, bridges nies in criminal, commercial, branches in Mount Vernon, come Montefiore to the grow cations to the complex, officials and airports. The northern sub environmental, civil rights, real Eastchester, West Harrison ing medical community at the added. urbs and Manhattan are less estate and employment dis and Greenburgh. A new Mount Hutchinson Metro Center. Among the medical tenants than 30 minutes away, spokes crimination matters. He also Kisco branch will be opening Medical practices throughout at the Hutchinson Metro Cen men said. represents both municipalities this spring. The bank’s corpo the region are discovering the ter are: Barry H. Dolich M.D., and developers in all phases of rate offices are in White Plains. many benefits of moving their F.A.C.S.; Charmain Cohen, Available Amenities land use development and re Community Mutual Savings offices to the Hutchinson Met M.D., F.A.C.P., F.A.C.E.; ENT First-class amenities in lated litigation. Harrington is a Bank provides a wide range ro Center. In addition to great & Allergy Associates; Hutchin clude a full-service Metro Café member of the American and of banking products and ser amenities, free parking and a son Medical Services; Hutchin with a Cyber Lounge, a fitness New York State Bar Associa vices to retail consumer and convenient location, we offer son Metro Dental; Laboratory center, a state-of-the-art tele tions. He lectures frequently small business customers. access to a large and growing Corp. of America; Metro Eye conferencing center, an on-site on various litigation and envi They include residential and patient base,” said Joseph Si Surgeons; Michael Mutone, child care facility, an attended ronmental issues. commercial real estate loans, mone, president of Simone De M.D.; Nephrology & Hyper gatehouse with 24/7 security, Harrington serves on the consumer loans and small velopment Companies, the de tension Associates; New York landscaped courtyards with boards of numerous civic and businesses loans, primarily in veloper of the office complex. Associates in Gastroenterol gardens and seating/dining community organizations, in Westchester, Dutchess and ogy; NY GI Center; Occupa areas, an ATM, dry cleaners, a cluding the Westchester Coun Putnam counties, as well as The Features tional Therapy Associates of sundry shop and complimen ty Association, Westchester Fairfield County (Conn.), offi Tower One features 280,000 New York; Pelham Gardens tary shuttle service to nearby County Friendly Sons of St. cials said. square feet of Class A space on Oral Surgery Associates; Pro subway connections. Officials Patrick, Westchester Food In April, 2007, the bank con nine floors, with four floors of Health Care Associates and added that certain businesses Bank, the Cardinal’s Commit verted from a mutual savings covered parking. Approximate Westchester Square Physical relocating to the complex may tee for the Inner City Schools bank charter to a stock compa ly 35 percent of the building is Therapy. qualify for business and prop of Westchester, Iona Prepara ny, spokesmen added. leased. Space is available for Directly off the Hutchinson erty incentives. tory School, Elizabeth Seton immediate occupancy starting River Parkway in the Pelham Thomas Joins Community CPC, Beacon Combine for a “Main Mutual Savings Bank WHITE PLAINS—Community A resident of Peekskill, Street Summit” Mutual Savings Bank, a 122- Thomas is a graduate of Bos year old community savings ton College, where he earned Continued from page 8 bank, recently announced that a bachelor’s degree in finance Matthew Thomas has joined from the Carroll School of cession-Proof Main Street Dis were transformed into much- concentrate on various ways the bank as Branch Manag Management. He is a member trict; Funding Resources: New needed affordable housing to enhance the Hudson Val er/Banking Officer for its new of the Eastchester/Tuckahoe York Main Street Program; and commercial retail space, ley’s ability to develop vibrant Mount Kisco office. Chamber of Commerce. and Parking Solutions for Main program officials said. Main Streets and downtowns Thomas will be responsible Founded in 1887, Commu Streets. CPC has played a pivotal — are designed for commu for the day-to-day manage nity Mutual Savings Bank has The presentations were role in the revitalization of Bea nity development and govern ment of the new branch, as branches in Mount Vernon, made by: Larisa Ortiz, princi con by providing financing for ment officials, NY State Grant well as growing deposits and Eastchester, West Harrison, pal, Larisa Ortiz Associates, eight projects comprising 15 Awardees, Business Improve loans, developing strong busi Greenburgh and Mount Kisco. LLC; Joseph Rabito, deputy buildings that now house 17 ment Districts, Chambers of ness relationships and being a The bank’s corporate offices commissioner for the office of storefronts and 51 residen Commerce and Main Street or visible community leader, offi are in White Plains. community renewal, the York tial units. The development ganizations from Westchester, cials said. Located at 12 South Community Mutual Savings State Division of Housing & helped turn Beacon into a vi Rockland, Orange, Ulster, Bedford Road, the branch Bank provides a wide range Community Renewal (DHCR); brant antique and art district, Dutchess, Sullivan, Putnam, opened on Apr. 15. of banking products and ser Chris Leo, main street pro making it a focal point for art Greene and Columbia coun Thomas began his bank vices to the retail consumer gram director, DHCR, and lovers throughout the Hudson ties, program spokesmen said. ing career in 2001 with Union and small business custom Frank Fish, Buckhurst, Fish & Valley, CPC officials said. CPC’s website (www.com State Bank as a management ers, including residential and Jacquemart Planning. The Hudson Valley Main munityp.com) provides pre associate. He went on to hold commercial real estate loans, The collaborative forum Street Summit Series be sentations from past summits. assistant manager and branch consumer loans and small was followed by a walking tour gan with How to Redevelop CPC said that the next Hudson manager positions, includ business loans primarily in which highlighted several re Main Streets and Downtowns, Valley Main Street Summit is ing branch manager/assis Westchester, Dutchess and tail and residential business which was sponsored by CPC, scheduled for the summer. tant treasurer of Union State Putnam counties, as well as es along Beacon’s historic the City of New Rochelle and CPC is a not-for-profit mort Bank’s corporate banking of Fairfield County (Conn.) East End, formerly a rundown the New Rochelle Business gage lender that finances resi fice in Rye Brook. He most re In April, 2007, Community neighborhood on Main Street. Improvement District. It was dential multifamily develop cently served as branch man Mutual Savings Bank con Thanks to a public/private followed by Retail Recruitment ment throughout New York, ager of the Eastchester office verted from a mutual savings partnership between CPC, Strategies for Main Streets, New Jersey and Connecticut. of Key Bank. Last year, he was bank charter to a stock com Dutchess County, the City of sponsored by CPC, the City Since its founding in 1974, recognized by Key Bank for pany. The holding company, Beacon, the local utility com of Middletown and the Down CPC has invested more than outstanding branch deposit CMS Bancorp, Inc., is publicly pany, the Federal Home Loan town Middletown Business Im $7 billion in more than 133,000 growth in the Hudson Valley/ traded on NASDAQ under the Bank and local developers, provement District. units of housing, company offi Metro New York area, spokes ticker symbol “CMSB.” many abandoned buildings The free summits — which cials said. men said. IMPACT —APR/MAY 2009 PAGE 11 Thoughts for Business People Who Want Results Yesterday Here is one prediction none of us By Michael W. O’Reilly should doubt. We will get through The first quarter of 2009 has creative ways to continue pro service organizations recog come and gone. viding outstanding service,” he nize the value of satisfied “in this downturn. Opportunities for With few exceptions, busi said. ternal clients.” In other words - ness owners are telling me re their people. Employees need growth will return. Our economy sults are less than spectacular. Key Areas to be listened to. Research Here is the silver lining, or as I As a leader of your organi shows people are more moti will improve. The potential for like to call it an opportunity, to zation, what is most important vated by a sense of belonging capitalize on. for you to focus on to reach than by a pay increase. Team this country is simply too great The opportunity is that em your objectives? members need to know that ployees may now be willing to In a recent New York Times their contributions make a dif for that not to happen. take greater initiative to adapt interview, Kevin W. Sharer, ference. When accomplish and change, and do what ever chief executive officer of Am ments are recognized and the is necessary for the well being, gen, a biotechnology com staff sees that their opinion is All the senior vice presidents opportunities are we losing? or survival, of the organization pany in Thousand Oaks, Ca., valued, they go the extra mile. have been employed with the What does a lack of clearly un than ever before. shared the questions he want Customer loyalty is based bank for more than 3 years, derstood goals cost your orga Shelly Forrester has spent ed answers to from his senior on consistency and consis with most more than 7. Now nization? 20-plus years anticipating staff before implementing a tently satisfying client needs. you have a visual picture of Here is one prediction none trends of consumers for com long term strategic plan. If your people are more com what the organization looks of us should doubt. We will get panies such as Colgate-Pal The questions he posed: mitted to exceeding customer like. Here is the straightfor through this downturn. Oppor molive and other well-rec • What three things would you expectations, what impact will ward management develop tunities for growth will return. ognized brands. We were like to change? you see on your bottom line? ment exercise we asked them Our economy will improve. discussing how willing people • What are the three things Maximizing a skilled and to do. Have the senior team The potential for this country is are to accept change. Shelley you would like us to keep? motivated management team - write down what they think the simply too great for that not to told me what every company • What is it you would like me Very few people wake up each top five goals of the organiza happen. president needs to know. to do? morning and ask themselves, tion are, and then rank them in However, the opportunities “If you asked me that ques • What is it you are afraid I’m “How can I screw things up at order of importance to them. will be different than they were tion two years ago, I would an going to do? work today?” Yet when people The compiled response was in the past. My question to you swer most employees are of And the last and most im are not clear about the two or 27 separate goals. None of is do you want to just wait and ten reluctant to change. Today portant question: three most important objec them were actually in the chief see what happens, or be antic I will tell you people are very • Is there any thing else you tives of their organization, executive officer’s top three. ipating this change with a truly open to change. Change is the want to talk about? would you agree there is likely The point is, if this is how committed team and a strong only thing that is constant.” I suspect the last question a loss of focus? Certainly many the senior management un plan to make it happen? Damien Quinn, chief execu will provide you with the great missed opportunities. derstands the organization’s Editor’s Note: Michael W. tive officer of Celtic Building est insights. priorities, what happens when O’Reilly, regional director at Supplies. agrees. He has been What would be the value to Examples we get to the branch manager Paradigm Associates, wel- using this trend to Celtic’s ad you, as a chief executive of For example, we were level? And what about the tell comes your feedback. You vantage. ficer, of having the answers to working with a bank that had ers and every one else in the can reach O’Reilly at www. “We have built our business these questions for your orga 11 branch offices. They have organization who interacts with paradigmassociates.us. on providing superior service. nization as it relates to: seven senior vice presidents. customers? How many missed Our new strategy encourages Customer Retention: In our everyone to look at new and experience, the finest client Goldschmidt Reports Mount Kisco Activity MOUNT KISCO—Eric S. Gold 487 Main Street – Q Restau schmidt, senior partner at Scars rant and Mount Kisco Liquor dale- based Goldschmidt & As & Wine. Joshua Jacobs is the sociates, recently announced agent representing the prop that six transactions were bro erty. kered by the firm in Mt. Kisco. David Szabo of Goldschmidt The transactions were: & Associates represented the • 19 East Main Street, with 12 landlord in its 3,200 square foot apartments and two retail leasing transaction at 41 South stores sold to a local pur Moger Avenue. The long term chaser for $3,200,000. The lease is for the space formerly entire building is occupied. occupied by Washington Mu • 117 Smith Avenue, a 3,000 tual Savings Bank. The space square foot commercially fronts the shoppers’ parking zoned house. The property lot. was sold to a local operator Szabo is also the exclusive for $500,000. The building agent for space at 350 Lexing was formerly a pediatrician’s ton Avenue (12,000 square office and will be upgraded feet ) and 156 North Bedford for a non-medical use. Road (10,000 square feet, a • 16 South Bedford Avenue, furniture store). a 3,000 square foot for Goldschmidt represents 115 mer bank space, leased to Kisco Avenue, a space former Community Mutual Savings ly occupied by Range Rover. Bank. The master tenant Goldschmidt & Associ is CVS/Caremark Corp., ates has been active in Mount which occupies approxi Kisco, company officials said. mately 15,000 square foot Deals include CVS, Lexus adjacent to the bank. The of Mount Kisco, Staples, TJ property is at the intersec Maxx, Mount Kisco Sports, 1 tion of Routes 120 and 117 East Main Street, Ann Taylor, across from the Northern Rite Aid, Alternative Closet and Westchester Hospital Medi Little Gym. cal Center. Goldschmidt & Associates Eric Goldschmidt was the specializes in the sale and sole broker for the transac leasing of retail, commercial tions, the company said. and industrial real estate in the Two deals totaling 5,300 tri-state area, company officials square feet were brokered at said. PAGE 12 — IMPACT — APR/MAY 2009