THE ROOFTOPS CONFERENCE NYC 2014 Property Perspectives for Not-for-Profit Organizations Friday, April 25, 2014 8:30 a.m.–3:00 p.m. New York Law School 185 West Broadway Presented by Center for Real Estate Studies Center for Real Estate Studies 185 West Broadway Center for New York City Law New York, NY 10013-2921 T 212.431.2135 E [email protected] WE ARE NEW YORK’S LAW SCHOOL SINCE 1891 THE ROOFTOPS PROJECT Founder and Director of The Rooftops Project: James Hagy, Distinguished Adjunct Professor with the Center for Real Estate Studies at New York Law School. New York Law School Student and Alumni Team Members The Rooftops Project Team Student members of The Rooftops Project team: Current Student Members 2013-14 Arthy Bakthavatsalam (Class of 2014) Emily Barile (Class of 2014) Carlee Cooper (Class of 2014) Kelly Cooper (Class of 2014) Scott Haggmark (Class of 2014) Dmitriy Ishimbayev (Class of 2014) Aimie Nghiem (Class of 2014) THE ROOFTOPS PROJECT Tamara Salzman (Class of 2014) Barbara Beau (Class of 2015) Lana Buchbinder (Class of 2015) Project Mission and Goals Katherine DiSalvo (Class of 2015) Naveed Fazal (Class of 2015) The Rooftops Project is a new initiative founded and directed by James Hagy, Distinguished Mehgan Gallagher (Class of 2015) Adjunct Professor with the Center for Real Estate Studies at New York Law School. It provides Elizabeth Hamilton (Class of 2015) real estate programs, workshops, and Web and print resources for not-for-profit organizations, Karolina Robel (Class of 2015) with several goals: Zulaihat Nauzo (Class of 2016) n To be the host of an ongoing dialogue within the community of not-for-profit executives Alumni (Past Student Members): and managers, not-for-profit board members and volunteers, and real estate industry Marzena Fercz (Class of 2011) professionals about topics relating to the effective occupancy, use, and management of real Rachel Logan (Class of 2011) estate in the social sector. Sushma Rambaran (Class of 2011) Amanda Waye (Class of 2012) n To highlight and celebrate the diverse roles played by real estate (as physical space) in Stacy Dasaro (Class of 2012) supporting the missions of not-for-profit organizations of every type, from museums to Leslie Franco (Class of 2012) places of worship, from social and human services to education and advocacy. Mark Lapidus (Class of 2012) n To increase awareness of the contribution that a disciplined approach to real estate can A.J. Sokoloff (Class of 2012) make in not-for-profit organizations of every size, from those with a single location to those Toby Vickers (Class of 2012) with a national or international presence. Eda Derhemi (Class of 2013) Renaldo Phillips (Class of 2013) Kristen Porro (Class of 2013) Jennifer Scolnick (Class of 2013) Shaan Lodi (Class of 2014) Copyright © 2014 New York Law School. Copyright to individual articles and other content reproduced in conference Sampada Solapurkar (LL.M., Class of 2014) materials is held and retained by the individual author or copyright holder. All rights are expressly reserved. Conference presentations and these materials may not be quoted, copied, referenced, or reproduced in any way, in whole or in part, whether in printed or electronic format, without express written permission, which may be given or withheld in the sole discretion of the individual author or copyright holder. THE ROOFTOPS CONFERENCE AGENDA 8:30 a.m. 10:15 a.m. – 10:45 a.m. Registration and Continental Breakfast While You Were Resting: Property Regulation and Property Strategy Ross F. Moskowitz, Partner, Stroock & Stroock & Lavan LLP 9:00 a.m. – 9:30 a.m. Most property owners, including not-for-profits, pay close attention Snapshots from the Rooftops: to zoning, land use, and other property regulation at the point of Welcome and Introductory Remarks site acquisition, construction, or significant redevelopment. But how can property regulation impact not-for-profits at any time, Conference Moderator: between planned major transactional events? In this discussion, James Hagy, Distinguished Adjunct Professor and we will explore the nature and significance of zoning changes in the Director of The Rooftops Project, New York Law School neighborhood and nearby community, the practical and financial implications of air rights, and the expected and unexpected impacts of landmark designation and historic properties, including related insights about the new administration in New York City. 9:30 a.m. – 10:15 a.m. Harvesting Assets or Eating the Seed Corn? Assessing and Addressing Core and Non-Core 10:45 a.m. – 11:00 a.m. Properties Break Richard Warshauer, Senior Managing Director, Colliers International NY LLC 11:00 a.m. – 11:45 a.m. Jennifer L. Davis, Vice President, New York City Government, Not-for-Profit, and Education Group, TD Bank Risk Management for Not-for-Profit Properties Lawrence F. Graham, Member of the Vestry, Trinity Church Alan M. Di Sciullo, Director of Global Real Estate, Shearman Richard J. Krainin, Partner, Arent Fox LLP & Sterling LLP Dan Lehman, Vice President and Chief Financial Officer, The James A. Fenniman, Executive Vice President, Bollinger New Children’s Aid Society York Division, A.J. Gallagher & Co. Laura McGreevy, Associate Director, Center for Real Estate What factors may warrant not-for-profits to evaluate their Studies, New York Law School property assets on a periodic basis? While some not-for- profits may operate from the same location for many years or Litigators and insurers alike frequently mention real estate as even generations, market changes in property values, needed a key source of potential financial and operational risk for any investment in repairs or renovations, basic funding realities, or organization. What lessons can not-for-profit organizations draw a shift in mission-driven locational requirements may all signal in managing risk with respect to the properties they operate or a time to reconsider. If a property is sold in a favorable seller’s occupy? How should risk management figure into real estate market, how can the organization face replacing that space in transactions such as sales, purchases, and leasing? How should an equally unfavorable buyer’s or tenant’s market? How and not-for-profits address property risks associated with formal or when should not-for-profits evaluate both core and non-mission informal use of their space by other organizations? The panel critical property assets in light of both programmatic direction will address property and casualty risk of loss, premises and and market conditions? general liability, transactional allocation of risk, and emergency preparedness. continued THE ROOFTOPS CONFERENCE AGENDA 11:45 a.m. – 12:30 p.m. 12:30 p.m. – 1:45 p.m. Trends and Tides: Updates in the Built Luncheon Program: What Is Your Building Saying Environment to Your Audience? Anthony W. Crowell, Dean and President, New York Law School John Russick, Director of Curatorial Affairs, Chicago History Dean Crowell will add his greeting to program attendees Museum and offer insights relevant to the program about the ongoing Whatever your organization’s mission type, what role does transition in New York City government, including on operational your physical space play in communicating that mission and and community and economic development matters. Previously, in building your brand? How do design, function, and operation for more than a decade, he served in City Hall as counsel and of real estate affect the audiences you seek and serve, from senior management and policy advisor to Mayor Bloomberg. visitors to employees and donors? John Russick will share thoughts on expected and unexpected ways in which physical Gerald Korngold, Professor, New York Law School space is an integral tool in achieving mission, drawing in part Across the country, state and local governments continue to from his own experiences at the recently renovated Chicago struggle and seek additional sources of needed revenue. Not- History Museum and in its constantly evolving exhibits and for-profit real estate tax exemption is a creature of state statute, spaces. not constitutional right. Professor Korngold will offer insights in trends that include payment-in-lieu of tax arrangements and governmental challenges to the exemption of property being held vacant for future use or for conservation. 1:45 p.m. Reception David G. Samuels, Partner, Duval & Stachenfeld LLP Our reception offers a chance, over dessert and beverages, to meet This year the New York Non-Profit Revitalization Act becomes peers and to chat with our speakers, panelists, faculty, and students effective, implementing the first comprehensive amendments involved in The Rooftops Project. to the New York Not-for-Profit Corporation statute in more than 40 years. This segment will provide a working overview of provisions impacting not-for-profit real estate transactions and associated governance and compliance. About the Center for Real Estate Studies About the Center for New York City Law The Center for Real Estate Studies provides students with Established in 1993, the Center for New York City Law is the a unique educational opportunity to study both the private only program of its kind in the country. Its objectives are to practice and public regulation of real estate. Launched in gather and disseminate information about New York City’s laws, 2007, the Center offers an extensive selection of classroom rules, and procedures; to sponsor publications, symposia, and courses, advanced seminars, and independent study projects, conferences on topics related to governing the city; and to as well as externships and mentorships in governmental suggest reforms to make city government more effective and offices and real estate firms. It also sponsors conferences, efficient. The Center produces several publications, including symposia, and continuing legal education programs on a broad CityLaw, which tracks New York City’s rules and regulations, spectrum of issues for New York’s real estate community.