Special Advertising Section
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1/9/14 3:12 PM
New York’s Real Estate Community: Like No Other
Special Advertising Section
A NOTE FROM OUR PUBLISHER
The real estate industry in New York City is unlike any other in the world: spectacular architecture,
iconic buildings, a storied skyline and a consortium of talented professionals who all coalesce to
create a bustling and philanthropic business community. To celebrate this distinct group, Crain’s
Custom Connections Studio has created this special section, dedicated to showcasing what
makes this community tick.
In the first article, which starts on Page S4, Crain’s Custom Connections Studio will take a deep
look at the philanthropy of the real estate industry, and how marquee-name CEOs and presidents
are giving back to their city in the form of generous donations and stunning renovations.
We then look on Page S6 at REBNY’s pivotal role in the real estate industry - from creating a
sense of community and advocating for its needs to providing educational programs and curating
a robust database of real estate information.
The last section is a series of interviews with real estate professionals who discuss their thoughts
on the industry, their ideas for the year ahead and how the real estate landscape will continue to
evolve in an ever-changing marketplace.
Special Advertising Section
We hope you enjoy New York’s Real Estate Community: Like No Other, and if you have any
thoughts or comments, please reach out to us. We love hearing from our readers.
Best,
Jill Kaplan
V.P. & Publisher
Crain’s New York Business
TABLE OF CONTENTS
S2
Introduction
S17
TF Cornerstone
S3
New York University
S18
Goulston + Storrs
S4
In New York City, the Real Estate Industry’s
Philanthropy is a Matter of Course
S19
Cushman & Wakefield
S20
Douglas Elliman
S21
EVO Real Estate Group
S23
The Vortex Group LLC
S5
U.S. Green Building Council
S6-10
The Real Estate Board of New York:
Serving a Community Vital to the City’s Prosperity
S7
Avison Young
S25
Paragon
S8
Paramount Building – 1501 Broadway
S26
The Marino Organization
S9
3 Hudson Boulevard
S27
Sherwood Equities
S11
Lee & Associates
S29
Jack Resnick & Sons
S12
Moinian
S30
Handler Real Estate Organization
S13
Emerge 212
S31
PI Capital
S14
CBRE
S33
Jones Lang LaSalle
S15
The Durst Organization
S35
SL Green
S16-36
Interviews with Industry Executives and Veterans
S37
Silverstein Properties
S2
PS002_CN_20140113.indd 1
New York’s Real Estate Community: Like No Other is published by Crain’s Custom Connections Studio.
For more information, please contact Trish Henry at (212) 210-0711 or thenry@crainsnewyork.com.
The digital edition can be viewed online at crainsnewyork.com/realestate2014.
1/9/14 5:33 PM
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New York’s Real Estate Community: Like No Other
Special Advertising Section
IN NEW YORK
CITY, THE
REAL ESTATE
INDUSTRY’S
PHILANTHROPY
IS A MATTER
OF COURSE
The city’s iconic
museums, performing
arts centers and
non-profits all benefit
from a generous real
estate community
The real estate titans who develop and manage the
buildings that define New York City are also pillars of
philanthropy. They sustain and strengthen a wide-range
of non-profits by not only providing generous financial
support, but also sharing their resources and expertise.
At Carnegie Hall, a $10 million gift from Judith Resnick and Burton Resnick – chief executive officer at
Jack Resnick & Sons, Inc. – is part of the more than
$205 million raised towards the $224 million renovation of the Studio Towers atop the landmark building.
The overhaul, to be completed this year, includes new
ensemble rooms, practice rooms and teaching studios,
said Susan Brady, director of development at Carnegie
Hall.
Similarly, at Lincoln Center, Tamar Podell – the senior
vice president of planning and development – called
its 40-year-old real estate development council “a true
partner in our evolution and development.” The council
has raised more than $23 million for the arts organizations and training academies on the 16-acre campus.
“They made a huge difference, providing unrestricted
operating support” that keeps the lights on and helps
Lincoln Center bring performing arts programs to
schools, libraries and other communities, Ms. Podell
said.
Support from the real estate industry to help the Robin
Hood Foundation’s 240 poverty-fighting organizations
“is immeasurable,” said Susan Sack, the managing
director of real estate. “The real estate community has
come in, time and time again,” with expertise to negotiate a lease, design a building or find the right contractor, Ms. Sack added.
Pro bono help from The Georgetown Company, a
developer, along with reduced fees from the architectural firm Gensler and the design consultancy Pentagram, made it possible last fall for Robin Hood to open
the KIPP NYC College Prep, a charter high school in
the Bronx. The foundation has also raised nearly $80
million over the last quarter century to fund the grants
for its projects.
Annual unrestricted contributions from real estate
leaders total about $50 million for UJA-Federation of
New York, said Mark Medin, a senior vice president.
That helps 100 agencies across the metropolitan area
provide human, educational and leadership services.
“The real estate community is among the most, if not
the most, committed, long-term philanthropic element
of the New York Jewish community when it comes to
the UJA- Federation as with much of the New York
philanthropic community,” Mr. Medin said.
Larry Silverstein, the chief executive officer of Silverstein Properties, is among the major players “who give
themselves as mentors, leaders and role models to
encourage others to become active in supporting UJA,”
Mr. Medin added.
At the newly expanded Queens Museum in Flushing
Meadows-Corona Park, a fundraising campaign asks
developers to “ adopt” for “tens of thousands of dollars”
or add models of their new buildings to the 895,000
structures in the museum’s 9,500-square-foot Panorama of the City of New York, said Tom Finkelpearl,
president and executive director.
The campaign, which supports educational programming, “has been quite attractive to the real estate community,” he said. To date, the real estate industry has
brought in about $30,000 of the $100,000 raised.
And in choosing to renovate the miniature Battery Park
City or build a Lilliputian model of the new Yankee Stadium, the real estate community upholds its tradition
of enriching the city with its visionary philanthropy.
S4
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1/9/14 3:14 PM
Global leaders like Skanska are using
the LEED® green building program
to meet their business goals. Better
buildings, better business.
Beth Heider
Senior Vice President
of Green Markets
Skanska USA
usgbc.org/LEED
CN016378.indd 1
1/7/14 10:29 AM
New York’s Real Estate Community: Like No Other
Special Advertising Section
THE REAL
ESTATE BOARD
OF NEW YORK:
SERVING A
COMMUNITY
VITAL TO
THE CITY’S
PROSPERITY
REBNY wears
countless hats on
behalf of the real
estate industry –
from teacher to
advocate to reporter
From the two-family homes that dot Staten Island to
the skyscrapers that line the island of Manhattan, the
city’s real estate industry continues to leave its enduring
signature on residential and commercial landscapes.
“We are non-partisan and support candidates that are
pro-good job creation and pro-environment that would
generate investment for the city of New York,” said
Mr. Spinola.
Fostering a sense of community within the industry
and lending a voice to their concerns in its working
relationships with the city and state – as well as providing the information, professional tools and networking
gatherings critical to development, ownership, management and brokerage – is the 118-year-old Real Estate
Board of New York (REBNY).
And with real estate accounting for 34 percent of the
locally-generated tax revenues, “the city is dependent
on the real estate industry,” Mr. Spinola added, “and we
are dependent on the city. Our objective is to make sure
the city continues to grow so that the 34 percent can
continue to rise.”
“We bring together every element of real estate – residential and commercial brokerage, owners, managers,
financial institutions, attorneys, architects and planners,” said REBNY President Steven Spinola. “And at
different times, every element is sitting in the room,
sharing their efforts and making it a better and more
professional industry.”
As a trade organization, REBNY enables members to
stay abreast of issues and trends important to their
work. Its efforts encompass running accrediting licensing programs, seminars and panel discussions, as well
as producing real estate market reports. And last year,
it implemented a transmission system that updates
shared residential listings every hour.
As an advocacy organization, REBNY articulates the
real estate community’s concerns, providing input in
the city’s direction and policies, from recommending
incentive programs that helped in rebuilding Lower
Manhattan after 9/11 to proposing ways to protect
buildings from storms following Hurricane Sandy.
REBNY’s advocacy work is informed not only by its
members’ experiences, but also by top experts in various fields, such as planners and attorneys specializing
in zoning issues.
Last year and for the first time ever, REBNY – through
its Jobs for New York committee – actively supported
22 city council candidates in local races, with 18 elected
to office.
S6
PS006_CN_20140113.indd 1
A GUIDE TO REBNY’S SERVICES
Meeting the Industry’s Needs
A multi-faceted association, REBNY provides a plethora of services. Here’s a snapshot of its activities:
Brokerage Services oversees all issues and meetings
associated with commercial and residential brokerage.
Within commercial and residential brokerage are more
than 27 standing committees organized by geographic
location, according to Eileen Spinola, senior vice president of brokerage services and education. Meetings are
opportunities to share timely information about developments or trends in specific areas and exchange ideas
for strengthening or overcoming a challenge in the
locale. The meetings also facilitate networking among
members working in those locations.
Among its other efforts, commercial brokerage bestows
awards for “The Most Ingenious Deal of the Year for
Sales and Leasing,” “The Most Ingenious Deal of the
Year for Retail” and “The Most Promising Commercial
Sales Person (Rookie) of the Year.” Additionally, “The
Louis Smadbeck Memorial Broker Recognition Award”
pays tribute to a commercial practitioner for lifetime
achievement. For commercial retail, REBNY bestows
two “Most Ingenious Deal of the Year” awards – one
for creativity and the other for impact upon an area.
Within the residential division, REBNY presents “The
Most Ingenious Deal of the Year for Sales and Rentals Award,” “The Henry Foster Lifetime Achievement
(continued on S10)
1/9/14 6:29 PM
A Different Approach
To New York Real Estate
Avison Young thanks our clients for their confidence
in our professionals which made our first year in business
in New York a great success.
Avison Young is a different kind of commercial real estate company.
Our culture and Principal-led collaboration translates into a better
client experience – and better results.
Serving owners and occupiers from 53 offices
across the U.S. and Canada.
Partnership. Performance.
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For more information and leasing inquiries, please contact the Avison Young team:
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Michael Gottlieb
Principal
212.729.6809
michael.gottlieb@avisonyoung.com
David Cohen
Senior Associate
212.729.3751
david.cohen@avisonyoung.com
Thomas Hines
Associate
212.729.4296
thomas.hines@avisonyoung.com
SOM ETH ING’S N E W
U N DE R TH E SU N
NEW YORK’S MO
MOST
OST INNOVATIVE
LEED PLATINUM OFFICE TOWER
Congratulations to
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We look Forward
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At the new No. 7 Subway Station.
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michael.gottlieb@avisonyoung.com
Anthony LoPresti
212.729.3901
anthony.lopresti@avisonyoung.com
World-Class Development Team
CN016409.indd 1
1/9/14 11:51 AM
New York’s Real Estate Community: Like No Other
Special Advertising Section
(continued from S6)
Award” and “The Most Promising Residential Sales
Person (Rookie) of the Year Award.”
Education encompasses professional development
initiatives, including a formal continuing education
program for licensed agents and qualifying courses
to become licensed agents. It also offers coursework
for attaining the designation of New York Residential
Specialist and Certified Negotiation Expert. Plans are
underway to launch coursework for Certified Buyer
Representative in the spring and Certified Commercial
representative in the fall.
Management Services keeps members informed on
important matters – from best practices to new regulations – through committee meetings, special seminars
and guest speakers.
Last year, REBNY formalized the new sustainability
committee, whose activities range from advising the
city on pertinent issues and bills to supporting a 30
percent reduction in carbon emissions, according to
Angela Pinsky, senior vice president of management
services.
As a primary liaison between different levels of government and owners and managers, management services
assists city agencies in formulating new policies and
regulations by providing additional expertise. The
department also helps members navigate different
agencies for their individual projects, and it pursues
policy reform to address systemic concerns.
The division looks forward to creating positive and
open relationships with the new mayor and the city
council, said Ms. Pinsky, and also submitting proposals
to facilitate the industry’s ability to satisfy the mayor’s
property development agenda.
Membership expedites applications to join REBNY
and responds to members’ inquiries. Within REBNY,
there are different levels of membership, but “there’s
something available for anyone who wants to join,”
said Maryann Aviles, vice president of membership
and publications.
Publications produces Diary & Manual, an annual
book that includes REBNY committees, a complete roster of REBNY members and the organization’s services,
and also covers issues like code of ethics and practices
and land-use regulations. The department also produces the annual journal for the gala banquet, which it
organizes, too.
Public Affairs collaborates with government affairs
and other departments to advance issues important
to REBNY’s membership, according to Jim Whelan,
senior vice president of public affairs. The department
addresses big picture policy and political issues facing
the industry, including assembling coalitions of diverse
members to partner on common priorities, such as job
creation, landmark reform and smart-growth policies.
And with REBNY members providing the lion’s share
of private-sector unionized construction jobs and
unionized building service workers, Public Affairs is
developing additional strategies for helping to facilitate the creation of good jobs and housing for all New
Yorkers.
Research offers members not only a database of real
estate information, but also prompt responses to phone
calls on everything from a property’s size and tax assessment to its landmark status. It also issues a quarterly, citywide residential sales report and a bi-annual
retail report on major Manhattan corridors – and last
year, it created two reports on New York City landmark-designated areas that showed impact of landmarking on housing development.
Looking ahead, research will focus on housing production, with particular attention on developing affordable
units.
“It’s an important city need, and important for our
industry to build housing that meets that need,”
said Michael Slattery, senior vice president in charge
of research.
S10
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1/9/14 3:16 PM
CN016380.indd 1
12/26/13 1:49 PM
180 Maiden Lane
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CONGR ATULATES THIS YEAR'S
HONOREES
AND GIVES A SPECIAL THANKS TO
OUR BROKER PARTNERS FOR ALL OF THEIR HARD WORK
WE LOOK FORWARD TO A SUCCESSFUL 2014
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Avison Young
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Bold Realty Corp
Cassidy Turley
Roberta Panos
Murray Hill Properties
CBRE Group
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Colliers International
Savitt Partners
Benchmark Properties
Cushman & Wakefield
Studley
Jones Lang Lasalle
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11/29/13 12:35 PM
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a year of promise is ahead. New developments will recast our skyline. Transportation solutions will streamline
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CN016390.indd 1
1/7/14 10:39 AM
ThankYou
We are grateful to our tenants and the New York brokerage community
for your support during the past year.
Douglas Durst
Jonathan Durst
We especially acknowledge the following
individuals and firms with whom we worked
closely in 2013:
David Berke
CUSHMAN & WAKEFIELD
Keith Cody
Ken Rapp
CBRE
CBRE
Chris Corrinet
CBRE
Joseph DeRosa
STUDLEY
Rob Eisenberg
NEWMARK GRUBB KNIGHT FRANK
Nicholas Farmakis
STUDLEY
David Glassman
CUSHMAN & WAKEFIELD
Jared Horowitz
CUSHMAN & WAKEFIELD
Jeffrey Kilimnick
CBRE
Tatsuru Kono
NEWMARK GRUBB KNIGHT FRANK
Robert Kluge
CBRE
Gary Linder
NEWMARK GRUBB KNIGHT FRANK
Michael Liss
Phil Metzidakis
Chris Mongeluzo
NEWMARK GRUBB KNIGHT FRANK
Silvio Petriello
CBRE
Michael Poch
CBRE
CN016394.indd 1
R E A L E S TAT E B O A R D O F N E W Y O R K
Laurence Roberts
ARCH BROKERAGE
Bob Savitt
SAVITT REALTY
Ira Schuman
STUDLEY
Philip Silverstein
SILVERSTEIN SOLUTIONS
Steven Strati
CUSHMAN & WAKEFIELD
Tatiana Tarassenko
STUDLEY
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CASSIDY TURLEY
Edward Weiss
CUSHMAN & WAKEFIELD
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1/7/14 10:43 AM
New York’s Real Estate Community: Like No Other
Special Advertising Section
INTERVIEWS WITH INDUSTRY EXECUTIVES AND VETERANS
The real estate community is made up of a vast number of professionals who span multiple verticals and each
have unique skill sets that bring value to their organization. In this section, Crain’s Custom Connections Studio
interviewed past REBNY rookie of the year award winners, executives and veterans of the New York City real estate
scene and asked them to share their thoughts on market opportunities, predict upcoming challenges and growth
potential, sound off on the intersection of real estate and technology and more.
Additionally, these real estate leaders share their personal stories and advice, such as what drew them to the New
York City sphere, and how clients can pinpoint the perfect broker for their specific needs. Read invaluable wisdom
from leaders like Randy Modell, Investment Sales Professional at Ariel Property Advisors; James Nelson, Partner,
Massey Knakal; David Stockel, Associate Director, Cushman & Wakefield; Stephen C. Winter, Vice President,
Related Companies; and Simon Ziff, President, Ackman-Ziff.
What prompted your entry into real estate?
During college, I spent my summers interning at a real
estate company and fell in love with the physical, tangible characteristics of the industry. You can see it, touch
it and improve it – and actually see the results.
What’s the largest deal you’ve done in your career so
far?
I’m working on it now, so I can’t actively discuss the
deal, but prior to this my largest was the sale of a
130,000-square-foot office building at 160 Fifth Avenue.
Ariel Property
Advisors
RANDY
MODELL,
INVESTMENT
SALES
PROFESSIONAL
Ariel Property
Advisors
Who is your role model in the industry? Why?
I admire the self-made individual—anyone who started
at home plate without contacts, family backing or
special connections, but managed to build a successful
career in real estate.
How is being a broker in New York City different
from being a broker elsewhere?
The competition in New York City real estate is fierce
– definitely more so than in other major metropolitan
areas around the nation. To succeed as a sales professional you must be tenacious and continually striving
to be the best.
How is technology changing the work you do?
Technology enables me to gather the latest market
information, stay organized and work deals more efficiently on a daily basis.
What neighborhoods in the city represent hidden
gems, and why?
The Upper East Side, from Lexington to the East River,
offers a great deal of opportunity for land assemblages
and development. The avenues are zoned with a high
Floor Area Ratio (FAR), and the vast majority of the
properties aren’t landmarked or located in a historic
district.
What are the biggest opportunities/challenges the
real estate community faces in 2014?
The biggest challenge will be interest rates—when
they will rise, how quickly, and how that will impact
the market. The biggest opportunity will be economic
growth, which has picked up over the last several
quarters and could help property values despite increasing rates.
What’s the outlook for the residential market in
2014?
The population of New York City is growing, so the
demand to either rent or buy housing will remain great
in the New Year. The challenge, then, will be developing enough housing to keep up with demand – and
also offering housing alternatives that meet a variety of
income levels.
What are the top three qualities clients should consider when searching for a broker?
Firstly, and most importantly, clients should find
someone who exhibits honesty and integrity. Secondly,
they should seek a broker who is hungry and eager to
succeed on the client’s behalf. Thirdly, clients should
look for a successful track record of negotiating and
closing transactions.
What advice would you give to someone who is interested in becoming a real estate broker?
Find a senior broker who is honest, well-known in the
industry and willing to take on and mentor a junior
broker. The knowledge and guidance of a veteran is an
unmatched resource when starting off in the real estate
industry.
Bio
Randy Modell joined Ariel Property Advisors as a Vice
President of investment sales in 2012. He is responsible
for executing sales of the company’s exclusive listings
and business development initiatives in Manhattan
below 96th Street.
Mr. Modell began his real estate career at ABS Partners
in January 2001 where he assisted the firm’s principals
in all aspects of acquisitions, leasing, and management
for their in-house portfolio, and handled numerous
investment sales and retail and office tenant representative assignments. He also served as a consultant
for several high net worth clients of the firm, assisting
them with leasehold and minority interest valuations
and strategies.
In 2006, Mr. Modell’s brokerage activity was recognized
by the Real Estate Board of New York (REBNY), which
presented him with the coveted Young Broker of the
Year Award.
After leaving ABS in 2010, Mr. Modell joined Extell
Development where he assisted developer Gary Barnett
in site assemblages, tenant buyouts, and off-market
acquisitions.
Mr. Modell earned a master’s of science degree in Real
Estate Development from the Columbia University
Graduate School of Architecture, Planning, and Preservation, and a bachelor’s degree in Finance from Yeshiva
University. He is a member of the Young Men’s/Women’s Real Estate Association of New York and REBNY,
where he also has served as an instructor for continuing education courses.
Originally from Michigan, he lives with his wife, Rebecca in the Upper West Side of Manhattan. He can be
reached at 212.544.9500, ext 17 or via email at
rmodell@arielpa.com.
S16
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WE ARE PLEASED TO ANNOUNCE
RECORD-BREAKING 2013 LEASING ACTIVITY
THROUGHOUT OUR NEW YORK PORTFOLIO.
THANK YOU TO THE FOLLOWING TENANTS
& THEIR PARTICIPATING BROKERS.
OFFICE
CARNEGIE HALL TOWER
152 WEST 57TH STREET
ABC MANAGEMENT CORP.
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MANAGEMENT LLC
Newmark Grubb Knight Frank
David Falk, Kyle Ciminelli
COMBINATORICS CAPITAL, LLC
Newmark Grubb Knight Frank
Jamie Jacobs, Brittany Silver
DSA REALTY SERVICES LLC
MHP Commercial Brokerage Services
Daniel Lolai
GAIA REAL ESTATE HOLDINGS, LLC
Newmark Grubb Knight Frank
Jamie Jacobs, Aaron Maltz
GEIGER INTERNATIONAL, INC.
CBRE | Michael Laginstra, Justin Royce
PARKVIEW INTERNATIONAL INC.
CBRE | Silvio Petriello, Nicholas Weld
SCOPIA CAPITAL MANAGEMENT LLC
Studley | Erik Schmall, Michael Mathias
THORNE RESEARCH, INC.
CBRE | Ben Friedland, Rob Kluge,
Adam Shultz
WALTON INTERNATIONAL
GROUP (USA), INC.
Interactive Properties | Michael Elkin
WINVEST ADVISORS
NORTH AMERICA, LLC
Murray Hill Properties | Marc Miller
WOLVERINE WORLD WIDE, INC.
Newmark Grubb Knight Frank
Chris Mongeluzo, Eric Zemachson
645 MADISON AVENUE
60TH STREET
95 HORATIO
BY KILIAN
RKF | Karen Bellantoni, Beth Rosen
200 WEST 26TH STREET
CHELSEA PEDIATRIC DENTISTRY
Winick | Steven Baker, Aaron Fishbein
Masserano Real Estate & Consulting | John Masserano
4545 CENTER BLVD
I LOVE KICKBOXING
Winick | Steven Baker, Aaron Fishbein
RKF | Jonathan Krieger
MIMI & MO
Winick | Steven Baker, Aaron Fishbein
NEW YORK KIDS CLUB
Winick | Steven Baker, Aaron Fishbein
NCO Ltd. | Neal Ohm
QUIK PARK
Ace Capital | Howard Greenberg
FALCONHEAD CAPITAL, LLC
Jones Lang LaSalle
Alexander Chudnoff, Adam Haber
23 EAST 10TH STREET
WHITEHAVEN ASSET
MANAGEMENT L.P.
Newmark Grubb Knight Frank
Dan Hassett, John Moran, III
HAIDER CAPITAL MANAGEMENT LLC
Newmark Grubb Knight Frank
Arthur Draznin, Hunter Berman
Matthew T. Leon
Newmark Grubb Knight Frank
Executive Managing Director
212-372-2041
mleon@ngkf.com
NAGASHIMA OHNO
& TSUNEMATSU NY LLP
Vortex Group | Rick Marek,
Tim Freydberg
TRES CARNES
Winick | Steven Baker, Kenneth Hochhauser
J.W. Burke Realty | Jonathan W. Burke
4610 CENTER BLVD
For office space leasing
opportunities, please call
LIONEYE CAPITAL MANAGEMENT LLC
CBRE | Brad Needleman
101 MAIDEN LANE
BASSWOOD PARTNERS, L.P.
Newmark Grubb Knight Frank
Chris Mongeluzo, Eric Zemachson
GREYSTONE & CO. INC.
Newmark Grubb Knight Frank
Jamie Jacobs
ICE CANYON, LLC
Jones Lang LaSalle | Cynthia Wasserberger,
Randy Abend, Alexis Tener
CN016398.indd 1
RETAIL
Palmer “Chip” Sealy, III
TF Cornerstone
VP, Director of Office Leasing
212-984-1767
chip.sealy@tfcornerstone.com
W W W. T FC . C O M
RBT RESTAURANT
Winick | Steven Baker, Aaron Fishbein
Signature Partners | Harris Bulow
MATHNASIUM OF MANHATTAN
Winick | Steven Baker, Aaron Fishbein
Rice & Associates | Curtis Woodside
310-312 EAST 23RD STREET
MASSAGE ENVY
Winick | Steven Baker, Aaron Fishbein
Sabre Real Estate Group | Scott M. Sher
METRO PCS
Winick | Steven Baker, Aaron Fishbein
Kassin Sabbagh Realty | Hy Escava
R&M BANILIVI
Winick | Steven Baker, Aaron Fishbein, Richard Smith
7 EAST 14TH STREET
LE CAFÉ COFFEE
Winick | Steven Baker, Josh Siegelman
Prudential Douglas Elliman | Robert Knabu
For retail leasing opportunities, please call
Steve Gonzalez
TF Cornerstone
Director of Retail Leasing
212-984-1768
steve.gonzalez@tfcornerstone.com
1/7/14 5:02 PM
We salute
®
and the
2014 Awards Honorees
for their contributions to
the New York
real estate industry
Learn more about Goulston & Storrs. Scan the QR Code with your smart phone.
CN016395.indd 1
1/7/14 12:14 PM
3877,1*
&/,(176
),567
$W&XVKPDQ:DNHÀHOGSXWWLQJ
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3XWWLQJFOLHQWVÀUVW7KDW·VWKH
&XVKPDQ:DNHÀHOGZD\
FXVKPDQZDNHÀHOGFRP
EXCLUSIVE RETAIL OFFERINGS
536 MADISON AVENUE
895 MADISON AVENUE
BETWEEN 54TH & 55TH STREETS / WEST SIDE
NORTHEAST CORNER OF 72ND STREET
PRIME PLAZA DISTRICT
Appx 1,700 SF - Ground Level
Appx 1,300 SF - Basement
PREMIER CORNER
Appx 1,700 SF - Second Level
Appx 25 Feet - Frontage
Appx 728 SF - Ground Level
Appx 1,221 SF - Basement Level
Appx 42.5 Feet - Frontage
NEIGHBORING RETAILERS:
NEIGHBORING RETAILERS:
1031 THIRD AVENUE
LONG ISLAND’S GOLD COAST
NORTHEAST CORNER OF 61ST STREET
GLEN COVE ROAD AT NORTHERN BLVD.
BLOOMIE’S COUNTRY
NEW RETAIL DEVELOPMENT
Appx 900 SF - Ground Level
Appx 900 SF - Second Level
Appx 30 Feet - Frontage
Building One - Appx 12,000 SF
Building Two - Appx 4,000 SF
Parking 80 Spots
NEIGHBORING RETAILERS:
NEIGHBORING RETAILERS:
FAITH HOPE CONSOLO
THE RETAIL GROUP
CHAIRMAN
fconsolo@elliman.com
www.elliman.com/retail
CN016396.indd 1
JOSEPH AQUINO
EXECUTIVE VICE PRESIDENT
jaquino@elliman.com
212.418.2020
www.faith-consolo.com
1/7/14 2:16 PM
For Tenants & Owners
For Office & Retail
For Leasing & Management
For Service & Success...
...MOVE FORWARD WITH
E VO LVI N G S I N C E 1969
TENANT & LANDLORD REPRESENTATION • MANAGEMENT
COMMERCIAL CO-OP & CONDO SERVICES • RETAIL & HOSPITALITY • CONSULTING
212.519.2000
CN016406.indd 1
evo-re.com
1/8/14 1:00 PM
New York’s Real Estate Community: Like No Other
Special Advertising Section
DAVID STOCKEL
ASSOCIATE DIRECTOR
Cushman & Wakefield
What prompted your entry into real estate?
I was initially planning on interning at a financial
institution after my sophomore year of college, but the
internship fell through. I spoke with several people
close to me, and a family friend mentioned commercial
real estate. He put me in touch with a couple executives
at different brokerage firms and I ended up interning in
the business for a handful of summers, learning what a
dynamic work environment it was. I initially interned
in research and had some interaction with office leasing
brokers, which was when I realized that office leasing
specifically was of most interest to me. I started working at Cushman & Wakefield in January of 2007 and
have been here since.
What is the largest deal you have done in your career
so far?
My team represented C.V. Starr & Co. (now known as
Starr Companies) in their New York headquarters relocation/expansion for about 140,000 rental square feet
in 2009. I believe it was the seventh largest relocation
throughout New York City that year.
Who is your role model in the industry? Why?
I don’t know that I have one role model in the industry,
but a couple people I would name include John Picco,
a Cushman & Wakefield Executive Director, for his
professionalism and industry knowledge, and Peter Van
Duyne, a Cushman & Wakefield Executive Director,
for his creative thinking and problem solving. My role
model in life has always been my father.
How is being a broker in New York City different
from being a broker elsewhere?
The first difference that comes to mind is the complexity of the New York City office market. Being a broker
involved in corporate work in other markets within
and outside the U.S., I have noticed that the business
terms and leases have a higher level of sophistication
here. The other glaring difference is the size of the New
York City market. With an office inventory around 400
million square feet, we actually have three sub-markets (downtown Manhattan, Midtown Manhattan and
Midtown South) that are comparable in size to other
cities in the U.S.
How is technology changing the work you do?
Through my entire career, technology has played an
integral role in how I accomplish my day-to-day tasks.
Whether it’s going to meetings and answering emails
simultaneously, or utilizing tools such as LinkedIn
and Facebook to network and get in touch with new
prospective clients, technology enables me to work
efficiently and accomplish more each day.
What neighborhoods in the city represent hidden
gems, and why?
I believe the Times Square South neighborhood presents tremendous value. With the tech firms and the rest
of the Technology, Advertising, Media and Information (TAMI) sector we work with getting pushed out
of Midtown South due to price and availability. Times
Square South has become an area with more favorable
pricing, great amenities and transportation, and great
loft buildings that allow for a variety of creative office
installations.
What are the biggest opportunities/challenges the
real estate community faces in 2014?
I believe the new West Side office developments offer
great opportunities for companies who want to be in
a fresh neighborhood with brand new office supply,
while still having convenient transportation and great
amenities. For large users, there seem to be excellent
branding opportunities, as well.
One challenge we have encountered is the lack of
growth in the financial sector compared to past years.
Given that this sector has historically been the largest,
there is some concern as to what effect that will have on
the market overall. Some of the ‘60s and ‘70s skyscrapers that traditionally housed these financial institutions
could face some leasing challenges next year.
What are the top three qualities clients should consider when searching for a broker?
The top three qualities a client should consider when
searching for a broker include choosing a reputable
firm, choosing a broker that’s experienced and wellversed on the commercial real estate market, and
choosing a broker that you’re comfortable with. One of
our most successful brokers once told me “at the end
of the day, it is about whether or not you trust your
advisor” – and I believe that to be true.
What advice would you give to someone who is interested in becoming a real estate broker?
Firstly, getting an internship or applying to a training
program like Cushman & Wakefield’s new Professional
Real Estate Program (PREP) is a great way to get in
(continued on S24)
S22
PS022_CN_20140113.indd 1
1/9/14 3:17 PM
T
he Vortex Group is known for
its focus on tenant representation,
keen insight, creative deal-making and
proven dedication to the success of its customers and clients.
SENIOr-level experience
Grounded in tenant-only
representation
CN016377.indd 1
570 Lexington Avenue, 34th Floor, New York, NY 10022
T: (212) 486-1800
F: (212) 486-6496 www.vortexre.com
12/26/13 1:51 PM
New York’s Real Estate Community: Like No Other
Special Advertising Section
(continued from S22)
the door and learn how a full-service commercial real
estate firm operates. Be prepared to work hard, work
efficiently and work creatively for a very long time. Most
people probably do not realize this career is a marathon,
not a sprint. It is easy to work long days, make a ton of
cold calls and do what is asked of you for six, 12 or 18
months. The key is sustaining that level of work. Those
who get complacent will have a tough time lasting in
this business given the high level of competition.
Bio
David Stockel joined Cushman & Wakefield in January
of 2007 as an Associate Broker. Prior to joining the
team with John Picco and Peter VanDuyne, he was finishing his requirements at Boston University’s School
of Management. His client list includes C.V. Starr &
Co., Inc., General Reinsurance, Doral Bank, O’Connor
Davies Munns & Dobbins LLP, Bryan Cave LLP, EisnerAmper LLP, Amherst Securities Group LP, Desmarais
LLP, Progress Software, AppNexus, C&K Properties,
Siemens and The United States Olympic Committee.
Key assignments
› Represented C.V. Starr & Co., Inc. in their New York
Headquarters relocation of 141,000rsf at 399 Park
Avenue in what was the 7th largest new lease in Manhattan in 2009.
› Represented Desmarais LLP in the leasing of
45,000rsf at 230 Park Avenue.
› Represented Amherst Securities Group LP in establishing their first New York office at 444 Madison
Avenue.
› Represented Bryan Cave LLP in the disposition of
13,000rsf at 1290 Avenue of the Americas.
› Represented EisnerAmper LLP in the disposition of
16,000rsf at 6 East 43rd Street.
Education, Memberships and Awards
› Bachelor’s Degree in Business Management, Boston
University School of Management.
› Member of the Real Estate Board of New York,
Boston University Real Estate Alumni Association,
CoreNet Global.
› Benefit Committee member for the Samuel Waxman
Cancer Research Foundation’s Millennial Society for
the past three years.
› Recipient of SL Green’s 2009 “Rookie of the Year”
award, given to the top producing broker with three
years’ experience or less.
› Active member of Israel Bonds New Leadership
Division.
› Active member of C&W’s Innovation Initiative
Committee.
› Active member of C&W’s Emerging Broker Program.
› Active member of the Young Men’s & Women’s Real
Estate Association.
S24
PS024_CN_20140113.indd 1
1/9/14 3:18 PM
OUTSTANDING SUBLEASE OPPORTUNITY
Class-A Corporate Office Space
at a Significantly Below Market Rent
195 FROEHLICH FARM BOULEVARD
WOODBURY, LONG ISLAND
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Immediate Occupancy
Term to October 31, 2017
10-12 offices with a high window ratio. Large open area.
Kitchen/break room, computer/phone room and conference room.
Furniture can be made available. Ideal offices for medical, tech, professional,
etc. Immediate access to LI Expressway and Northern State Parkway.
For further information, please contact exclusive broker:
Gerald Widen
516-336-5440 Ext. 15
GWiden@ParagonGroupllc.com
All information is submitted subject to errors, omissions, changes of rental, sale price or other conditions, prior sale, lease or financing, or withdrawal from the market without notice.
CN016391.indd 1
1/7/14 10:39 AM
To learn more about The Marino Organization,
please visit us at: www.themarino.org
171 Madison Avenue
New York, NY 10016
Proud to Represent
Phone (212) 889-0808
Email
info@themarino.org
thank you
to all of the brokers who made
2013 a great success with 29 deals!
KAT HWANG
SKH Realty
SINCLAIR LI
CURTIS WOODSIDE
Rice & Associates, LLC
BRIAN SIEGEL
CBRE, Inc.
The Lawrence Group, LLC
DANIEL WILPON
JONATHAN BOCK
CBRE, Inc.
PETER SHIKAR
CBRE, Inc.
Coldwell Banker
Commercial Alliance
ROBERT MEHLMAN
Regency Realty Advisors, Ltd.
Adam Weissleder
Jill Burrowes
212.370.9800
370 Lexington Avenue
New York, NY 10017
370lexnyc.com
PETER ROSENLOW
Winslow & Company, LLC
SHAI SUSTIK
Manhattan Residential, Inc.
BRETT MASLIN
Adams & Company, LLC
BRETT GARTNER
Winslow & Company, LLC
SIMONE LILLIAN
Sinvin Realty, LLC
WILLIAM W. CARR
Williamson, Picket, Gross, Inc.
MARC O. ELLMAN
Ellman Realty Advisors
WAYNE SIEGEL
Coldwell Banker
Commercial Alliance
SETH KESSLER
Cornerstone Group
Real Estate Services
Another Premium Property By
SHERWOODEQUITIES
CN016387.indd 1
1/2/14 8:10 PM
New York’s Real Estate Community: Like No Other
Special Advertising Section
SIMON ZIFF
PRESIDENT
Ackman-Ziff
What prompted your entry into real estate?
I was first drawn to the real estate industry as a student.
I took a course at Penn State University in 1985 – Real
Estate 301 with Professor Ken Lusht – and soon after
decided to enter into the real estate arena.
What’s the largest deal you’ve done in your career
so far?
The largest deal of my career isn’t a property transaction, but a business partnership. In 1994, I forged a
partnership with Larry Ackman, who currently serves
as the chairman of Ackman-Ziff.
Who is your role model in the industry? Why?
There are a great deal of professionals I admire, but
Larry Silverstein – the chief executive officer of Silverstein Properties – and Burton Resnick, chief executive
officer of Jack Resnick & Sons, are at or near the top of
my role model list. They get it – they’re savvy, peerless
and consummate philanthropists.
How is being a broker in New York City different
from being a broker elsewhere?
There’s certainly a major distinction between being a
broker here in New York City and practicing real estate
elsewhere. The primary difference is the level of sophistication on the capital side of the business. There’s a lot
more that goes into it here.
How is technology changing the work you do?
Technology plays a pivotal role in my work – and as it
advances, so does the way I conduct business. The real
estate industry is using technology to enhance every
aspect of what we do, from deal management to market
research to mining capital sources. Even something
as simple as communicating with clients and building
relationships is linked to and influenced by new technologies.
What are the biggest opportunities/challenges the
real estate community faces in 2014?
One issue facing the real estate community could be
too much momentum. Real estate professionals have
to stay grounded in order to effectively perceive the
market around them and make the wisest decisions
possible.
What’s the outlook for the residential market
in 2014?
Again, there seems to be a great deal of momentum in
the residential market – perhaps too much. But
overall, I would say there is a positive outlook for
the coming months.
What are the top three qualities clients should consider when searching for a broker?
Clients should keep these three qualities top of mind
when seeking the right broker: first, look for a high-level relationship that will invite success and help realize
your vision; secondly, find a broker who displays
integrity and trust; and third, match yourself with a
strong, functioning team committed to accomplishing
your goals.
What advice would you give to someone who is interested in becoming a real estate broker?
For young professionals just getting their start in the
real estate industry, my advice is simple: work hard to
find a great team. Working with colleagues who are as
talented and passionate as you are will challenge you,
force you to learn and operate at your best, and, ultimately, place you on a path to success.
Bio
Simon Ziff serves as president of Ackman-Ziff, a position he assumed in 1995. Since joining the firm as an
analyst in 1989, Simon personally has arranged over
$20 billion of debt, mezzanine and equity financings for
some of the nation’s foremost real estate developers and
owners while solidifying the firm’s relationships with
key capital sources. Simon has engineered the firm’s
collaborative culture which functions as a magnet for
financial talent.
Simon received a B.S. in Finance from Pennsylvania
State University, and an M.S. in Real Estate Finance
from New York University. In May 2002, New York
University awarded Simon its distinguished Real Estate
Alumni Award. He has also been recognized by the
Real Estate Board of New York, the Most Promising
Commercial Salesperson of the Year Award” and six
times as the recipient of its “Most Ingenious Deal of the
Year award. In January 2010 Simon was named a member of the Real Estate Board of New York’s commercial
board of directors for the second time.
In January 2012, Simon received the Louis Smadbeck
Broker Award from the Real Estate Board of New York
in recognition of his positive influence over the past 17
years. Please contact Simon at simon@ackmanziff.com.
S28
PS028_CN_20140113.indd 1
1/9/14 3:18 PM
Behind every successful Building Owner is a host
of incredibly talented Brokers and steadfast Tenants.
Jack Resnick & Sons thanks the following Firms and the Brokers who represented them,
as well as our existing Tenants that renewed their commitment to New York City in 2013.
City University of New York
255 GREENWICH STREET
represented by:
Stephen Siegel, David Hollander &
Richard Levine of CBRE, Inc.
Fairway GS LLC
255 GREENWICH STREET
represented by:
Allen Cooperman of Welco Realty & Jason Pruger
of Newmark Grubb Knight Frank
NYCHSRO Medical Review, Inc.
199 WATER STREET
represented by:
Mark Ravesloot & William Iacovelli
of CBRE, Inc.
Lenox Hill Hospital/North Shore-Long Island
Jewish Health Systems, Inc.
110 EAST 59TH STREET
represented by:
Brian Waterman & Brent Ozarowski
of Newmark Grubb Knight Frank
Olympus U.S. Management LLC
485 MADISON AVENUE
represented by:
Gary Greenspan, Jonathan Serko,
Mitchell Barnett, Barry Zeller, David Malawer
& Andrew Ross of Cushman & Wakefield
The Weisscomm Group, Ltd.
199 WATER STREET
represented by:
Robert Yaffa & Wayne Van Aken
of Cassidy Turley
Made Man Barbershop, Inc.
170 WEST 23RD STREET
represented by:
Matt Cohen
of The Lansco Corporation
Panthera Corporation
8 WEST 40TH STREET
represented by:
James Saunders & Earle N. Cutler
of Newmark Grubb Knight Frank
Braun & Goldberg
110 EAST 59TH STREET
Quick Park Chesapeake LLC
401 EAST 80TH STREET
Neil Kaplan, D.D.S.
133 EAST 58TH STREET
Applegreen LLC
485 MADISON AVENUE
represented by:
Shawn S. Harooni & Norman Bobrow
of Norman Bobrow & Co., Inc.
First Southwest Company
485 MADISON AVENUE
represented by:
Michael Moorin
of Newmark Grubb Knight Frank
Microdot LLC
133 EAST 58TH STREET
Ninepeaks Capital Management, LP
880 THIRD AVENUE
Ban’s Custom Tailor
401 EAST 80TH STREET
UMG Recording, Inc.
1755 BROADWAY
represented by:
Scott Gottlieb of CBRE, Inc.
Epsilon Data Management LLC
199 WATER STREET
represented by:
Stephen Bellwood & John Boyle III
of Cassidy Turley
Bloom Real Estate Group LLC
485 MADISON AVENUE
represented by:
Scott M. Bloom
of Bloom Real Estate Group
An American Craftsman, Inc.
205 WEST 57TH STREET
represented by:
Francine Kayden
of Midtown Commercial Real Estate
First Avenue Liquors, Inc.
1516 FIRST AVENUE
represented by:
Shannon McAlister of SLMC Corp.
Beech Hill Securities, Inc.
880 THIRD AVENUE
represented by:
Lisa Kiehl of Jones Lang LaSalle
Zibro Family Management
485 MADISON AVENUE
represented by:
John Brod & Laura Pomerantz
of PBS Real Estate
Escape Nail Spa, Inc.
401 EAST 80TH STREET
United States of America
315 HUDSON STREET
Cubit Corporation
133 EAST 58TH STREET
Garden of Eden
170 WEST 23RD STREET
Parkstar Clean Corp.
401 EAST 80TH STREET
Manhattan Sports Performance LLC
133 EAST 58TH STREET
Martin Kent, D.D.S.
133 EAST 58TH STREET
Carl Meese, D.D.S
133 EAST 58TH STREET
La Crosta Pizza Restaurant
430-36 EAST 72ND STREET
Definitions Personal Fitness, Inc.
133 EAST 58TH STREET
New York Public Library
110 EAST 59TH STREET
Knickerbocker 72, Inc.
430-436 East 72nd St.
Wells Fargo Bank, N.A.
1755 BROADWAY
Cynthia R. Gomez, D.D.S.
133 EAST 58TH STREET
Jack Resnick & Sons
Owners &Builders Since 1928
110 East 59th Street
New York, NY 10022
212-421-1300
www.resnicknyc.com
Proud to be a member of
Proud to be a member of
CN016393.indd 1
1/7/14 10:43 AM
TIME OUT…
to say
“thank you.”
Every now and then, it’s important
break from the usual
to take a brea
and acknowledge
course of business
bus
have helped you
those who hav
get where you are.
As we move into the New Year, the principles and associates of Handler Real Estate would like to stop and
say “thank you” to the brokerage community. We’re grateful for all of your support this past year – and we’re
pleased to note that our building portfolio is now effectively 100% leased. Thanks for your help in achieving this
milestone at our premium properties: 561 7th Avenue, 263 West 38th Street and 315 West 39th Street.
We wish you all the best in 2014 – and we look forward to our future work with the brokerage community.
Together, we make quite a successful team.
Contact Scott Galin: sgalin@handler-re.com
212.398.1888
handler-re.com
Owner • Developer • Manager
PRIME RETAIL SPACE
FROM 1,350 TO 4,500 SQ. FT.
High Traffic Prime Corner • Frontage on Broadway & Queens Blvd.
Steps from Train and Buses • 14' Ceilings • Suitable for Restaurant
Anchors 2 New Residential Buildings
CURRENT TENANTS INCLUDE:
Starbucks • Subway • First American Bank • Carvel
www.picapitalpartners.com
718-779-4395 • admin@picapitalpartners.com
136-18 39th Avenue, 12th Floor, Flushing NY 11354
New York’s Real Estate Community: Like No Other
Special Advertising Section
JAMES NELSON
PARTNER
Massey Knakal Realty Services
What prompted your entry into real estate?
It was luck that brought me into real estate. While a senior at Colgate College, I wasn’t quite sure what I wanted to do after graduation. Several of my friends were
headed to New York City, so I figured I’d visit the career
service center and explore relevant opportunities. As
luck would have it, Massey Knakal had their résumé
deadline that day, so I gave it a shot. I was hired to
work as an associate for Bob Knakal’s team, which was
the best experience I could ask for getting started in the
business. That was 15 years ago – the rest is history.
What’s the largest deal you’ve done in your career
so far?
I sold 102-08 West 57th Street (formerly Shelly’s)
to Hilton Land Vacations for $63 million. It was a
100,000-plus building square feet site. Today, I’m asking
$139 million for 100 Vandam. If it sells, it will be more
than double my largest sale.
Who’s your role model in the industry? Why?
Bob Knakal and Paul Massey, without question. Even
after being in the business for years, there are always
questions that pop up – and if neither Bob nor Paul
has the answer, there may not be one! They have also
developed a platform second to none while receiving
universal respect in the business.
How is being a broker in New York City different
from being a broker elsewhere?
I’ve never brokered in another city, but I would imagine
our market is far more competitive. I’ve heard there are
over 20,000 brokers who work in New York City. Every
major firm in the world is here. However, once you
obtain the business, it’s a lot easier to sell, since we have
interested buyers from around the globe. A broker in a
secondary or tertiary market may not have that benefit.
How is technology changing the work you do?
I was at first skeptical of social media, but now I embrace it. I use Twitter, LinkedIn and YouTube. I also
have a monthly e-blast with my blog. Now, when I
attend an industry event, several people will say, “I saw
your video” or “I read your blog.” It’s a great way to stay
top of mind for my audience.
What are the biggest opportunities/challenges the
real estate community faces in 2014?
Owners have an opportunity: to sell at premium prices
while rates stay low for buyers to lock in. We started
with very little inventory in 2013 after the mass selloff
in 2012 due to the capital gains increase. As a result of
the supply demand imbalance, pricing rose close to 15
percent in Manhattan this year. Discretionary sellers
began to list their properties, and inventory has now
risen. Thus, we think it should be ideal circumstances
for sales in 2014 – leading to a record year.
What’s the outlook for the residential market
in 2014?
I’m equally bullish on the residential market for 2014.
The Manhattan listing inventory was also severely
depleted after 2012 – it dropped from 7,500 listings to
5,000 in 2013. There is very little new supply coming
to market, as only three percent of the Manhattan
landscape is available land, so there is virtually nowhere
left to build.
What are the top three qualities clients should consider when searching for a broker?
When selecting a broker, an owner should: be confident
the broker is looking out solely for their best interests,
even if the advice is not to sell at the present time; pick
a specialist with a proven track record in their neighborhood, plus a product type; and select the broker
with access to the largest pool of buyers and a willingness to cooperate with the brokerage community.
What advice would you give to someone who is
interested in becoming a real estate broker?
My advice would be to specialize in a specific discipline
– like investment sales, residential rentals or retail leasing – in a defined neighborhood. Then, align yourself
with a firm possessing the best platform and training
for your chosen discipline.
Bio
James Nelson brings to every real estate transaction
he works on the determination to win, the tenacity
and hard work to succeed, and the confidence that
comes from years of experience in the field. At Massey
Knakal Realty Services since 1998 and a partner since
2004, James has been involved in the sale of approximately 260 properties and loans with an aggregate
value of over $1.9 billion. He is also a partner in MKRO
I, Massey Knakal’s value-added private equity real
estate fund.
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1/9/14 3:19 PM
I N S P I R E D
750
Seventh Avenue
Prepare to be inspired
Current Availabilities
Entire 19th Floor – 16,662 rsf
Entire 18th Floor – 17,155 rsf
Can combine to create 33,817 rsf
Partial 17th Floor – 6,625 rsf
• Distinctive
Class A property
• Floor-to-ceiling windows
• Terrific natural light and views
• Efficient side core floor plate
• Convenient to Times Square and
Rockefeller Center
• Close proximity to
world-class amenities
• Immediate access to all forms of
mass transportation (1, N, Q, R
at building entrance)
Jonathan Fanuzzi
jonathan.fanuzzi@am.jll.com
212-812-6044
Charles Gerace
charles.gerace@am.jll.com
212-812-5708
Paul N. Glickman
paul.glickman@am.jll.com
212-418-2646
Frank Doyle
frank.doyle@am.jll.com
212-812-5759
New York’s Real Estate Community: Like No Other
Special Advertising Section
STEPHEN C. WINTER
VICE PRESIDENT
Related Companies
What prompted your entry into real estate?
I grew up in a hardworking, blue-collar Brooklyn
neighborhood – my father was a cop and my mother a
nurse. They were extremely supportive and encouraging, but our thinking was limited in terms of business
opportunities. “Successful” people would strive to become doctors or lawyers, so I worked incredibly hard to
land an internship at the Brooklyn District Attorney’s
Office, working there the summer prior to my junior
year of college. I had an incredible experience and was
fortunate to meet a great mentor – I truly admired his
work, and by the end of the internship, I was sold on
law school later returning to the DA.
At the end of the summer, I asked for my mentor’s
guidance; much to my surprise, he said, “go make
money – I promise you crime will still be here if you
later decide this is what you want to do.” I took that
advice to heart, and throughout my junior and senior
years of college, I researched and canvassed every New
York City real estate organization I could find. I landed
at Massey Knakal the next summer, working within the
Investment Sales market. I knew brokerage would allow
me to learn the business. However, I ultimately believed
there was more action and opportunity in leasing. I
found the Wheel Program at CBRE (an 18-month,
highly competitive rotational program offered by the
firm), and was fortunate enough to be selected by management. The rest is history. I became obsessed with the
real estate business and the New York City market.
What’s the largest deal you’ve done in your career
so far?
Negotiating my deal with Jay Cross to join Related.
Jay Cross, Hudson Yards and Related were the only
opportunities capable of convincing me to leave CBRE.
CBRE was an incredible organization and I learned
from the top professionals in the brokerage world, but
the chance to join Related and work on the lease-up of
Hudson Yards was unbeatable.
Who’s your role model in the industry? Why?
I have many. In both business and life, it’s important to
know how to lead, but it’s equally important to know
how to follow – especially in the commercial real estate
world, where the learning curve is steep and many areas require expertise. When I was at CBRE, I looked up
to Bob Alexander, John Maher and Paul Myers. They
were instrumental in the early days of my career.
S34
PS034_CN_20140113.indd 1
At Related, everyone from the mailroom to the Chairman’s office is a pro. My core team – led by Jay Cross
and anchored by Bruce Warwick, Philippe Visser,
Andrew Cantor, Andy Rosen, Michael Samuelian and
Dean Shapiro – are all professionals I truly admire.
Additionally, Stephen Ross, Jeff Blau and Bruce Beal
are individuals I admire deeply. No organization can be
great without great leadership.
How is being a broker in New York City different
from being a broker elsewhere?
Sheer size. The Manhattan Market is 340 million square
feet. To put that into perspective, the amount of available space in Manhattan (46.6 million square feet with
a 12.2% availability rate) is higher than the entire inventory in Downtown Los Angeles (31.3 million square
feet) or the Dallas CBD (28.8 million square feet). The
fluidity and competitive nature of the New York City
marketplace is unmatched.
How is technology changing the work you do?
The information exchange and prospecting of the
tenant world has changed drastically. Everything happens incredibly fast today, and you need to be in front
of it all. When Bob Alexander and other legends of the
brokerage industry were growing up in the business,
they had to read every trade publication that existed to
remain up-to-speed on the market and uncover opportunities. Today, if you’re not constantly on the phone,
reading about the marketplace or attending breakfast,
lunch and dinner meetings, you’ll get left in the dust.
What neighborhoods in the city represent hidden
gems, and why?
My colleagues and the New York City community can
certainly argue I’m biased, but if you don’t think Hudson Yards is the next big thing in our city, I’d invite you
to our offices to see what we’re doing. This year, we will
see tremendous development momentum as we finalize
plans for a marquee anchor tenant at 30 Hudson Yards
and commence construction on the platform and the
remaining towers in the Eastern Rail Yards. The new #7
subway station will also open this year along with the
last section of the High Line. It’s absolutely incredible,
and with all of the momentum we have, it is no longer a
dream – it’s a reality.
What are the biggest opportunities/challenges the
real estate community faces in 2014?
Eighty percent of buildings in New York City are over
(continued on S36)
1/9/14 4:53 PM
810 CORPORATE
SEVENTH HEAVEN
SWEEPING CENTRAL
PARK VIEWS
FULL TOWER FLOORS OF
17,320 SF
EACH
PARTIAL FLOORS FROM
5,798 –11,600 SF
UP TO
115,000 SF
CONTIGUOUS
810seventh.slgreen.com
Jeremy Bier
Vice President
212-216-1722
jeremy.bier@slgreen.com
Tara I. Stacom, Executive Vice Chairman
212-841-7843
tara.stacom@cushwake.com
Whitten M. Morris, Associate Director
212-841-5026
whitten.morris@cushwake.com
Barry J. Zeller, Executive Vice President
212-841-5913
barry.zeller@cushwake.com
Scott Silverstein, Senior Leasing Associate
212-713-6797
scott.silverstein@cushwake.com
New York’s Real Estate Community: Like No Other
Special Advertising Section
(continued from S34)
70-years-old, and Manhattan has added very little new
product in the past 20 years, especially relative to other
global markets. London in the past two decades has
added roughly 40 percent of new product to the market, and Hong Kong has added just below 60 percent
of new office product. New York has added less than 10
percent of new product to its office stock.
Blue chip corporations demand efficient floor plates,
state-of-the-art technology, resilient infrastructure
systems and unparalleled amenities to remain globally
competitive. We need to continue to add new office
product to allow businesses to run their organizations
in New York efficiently and effectively.
What’s the outlook for the residential market
in 2014?
We have seen very strong demand for high-end luxury
condominium product, as evidenced by the swift sales
pace at One Madison. We expect that in 2014, the
demand from local as well as international buyers will
continue for quality, for-sale residences in marquee
locations. The rental market also remains strong, and
we have already seen demand for new rental product as
evidenced by several inquiries for new space launching
soon at 500 West 30th Street.
What are the top three qualities clients should
consider when searching for a broker?
Market knowledge, market knowledge and market
knowledge.
What advice would you give to someone who is interested in becoming a real estate broker?
First, I would highly recommend the brokerage business to anyone looking to enter the real estate business. The brokerage business is incredibly challenging,
but for someone starting out, there’s no better way to
learn. Train yourself to be fearless, but also smart and
calculated. Canvass every brokerage firm in the city, big
and small. Meet with as many brokers as you can. Align
yourself with a great mentor. And once you enter the
brokerage world, keep your head down for at least 18
months. Learn every building and every tenant that exists in your market. Read every lease you can get your
hands on. Live at the office, protect your reputation and
be ethical.
Bio
Stephen C. Winter, vice president at Related Companies,
was the 2012 winner of the Real Estate Board of New
York’s “Most Promising Commercial Salesperson of
the Year” award. Prior to joining Related Companies,
Stephen was with CBRE where he completed the
company’s highly competitive Wheel Program. While
at CBRE, Stephen played an integral role in Baker and
Hosteller’s 148,000 s/f renewal and expansion lease
at 630 Fifth Avenue, as well as obtaining prestigious
tenants at Boston Properties’ 140,000 s/f vacancy at 399
Park Avenue. Stephen holds a B.A. from Sacred Heart
University and graduated summa cum laude.
S36
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1/9/14 5:05 PM
1177 Avenue of the Americas
120 Broadway
120 Wall Street
529 Fifth Avenue
7 World Trade Center
Silverstein Properties would like to thank
the following brokers for a successful 2013:
Benchmark Properties
Michael Beyda
Francisco Rodriguez
Cassidy Turley
Harry Krausman
Eric J. Thomas
CBRE
Jason Frazier
Richard Levine
Silvio Petriello
Nicholas Weld
Ross Zimbalist
Colliers International
Alan J. Desino
David Ervolina
Eric Ferriello
Robert D. Goodman
Robert Kennedy
Leon Manoff
Robert Tunis
Kevin Wong
Coldwell Banker
Thomas P. Sullivan
Lee & Associates
Kenneth Salzman
Cresa
Jeffrey A. Baker
Michael McKenna
Marcus Rayner
Jane Roundell
Ed Wartels
Newmark Grubb Knight Frank
Barry Goodman
Matthew T. Leon
Cushman & Wakefield
David Glassman
Joseph Cabrera
Whitten Morris
Rory Murphy
James Searl
Rosenhaus Real Estate
Richard Rosenhaus
Fountain Realty Group
David Gomez
Jones Lang LaSalle
Howard Hersch
Brian Higgins
Christopher Kraus
Mitti Liebersohn
Kenneth A. Siegel
Roger Silverstein
Executive Vice President
212.732.9700
rsilverstein@silvprop.com
CN016367.indd 1
Joseph Artusa
Senior Vice President
212.732.9700
jartusa@silvprop.com
Norman Bobrow & Co.
Shawn Harooni
Studley
Michael Glavan
William Montana
Ira Schuman
Marc Shapses
Vortex Group
Tim Freydberg
Rick Marek
Williamson Picket Gross
Brian Kapchan
Jeremy Moss
Senior Vice President
212.732.9700
jmoss@silvprop.com
Camille McGratty
Vice President
212.551.7376
cmcgratty@silvprop.com
12/26/13 1:44 PM