FALL 2016 Fall 2016
MetroNewYork
Quarterly THE METROPOLITAN NEW YORK CHAPTER
METRO NY CHAPTER 2016 OFFICERS President John A. Katinos, MAI Cushman & Wakefield, Inc. (212) 841-5061 john.a.katinos@cushwake.com First Vice President Alice K. Palmisano, SRA JPMorgan Chase Bank, N.A. (212) 270-4919 alice.k.palmisano@jpmorgan.com
Second Vice President William P. McKenna, MAI M&T Bank (212) 350-5578 wmckenna@mtb.com Secretary Michael P. Neal, MAI Regional Appraisal Associates (212) 610-2811 mneal@regionalappr.com Treasurer Amanda Aaron, MAI Aaron Valuation (347) 674-3005 amanda@aaronvaluation.com
President’s Message
John Katinos, MAI Dear Friends and Colleagues,
meeting and 12 candidates attended. I was impressed with the dialogue and ideas that developed from the group with regards to getting more involved and engaging greater candidate involvement for the benefit of our chapter. As a result of the YLC meeting, we also hosted a free cocktail networking event in June at PS 450, coordinated by Michael Neal. The purpose was to revive the candidate social event and promote candidate activities. Furthermore, members Amanda Aaron, Mark Vollmer, and John DeFalco reflected on their varied appraisal careers, and discussed various career opportunities within appraisal firms, banks, and life insurance companies. The event was well attended by over 50 candidates, who received a well-deserved break and a chance to socialize with their peers.
As Fall has arrived, and we focus on finishing the year strong, I want to take a moment to highlight some of the exciting accomplishments and events that our chapter has provided over the first nine months of the year. Following tradition, we commenced our chapter activities this year with a program co-hosted with the Counselors of Real Estate (CRE) regarding the 2016 Real Estate Economic Forecast, featuring Dr. Mark Zandi. This informative event highlighted Dr. Zandi’s excellent insight and viewpoints regarding the economy, current trends, and their impact on our markets. Our March luncheon, arranged by Dan Sciannameo, focused on the transformation of the Long Island City (LIC) and Astoria waterfront. Our panelists included Jay Valgora of Studio V, Jordan Barowitz from the Durst Organization, Steve Klein from Brickman Real Estate, and Mitchell Arkin from Cushman & Wakefield, Inc. Our panelists provided valuable insight into the Halles Point development, and the changing dynamics of the LIC office market. The discussion highlighted key factors why LIC and Astoria are becoming the next hot neighborhoods in New York City.
Our June luncheon was planned by Brian Corcoran, and featured his interviewing expertise with Mary Anne Tighe, CEO of CBRE Tri-State Region and one of the most prolific deal makers in our industry. Mary Anne shared candid details regarding some of the significant transactions through her luminous career that have reshaped our city’s skyline and created new neighborhoods and submarkets, including Times Square and Downtown Manhattan. We were fortunate to have a beautiful day for our June social outing, a walking tour of the Hudson River Park and the proposed Pier 57 development. Daniel Kurtz of the Hudson River Park Trust
In May, I am proud to report that we held our inaugural young leadership committee (YLC) 2
President’s Message continued from page 2 provided a presentation detailing the historical development of the Park, along with the proposed expansion projects. In addition, Michael Rem of RXR Realty discussed the development of Pier 57, which will be anchored by Google and an Anthony Bourdain food hall. Liz Genovese orchestrated this memorable event. After the tour, we enjoyed cocktails and hors d’oeuvres with excellent views and an amazing sunset from STK rooftop in the Meat Packing district.
how they will change that way we work, live and shop. The chapter so far in 2016 has had 10 members receive their MAI designation, and 5 members receive their AI-GRS designation. Congratulations! We look forward to your being active members in our chapter. The chapter has offered 13 educational classes and one seminar so far. Looking forward, we have more events planned, including our final luncheon to be held November 16, details to be out shortly, and additional educational offerings and seminars. Please check our website for a current listing of the remaining course and seminar offerings.
Our annual marquis event, The September Conference, was a sold out event and one of our best ever based on the all-star panelists and speakers put together by co-chairs Marc Nakleh and Jon DiPietra. This year’s theme was “Transformation NYC; the world’s greatest city looks to its future”. Our panel of guests included Charles Bendit, Taconic Investment Partners; Sean Black, WeWork; John Cunningham, Alexandria Real Estate; Christopher Curry, Howard Hughes Corp.; William Elder, RXR Realty; Peter Poulakakos, HPH Hospitality; and Mark Weiss; Cushman & Wakefield. Michael Stoler, our moderator from Madison Realty Capital, did an exceptional job getting all the pertinent details from our esteemed panelists. Michael Fascitelli of MDF Capital and formerly president and CEO of Vornado Realty Trust delivered an educational and entertaining keynote address to close the conference. The conference was a great success and informative regarding the significant developments that our panelists are working on, and
Alice Palmisano our incoming President for 2017 has planned the Installation Dinner and Holiday Party for December 13 at The National Arts Club. Please save the date. Our chapter has had an active year so far, and I wanted to thank our board, the membership and our sponsors for their generous support of our chapter and its program of events. I also wanted to acknowledge Connie Puccio for always going above and beyond and making sure all our chapter activities run seamlessly. Thank you Connie! Let’s continue to support our chapter and I wish you a successful year end.
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EVENTS
March Luncheon: The Annual Real Estate Economic Forecast meeting Transformation of Long Island City and the Astoria The Metro New York Chapter started the year off with Waterfront: New York City’s the Annual Real Estate Economic Forecast meeting with guest speaker, Mark Zandi, Chief Economist and Next Great Hot Spots Co-Founder of Moody’s Economy.com The meeting was held jointly with the Counselors of Real Estate, January 20th at Club 101.
An expert panel at a recent Metropolitan New York Chapter of the Appraisal Institute’s series of luncheon programs, discussed projects under development in Long Island City (LIC) and the Astoria Waterfront, along with projections for these markets. Panelists included Jay Valgora, AIA, AICP, LEED AP of Studio V and Jordan Barowitz, Vice President, The Durst Organization who discussed the Astoria Waterfront. Described by Valgora as a reinvention of what was originally a village, the Astoria waterfront offers “tremendous challenges but also tremendous potential.” Barowitz, whose Durst Organization’s first major development outside of Manhattan is Halletts Point in Astoria, discussed the good news – potential, vibrant mix of cultures, proximity to Manhattan - and bad news, the potential expiration of the 421A tax abatement. Moving on to Long Island City, Mitchell Arkin, Executive Director, Cushman & Wakefield, interviewed Steven Klein, Chief Investment Officer, Brickman Real Estate about adaptive reuse of industrial buildings into commercial properties and housing in LIC. Klein sees the great value and potential for a vibrant LIC office market including great infrastructure and excellent transportation to Manhattan, not to mention office rents in the range of $30 to $40 psf.
Mark Zandi with Metro NY Chapter President, John A. Katinos, MAI of Cushman & Wakefield, Inc.
Ginna Currie, MAI was presented her designation certificate by Timothy Chen, MAI
From left to right: Steven Klein, Brickman; Mitchell Arkin, Cushman & Wakefield; John Katinos, Cushman & Wakefield; Jay Valgora, Studio V; Dan Sciannameo, Albert Valuation Group New York; Jordan Barowitz, The Durst Organization
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EVENTS
May Luncheon: Building New Office Neighborhoods recent Metropolitan New York Chapter of the Appraisal Institute luncheon. In an interview with Brian Corcoran, Executive Vice President, Valuation & Advisory, Cushman & Wakefield, Mary Ann, CEO of CBRE Tri-State Region, discussed her start in real estate at Edward S. Gordon Company to her deal at 425 Park Avenue for Citadel which set a new record for rents. Her arts background led to joining the New 42nd Street, experiences that paid a huge role in her famous deal that brought Conde Nast to Times Square and made the neighborhood a viable corporate environment. From left to right: Metro NY Chapter President, John Katinos of Cushman & Wakefield, Mary Ann Tighe of CBRE, Brian Corcoran of Cushman & Wakefield
Considering Mary Ann Tighe has been called the most powerful woman in New York for her “history of… transforming the face of Manhattan”, as well as the reams of publicity her deals have generated, the lesser known back stories of her life were a fascinating reveal at a
Other insights: the best tax package she ever did was at The New York Times Building, said to be worth $250 million; there is a need to set up a program at the Department of Finance on rent taxes because “not knowing” is a big market deterrent; her high school principal asked her to serve on the finance committee which led to her client relationship with the Archdiocese of New York; Brooklyn will be the next big office market; and that someone has to “get a grip” on the chaos created by the plazas and bike lanes in Times Square.
CONGRATULATIONS TO THE NEWLY DESIGNATED MEMBERS FOR 2016 Yamil Arocho, MAI Ginna Currie, MAI Nancy J. Fleischer, MAI Scott C. Lewis, MAI Deborah Preston Lipman, MAI Hector Nieves, MAI Candice Norton, MAI Michael Schirick, MAI, AI-GRS Keith Stillman, MAI Megan Tursi, MAI New AI-GRS Members: Adrienne Dougherty, MAI, AI-GRS Jenny Greissle, MAI, SRA, AI-GRS Jeremy Kennedy, MAI, AI-GRS Michael Raganelli, MAI, AI-GRS Adam Weber, MAI, SRA, AI-GRS
At the May 17th Chapter luncheon meeting, Neil Guiney, MAI proudly presented an MAI designation certificate to his daughter, Megan Tursi, MAI.
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EVENTS
Annual June Outing held this year on June 22nd Daniel Kurtz of the Hudson River Park Trust providing members of AI’s Metro NY Chapter with a tour of Hudson River Park. Members had the opportunity to view RXR’s and Youngwoo’s redevelopment of Pier 57 at Hudson River Park.
June 28th FREE Networking Event On June 28th the Chapter held a FREE Networking event for our Candidates and Affiliates and potential newbies to the field. Attendees had the opportunity to hear from designated members about the various career paths in the real estate appraisal industry and the benefits of becoming active within the chapter.
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EVENTS
The Metropolitan New York Chapter’s Annual Conference, held on Wednesday, September 28th at Club 101, was a huge success! Panelists and Keynote Speaker spoke to a SOLD OUT crowd.
Jerome Haims, MAI of Jerome Haims Realty, presented Yamil Arocho, MAI with his designation certificate at the September 28th Conference.
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Thank you The Metropolitan New York Chapter would like to thank the following sponsors of this year’s Fall Conference:
Event Sponsor:
SHUBERT & COMPANY Aaron Valuation
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JDM Real Estate Co.
Two Chapter Members Attend 46th Annual LDAC Meeting Non-appraisal professional individuals and companies providing valuation services – There continue to be areas in the nation where appraisals are not required by Federal law – where valuation services may be provided by a wide range of people who are not held to the same standard as appraisers. This factor puts professional appraisers competing on an uneven playing field in competing with these individuals and companies that are not encumbered by rigid appraisal standards restrain appraisers from providing competing services for which they are the most qualified to perform.
Kevin Lynch of Landauer Valuation & Advisory and Robert Lamar Stack, MAI, FRICS of Appraisers & Planners were selected to serve as representatives from the Metropolitan New York Chapter of the Appraisal Institute by Chapter President, John Katinos, MAI, and the Board of Directors to attend this year’s Leadership Development & Advisory Council (LDAC). This year marked the 46th Annual LDAC Meeting which occurred on May 25-28, 2016 in Washington, DC. Kevin and Bob were selected as the Metropolitan New York Chapter’s representatives. For each, it was their first year in attendance.
“Recipe” Approach to Appraisal. There is talk within the profession suggesting that appraisal “methods and techniques” should be developed as a set of homogenous rules. As professionals, we alone are most cognizant of the fact that the profession and the real estate industry stakeholders need to do what we do best and not be subject to attempts to treat all markets the same.
The purpose of LDAC is to convene a forum of designated members and candidates for designation from various Appraisal Institute chapters from around the country to meet in four different discussion groups to provide recommendations to both the Appraisal Institute’s Strategic Planning Committee and the National Board of Directors on various discussion topics.
Federal Agency “Rules.” Subsequent to the passage of the Dodd-Frank Act there has been a multitude of new rules that affect appraisers – these rules merit Congressional oversight. Currently, no legislation has been introduced in either the U.S. House of Representatives or the U.S. Senate that addresses the regulatory burdens appraisers face, or to modernize the regulatory structure of the appraisal profession. In fact since the passage of FIRREA there has not been any significant legislation passed covering the appraisal industry.
The issues of primary concern to professional appraisers that were discussed were: Federal Regulation - Appraisers face constantly evolving standards and qualifications which are regulated by the States and are also subject to heavy Federal oversight and. State appraiser regulatory agencies have been fully operational for many years and have reached a point where direct federal oversight no longer may be necessary.
As of the 46th Annual LDAC, congressional staff has written draft legislation and shared it with many different industry groups including the Appraisal Institute, which was asked for input on many of AI’s concerns regarding the appraisal regulatory structure.
License/Certification - Portability. Appraisers that often work in many states (such as the Metropolitan New York area) must handle increasing regulatory obligations which include renewals, reciprocity, temporary practice permits and background checks.
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Two Chapter Members Attend 46th Annual LDAC Meeting, continued from page 7
Given the concerns listed on page 7, the following was submitted for discussion. Modernize Appraisal Oversight • Align appraisal regulation with regulatory structures of other industries, such as insurance and mortgage origination recently enacted by Congress. These regulatory structures address multi-state licensing through technology or a common licensing platform. • Explore a nationwide platform, or portal, for appraisal practitioners, users of appraisal services, and state regulators to use to process license applications and renewals, thus eliminating redundancies and “red tape.” Improve Enforcement • Provide clear audit processes for states’ appraiser regulatory agencies, allowing state regulators to focus on licensing administration and enforcement. • Improve information-sharing among state regulatory agencies through a common platform. Improve Appraisal Quality • Improve appraisal quality by re-engaging highlyqualified real estate appraisers.
• Authorize financial institutions to “raise the bar” when hiring real estate appraisers, utilizing professional appraisal designations that exceed minimum licensing requirements when procuring appraisal services. Appraisal Standards • Establish appropriate levels of oversight and reasonable limitations around Congressionally-authorized bodies, consistent with previous Congressional action. After discussions and breakout meetings, the various attendees visited the offices of various Senators and Representatives to discuss the issues and provide contacts for congressional staff members to assist their superiors with the tools and information to be enlightened on the various points noted above which are affecting our industry. Kevin and Bob visited the offices of Senators Chuck Schumer and Kirsten Gillibrand and Representatives Peter King, Lee Zeldin, Jerome Nadler and Eliot Engel.
Seminars NOVEMBER 2, 2016 ARGUS DCF TO AE – TRANSITION TRAINING SEMINAR Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am – 4pm Cost: AI - $450 / Full - $500
SOLD OUT: A second date has been added for this seminar:
November 1, 2016 Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-4pm Cost: AI - $450 / Full - $500 Only a few seats remain for this second date. To reserve, please call the chapter office at 866-966-3710.
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The Metropolitan New York Chapter would like to thank Cushman & Wakefield, Inc. for their continued support as the 2016 Seminar Sponsor
2016 EDUCATION EVENTS SCHEDULE
The Metro NY Chapter of the Appraisal Institute
2016 Education Schedule OCTOBER OCTOBER 11 – 20, 2016 GENERAL APPRAISER INCOME APPROACH PART I (G-7)
DECEMBER DECEMBER 6, 2016 7 HOUR USPAP UPDATE
OCTOBER 27 – NOVEMBER 4, 2016 GENERAL APPRAISER INCOME APPROACH PART II (G-7)
DECEMBER 8, 2016 BUSINESS PRACTICES & ETHICS
Tuesdays & Thursdays – Oct. 11, 13, 18 & 20 Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY • Time: 9am-5pm Cost: AI - $595 / Full - $625
Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm Cost: AI - $195 / Full - $215
Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm Cost: AI - $195 / Full - $215
Thursdays & Fridays – Oct. 27, 28, Nov. 3 & 4 Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm • Cost: AI - $595 / Full - $625
NOVEMBER NOVEMBER 1 , 2016 (THIS DATE HAS RECENTLY BEEN ADDED) ARGUS DCF TO AE – 1 DAY TRANSITION TRAINING SEMINAR
Ruth Agnese Scholarship: Metro NY Chapter Advanced Candidates for the MAI Designation can apply now for the Ruth Agnese Scholarship.
Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-4pm • Cost: AI - $450 / Full - $500 Only a few seats remain for this second date. To reserve, please call the chapter office at 866-966-3710.
For details and to apply now go to: http://aimetrony.com/ruth-agnese-scholarship-apply-now/
REGISTRATION
NOVEMBER 2, 2016 (THIS DATE IS SOLD OUT) ARGUS DCF TO AE – 1 DAY TRANSITION TRAINING SEMINAR
TO REGISTER FOR ANY OF THE COURSES OR SEMINARS, PLEASE CONTACT THE CHAPTER OFFICE AT: 866-966-3710 OR VIA E-MAIL AT: metronyai@aol.com
Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY • Time: 9am – 4pm Cost: AI - $450 / Full - $500
ALL CLASSES TAKE PLACE AT: Association of the Bar of the City of NY, 42 W. 44th St., NYC (Unless indicated)
NOVEMBER 7 – 10, 2016 GENERAL APPRAISER REPORT WRITING & CASE STUDIES
Online Education:
Online Education: Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want.
Location: Association of the Bar of the City of NY, 42 W. 44th St., NY, NY Time: 9am-5pm • Cost: AI - $695 / Full - $725
Check out the current course listing now!
The Metropolitan New York Chapter would like to thank Metropolitan Valuation Services for their continued support
http://www.appraisalinstitute.org/education/online-education-view_programs.aspx
THE 2017 EDUCATION SCHEDULE WILL BE POSTED TO THE WEBSITE SHORTLY.
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Date: Monday, May 4th Date: Monday, May 4th NER, MAI OF BUTLER Date: Monday, May 4th ClubJOEL 101,LEITNER, 101 Park Ave. Date: Monday, May 4th Date: Monday, May 4th Date: Monday, May 4th Date: Monday, May 4th ROUP, AS INTERVIEWER. at E.WILL 40th SERVE St., NY, NY Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Date: Monday, May 4th Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. Location: Club 101, 101 Park Ave. at E. 40th St., NY, NY Location: Club 101, 101 Park Ave. at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, NY at E. 40th St., NY, THANK YOU TO 2015 CHAPTER SPONSORS: atOUR E.101, 40th St., NY, NY NY Location: Club 101 Park Ave. SEMINAR SPONSOR 11:30am er Registration: 11:30am Registration: 11:30am Registration: 11:30am at E. 40th St., NY, NY Registration: 11:30am Registration: 11:30am Education Sponsor Registration: 11:30am Registration: 11:30am Luncheon Program: ––––2pm Luncheon & Program: Noon 2pm :Luncheon Noon &– 2pm Luncheon && Program: Noon 2pm Registration: 11:30am & Program: Noon Luncheon Program:Noon Noon –2pm 2pm Luncheon & Program: Noon Luncheon & Program: Noon –– 2pm 2pm Guest Speaker: Kushner, Guest Speaker: Jared Kushner, Guest Speaker: Jared Kushner, Luncheon & Program: Jared Noon –Kushner, 2pm Guest Speaker: Jared Guest Speaker: Jared Kushner, Guest Speaker: Jared Kushner, Jared Kushner, Principal, Kushner Properties Seminar Sponsor Jared Kushner, Principal, Kushner Properties n Guest Speaker: Principal, Kushner Properties Principal, Kushner Properties Principal, Kushner Properties Principal, Kushner Principal, Kushner Properties Properties s. Guest Speaker: Kushner Jared Kushner, Principal, Properties Cost: $120 Cost: $120 Cost: $120 Principal, Kushner Properties Cost: $120 Cost: $120 SPONSOR PLATINUM $120 Cost: $120 eCost: 22 of CE credits have been applied for to the $120 22Hours Hours of CE credits have been applied for to the U.S. Hours of CE credits have been applied for toto the Cost: $120 of CE credits have been applied for to the 2Hours Hours of CE credits have been applied for the Platinum Sponsors 2 Hours of CE credits have been applied for to the states of NY, NJ and the Appraisal Institute 2states Hours ofNY, CE credits have been applied for to the states of NY, NJ and the Appraisal Institute states ofofNY, NY, NJ and the Appraisal Institute states of NJ and the Appraisal Institute NJ and the Appraisal Institute the Institute states of NY, NJ and and have the Appraisal Appraisal Institute 2states Hoursof ofNY, CE NJ credits been applied for to the have been applied for to the as states of NY, NJ and the Appraisal Institute he Appraisal Institute he
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EVENTS SPONSORS
Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Sponsors Platinum Platinum Sponsors Sponsors Chapter of the Appraisal Platinum Sponsors
Institute
Would Like to Thank the 2016 Chapter Sponsors: Gold Sponsors GOLD SPONSOR Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors Gold Sponsors
Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors Silver Sponsors SILVER SPONSOR Berdon LLP | |Accountants Nixon Peabody Berdon LLP ||Accountants Accountants Nixon Peabody Berdon LLP Accountants Nixon Peabody Berdon LLP Nixon Peabody Berdon LLP | Accountants Nixon Peabody Silver Sponsors and Advisors Regional Appraisal Associates Berdon LLP | Accountants Nixon Peabody and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates and Advisors Regional Appraisal Associates Berdon LLP | Accountants Nixon Peabody
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