Crain's New York Business by crains-new-york-business

ASKED & ANSWERED Why the vaccine is no reason to stop being vigilant PAGE 16

CRAINSNEWYORK.COM

HELP OR HURT? Economists are skeptical of Yang’s signature income plan PAGE 3

JANUARY 25, 2021

Special Report

IS THE CLOUD OVER REAL ESTATE LIFTING? BUCK ENNIS

Often demonized by politicians, the industry is getting a warmer welcome in this year’s mayoral race PAGE 10 REAL ESTATE

Amazon lifts industrial real estate market An increase in e-commerce brought on by the pandemic and consumer trends is driving growth in the market

NEWSPAPER

VOL. 37, NO. 3

BY EDDIE SMALL

ndustrial properties closed out 2020 and started off the new year as a relative bright spot for New York real estate—especially as the pandemic continues to wreak havoc on the office, retail and residential markets. During the last quarter of 2020 about

870,000 square feet of industrial property was leased in the city, according to a new CBRE report, which said that for the year overall, there was approximately 7.2 million square feet of industrial leasing activity. Amazon played a major role, inking two East New York, Brooklyn, leases in the fourth quarter: a 90,000-square-foot spot at 2300

Linden Blvd. and a 211,000-square-foot property at 12555 Flatlands Ave. And the e-commerce giant kicked off this year with two Bronx announcements: officially opening a 205,000-square-foot delivery station at 1055 Bronx River Ave. in Soundview and See INDUSTRIAL on page 5

OUT OF OFFICE

CHECK OUT THE BEST PLACES TO ORDER FROM RIGHT NOW PAGE 37

PAGE 23

TECHNOLOGY

Etsy offers CEO $25 million to stick around after huge 2020 “THIS PACKAGE IS REFLECTIVE OF OUR BELIEF THAT HIS LEADERSHIP IS CRITICAL”

BY RYAN DEFFENBAUGH

regardless, positioning Etsy to capitalize when Covid-19 pushed vast swaths of commerce online. The company’s crafters sold more than $600 million worth of masks in the second and third quarters, and sales for home furnishings jumped more than 100% year over year last quarter.

SILVERMAN

Maintaining momentum

BLOOMBERG

tsy is ready to put up $25 million to hold on to the executive who oversaw its dramatic turnaround from obscure company to Wall Street darling. The Brooklyn firm had the strongest 2020 of any public company outside of Tesla, according to a Goldman Sachs analysis, with 300% growth in its share price. Following that performance, CEO and President Josh Silverman is up for a $25 million retention bonus, paid through company stock, according to a filing last Wednesday with the U.S. Securities and Exchange Commission. The total payout is contingent on staying with the company for three years and meeting sales and revenue goals. “Given Etsy’s strong performance and transformation during [Silverman’s] tenure, this equity package—his first since 2017—is largely performance-based and reflective of our belief that his continued leadership is critical to Etsy’s future growth,” company spokeswoman Jessica Doyle said via email.

until this year. In his four years on the job, Silverman has led Etsy from a low-key online market for crafters—valued at around $2 billion with its stock value dropping—to an e-commerce juggernaut with a market cap of more than $20 billion. “Suddenly you’re hearing Etsy

Improved operations Silverman’s deal to join the company in 2017 included nearly $20 million in company equity awards, with the agreement he would not receive any further stock awards

mentioned in the same breath as Amazon, eBay and Target,” Silverman said on an investor call in October. A former executive at eBay and American Express, Silverman is the fourth CEO in Etsy’s 16-year history. In his first year on the job, he reduced the workforce and let the

company’s status as a socially conscious B corporation expire, focusing on improving Etsy’s operations. Some of his changes have angered the company’s more than 3 million sellers, especially his push for free shipping on orders greater than $35. But the firm has steadily grown

HEALTH CARE

The question is whether Etsy can sustain its momentum as vaccines eventually allow people to stop buying masks in bulk and resume in-person shopping. Silverman has a strong incentive to see that Etsy holds on to its new customers. The $25 million equity award will vest based on the company’s sales, revenue profit margin and shareholder returns during the next 36 months. Although the public filing does not make clear the exact targets for those measures, Silverman could earn up to 200% of the bonus—$50 million—depending on the company’s performance. ■

WEBCAST CALLOUT

Office of Pharmacy Benefits investigates drug price spikes during pandemic BY SHUAN SIM

Clinical trial link? Three of the manufacturers are based in New Jersey: Berkeley Heights’ Hikma Pharmaceuticals saw a 60% increase for its drug Duramorph; East Brunswick’s Rising Pharmaceuticals, a 98% bump for chloroquine phosphate; and Warren’s Cipla USA, an over 1,350%

LACEWELL

BUCK ENNIS

ov. Andrew Cuomo recently announced that the Department of Financial Services’ Office of Pharmacy Benefits is investigating six drug manufacturers over significant price spikes on medications related to Covid-19. The office, launched in November, is demanding the manufacturers justify the price increases under section 111 of the New York Insurance Law—which permits investigations into prescription drug price increases of more than 50% within 12 months.

boost for budesonide. The other three hail from California: San Francisco’s Jaguar Health saw a 230% jump for Mytesi; Santa Ana’s McGuff Pharmaceuticals, a 110% boost for Ascor; and Torrance’s Nubratori, a 65% bump for Dexonto.

Many of the spikes appeared to come after announcements about using the drugs in clinical trials related to treating Covid-19. The firms are required to provide written responses as to when the pricing decisions were made, the

personnel involved, the analyses conducted and internal memos. The office will announce its conclusions whether the increases were justified in an upcoming Drug Accountability Board report. When reached for comment, all three California firms refuted the allegations. Across the river, a Rising spokeswoman called the state’s request for information and suggestion of impropriety “unfortunate.” Hikma’s price increase was made in January 2020, before the first announced Covid-19 case in the U.S., a spokesman said. And Cipla did not respond by press time. “When drug manufacturers exploit a global pandemic for their own benefit, it cannot go unanswered,” said Linda Lacewell, superintendent of DFS. “DFS will use every power at its disposal to shine a light on the world of drug prices.” ■

MARCH 18 COMMERCIAL REAL ESTATE RECOVERY FORECAST Covid-19 has had a profound effect on the commercial real estate market in New York and could have a lasting impact even after the danger of the pandemic passes. During this webcast, Crain’s and local real estate experts will examine the changes in leasing activity, including the decreased demand for office space and the creative ways landlords are redesigning infrastructure to meet a new normal.

VIRTUAL EVENT Time: 4 to 5 p.m. CrainsNewYork.com/ MarchNYNSummit

Vol. 37, No. 3, January 25, 2021—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for bimonthly in January, July and August and the last issue in December, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: call 877-824-9379; fax 313-446-6777. $3.00 a copy; $129.00 per year. (GST No. 13676-0444-RT) ©Entire contents copyright 2021 by Crain Communications Inc. All rights reserved. 2 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

POLITICS

AP PHOTOS

ECONOMISTS said Yang’s UBI plan wouldn’t work in New York.

Yang’s guaranteed income plan looks like it’s DOA in NYC Economists says his signature policy idea could hurt people it aims to help BY BRIAN PASCUS

ndrew Yang’s proposal of guaranteed income regardless of employment—universal basic income—may have been popular enough to give him a national profile in the 2020 presidential race, but it’s unlikely to be implemented in New York City. Yang’s announcement that he was running for mayor recently highlighted UBI as part of his platform, but the harsh truth of New York’s political and economic climate makes his signature policy proposal appear increas-

ingly unrealistic. “The UBI policy requires a national tax base, and the city tax base is not sufficient to support that,” said Kathryn Wylde, CEO of the Partnership for New York.

‘Freedom dividend’ UBI, as proposed by Yang during his 201920 presidential campaign, is a fiscal policy that would guarantee every American citizen $1,000 a month from the time they are 18 until death. The policy, characterized by Yang as a "freedom dividend," seeks to stimulate the economy by putting no-strings-attached cash

in the hands of Yang’s constituents. Those already receiving government assistance under the Supplemental Nutrition Assistance Program, for example, would choose between UBI and their existing benefits, leaving room for Yang to consolidate other welfare programs. The policy would be paid for by assessing a flat value-added tax on luxury items of 10%, according to Yang’s presidential campaign. “The freedom dividend would pay for itself by helping people avoid our institutions, which is when our costs shoot up,” according to Yang’s campaign website.

“THE CITY TAX BASE IS NOT SUFFICIENT TO SUPPORT [UNIVERSAL BASIC INCOME]” The first concern New York City economists share regarding Yang’s signature policy is that it would either complicate or eliminate See YANG on page 21 JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 3

POLITICS

BY RYAN DEFFENBAUGH

he stronger the pot, the greater the tax. Gov. Andrew Cuomo’s latest swing at legalizing recreational marijuana includes a new twist on taxation. Marijuana would be taxed based in part on its potency, measured by the level of THC, the psychoactive ingredient in cannabis. The structure would be unique to New York, which trails 14 other states in legalizing recreational pot. In his budget address last Tuesday, Cuomo estimated marijuana could eventually generate about $300 million in annual tax revenues. This is the third attempt at legal-

cents and 4 cents per milligram of THC, depending on the product. The highest charge is reserved for edible cannabis items. A California-run research agency said in 2019 that the state could improve its complicated pot taxes by adopting a simple charge on potency—though the recommendation was not acted on. Illinois, which legalized marijuana last year, charges a higher tax on products with THC levels above 25%, but the tax is still based on the retail price of the product. New York’s proposal is the first to directly base taxation on potency level, before a retail price is set. Customers still would have to pay a tax of 10%, plus local and state sales tax, at the store. Ulrik Boesen, a senior policy analyst at the Tax Foundation, has written in favor of potency-based taxes as a way to most directly address the effects of marijuana. “You levy a tax on a product like recreational marijuana because you assume there are some nega-

“THE QUESTION IS, HOW DO WE BEST CAPTURE THE DRUG’S HARM IN A TAX?” izing marijuana from Cuomo but the first with the potency tax. Wholesalers of cannabis products would face a tax of between 0.7

BLOOMBERG

Marijuana faces stiff, potency-based tax under governor’s proposal

tive externalities, or harm, associated with consumption—same as cigarettes or alcohol,” Boesen said. “The question then is: How do we best capture that harm in a tax?” The drug’s many forms and modes of consumption complicate taxes based on price. The potency of the product is the most direct way to measure the risk of negative effects, Boesen said, such as driving under the influence. Similarly, distilled spirits are

taxed at the federal level at $13.50 per proof gallon (a liquid gallon that is 50% alcohol).

‘Pushing the envelope’ The risk, however, is the proposal would be a new style of tax for cannabis and therefore could create some headaches in calculating it, noted Jay Czarkowski, founding partner of Canna Advisors, a consultancy group. THC is measured as a percentage—similar to alcohol

Wednesday, March 3 | 4-5 p.m.

How the Big Apple will regain its shine In the wake of 9/11, Dan Doctoroff, then deputy mayor of economic development under Bloomberg, contemplated the same issues we face today. Are cities still necessary? With the redevelopment of the World Trade Center, the High Line and Hudson Yards, among others, the answer came as a resounding yes. Join Crain’s on March 3, when we talk to Doctoroff, now CEO of urban innovation company Sidewalk Labs, about how New York City can come back again.

Daniel L. Doctoroff, Chairman & CEO, Sidewalk Labs

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4 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

content—in some products and by weight in others. The question for any tax on cannabis is whether it raises prices to the point that buyers would stick to the tax-free illicit market. Industry experts often describe the city’s underground market for marijuana as being among the world’s largest. Jeremy Unruh, director of regulatory affairs for PharmaCann, one of New York’s 10 licensed medical marijuana producers, said the sweet spot for a marijuana tax is between “25% to 27%—which provides enough revenue to be meaningful to lawmakers but not so high as to keep people in the illicit market.” Unruh estimates New York’s tax plan would add about a 30% tax to cannabis sales. “It is pushing the envelope,” he said, “but not out of the scope of reasonable.” Cuomo has placed the bill—officially the Cannabis Regulation and Taxation Act—in his proposal for the state budget, which is scheduled to be voted on by April 1. A Democrat-led marijuana plan in the Legislature proposes charging an 18% excise tax on marijuana sales. ■

INDUSTRIAL

Sunset Park. The average asking rent was down 1.8% from the third to the fourth quarter, hitting $22.56 per square foot, even as rent remained up by 5.6% year over year. The average asking price for sales dropped as well, to $353.36 per square foot, a 7.3% decrease quarter over quarter. There were 11 investment and user sales in the industrial market during the fourth quarter, totaling about 460,000 square feet. It was a 55.5% drop compared with last year’s fourth quarter, the report says.

FROM PAGE 1

plans to open a 139,700-squarefoot delivery station at 511 Barry St. in Hunts Point during the second half of the year. The Soundview station is bringing more than 140 full- and parttime jobs to the neighborhood, all of which will pay at least $15.25 per hour, the tech firm said. The Hunts Point station, along with a new 190,000-square-foot delivery station expected to open this year at 66-26 Metropolitan Ave. in Middle Village, Queens, should collectively bring hundreds of full-time, parttime and driver jobs to the city, Amazon said. Amazon also plans to open its Linden Boulevard and Flatlands Avenue delivery stations this year, along with one at 1502 Bassett Ave. in the Bronx. It also expects to open a station this year on Long Island as well as one upstate in Rochester.

BLOOMBERG

Pandemic boost

Saturation point Despite the flurry of activity, industrial real estate still ticked down during the fourth quarter compared with earlier in the year, CBRE said. The 870,000 square feet of industrial leases was a 60.4% drop compared with the third quarter, and e-commerce firms leased just 327,000 square feet of space during the fourth quarter, compared with 1.6 million square feet in the previous quarter.

Although e-commerce companies continue to lease space in the city, the average lease size has dropped due to a lack of large available spots, the CBRE report said. And there does not seem to be a quick fix. “It would be hard for them to reclaim some new swath of land,” CBRE Senior Vice President Bradley Cohen said of industrial space in the five boroughs. “Perhaps there

are some areas of Staten Island or expansions of the existing Industrial Business Zones.” Going forward, Cohen said, industrial tenants might focus more on Westchester County, Long Island and other suburban areas. “It really depends on the user and their distribution path and what they’re looking to accomplish,” he said. “So, depending on each individual user and their sup-

ply chain at various warehouse networks, it may or may not work for them to be in Westchester County to distribute to the Bronx.” The city’s availability rate for industrial space ticked up from 8% during the third quarter to 8.2% during the fourth, the CBRE report says. Brooklyn was the only borough where the availability rate dropped. The report noted activity in East New York, Red Hook and

The growth that industrial real estate saw in New York last year might not be sustainable in the long term, but demand for properties among e-commerce companies in particular is likely to remain high, based in part on the boost the Covid-19 pandemic has given to online shopping, according to Jonathan Bowles, executive director of the Center for an Urban Future. “I don’t see those companies going away anytime soon, because I think that e-commerce is the new normal,” Bowles said. “And I don’t mean it’s totally replacing retail. I think once the pandemic is over, people will go back to shopping in person, but I think that we’ve crossed a line with e-commerce during this pandemic. “Many more New Yorkers that hadn’t given it a try have gotten used to online shopping.” ■

POLITICS

Street vendor bill would be ‘end of small business,’ critics say BY BRIAN PASCUS

egislation that would expand the number of street vendor permits by 4,000 during the next 10 years would be ruinous to mom-and-pop stores, business leaders say. “This could spell the end of small neighborhood business,” said Hank Sheinkopf, spokesman for the Latino Bar and Lounge Association. “No one knows what the [City] Council is thinking.” The proposed legislation aims to expand the number of street vendor permits by 400 per year during the next decade, with 300 of those restricted to the outer boroughs. It also would create an advisory board to evaluate rules and measures to crack down on illegal vending. The bill proposes a dedicated enforcement unit that would begin operations in September. The advisory board would review rules related to the impact of Open Streets and Open Restaurants on street vending, and whether the use of sidewalk and street space is equitable and well managed. “This is just pitting one business against the other and failing to address the underlying problems,” said David Estrada, executive director of the Sunset Park Business Improvement District. The growth in the number of

street vendors has concerned small-business owners and improvement district leaders, who view the vendors as unfair competition because of their low operating costs. Street vendors in New York don’t pay rent or workers’ compensation. In most cases they are sole proprietors.

Creating accountability The city has capped street vendor licenses at 3,000 since 1983. An additional 2,100 are made available for seasonal permits, green carts, borough-specific permits and vendors who are veterans or disabled. But there are many illegal vendors, with numbers that likely reach into the thousands, according to small-business advocates. Some New York brick-and-mortar retailers pay a 3.9% commercial rent tax, while legal street vendors pay $200 for a two-year permit. Illegal street vendors, of course, pay nothing. One reason the City Council is seeking to pass the bill is to create more accountability. “They argue if everyone who wants a permit gets a permit, then you’ve taken the economic incentive away from operating on this black market,” said Rob Byrnes, president of the East Midtown Partnership. “But that doesn’t really stand up.” The bill has multiple co-spon-

sors in the council, including Margaret Chin, Brad Lander and Carlos Menchaca.

Enforcement issues The enforcement aspect of the bill, which would remove the NYPD from regulating street vending, has drawn criticism from a consortium of small-business owners. “The council’s bill would make that issue even worse by vastly expanding the number of street vendors in New York City at a time when restaurants and other establishments are already fighting a losing battle to stay afloat and keep their workers employed,” the owners wrote in a Jan. 12 letter to the council. “Without the ability to enforce rules against unlicensed vending, increasing the number of permits will be ultimately irresponsible.” Critics trace the enforcement problem back to June 7, when Mayor Bill de Blasio announced he would be transitioning the police away from enforcing street-vendor regulations. The mayor’s office said last Thursday that the bill would create the Office of Street Vendor Enforcement, led by the Department of Consumer and Worker Protection. The bill is set to be voted on when the council meets Jan. 28, the mayor’s office said. ■

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IN THE MARKETS

Is M&T Bank the canary in the coal mine? As hotels, offices and stores stay dormant, real estate lenders are reviewing their portfolios

“DELINQUENCIES HAVE UNTIL RECENTLY REMAINED RELATIVELY BENIGN”

Others weren’t so confident. One analyst questioned what was meant when Signature said 6.6% of loans have been “modified” for Covid-related reasons. Management explained those borrowers are paying only interest, not principal, for a period of six to 12 months. “So essentially they are being deferred, right?” the analyst asked. “We’re giving them a little relief,” DePaolo replied, adding that he believes the loans will be repaid because the borrowers continue to pay operating costs, insurance and taxes.

BLOOMBERG

&T Bank reported ference call. “I view this as a normal what it called a “signif- progression when you’re in one of icant increase” in dud these economic cycles.” commercial real estate loans, a sign that the damage done Other problems by the pandemic is starting to infect Still, Evercore ISI analyst John lenders. Pancari described the increase in The Buffalo-based soured real estate loans bank, a key player in New as a “notable jump.” OthYork’s pre-Covid coner problems might crop struction boom, said last up, because nearly 40% of Thursday that nonperM&T’s $100 billion loan forming hotel loans rose portfolio is in commercial by $530 million during the real estate. That’s the final 90 days of last year. highest of any regional Management didn’t idenbank in the Northeast, actify which loans went bad cording to Evercore, and but said the hotels tend to AARON ELSTEIN one of the most concenbe located in large cities. trated loan books for any “Delinquencies, midsize lender. non-accrual loans and net chargeM&T wrote a $230 million loan in offs have until recently remained 2018 for the TWA Hotel at Kennedy Airport (since paid off ) and lent $66 million in 2019 to the Financial District’s Hilton Garden Inn. The bank said nonperforming loans rose in the fourth relatively benign,” Chief Financial quarter to 1.9% of its portfolio, from Officer Darren King said on a con- nearly 1.3% in late September.

Small number As hotels, office buildings and storefronts remain dormant, real estate lenders everywhere are taking a hard look at their portfolios. So far banks have avoided taking losses on the loans thanks to the government’s economic rescue measures. But time is running short, at least for some borrowers.

Signature Bank, a major commercial real estate lender locally, said last Thursday that it thinks it has set aside enough in reserve to soak up loan losses. “We believe we are adequately covered for what may come,” Chief Executive Joe DePaolo said, adding that deferrals fell to 2.7% of loans.

King, the M&T finance chief, assured investors his bank’s problems are confined to a relatively small number of customers—albeit large ones. “When we look at those credits, I don’t need to take off my shoes and socks to count them,” he said. “Which is a good thing.”■

VIRTUAL EVENT | EARLY BIRD PRICING TILL MARCH 10

NYC’s Commercial Real Estate Recovery Forecast Thursday, March 18 | 4-5 p.m.

Covid-19 has had a profound effect on the commercial real estate market in New York and could have lasting impact even after the danger of the pandemic passes. During this webcast, Crain’s and local real estate experts will examine the changes in leasing activity, including the decreased demand for office space and the creative ways landlords are redesigning infrastructure to meet a new normal. Speakers

Don Peebles

Chairman and CEO, The Peebles Corporation

James Whelan President, REBNY

Additional speakers coming soon

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REAL ESTATE

SL Green sells Lenox Hill building to jewelery company for $43 million BY EDDIE SMALL

L Green has sold another one of its New York properties, offloading 712 Madison Ave. to jewelry firm Graff International for $43 million, property records show. The deal to sell the Lenox Hill building comes on the heels of several other SL Green sales. The real estate investment trust recently sold three commercial units in a Wil-

liamsburg condo property at 195– 205 Berry St. to Ethika Capital for $32 million. Its massive deal to sell the Amazon-anchored office development at 410 10th Ave. in Hudson Yards to 601W Cos. for nearly $1 billion recently closed as well. Representatives for SL Green and Graff International did not respond to requests for comment. The property is at the center of an ongoing lawsuit against SL Green from prominent real estate broker

Lori Shabtai, who claims the firm owes her more than $1.3 million in commissions for deals she put together at 710 and 712 Madison Ave. The suit argues that Shabtai orchestrated a deal at 712 Madison for Graff to enter into a 25-year ground lease with SL Green for $12.4 million with an option to buy the building between Jan. 1 and March 1, 2023, for $43 million. Shabtai is suing SL Green through her firm, LHWS, for breach of contract.

Graff purchased the adjacent building at 710 Madison Ave. for $66.5 million from Raymond Gindi’s ASG Equities in 2019, property records show. The jeweler’s U.S. headquarters are located nearby, at 46 E. 61st St. SL Green, which bills itself as the city’s largest office landlord, has faced several headwinds since the Covid-19 pandemic decimated New York’s office market. They include a failed deal to sell the former Daily

News Building on East 42nd Street to the Chetrit Group for more than $800 million and a sharp decline in its stock price, which fell from $92.36 on Jan. 21, 2020, to about $61 last Tuesday afternoon. The firm’s other recent deals include selling half its stake in 1 Madison to Hines and a South Korean pension fund for $500 million and selling its stake in the apartment building Stonehenge 58, at 400 E. 58th St., for $62 million. ■

POLITICS

Cuomo threatens to sue over federal aid BY BRIAN PASCUS

ov. Andrew Cuomo has threatened to sue the administration of President Joe Biden and possibly Congress if the federal government does not provide $15 billion in fiscal relief to the state. “If Washington does not provide New York state with our fair share of federal funding, then I would pursue litigation,” Cuomo said last Tuesday. “What happened to New York was no fault of New Yorkers.” Cuomo did not specify which branches of the federal government he would sue in the event an agreement could not be reached, though he indicated that the executive and legislative branches have a responsibility to create a Covid-19 relief package that provides aid to states. Democrats have control of the presidency, the Senate and the House of Representatives at least until the 2022 midterm elections. “I cannot in good faith represent the people of this state and know they are being harmed and know they are being treated unfairly and not do everything within my power to try to do what is right by New York,” Cuomo said. “New York has paid a price for Covid.” Biden recommended $350 billion in emergency state and local funding in his $1.9 trillion American Rescue Act proposal—of which Cuomo said $15 billion would be a fair amount to allocate to New York. “Fair funding from Washington would be $15 billion,” he said, adding that the amount is 4.3% of the $350 billion sum. “It’s less than our population ratio, and considering what we went through, I believe it is a modest request from Washington.” The state faces a $15 billion deficit, according to the governor’s most recent estimation. The Citizens Budget Commission estimated the state’s two-year budget deficit is closer to $12.6 billion after tax revenue projections by Comptroller Thomas DiNapoli came in higher than expected. ■

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chief executive officer K.C. Crain senior executive vice president Chris Crain group publisher Jim Kirk

EDITORIAL

publisher/executive editor

Political attitudes toward development and real estate have shifted

Frederick P. Gabriel Jr. EDITORIAL editor Robert Hordt assistant managing editors Telisha Bryan,

Janon Fisher

audience & analytics manager

that emphasizes purity tests rather than practical accomplishments. Only four of the top nine candidates have pledged not to take donations from developers, and the only serious contender among them, city Comptroller Scott Stringer, has taken developer money in the past. He says he will not take any more, but he won’t return the money already donated. City Councilman Carlos Menchaca, who led the effort against the redevelopment of Industry City in Sunset Park, claims that he represents the neighborhood’s interests with its own redevelopment plans MOST MAYORAL CANDIDATES WILL for underutilized industriACCEPT CAMPAIGN DONATIONS al areas. Those FROM THE REAL ESTATE SECTOR plans have yet to materialize. Former Counsel to the Mayor estate donations in the past Maya Wiley, the third candidate vowed to give them back. to eschew real estate money, has City Council Speaker Corey made affordable housing a central Johnson made sure to note in his theme of her campaign. How she kickoff announcement for his will achieve this goal while mayoral campaign that he would alienating developers is unclear. not take money from developers. And candidate Diane Morales Johnson dropped out of the race, also has rebuffed the sector’s citing his struggle with depresmoney, but she would not discuss sion. It didn’t help that he was the issue. hounded by a political movement omething seems to have changed in the political climate of the city. As Crain’s real estate reporter Eddie Small found in this week’s issue, most of the candidates running for mayor will accept campaign donations from the real estate sector. That is something worth taking a moment to acknowledge. It was only two years ago that a growing voice among the city’s elected officials championed the implosion of the Amazon HQ2 deal that would have brought 25,000 high-paying jobs to the city. Federal, state and city politicians who had taken real

Gabriella Iannetta associate editor Lizeth Beltran art director Carolyn McClain photographer Buck Ennis senior reporters Aaron Elstein, Eddie Small reporters Ryan Deffenbaugh, Brian Pascus,

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It’s surprising to see an accomplished politician like Stringer pander to a political movement ill-suited to tackle the challenges the city will face in the next few years. Considering the fact that he’s keeping the money he already got, it seems like a stance that lacks any conviction. The pandemic has wreaked havoc on New York’s economy. Unemployment hovers near 12%. Restaurants, bars, concert venues, art institutions and mom-and-

pop stores struggle for survival. There’s a $3.8 billion budget gap. This is not a time to stoke division in politics. Real estate and development have played important roles in bringing New York back from the 1970s fiscal crisis, 9/11, the Great Recession and the devastation of Superstorm Sandy. The sector will do its part to help us recover from the pandemic. It’s heartening to see that most of the candidates running for mayor can see this. ■

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212.210.0707, lmelesio@crain.com

Biden tax breaks could help stimulate a rebound in real estate BY MIRIAM MOORE

ast year New York City homeowners—especially Manhattanites—watched residential real estate prices fluctuate with unusual volatility, as thousands left the five boroughs for less-populated areas while sheltering in place. The good news is Gotham saw 2020 end in a condo and co-op

home buying. President Joe Biden took office last week, and a couple of key policies his administration has in mind could bode well for New York residential buyers and sellers. In most cases, the biggest impediment for people to purchase a home is the down payment. Biden has proposed a $15,000 tax credit for first-time homebuyers that has the potential to help New Yorkers—at least those looking to purchase in the more bargain-oriented outer boroughs—overcome that hurdle. The proposed tax credit includes a provision that makes it immediate, meaning that first-time homebuyers would get the credit right away rather than having to wait until filing their taxes. In effect, it’s a form of down-payment assistance. Will the break help home shop-

THE BIGGEST IMPEDIMENT FOR PEOPLE TO PURCHASE A HOME IS THE DOWN PAYMENT sales upswing that holds promise for this year. Of course, after a pandemic-stricken year, real estate players and homeowners likely will take all the positivity they can get. The eventual distribution of Covid-19 vaccines should improve the economy and, subsequently, bolster

pers in Manhattan’s Tribeca or Gramercy neighborhoods, where $1,500 per square foot is normal? Not likely, as those types of purchases require a down payment in the hundreds of thousands of dollars. But that $15,000 could help folks buy in the other four boroughs in mid-market neighborhoods such as Brooklyn’s Bay Ridge, where a two-bedroom condo calls for a down payment of around $90,000. That’s good news not only for outer-borough homebuyers but also for real estate salespeople and homeowners who plan to sell or just want their valuation to increase.

Intersecting policies The new administration plans to address federal moratoriums on mortgage foreclosures, the latest of which is set to expire Feb. 28. Biden last week revealed his American Rescue Plan, which could extend the federal foreclosure and eviction moratoriums to Sept. 30. The

deadline for forbearance plan requests also could be extended to that date. The elements are part of Biden’s $1.9 trillion economic relief package, which is likely headed to the Democratic-controlled Congress. The foreclosure moratorium will intersect this year with the scope of whatever financial-relief package ends up getting passed. For real estate, a larger aid package should mean fewer foreclosures. All told, help for the New York home real estate market appears to be on the way. The distribution of vaccines brings the potential reopening of the economy. The recent stronger home real estate sales inspire optimism. With Biden’s borrower-friendly plans, this market’s performance might represent the rebound we all want. ■

PRODUCTION production and pre-press director

Simone Pryce media services manager Nicole Spell SUBSCRIPTION CUSTOMER SERVICE

www.crainsnewyork.com/subscribe customerservice@crainsnewyork.com 877.824.9379 (in the U.S. and Canada). $3.00 a copy for the print edition; or $129.00 one year, for print subscriptions with digital access. Entire contents ©copyright 2021 Crain Communications Inc. All rights reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license agreement. CRAIN COMMUNICATIONS INC. chairman Keith E. Crain vice chairman Mary Kay Crain chief executive officer K.C. Crain senior executive vice president Chris Crain secretary Lexie Crain Armstrong editor-in-chief emeritus Rance Crain chief financial officer Robert Recchia founder G.D. Crain Jr. [1885-1973] chairman Mrs. G.D. Crain Jr. [1911-1996]

Miriam Moore is the default services division president for ServiceLink.

8 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

P008_CN_20210125.indd 8

1/22/21 6:15 PM

OP-ED

Why management is malfunctioning amid the pandemic—and how to fix it

miss the daily grind. I miss feeling the energy in an office. Most of all, I miss my team. I’ve led teams for most of my career. There’s something very special (and challenging) about galvanizing a group of people to achieve audacious goals. But against a backdrop of Zoom fatigue and more emails than ever, I find myself challenging so many things I’ve learned about being an effective manager. If this resonates with you, you’re not alone. Approximately 40% of managers have expressed low self-confidence in their ability to manage workers remotely. This is a call to action. The pandemic has created a permanent shift in how we work, but the role of

increased avoidance and anxiety, and a pessimistic view of future career opportunities. Employees are also shifting priorities because of greater uncertainty—which leads to more challenging requests to management. The typical best practices of transformational leaders don’t work as well in remote and hybrid environments. Enthusiasm can ring hollow, personal connections are diminished, and people feel they have less in common. GETTY IMAGES

BY WEI-LI CHONG

Build a shared vision

Managers must shift from relying on charismatic personalities to building a shared vision. Fewer than 20% of leaders have a strong sense of their own individual purpose. Even fewer can distill their purpose into a concrete statement. But research shows that when we’re better connected to FEWER THAN 20% OF LEADERS our purpose, we perHAVE A STRONG SENSE OF THEIR form better. Managers should OWN INDIVIDUAL PURPOSE bring teams together through shared referthe manager will mostly remain the ence points and experiences. In resame. What needs to change is mote meetings, managers can call how managers work. out moments of nostalgia (“ReWhy is management malfunc- member when … ?”), show social tioning? support (“I’m here for you”), add There is a decreasing sense of levity (“Bring your favorite pet/ hope, a strong predictor of adverse child/book”) and recognize team health outcomes, reduced coping, members (“I’d like to thank …”).

A feeling of progress also supports a sense of shared identity. In a recent analysis, 76% of what employees considered their “best days” had a sense of progress.

Build a shared context Managers need to work to create shared context more intentionally with dispersed teams. A shared context exists when team members have access to the same information and share the same tools, work processes and work cultures. Managers must be precise when interacting with teams while allowing free flow. They must set intentions, balance emotional and operational needs, and prioritize inclusion.

To help employees combat procrastination, for example, research suggests having workers set aside time for important work, rather than just focusing on what’s urgent. Giving teams the time and space to develop what psychologists call “flow” can lead to a higher sense of empowerment, motivation and productivity.

Keep perspective Sometimes people who face major crises feel that new opportunities have emerged from the struggle. This sense of post-traumatic growth is not universal, but studies show it can be encouraged by finding positive ways of looking at a

challenging situation and people who share perspectives and practical ways to solve challenges. These management adjustments will take practice and conscious adaptation to effectively implement. But by adapting the tools strategically, managers can build new muscles that will help sharpen performance, protect team well-being, hold people to account and bring back hope in this new hybrid world. ■ Wei-Li Chong is the U.S. president of Mind Gym, a behavior-change company that has helped business leaders transform their organizations for more than 20 years.

OP-ED

BY JONI YOSWEIN

his month, when the Legislature convened virtually for the 2021 session, a major component of New York’s time-honored legislative ritual was missing: Hundreds of advocates and lobbyists crowded into the lobbies and hallways of the Capitol building hoping to grab a legislator or staff member for some quick face time in support of their issues. On topics ranging from criminal justice and affordable housing to healthcare and education, professional lobbyists and volunteer activists alike descend on Albany— and the steps of City Hall—to make their cases in what is, in a sense, a

spur even deeper engagement in some ways? Absent the historic, hectic, in-person hustle and bustle, lawmakers and staff could be presented with the opportunity to dig a little deeper on the unprecedented challenges facing us this coming year…and advocates and interest groups will need to respond in-kind with substance, creative ideas and solutions.

Good perspective

As a former legislator and as the founder of a government affairs and lobbying firm 27 years ago, I’ve served on both sides of the desk and have a good perspective on the role of lobbying and advocacy in the public policy process. And despite the old-time caricatures of lobbyATTENDANCE AT CITY ists plying their trade in smoke-filled COMMUNITY BOARD MEETINGS back rooms, I found HAS ABSOLUTELY SKYROCKETED in my years as an Assemblywoman and literal embodiment of democracy staffer that a good lobbyist or pasin action. sionate advocate can be a real asset So, what happens now that as a source of information and exCovid-19 has closed the actual lob- pertise. For example, most legislaby? The process of lawmaking and tors aren’t experts on health care democracy will continue, only now financing, so it just makes sense for remotely, which obviously will cre- them to seek input directly from ate challenges in terms of interac- hospital administrators, accounttion with political stakeholders. ing professionals, patient advocates But interestingly, could it actually and healthcare unions before mak-

ing a decision on a challenging hospital funding bill. The result? Better, smarter public policy. So, for example, in the coming months, the more we can enable policymakers to hear first-hand from minority and women-owned small businesses about what relief programs are working and which are failing, the more focused and efficient state business support initiatives can become. Or faced with often-times inflammatory tabloid headlines about crime in city neighborhoods, shouldn’t legislators evaluating recent criminal justice reforms get the objective facts from the public defenders and social workers actually on the ground in the communities being impacted? Yes, of course, and you would also have to believe that a thoughtful, engaged Zoom call on a complicated, hot-button issue like this may ultimately be more productive than a five-minute chat in the back of a noisy legislative chamber. A recent news article noted that attendance at city community board meetings has absolutely skyrocketed since the shift to Zoom and Webex, for both board members and the general public alike, leading one board member to suggest he felt “more informed” and “engaged” than ever before. With

BLOOMBERG

What the pandemic teaches us about lobbying

government now playing an increasingly important role in individuals’ lives, the day-to-day decisions made in Albany and at City Hall (and yes, even at community board meetings) have never been more meaningful. Public engagement like this has never been more essential. And while there again will be significant challenges presented by our new remote, socially-distanced lawmaking process – including, critically, the need to ensure that the very real digital divide does not disenfranchise underserved New Yorkers or prevent those without

internet access from participating – I can’t help but note the potential opportunity here as well. Call me hopeful, but if 2021 is ultimately remembered as the year we tackled the virus, began a fair and equitable recovery, increased civic engagement and really began to appreciate the role of government and those who represent us, then we absolutely won’t miss all that time we used to spend in lobbies. ■ Joni Yoswein is the founder and CEO of Yoswein New York Inc. and a former member of the New York State Assembly.

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 9

BUCK ENNIS

ATTEMPTS TO REZONE Industry City, which backers say would have created much-needed jobs, were blocked by Councilman Carlos Menchaca, now running for mayor.

SPECIAL REPORT

Don’t expect real estate to be a political punching bag in mayoral race

Some candidates have pledged not to accept campaign funds from the industry, but not all seek distance BY EDDIE SMALL

ledging not to take campaign contributions from the real estate industry has become a litmus test for New York politicians in recent years, with candidates in some races scrambling to see who can distance themselves most from an industry they blame for the city’s affordability crisis. But don’t expect a similar dynamic to play out across the board in this year’s mayoral race. “Anyone who is contemplating the job and understands the seriousness of the job and what it takes to do the job needs to engage the real estate community,” said Real Estate Board of New York President Jim Whelan, who noted that several candidates have already met with the organization. “Whether they do it during the campaign is their choice, but when they’re mayor, they need to engage.” Three of the nine candidates Crain’s spoke with for this story

said they would not take donations from the industry: New York City Councilman Carlos Menchaca, former Counsel to the Mayor Maya Wiley and New York City Comptroller Scott Stringer, who specified he would not take money from developers. Former nonprofit executive Dianne Morales and former Democratic presidential candidate Andrew Yang declind to comment, but Morales has publicly pledged not to take real estate contributions. The other candidates— Brooklyn Borough President Eric Adams, former Housing and Urban Development Secretary Shaun Donovan, former Veterans’ Services Commissioner Loree Sutton, former Sanitation Commissioner Kathryn Garcia, military veteran Zach Iscol and former Citi executive Ray McGuire— characterized the idea as a nonstarter, especially given the outsize role they expect real estate to play as the city aims to bounce back

10 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

from the pandemic. “The demonization of the private sector, and of real estate in particular, I think, is a serious issue in the city,” said Donovan. “It’s incredibly important that, if the city is going to recover, everyone is part of the solution.” Many of the other candidates ac-

have run for office in this town who have taken a lot of money from the real estate industry who suddenly are not taking money from the real estate industry,” he said. “It’s hard to take it seriously.” Menchaca said not taking money from the industry has been a longtime policy for him. Stringer said in a statement that he will not take contributions from developers in this campaign to underscore his commitment to a policy that would “force all developers to include affordable units in new developments.” He will not be returning real estate donations from previous races.

“THE DEMONIZATION OF REAL ESTATE IS A SERIOUS ISSUE IN THE CITY” cepting real estate contributions sounded a similar note, saying it did not make sense to deem an entire industry off-limits. Iscol described the wave of recent pledges across multiple races to not take money from real estate as a fairly shallow move, particularly if the candidates are only now making the pledge for the first time. “There are a lot of people who

Industry City and Amazon Menchaca’s stance on real estate contributions will likely come as no surprise to anyone who followed the Industry City saga last year. He spearheaded resistance to the attempted rezoning of the Sunset Park campus as the local council-

man despite resistance from the business community and some of his colleagues on the City Council. The developers ultimately withdrew their application. Candidates including Donovan and Garcia specifically cited Industry City as an example of what has gone wrong with the relationship between communities and real estate. “In a time when you’re looking at 16% unemployment, walking away from that number of jobs, I don’t understand that,” Garcia said. “That’s a bunch of families that wouldn’t have been poor.” But Menchaca did not back down from his actions, saying they represented the beginning of a positive shift in how developers interact with neighborhood groups. “People are beginning to see the writing on the wall that communities are organizing around ideas that are connected to development,” he said. “Communities like See MAYORAL on page 12

CN020055.indd 1

1/4/21 3:42 PM

FROM PAGE 10

mine in Sunset Park and across the city are developing growth plans. They want growth. They want housing.” Sutton cited another event as an example of the problems between the city and the real estate industry, one that different politicians have held up as either an impressive victory or an egregious failure: Amazon abandoning its plans to build part of its second headquarters in Long Island City. She remains shocked that the deal fell through and said it more than anything else is what pushed her to launch her mayoral campaign. “What a debacle—political malpractice at every level,” she said. “It was the one project that the mayor and the governor collaborated on in these last six, seven years, and that’s how it turns out? Really, malpractice.”

Lack of communication Regardless of whether or not the candidates are taking contributions from real estate, they are in near-universal agreement that the relationship between the industry and the city is not in a good place. While factors ranging from a lack of affordable housing to an arcane zoning policy have contributed to this, multiple mayoral hopefuls said the main issue boiled down to a lack of communication. “Many New Yorkers no longer believe that the real estate industry actually cares about them or their best interests,” said McGuire. “And what we have seen in too many instances is when you have the developers come in with a top-down

approach, those projects—even the really good projects—they don’t succeed.” Adams echoed this comment, saying that many city residents have come to view developers as people who build projects in their neighborhoods and leave as soon as construction wraps up. He noted that the real estate community played a pivotal role in helping New York out of its crises in the 1970s, 2001 and 2008, and he expects it to play a pivotal role in helping the city out of its current fiscal crisis as well. “We need to have more communication to show the contributions that real estate has made to the city and get a clear understanding from those who feel as though overaggressive landlords have displaced longtime residents,” he said. “The bad actors, I believe, have really damaged what should be a more symbiotic relationship.” The next mayor will have to tackle several major real estate issues almost immediately upon taking office, notably a looming eviction crisis and an attempt to overhaul the city’s land-use review process. Most residential evictions are banned in New York until May 1 due to the pandemic. However, this has sparked widespread concerns that a wave of evictions will hit the city as soon as the moratorium ends. Adams described the repeated extensions of the moratorium as just kicking the can down the road. More federal aid for rent relief will be essential to avoiding an eviction spike, according to multiple candidates, but they acknowledged that receiving it was not a guarantee. “If that doesn’t happen, we need

to get creative,” said Iscol. “I think there’s no end to things the city could be doing with tax abatements, so that if a landlord wiped out their tenants’ debt, they can apply that to their taxes as a deduction.”

Land-use review The city’s frequently maligned land-use review process will likely be a hot topic as well, particularly given the 10-year plan Council Speaker Corey Johnson announced in December to overhaul the system. The proposal would require the city to adopt a long-term strategy that would be the foundation for development decisions, and the City Council would have to vote only on projects that the City Planning Commission determines conflict with this plan. The mayoral candidates were largely complimentary of Johnson’s proposal but stopped short of endorsing it outright, although Menchaca came out strongly in favor of it. “My team was helpful in putting that together,” he said, “so we are in support of the council’s approach to changing ULURP.” Given the amount of problems facing the city, Whelan expects sober-minded conversations about issues like these to be fairly emblematic of real estate’s role in the mayoral race. “If you’re running for mayor, and you think you’re going to be in that seat a year from now, you’ve got to be thinking through, ‘What steps do I need to take to help foster a strong economic recovery?”’ he said. “And real estate needs to be part of that equation.” ■

IS PLEASED TO WELCOME

4,449 RSF on part of the 20th Floor Josh Gosin and Jared Horowitz represented 950 Third Avenue in the transaction. Special thanks to Kostas Alafoyiannis of Greiner-Maltz, who represented The Floating Hospital in this transaction. FOR ALL INQUIRIES PLEASE CONTACT: Jared Horowitz Vice Chairman 212-372-2022 jhorowitz@ngkf.com

Josh Gosin Managing Director 212-372-2076 jgosin@ngkf.com

HOW MUCH CANDIDATES HAVE RECEIVED FROM REAL ESTATE SO FAR THE CITY’S REAL ESTATE INDUSTRY is not shying away from donating to candidates in the upcoming mayoral election, even as some have pledged not to take its money. Brooklyn Borough President Eric Adams has received the most donations from the industry for his campaign so far, according to a Crain’s analysis of mid-January data from the New York City Campaign Finance Board. Adams, who said ADAMS he will accept the funding, as of press time had received about $212,000 from people who work in real estate. Former Citi executive Ray McGuire came next with about $179,000 in contributions from the industry. Former Housing and Urban Development Secretary Shaun Donovan, who has pledged only to turn dow money from landlords on Public Advocate Jumaane Williams’ worst landlords list, DONOVAN has received about $64,000 from the industry. The other candidates who have said they will accept real estate money—military veteran Zach Iscol, former Sanitation Commissioner Kathryn Garcia and former Veterans’ Services Commissioner Loree Sutton—have received about $22,000, $16,000 and $6,000, respectively, from people in the industry, according to finance board data. Former Democratic presidential candidate Andrew Yang, who only recently made his GARCIA mayoral campaign official, had just 10 donors listed in the finance board’s database as of Jan. 20, none of whom appeared to have ties to the real estate industry. City Comptroller Scott Stringer pledged in early 2019 that he would not accept contributions from developers for his mayoral campaign. But he did not extend this pledge to a ban on contributions from everyone who works in real estate, and he will not be returning developer donations ISCOL that he received before making the pledge. His campaign has so far received about $114,000 from real estate professionals. Former Counsel to the Mayor Maya Wiley, City Councilman Carlos Menchaca and former nonprofit executive Dianne Morales all have pledged more broadly not to take any money from the real estate industry during their mayoral campaigns. Morales’ and Menchaca’s camps had received about $2,200 and $660, respectively, from peoMENCHACA ple who work in real estate as of mid-January, but both have pledged to refund this money. Wiley’s campaign has received about $7,900 in real estate donations, according to finance board data. Representatives for her campaign did not respond to a request for comment about whether she would return the money. Pledges not to take money from real estate likely stem from an effort to gain credibility among New Yorkers concerned about gentrifiSUTTON cation and rising rents. And candidates who are not making a pledge likely do not see a problem disagreeing with an industry they have accepted money from, says political strategist Bruce Gyory. What remains to be seen is how much this pledge will matter to voters, he said. “I think this will be a test, and I think it will come down to, do voters really care?” he said. “And they may. It may become a badge — E.S. of honor, but we don’t know.”

CAMPAIGN DONATIONS ADAMS

DONOVAN

GARCIA

ISCOL

MCGUIRE

MENCHACA

MORALES

STRINGER

SUTTON

$212,269 $21,880 $2,214.21 YANG

$0 12 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

$63,956

$178,658.45 $114,055

$16,495 $655

$5,810

PHOTOS, BUCK ENNIS

MAYORAL

THANK YOU We are grateful to the New York brokerage community for your support in helping us lease over 818,000 SF in 2020.

Douglas Durst

Jonathan Durst

CBRE Chris Corrinet Frederick Fackelmayer Alice Fair Jeffrey Fischer Richard Levine Matthew McBride Zachary Price Michael Rizzo Sacha Zarba

JONES LANG LASALLE Matthew Astrachan Kirill Azovtsev Michael Berg Seth Godnick Howard Hersch Brad Lane Peter Riguardi Dan Turkewitz Calum Waddell

COLLIERS INTERNATIONAL Steve Maneri

NEWMARK E.N. Cutler David Falk Noel Flagg Jason Greenstein Michael Ippolito Leo Paytas Justin Pollner Pete Shimkin Hal Stein Moshe Sukenik Travis Wilson

CRESA Gregg Cohen Barry Spagna Bob Stella CUSHMAN & WAKEFIELD Evan Algier Barry Garkinkle Gary Greenspan Dan Johnson Brendan Oâ&#x20AC;&#x2122;Leary Andrew Ross ISA REALTY GROUP Louis Franco Joseph Isa

SAVILLS Chris Foerch Dan Horowitz Jacob Stern THE SHOPPING CENTER GROUP David Firestein WINICK REALTY GROUP Steven Baker Lee Block Kenneth Hochhauser Manu Wendum

CN020077.indd 1

1/15/21 12:29 PM

THE LIST LARGEST MERGERS & ACQUISITIONS New York-area deals announced in 2020, ranked by deal value

1 2 3 4 5 6 7 8 9 10 11 12 12 14 14 16 17 18 19 20 21 22 23 24 25 26 27 27 29 30 31 32 33

TARGET LOCATION

BUYERS/INVESTORS LOCATION

IHS Markit Ltd.

S&P Global Inc.

$44,463.9 Research and consulting services

Livongo Health Inc.

Teladoc Health Inc.

$19,093.6 Health care technology

BioMed Realty Trust Inc.

The Blackstone Group Inc.

$14,600.0 Office REITs

E*Trade Financial

Morgan Stanley

$13,827.3 Investment banking and brokerage

MyoKardia Inc.

Bristol-Myers Squibb Co.

58.com Inc.

Beijing, China

Various investors, including General Atlantic Service Co. LP and Warburg Pincus

$9,681.0 Interactive media and services

Astound Broadband LLC

Stonepeak Partners LP

Cheniere Energy Partners LP Houston

London

Mountain View, Calif. San Diego

Arlington, Va.

DEAL VALUE PRIMARY INDUSTRY IN MILLIONS OF TARGET BUSINESS

Manhattan

Purchase, N.Y. Manhattan Manhattan

DATE ANNOUNCED

DATE CLOSED

11/29

8/5

10/30

10/15

11/20

2/20

10/1

TRENDS The total value of all M&A deals in the New York area fell 26% in 2020 after a big 2019, bringing the total back in line with prior years. Total value (in billions) $700

$13,134.9 Pharmaceuticals

11/16

4/2

9/17

$8,100.0 Alternative carriers

11/1

The Blackstone Group Inc., Brookfield Infrastructure Corp.

$7,000.0 Oil and gas storage and transportation

8/22

9/24

TracFone Wireless Inc.

Verizon Communications Inc.

$6,900.0 Wireless telecommunication services

9/13

Eaton Vance Corp.

Morgan Stanley Investment Management Inc.

$6,844.2 Asset management and custody banks

10/7

MásMÓvil Ibercom, S.A.

KKR & Co. Inc.1

$5,485.8 Integrated telecommunication

6/1

9/11

Veeam Software Group GmbH

Insight Partners 2

$5,000.0 Application software

1/9

3/2

Gainwell

Veritas Capital Fund Management LLC

$5,000.0 Health care technology

3/9

10/1

Rockstar Inc.

PepsiCo Inc.

$4,700.0 Soft drinks

3/11

4/24

Epicor Software Corp.

Clayton, Dubilier & Rice LLC

$4,700.0 Application software

8/31

10/14

Viridor Ltd.

KKR & Co. Inc.

$4,586.8 Environmental and facilities services

3/18

7/8

Beauty and retail hair businesses of Coty Inc.

KKR & Co. Inc.; Coty Inc.

$4,300.0 Personal products

5/11

11/30

Duff & Phelps Corp.

Further Global Capital Management LP 3

$4,200.0 Research and consulting services

1/22

4/14

FanDuel Inc.

Flutter Entertainment plc

$4,198.4 Casinos and gaming

12/3

12/30

AA plc

Warburg Pincus LLC 4

$4,003.8 Specialized consumer services

10/6

Great Canadian Gaming Corp.

Apollo Global Management Inc.

$3,844.5 Casinos and gaming

11/10

National General Holdings Corp.

The Allstate Corp.

$3,726.5 Insurance

7/7

1/4

Axel Springer SE

KKR & Co. Inc.

$3,592.2 Publishing

1/23

4/30

Federal IT and mission support services business of Northrop Grumman Corp.

Peraton Corp.

$3,400.0 Aerospace and defense

12/7

PG&E Corp.

Appaloosa Management LP, Third Point LLC, Zimmer Partners LP 5

$3,250.0 Utilities

6/7

Real estate business of Banco Bilbao Vizcaya Argentaria

Cerberus Capital Management LP

$3,122.6 Real estate

3/3

drop from 2019.

Waymo LLC

Various investors, including Perry Creek Capital

$3,000.0 Application software

3/2

5/12

Metal container plants of Anheuser-Busch InBev

Apollo Global Management Inc.

$3,000.0 Metal and glass containers

12/23

3,377

Cincinnati Bell Inc.

Macquarie Infrastructure Partners

$2,933.6 Integrated telecommunication

1/22

White Cap construction and industrial supply business of HD Supply Holdings

Clayton, Dubilier & Rice LLC

$2,900.0 Trading companies and distributors

8/10

10/19

BioTelemetry Inc.

Philips Holding USA Inc.

$2,889.6 Health care services

12/18

$2,825.4 Diversified support services

12/11

11/5

12/18

Concord, Calif.

Miami

Boston

Alcobendas, Spain Baar, Switzerland Tysons, Va. Las Vegas, Nev. Austin, Texas

Exeter, England

United States Manhattan Manhattan

Basingstoke, England North York, Ontario, Canada Manhattan

Berlin, Germany

United States

San Francisco, Calif.

Colombia S.A. Spain

Mountain View, Calif.

United States Cincinnati

United States Malvern, Pa.

Manhattan

Manhattan Manhattan Manhattan Manhattan

services

Manhattan Manhattan

Purchase, N.Y. Manhattan Manhattan Manhattan

$500

41 43 44 45 46 47 48 49 50 51 52 53 54 55 56

$452 $400

2016

2020

DEALS DECLINE The number of transactions in the New York area fell 6.9% in 2020 but remained above totals from 2016 and 2017. Total number of deals 5K

4.8K

Manhattan

Dublin, Ireland Manhattan Manhattan

Northbrook, Ill. Manhattan Manhattan

Manhattan; Short Hills, N.J. (Appaloosa) Manhattan

Manhattan Manhattan

Manhattan

BlackRock Inc., Goldman Sachs

VelosBio Inc.

Merck & Co. Inc.

San Diego, Calif.

$600

Manhattan

Calisen plc

Manchester, England

33 35 36 37 38 39 40 41

BACK TO EARTH

10/3

Brisbane, Calif.

RAN

Manhattan

Kenilworth, N.J.

14 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Group 6

services

$2,750.0 Biotechnology

4.6K

4,528

4.4K

4.2K

2016

1,507

2020

NUMBER of deals in which a city firm was the target, a 9.9%

56 58 59 59

NUMBER of deals in which a city firm was the buyer in 2020, a 6.2% drop from the prior year.

Sourc New Y

S&P GLOBAL #1

S&P GLOBAL

RANK

were alpha buyer includ buyer Holdi

RANK

33 35 36 37 38 39 40 41

n 20 al

ons)

TARGET LOCATION

BUYERS/INVESTORS LOCATION

Verafin Inc.

Nasdaq Inc.

Saint John’s, Newfoundland and Labrador, Canada

DEAL VALUE PRIMARY INDUSTRY IN MILLIONS OF TARGET BUSINESS

$2,750.0 Application software

Manhattan

DATE ANNOUNCED

DATE CLOSED

11/18

Multifamily portfolio of Anbang Group

The Blackstone Group Inc.

$2,734.8 Real estate

1/31

Lummus Technology business of McDermott International

Rhone Capital LLC 7

$2,725.0 Industrial machinery

1/21

6/30

Abu Dhabi Property Leasing Holding Co. RSC Ltd.

Apollo Global Management Inc.

$2,700.0 Real estate

9/2

International-Matex Tank Terminals Inc.

Riverstone Holdings LLC

$2,685.0 Oil and gas storage and transportation

Front Yard Residential Corp.

Pretium Partners LLC 8

$2,606.4 Residential REITs

Churchill Capital Corp III

Various investors, including Oak Hill Advisors LP

United States

The Woodlands, Texas

Abu Dhabi, United Arab Emirates

Manhattan Manhattan

Manhattan

12/23

10/19

1/11

$2,567.5 Asset management and custody banks

7/12

BlackRock Inc., Soros Fund Management LLC, Baron Capital Group Inc. and Coatue Management LLC 9

$2,500.0 Automobile manufacturers

7/10

41 43 44 45 46 47 48 49 50 51 52 53 54 55 56

QGC Common Facilities Co. Pty Ltd.

Global Infrastructure Management LLC

$2,500.0 Oil and gas exploration and

12/21

The New York Metropolitan Baseball Club Inc.

Steven A. Cohen

$2,450.0 Movies and entertainment

9/14

11/6

Supreme Holdings Inc.

V.F. Corp.

$2,400.0 Leisure products

11/8

12/28

Cardtronics plc

Apollo Global Management Inc.

$2,369.8 Data processing and outsourced

12/7

Simon & Schuster Inc.

Penguin Random House LLC

$2,175.0 Publishing

11/24

CIT Group Inc.

First-Citizens Bank & Trust Co.

$2,158.6 Regional banks

10/15

Infrastructure business of GTT Communications Inc.

I Squared Capital Advisors (US) LLC

$2,150.0 Internet services and infrastructure

10/16

56 58 59 59

Xiaochuan Chuhai Education Technology Various investors, including Tiger Global Management LLC (Beijing) Co. Ltd.

Christiansted, Virgin Islands Manhattan

Rivian Automotive LLC Plymouth, Mich.

Manhattan Manhattan

020

but and

eals

020

ls in was %

Manhattan Manhattan Houston

Manhattan Manhattan

Canada

Manhattan

Greenwich, Conn.

Manhattan Manhattan

Raleigh, N.C. Manhattan

The Blackstone Group

Paysafe Ltd.

production

services

London

$2,000.0 Financial services

12/7

Athora Holding Ltd.

Apollo Global Management Inc. 11

$1,980.6 Insurance

2/5

Epic Games Inc. Cary, N.C.

Various investors, including KKR & Co. Inc. and BlackRock Inc.

$1,780.0 Interactive home entertainment

7/9

8/6

MDC Partners Inc.

The Stagwell Group LLC

$1,763.7 Advertising

6/25

Versant Health Inc.

MetLife Inc.

$1,675.0 Managed health care

9/17

Albertsons Cos. Inc.

Various investors, including Apollo Global Management Inc.

$1,651.8 Food retail

5/20

6/9

Cohen & Steers, D1 Capital Partners LP, BentallGreenOak, Morgan Stanley Tactical Value Investing 12

$1,600.0 Diversified support services

Lineage Logistics Holding LLC Novi, Mich.

Financials

Manhattan

Consumer discretionary

Health care 6

Information technology

Real estate 5

Energy 3

Utilities 2

Inc. 10

Various investors, including Third Point LLC and Suvretta Capital Management LLC

Boise, Idaho

Industrials

Consumer staples

Manhattan

12/22

Manhattan

Number of deals

$2,035.9 Automotive retail

Pembroke, Bermuda

Industry

Greenwood Village, Colo.

Applegreen plc

Dublin, Ireland

Deals related to communications dominate this year’s list, and many have a tech bent to them. The biggest deal in that category was the takeprivate acquisition of 58.com Inc., often described as “China’s Craiglist.”

Manhattan

Manhattan Brisbane, Australia

COMMUNICATION IS KEY

Communication services

11/8

New Orleans

TRENDS

Materials 1

Manhattan Manhattan

Manhattan

Washington, D.C. Manhattan

$99.7M

AVERAGE PRICE per city M&A deal in 2020. That’s down 21% from 2019 but still 9% higher than 2018.

20,741

NUMBER of U.S. deals announced in 2020, down

12.4% from 2019.

Manhattan

9/16

$1,600.0 Interactive home entertainment

12/28

11/14

Source: S&P Global Market Intelligence

Manhattan

s in was 0, a

Beijing, China

Manhattan

Foundation Building Materials Inc.

American Securities LLC

$1,441.3 Trading companies and distributors

CenterPoint Energy Inc. Houston

Various investors, including Elliott Management Corp.

$1,400.0 Utilities

5/6

Phoenix Tower International LLC

Blackstone Tactical Opportunities Advisors LLC

$1,400.0 Wireless telecommunication services

2/3

Santa Ana, Calif.

Boca Raton, Fla.

Manhattan

Manhattan Manhattan

were disclosed and that were not canceled and in which a buyer or target was based in the New York area. In some cases only partial interest in the target was acquired. In case of a tie in value, deals are listed in alphabetical order by target. 1-Non-local buyers include Providence Equity Partners LLC and Cinven Ltd. 2-Other buyers include individual investors. 3-Non-local buyers include Stone Point Capital LLC. 4-Non-local buyers include TowerBrook Capital Partners (U.K.) LLP. 5-Non-local buyers include Fidelity Management & Research Co. and GIC Pte Ltd. 6-Non-local buyers include Mubadala Investment Co. PJSC. 7-Non-local buyers include Haldia Petrochemicals Ltd. 8-Non-local buyers include Ares Management Corp. 9-Non-local buyers include funds advised by T-Rowe Price, Fidelity Management & Research Co. and Amazon Inc. 10-Non-local buyers include B&J Holdings Ltd. 11-Non-local buyers include Abu Dhabi Investment Authority and Athene Holding Ltd. 12-Non-local buyers include Oxford Properties Group, CenterSquare Investment Management Holdings and OPTrust.

JASON GOREVIC, TELADOC #2

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 15

BUCK ENNIS

S&P GLOBAL

Source: S&P Global Market Intelligence, with additional research by Chuck Soder (csoder@crain.com). New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. List includes announced transactions for which terms

ASKED & ANSWERED

DR. TED LONG NYC Test & Trace Corps INTERVIEW BY SHUAN SIM

ast year Dr. Ted Long was named executive director of the NYC Test & Trace Corps, where he is in charge of Covid-19 testing and contact tracing efforts for one of the busiest cities in the world. Considering the challenges, the achievements of his team have been considerable. As of this month the city has conducted more than 12 million tests at 200 sites, and 4,000 contact tracers have spoken with over 300,000 residents and helped more than 7,200 quarantine in hotels. However, the newfound availability of vaccines will not necessarily make the work easier. Long, who is also senior vice president of ambulatory care at New York City Health and Hospitals and a primary care doctor, expects some New Yorkers will now be lulled into a false sense of security.

What were some of the lessons learned from testing and contact tracing initiatives last year?

That saying “If you build it, they will come” is evidently not true with Covid-19 testing and tracing efforts. We went from brick-and-mortar testing sites to mobile fleets, and still people were reluctant. We learned that we had to meet people where they are. For public health efforts to be comprehensive, public trust has to be earned. Work has to be done from the ground up, with people embedded in the local community spreading the message and convincing people to participate.

as soon as they know they’re positive.

DOSSIER

What do the vaccines mean for the Test & Trace Corps?

WHO HE IS Executive director of the NYC Test & Trace Corps and senior vice president of ambulatory care at New York City Health and Hospitals AGE 36 BORN AND RAISED Los Angeles

I wish I could say I can sit back and relax now, but that’s not the case. Our positivity rates are still climbing, even though we’re doing better than many big cities. Until vaccines become mainstream, we’re not going to stop our contact tracing and testing efforts. The hope, however, is that over time, as more people are vaccinated, there will be less of a need.

RESIDES Westchester County

Do you think people will let their guard down about taking precautions?

EDUCATION Bachelor’s in American health policy and master’s in health services research, Yale University; M.D., University of Southern California, Los Angeles

People are itching to go back to the way things were. It’s possible that they will be more lax regarding things they’ve been regimented on, such as mask wearing and social distancing. But even if people receive the vaccines, they should wear a mask and be socially distanced. There is still much we don’t know about the virus.

NO MORE SPARE TIME “I used to have hobbies before the pandemic, but now all my time has been taken up by Test & Trace,” Long said. BUNDLE OF JOY Long and his wife recently celebrated the birth of their second child. POST-PANDEMIC PLANS “I really hope to take my family on an adventure and go somewhere cool.”

Will complacency complicate the corps’ efforts?

What were some breakthroughs?

By December we had managed to reach over 80% of every new case in the city for contact tracing. That was a stark contrast from June, where the team barely reached half of new cases. Many states have a version of contact tracing where tracers knock on doors, but that’s too late. I believe we’re the only state that has contact tracers embedded at rapid testing sites, engaging people

PEOPLE ON THE MOVE

We will have our work cut out for us, but we can do it. We had one of the highest risks imaginable as a city, and we still got our positivity rate down to 1%. I believe that a call to action has been communicated to New Yorkers, and most are getting tested and vaccinated because they care deeply about keeping our city safe. ■

Advertising Section To place your listing, visit www.crainsnewyork.com/people-on-the-move or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

ACCOUNTING

REAL ESTATE

TRANSPORTATION

Marks Paneth LLP

Sterling Project Development

Wheels Up

Marks Paneth LLP, a leading accounting, tax and advisory firm, has appointed Ryszard (Rich) Jania as Partner-inCharge of the firm’s New Jersey Office. In this role, Mr. Jania will oversee the New Jersey office’s strategic growth and direction and provide leadership on office matters, while deepening his community involvement and building the firm’s brand in the marketplace. The office was recently voted the #1 Accounting Firm in New Jersey in the 2020 NJBIZ Reader Rankings.

Marks Paneth LLP, a leading accounting, tax and advisory firm, has appointed Neil Sonenberg and Michael Siino as CoSonenberg Partners-in-Charge of the Real Estate Group, one of the oldest and largest practice groups within the firm. As co-partners, they Siino will help execute the firm’s strategy to expand its client base, service offerings and geographic footprint. Mr. Sonenberg has served the real estate industry for nearly 40 years, applying his sophisticated expertise in tax planning for corporations and partnerships, with a special focus on co-ops and condominiums. Mr. Siino has over 30 years of public accounting experience and serves commercial and residential real estate management companies, advising on all facets of accounting and tax issues.

With over 20 years of leadership experience in New York City, Geoffrey Butler has joined Sterling Project Development as Director of Construction and Development. Mr. Butler’s distinguished career in structural engineering, general contracting and development management has driven notable growth in the retail, commercial, sports and mixed-use sectors in several of the most prominent projects in New York City including; development of 10 Hudson Yards and 50 Hudson Yards, construction of Three World Trade Center, and construction of Citi Field, home of the New York Mets. Mr. Butler is a licensed Professional Engineer in the State of New York and earned a master’s degree in engineering from Cornell University.

Haeda Mihaltses, a former Bloomberg Administration Senior Staff Member with 28 years of government experience, joins Sterling Project Development as head of their newly formed Government and Community Affairs division. The move comes after Ms. Mihaltses spent over six years as Vice President of External Affairs for the New York Mets, where she was the primary liaison between the team and City, State and Federal government, and also oversaw relations with community stakeholders. A former Bronx native turned current Queens resident, Ms. Mihaltses holds an MA in Public Administration as well as a BA in Economics from Fordham University.

Wheels Up, the leading brand in private aviation, announces the appointment of Francesca Molinari to the newly created position of Chief People Officer. In this role, Molinari will lead all aspects of human resources and culture at Wheels Up including organizational design, talent acquisition, development, and retention, as well as diversity and inclusion functions. Molinari will report directly to Wheels Up Founder and CEO Kenny Dichter.

ANNOUNCE

YOUR BIG NEWS IN CRAIN’S!

16 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

PROMOTE. Why not?

CRAINSNEWYORK.COM I OCTOBER 26, 2020 I

ASKED & ANSWERED Few qualities are more vital to the health of any business than financial experts in tax regulation, audit, estate administration, forensic accounting, organizational transformation, advisory services, fundraising and business equilibrium and organizational efficiency. Rarely has the value of both been more strongly felt than in recent structure. They represent an extraordinary group of professionals from months. From stress-tested balance sheets to fast-changing regulations, firms of varying size and renown. To find these honorees, Crain’s consulted with trusted sources in the and reconfigured supply chains to “new normal” working arrangements, the Covid-19 pandemic has challenged even the strongest of businesses. business world in general and in the accounting and consulting realms in Standing tall within this chaotic breach are the foot soldiers of profes- particular. The nominations submitted by individuals and firms in the New Few qualities are more vital to the health of any business than financial experts in tax regulation, audit, estate administration, forensic accounting, York metropolitan area were rigorously vetted. Ultimately, each of the acsional service firms, led by accountants and management consultants. organizational transformation, advisory services, fundraising and business equilibrium and organizational efficiency. In selecting the 86 honorees for this year’s list of Notable Women in counting and consulting notables was chosen for her career achievements Rarely has the value of both been more strongly felt than in recent structure. They represent an extraordinary group of professionals from Accounting and Consulting, Crain’s sought to spotlight the accomplished and involvement in industry and community organizations—and at times and renown. months. From stress-tested balance sheets to fast-changing regulations, firms of varyingI size 28, 2020 I to help New York rebound SEPTEMBER from the coronavirus. metropolitan area professionals and problem-solvers who keep business- her effortsCRAINSNEWYORK.COM To find these honorees, Crain’s consulted with trusted sources in the and reconfigured supply chains to “new normal” working arrangements, Read their biographies and learn how the members of this remarkable es churning. The talented individuals presented here are a diverse group, the Covid-19 pandemic has challenged even the strongest of businesses. business world in general and in the accounting and consulting realms in skilled at resourceful innovation and disruptive thinking. These women are cohort keep the gears of business whirling. The nominations by individuals andadministration, firms in the New Standing tall withinFew thisqualities chaoticare breach soldiersofofanyprofesexperts insubmitted tax regulation, audit, estate forensic accounting, moreare vitalthetofoot the health businessparticular. than financial York metropolitan organizational area were rigorously vetted. Ultimately, each of the acsional service firms, led by accountants and management transformation, advisory services, fundraising and business equilibrium and organizational efficiency.consultants. counting and consulting notables chosenan forextraordinary her career achievements In selecting the 86Rarely honorees for this list been of Notable structure. They was represent group of professionals from has the valueyear’s of both more Women stronglyinfelt than in recent andregulations, involvement infirms industry and community organizations—and at times Accounting and Consulting, Crain’s sought to spotlight the accomplished of varying size and renown. months. From stress-tested balance sheets to fast-changing efforts to help New from theCrain’s coronavirus. metropolitan area and professionals andsupply problem-solvers businessTo York find rebound these honorees, consulted with trusted sources in the reconfigured chains to who “newkeep normal” working her arrangements, Read their biographies learn how theand members this remarkable es churning. The talented individuals presented here are aeven diverse group, of businesses. businessand world in general in the of accounting and consulting realms in the Covid-19 pandemic has challenged the strongest cohort the gears of business whirling. submitted by individuals and firms in the New skilled at resourcefulStanding innovationtalland disruptive thinking. Thesearewomen aresoldiers particular. The nominations within this chaotic breach the foot of keep professional service firms, led by accountants and management consultants. In selecting the 86 honorees for this year’s list of Notable Women in Accounting and Consulting, Crain’s sought to spotlight the accomplished metropolitan area professionals and problem-solvers who keep businesses churning. The talented individuals presented here are a diverse group, skilled at resourceful innovation and disruptive thinking. These women are

LAURA PETERSON

York metropolitan area were rigorously vetted. Ultimately, each of the accounting and consulting notables was chosen for her career achievements and involvement in industry and community organizations—and at times her efforts to help New York rebound from the coronavirus. Read their biographies and learn how the members of this remarkable cohort keep the gears of business whirling.

Managing Director and Communications, Media and Technology Northeast Business Leader Accenture

LAURA PETERSON

Laura Peterson’s résumé lists a whopping 10 positions she’s held at the multinational professional services company Managing Director and Communications, Media and Technology Northeast Business Leader Accenture since joining the firm in 2000. In her current role as Accenture the Northeast business lead for communications, media and technology, the enterprising ladder climber presides over a team Laura Peterson’s résumé lists a whopping 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held at the multinational professional services company andinCommunications, Media and Technology Northeast Business Leader million profit-and-lossManaging statementDirector for clients the Accenture since joining the firm in 2000. In her current role as aforementioned sectors as well as the high tech sector. Peterson Accenture the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team Laura Peterson’sstructure. résumé lists a whopping within Accenture’s global management Since 2017, she 10 positions she’s of 3,000 professionals. Peterson is charged with managing a $750 held the multinational professional company has been a board adviser to at Fairygodboss, an online platformservices that million profit-and-loss statement for clients in the since joining the firm in 2000. In her current role as seeks to elevate womenAccenture in the workplace. aforementioned sectors as well as the high tech sector. Peterson the Northeast business lead for communications, media and works with key business leaders among more than 40 clients and technology, the enterprising ladder climber presides over a team within Accenture’s global management structure. Since 2017, she of 3,000 professionals. Peterson is charged with managing a $750 has been a board adviser to Fairygodboss, an online platform that million profit-and-loss statement for clients in the seeks to elevate women in the workplace. aforementioned sectors as well as the high tech sector. Peterson works with key business leaders among more than 40 clients and within Accenture’s global management structure. Since 2017, she has been a board adviser to Fairygodboss, an online platform that seeks to elevate women in the workplace.

LAURA PETERSON

PAT WANG Healthfirst

INTERVIEW BY JENNIFER HENDERSON

at Wang, president and CEO of Healthfirst, a nonprofit insurer formed by a group of health care systems, had been working to advance value-based care long before the pandemic. The concept involves paying hospitals and physicians based on their patients’ outcomes rather than on the volume of services they provide. Now, as health care providers face unprecedented financial strain due to the Covid-19 crisis, Wang says such payment arrangements are more critical than ever. Not only do they improve the quality of care for patients—including the 1.5 million plan members Healthfirst serves throughout the city, Long Island and surrounding areas—but they also generate fiscal benefit for the facilities, practices and health centers that serve them. How does Healthfirst contribute to value-based care? What you understand as profit in another health insurance company’s balance sheet at Healthfirst is contractually-driven surplus that goes back to the delivery system. Eighty percent of the premiums we get for medical services flows through value-based payment arrangements, which means that providers benefit when there is a surplus in the premium. If less money is spent on fee-for-service claims, the surplus is part of the contractually-obligated payment stream. What has that meant during the pandemic? For April through June, we are distributing $250 million in those surpluses [about double that of the same period last year], and we’ve expedited the calculation and reconciliation of those amounts to get them out the door faster because the delivery system really needs it. Why are value-based payments vital now and in normal times? In the best of times, we have always been trying to push for this model because it aligns the incentives around trying to keep people healthy and avoiding unnecessary care. The providers are aligned with that goal because they benefit from it if they can reduce avoidable care. Consider Covid-19 to be like a war. In war times, the model has been a lifesaver because there is this artificial depression of utilization, and that’s why the providers have lost so much money—their revenue has dried up. But because we have these risk contracts, the surplus that is there, that’s what has gone out the door to them.

DOSSIER WHO SHE IS President and CEO, Healthfirst AGE 66 BORN Jersey City RESIDES Manhattan EDUCATION Bachelor’s in history and East Asian studies, Princeton University; J.D., New York University School of Law FAMILY MATTERS Wang is married and has one son who lives in Brooklyn. GLOBAL TIES She has lived in Croatia, Taiwan as well as China, where she had more than 20 first cousins. FLARE FOR FOOD Wang has become reacquainted with the joy of cooking as a result of the pandemic. EYE ON MEDICAID About three-quarters of Healthfirst’s members are Medicaid beneficiaries. The insurer’s initial response to the crisis included having its care managers make sure members had medicine and durable medical equipment to stay at home safely. BUDGET CUTS Wang says the magnitude of the state’s Medicaid cuts—instituted to pare back on spending growth—is devastating. “Cuts to us as a Medicaid plan are cuts to hospitals.”

What happens when patients again begin seeking services? We do see utilization coming back, and we have been encouraging our members to get needed care because people have put a lot of stuff off. We have to see whether the bounce back is gigantic or it just brings things back to a steady state. If we go back to a more normal utilization pattern, then the regular incentives of trying to align around good preventive care and avoiding unnecessary care, they just kick in. How can the city safely bounce back from the pandemic? Continue doubling down on the public health measures already in place: wearing masks, social distancing and hand sanitation. We know what to do. But I think a singular focus on getting the schools open for full learning should top the list of what we are aiming for. We should measure our success against that goal. As an employer, I can tell you that we will not be able to get fully back to work until the thousands of employees with school-age children can get their kids back into school. It’s of course better for all children and particularly critical for poorer children. The city’s economic recovery is going to hinge on how quickly and how well we can get that done so that parents can resume their normal lives too. As a longtime resident of the city who has watched us recover from recession, 9/11 and Hurricane Sandy, I believe in the city’s ability to bounce back against the odds. But this time is going test all of us, and we should be sober about the need for everyone to contribute to the solution. What challenges face the broader insurance industry? Balancing the needs and expectations of consumers who need and deserve good health care coverage, expanding access however we can and doing it within an increasingly constrained economic environment. This is especially true with Medicaid, where the state’s budget situation is dire at the same time as people’s needs are increasing. Given that Healthfirst has over 1 million Medicaid members, the potential impact of the state’s budget is especially concerning. For me, our priority has to be enabling as many people as possible to have full access to high-quality care, and it’s going to be a challenge to figure out how to do that in this economic environment. Insurers also need to be mindful of the hurt being experienced by so much of the provider delivery system. The value of our products relies on having strong doctors, hospitals and community resources. Balancing all of this in a financially viable way is going to be a challenge. ■ Reprinted with permission from Crain’s New York Business. © 2020 Crain Communications Inc. All rights reserved. Further duplication without permission is prohibited. #NB20080

For more information contact: Lauren Melesio Director, Reprints & Licensing lmelesio@crain.com • (212) 210-0707

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THE TAX LANDSCAPE FOR 2021 W

ith President Joe Biden beginning his first term in office and the second stimulus bill in motion, 2021 will usher in a number of changes to the tax environment that will affect businesses and individuals. Building on the Consolidations Appropriations Act, which was signed into law in December in the second stimulus round, Biden recently unveiled a third stimulus plan, for $1.9 trillion, to fight the pandemic, roll out vaccines and help individuals who are struggling financially. His American Rescue Plan would bring changes to the tax landscape. In addition to expanding the child tax credit, it would add to the $600 stimulus check (also claimable as a refundable tax credit) that the second stimulus law provided for each eligible family member, bringing the total to $2,000 per family member. He plans to seek this initiative in the first few months of his presidency. The second stimulus will bring a number of changes to the tax landscape. A big one is the Employee Retention Tax Credit, a refundable tax credit for wages. It was to have ended in December, but it will continue until July 1. In addition, the package provides a five-year extension for the Work Opportunity Tax Credit, which incentivizes employers to hire workers from disadvantaged groups. Meanwhile, the New Markets Tax Credit, created to encourage investment in low-income communities has been extended through 2025. This new law temporarily allows for a 100% allowance for deductions for business meals, although some critics have questioned how easy it will be for businesses to use it, with dining out limited during the pandemic.

Joe Bublé leads Citrin Cooperman’s tax practice and is a partner in the firm’s New York City office. He concentrates on strategic tax planning, mergers and acquisitions, and sophisticated tax research for businesses and individuals. He has extensive experience with the taxation of partnerships, limited liability companies, C corporations, S corporations and highnet-worth individuals.

JOE BUBLÉ, CPA

Partner, New York City Citrin Cooperman (212) 697-1000 jbublé@citrincooperman.com

Jay Sussman is a partner in Marks Paneth’s Private Client Services Group, specializing in tax planning, consultation and preparation services for high-networth individuals, trusts and estates, partnerships and corporations. He has additional expertise in tax planning and preparation for nonresident alien individuals, controlled foreign corporations and passive foreign investment companies, as well as treatybased returns and foreign reporting for U.S. resident taxpayers.

For individual taxpayers, the second stimulus also has made permanent the Health Coverage Tax Credit, a deduction for medical expenses above 7.5% of their income, rather than 10%, the percentage that people under 65 years old previously could claim. In addition, the second stimulus extends the $300 charitable deduction for people who don’t itemize their taxes. Beyond these laws, businesses will be busy at tax time taking into account pandemic aid received in 2020 under the Coronavirus Aid, Relief and Economic Security Act, the original $2.2 trillion stimulus bill passed by Congress and signed into law in March 2020. For instance, businesses can now deduct eligible expenses they covered with a Paycheck Protection Program loan that has been forgiven, or they anticipate will be forgiven, under a recent guidance. Many will juggle applications for forgiveness with applications for a new round of PPP funding authorized under the Cares Act. To provide clarity on what’s ahead during tax season and beyond, Crain’s spoke with three certified public accountants with expertise in taxes at the beginning of the year.

JAY SUSSMAN, CPA

Partner, Private Client Services Group Marks Paneth LLP (212) 201-2285 jsussman@markspaneth.com

Robert L. Tobey is a partner in the tax services practice at Grassi Advisors & Accountants. Tobey advises clients on the complexities of tax planning and compliance on the federal, state and international levels. He specializes in helping pass-through entities, multistate corporations, high-net-worth individuals and investors meet their business, tax savings and wealth preservation goals. With special expertise in the financial services sector, he has helped hedge, venture, real estate and private-equity funds structure their businesses, develop tax mitigation strategies and understand the complex regulations of their industry. ROBERT L. TOBEY, CPA Partner Grassi (212) 223-5029 rtobey@grassicpas.com

P017_020_CNY_20200125.indd 17

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THE TAX LANDSCAPE FOR 2021 “TAXPAYERS SHOULD TAKE THE TIME TO UNDERSTAND FULLY THE LAWS AND REQUIREMENTS RELATED TO CHANGING A DOMICILE, AND THEY SHOULD CAREFULLY MAINTAIN DETAILED DOCUMENTATION SUPPORTING THEIR CLAIM.” —JOE BUBLÉ Crain’s: What do you expect will cause the biggest challenge for accountants and their clients during the upcoming 2021 tax season? Jay Sussman: Tax deadlines are always a headache, but they may be even worse this year. At the start of the pandemic in early 2020, most clients already had filed their business tax returns or extensions on March 15, and the IRS moved quickly to extend the April 15 filing deadline to give accountants and taxpayers more time to gather data and file returns. This year, without the extension, accountants

and their clients may be left scrambling to properly navigate the complex maze of the Cares Act and the Consolidated Appropriations Act of 2021. Contained within these two major pieces of Covid-19 relief legislation are tax provisions affecting all facets of individual and corporate tax credits and deductions. Robert L. Tobey: The intersection of PPP loans and business taxes will be a challenge for many borrowers and their CPAs this year. The IRS saved us one major headache by ruling that expenses paid for with forgiven PPP funds will be deductible. But on the state level, how

» YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU.

these forgiven loan funds will be treated for tax purposes will vary by state. The first round of PPP funds was mostly distributed in 2020 but typically will be forgiven in 2021, which will add complications in preparing financial statements and tax returns this year. We expect to see additional recovery legislation in 2021, which will add complexities for accountants and clients alike. Finally, dealing with the IRS and other tax authorities to resolve issues will continue to be challenging during the pandemic. Getting amended returns to claim refunds from the carryback of net operating losses also has been discouraging for taxpayers and practitioners.

CITRINCOOPERMAN.COM

Citrin Cooperman advises closely-held and public companies, both domestic and internationallybased, on their tax strategies. Our tax professionals work with their clients to tailor a plan that strategically minimizes tax obligations, allowing business owners to focus on what counts: improving their bottom line.

Joe Bublé, Partner joeb@citrincooperman.com | 646.695.7876

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Crain’s: How is the Biden administration likely to affect readers’ tax planning strategies this year? Tobey: C Corporations, passthrough shareholders and highnet-worth individuals would all lose significant Tax Cuts and Jobs Act tax benefits under Biden’s proposed tax plan. While it remains to be seen whether his administration will be able to pass any significant tax reform this year, it is wise to assess which of your tax strategies could be affected. For example, tax deferral strategies this year could be largely obsolete if the tax rates increase in 2022. Businesses may want to consider delaying major deductible expenses into future years if the tax rate is expected to increase under the new administration. Biden’s plan also calls for the phaseout of the Section 199A deduction for taxpayers earning more than $400,000, which will affect many pass-through shareholders’ tax planning strategies. Sussman: President Biden has proposed a number of significant tax policy changes for individuals, corporations and estates, and with Democrats now in control of Congress, it is more likely that some of these proposals will become law. If so, the timing of these changes will have the biggest impact on tax-planning strategies. If, for example, increased tax rates and limited deductions for individuals earning more than $400,000 a year were to take effect in 2022, then 2021 income-tax planning would take this into account. The same is true for estate planning—in anticipation of future reductions to the lifetime estate and gift tax exemption, individuals may seek to finalize their estate-planning strategies now under the current law to maximize their tax benefit. Crain’s: The Consolidated Appropriations Act of 2021, nearly 6,000 pages long, contains a number of tax provisions that

will affect individuals and businesses. What expanded or extended provisions are most significant? Which can provide the most benefit to taxpayers? Sussman: In addition to the provision stating that expenses paid with forgiven PPP loans are now deductible, the act includes the extension of the $300 charitable deduction for non-itemizers for 2021 (the maximum increased to $600 for married couples filing jointly); a permanent reduction in the medical expense deduction floor, which allows individuals to deduct unreimbursed medical expenses exceeding 7.5% of adjusted gross income instead of 10%; permission for taxpayers to roll over unused amounts in their health and dependent care flexible spending arrangements from 2020 to 2021 and from 2021 to 2022; and the temporary allowance of 100% business expense deduction for food or beverages provided by a restaurant. Each of these provisions can yield favorable tax outcomes for taxpayers and should not be overlooked in tax planning. Crain’s: What tax incentives should employers keep in mind when planning their 2021 workforce? Tobey: The employee retention tax credit is a huge factor to keep in mind when deciding to retain, furlough or terminate any employees. The new stimulus package allows for a credit of up to $14,000 per employee for qualifying wages paid from Jan. 1 to June 30 of this year. Because this is an immediate credit, it can potentially turn 70% of up to $10,000 of eligible wages paid per employee per quarter into a significant source of cash flow. Joe Bublé: It should be noted that the Employee Retention Tax Credit applies to eligible employers whose business operations were fully or partially suspended because of Covid-related issues.

1/21/21 12:22 PM

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The credit is applied against employment taxes. The credit was to have expired Dec. 31, but it was extended with various modifications. Crain’s: If a business is applying for loan forgiveness through the Paycheck Protection Program, will this affect its 2021 tax obligation? Bublé: The Consolidated Appropriations Act of 2021 overturned a previous IRS ruling and now clarifies that expenses paid with the proceeds of a PPP loan that is forgiven are deductible. This is a major victory for taxpayers. Tobey: On the federal level, we know that PPP funds will not be treated as taxable income, nor will forgiven PPP funds be considered a cancellation of debt. We also now know that expenses paid with forgiven PPP funds are fully deductible on the borrower’s federal tax return. What we do not know is how individual states will treat the loan funds for tax purposes, which will be a major source of concern and uncertainty this tax season. Nonprofits and businesses alike should also ensure that expenses paid with forgiven PPP funds are not also reimbursable by other federal grant dollars, which would trigger a doubledipping event. Crain’s: For people looking to start a new business this year, are there any new or imminent issues they should consider when choosing an entity structure? Sussman: Business owners in the process of deciding what entity structure to use should pay close attention to any upcoming tax law changes introduced by President Biden. In 2017, when the Tax Cuts and Jobs Act reduced the corporate tax rate to a historically low 21%, the corporate structure became an appealing choice for businesses. Some of the tax law changes proposed by Biden, such as increasing the corporate tax rate and the tax rate on qualified dividends for taxpayers earning more than $1 million, could change the analysis and make the corporate

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structure less appealing for new business owners. Tobey: The possibility that President Biden will be able to accomplish many of his tax law objectives in his first term should play into any major tax decisions that have longterm implications. During the campaign, the president proposed raising the tax rate for C Corporations from 21% to 28%. If pass-through entities lose the 199A deduction, as the president also has proposed, the C Corporation still has the greater tax benefit. Choosing a business structure for maximum tax benefit is highly dependent on the individual situation and tax mitigation goals of the business owner(s) and should be carefully assessed and reviewed with a CPA who specializes in corporate tax matters. Bublé: As a result of the Tax Cuts and Jobs Act and the Cares Act, business owners have a number of items to consider when determining the most advantageous way to structure a new business venture. The Tax Cuts and Jobs Act resulted in a decrease in corporate tax rates from a maximum rate of 35% to a flat rate of 21%. The issue of double taxation on distributions, however, continues to have a major effect on shareholders, since the dividend rate is generally 20%, plus an additional net investment income tax at a rate of 3.8%. Companies that will not distribute out profits, however, may benefit by this reduced rate. Regarding pass-through entities, the Qualified Business Income deduction allows certain business owners to deduct up to 20% of income taxed at the individual level. For example, an individual taxed at a 37% marginal tax rate will have an effective tax rate of 29.6% with the QBI deduction. Although this rate is higher than the 21% corporate rate, the issue of double taxation is minimized. In addition, the Biden administration has said the corporate tax rate may increase to 28%, along with other additional rate increases at the individual level. Crain’s: With the Georgia Senate runoff election

decided, what does the tax landscape look like for the small business in a global market? Bublé: With the runoff election now decided and the Democratic Party in control of the Oval Office and both chambers of Congress, crossborder small businesses may well be in for another turbulent tax ride. The Tax Cuts and Jobs Act of 2017 put in place a one-size-fits-all set of federal international tax rules that do not seem to consider the practical impact to cross-border small businesses. President Biden’s tax proposals would appear to modify or eliminate some of these provisions, resulting in a potential increase to the current tax burden on the U.S. cross-border small business community. Without any targeted carve-outs or revisions to these rules for such businesses as part of any future tax reform, the U.S. tax burden will likely rise. This includes

January 25, 2021 S3

U.S.-based businesses with foreign subsidiaries and U.S. individuals living abroad with foreign businesses—they should anticipate that their U.S. tax burden will go up. Crain’s: In light of the Georgia runoff results, what are some of the planning considerations people should be thinking about for income taxes and estate and gift taxes? Bublé: The results of the Georgia Senate runoff election, in many people’s opinion, make it more likely that there will be substantial changes in estate and gift taxes. The lifetime exemption might be decreased, the estate and gift tax rate might be increased, and the step up in basis rules could be repealed. We believe that uncertainty will likely affect the decisions that clients make with respect to planning. The approach at the outset, however, should still be

the same. We believe the best place to start the conversation with clients is to gather their financial information and current legal documents, then speak to the clients about what their objectives are. Sussman: While we don’t know exactly what President Biden will do with the current tax law, his proposed tax changes include raising the corporate tax rate and maximum individual tax rate, eliminating the preferential tax rate on long-term capital gains for taxpayers earning more than $1 million and reducing the estate tax exemption to its 2009 level. It’s possible that Congress could even pass a retroactive tax increase this year. If changes like these occur, taxpayers should be prepared to work with their accountant to reevaluate all tax-planning strategies and adjust as necessary to help mitigate additional tax implications.

“WHILE WE DON’T KNOW EXACTLY WHAT PRESIDENT BIDEN WILL DO WITH THE CURRENT TAX LAW, HIS PROPOSED TAX CHANGES INCLUDE RAISING THE CORPORATE TAX RATE AND MAXIMUM INDIVIDUAL TAX RATE.” — JAY SUSSMAN Advisory | Tax | Audit

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THE TAX LANDSCAPE FOR 2021 “ WE EXPECT TO SEE ADDITIONAL RECOVERY LEGISLATION IN 2021, WHICH WILL ADD COMPLEXITIES FOR ACCOUNTANTS AND CLIENTS ALIKE.” —ROBERT L. TOBEY Tobey: President Biden’s win and the unexpected Democratic sweep in the Georgia special election may not bode well for the longevity of some aspects of the Tax Cuts and Jobs Act of 2017. Nevertheless, I believe it will be difficult for Biden to enact any major tax reform early in his presidency. The number of moderate Democrats in Congress makes this unlikely until at least after the midterm 2022 elections (this is, 2023). Taxation of corporations and those who are perceived as the wealthy, however, are often some of the first targets when the federal government looks to increase revenue. Because of the pandemic, the federal deficit and debt are quickly growing. At some point, additional federal revenue will be necessary to

offset this spending. Until the Democrats introduce income legislation, we don’t know which reduction or deferral strategies to employ. My viewpoint: Carry on and be ready to pivot if necessary. Crain’s: What is the effect of state and local taxes on businesses having employees telecommuting throughout the U.S., either temporarily during the pandemic or permanently after the pandemic or both? Sussman: Businesses should be aware that having employees working remotely from a different state may create the nexus for income and sales

tax, and each state and local jurisdiction has its own rules regarding this situation. The good news for New York businesses is that several nearby states, including New Jersey and Pennsylvania, have issued guidance providing temporary relief from these statutory nexus thresholds while employees work from home because of Covid-19. So if employees are working from home in New Jersey solely as a result of a shutdown or an employer’s social-distancing efforts, no sales- or income- tax thresholds will be considered to have been met. If the workfrom-home practice continues post-pandemic, businesses will need to ensure familiarity and compliance with all state and local sales- and income-tax thresholds.

Tobey: Having employees work remotely from another state is a situation that can have unintended consequences. Generally, states impose entitylevel taxes based on the extent of the entity’s connection with a state (that is, the nexus). Employees working from home in a state in which the business formerly did not have a nexus could create that connection. This would expose the entity to state income, franchise, sales tax and perhaps business license taxes. Also, it may expose the employee to additional state income-tax withholding, and the potential of double taxation on their wages. Congress proposed, but did not pass, legislation to address the state income-tax implications of interstate telecommuting. I expect to see this legislation reintroduced this year. Another consideration are the crossborder tax implications of U.S. employees being marooned outside of the U.S. as well as non-U.S. employees being marooned in the U.S. Keep a close watch on how this situation evolves. Crain’s: Many individuals left their primary residences in New York City in the pandemic, an action that can have tax implications. What should taxpayers be aware of as they prepare to file in 2021?

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INSIGHTS AND EXPERTISE TO D R I V E Y O U R B U S I N E S S F O R W A R D.

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Sussman: If an individual’s primary residence was in New York City before Covid-19, it is likely that the individual will still be considered a New York City resident for tax purposes in 2020. New York City requires residents to pay income taxes on their income regardless of where the income was actually earned. If, however, that individual moved to another residence in a different state during Covid-19, such as a vacation home, there is the potential for dualresidency (and dual-taxation) issues to arise. If more than 183 days of 2020 were spent in a second home out of state, consult with your tax adviser regarding possible dual-

resident status and applicable filing requirements for 2020. Tobey: If a taxpayer lived in New York City for fewer than 184 days last year, he or she may not be obligated to pay 2020 New York City resident income taxes. A sudden stop in these tax payments, however, could trigger a residency audit, which the city is known for aggressively pursuing. This is a particularly complicated matter for taxpayers who move out of the city but still live in New York state, since the taxpayer, job and family are already domiciled to the state. If a taxpayer is going to claim a change in domicile status, it is critical that he or she compiles documentation that supports that claim, in the event of an audit. Documentation should include the obvious records, such as address changes on the driver’s license, utility bills and voter registration, as well as those that indicate a lifestyle change, such as membership in local clubs, community involvement and contributions to charities outside New York City. Bublé: Historically, New York has devoted significant resources to auditing taxpayers claiming a change in domicile, while other states, New Jersey among them, have devoted few resources. New York’s vigorous enforcement efforts will likely continue if not increase. At this time it is unclear whether a state such as New Jersey can and will increase its audit activity on this issue. Regardless, taxpayers should take the time to understand fully the laws and requirements related to changing a domicile, and they should carefully maintain detailed documentation supporting their claim. If a state decides to audit a taxpayer claiming a change in domicile in 2020, the notification of the audit may not be sent until 2024. Therefore, it is important to create an audit file contemporaneously as opposed to years after the change. As with all tax matters in a fast-changing and complex environment, excellent record keeping is essential.

1/21/21 12:22 PM

SMALL BUSINESS

LGBTQ business owners can now compete with MWBEs for city contracts BY AARON ELSTEIN

LGBTQ-owned businesses—a figure sure to grow now that they have a shot at government funds. There was a 280% increase in certifications in California a year after the state’s Public Service Commission became the first agency to accept LGBT businesses.

ast year the city awarded $1.1 billion worth of contracts to minority- and woman-owned businesses. Now, LGBTQ-owned enterprises can get their piece of the action after the city announced last Tuesday that lesbian, gay, bisexual, transgender and questioning business owners will get the same consideration as MWBEs. “A diverse vendor pool makes a stronger New York City, and we are excited to maximize the inclusion of LGBTQ certified firms into the city’s certification process,” said Jonnel Doris, commissioner of the Department of Small Business Ser-

Chicago, Nashville and Orlando are among the cities that let LGBTowned companies compete for the same contracts set aside for minority- and woman-owned firms. “Progressive and inclusive leadership, like that of New York City, will ensure greater access to the American dream,” said Chance Mitchell, chief executive of the National LGBT Chamber of Commerce. Because identifying a gay- or lesbian-owned business can be harder than recognizing a woman- or minority-owned one, LGBT-owned companies must undergo a rigorous certification process overseen by the LGBT chamber before receiving government contracts. Three letters of reference attesting the applicant is LGBT and site visits by certification-commit-

“A DIVERSE VENDOR POOL MAKES A STRONGER NEW YORK CITY” vices. “Equity of access and inclusion are at the core of the work we do.” The move means New York’s 10,000 certified MWBE vendors will face new competition from the city’s more than 100 certified

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Other cities

tee members are required. In the near-term, opening the door to LGBTQ businesses means more companies fighting over a pie that hasn’t grown much here. Although the city granted more than $1 billion in municipal contracts to MWBEs last year for the first time, the percentage of spending was little changed. The growth

rate suggests the de Blasio administration will struggle to meet its goal of awarding MWBEs $25 billion worth of contracts by 2025.

Expanding opportunities “The needle has not moved: MWBEs still only receive 5 percent of New York City contract dollars,” said a report last month from

YANG

of the governor and the state Legislature. The mayor is able to raise the property tax limit, but that measure would not be enough to fund such an ambitious program as UBI.

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Luxury items

YANG

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preexisting benefits the city and state already provide. “Is he proposing to keep the rest of the social safety net and just add it on top of what we have, or is it a replacement for part or all of the safety net?” asked Dan O’Flaherty, an economist at Columbia University. “If it’s a replacement, then you screw lots of poor people who have serious problems.” New York City has one of the most substantial basic safety nets in the country, economists say, one that takes into account food stamps, homeless assistance, cash assistance, the Health and Hospitals program, aid to affordable housing, and rules on Medicare and Medicaid that favor the poorest New Yorkers. As some economists point out, if a citywide UBI were to cash out Medicaid, that would disrupt the entire health care system; many disease treatments issued under Medicaid cost more than $12,000 a year. “Individual solutions for collective problems don’t always work,” said Darrick Hamilton, a professor of economic and urban policy at the New School. “The UBI advocates seem to think it becomes a panacea to address all social-economic problems.” The main problem with UBI is that, by nature, it carries exclusion errors that help people who don’t need the money. “Universal means Mike

Comptroller Scott Stringer. The report, “Making the Grade,” praised Mayor Bill de Blasio for establishing chief diversity officers in every city agency last year to expand contract opportunities for MWBEs. Stringer noted, however, that only 10 MWBEs received a city contract to help with Covid-19 response and recovery. ■

Bloomberg gets it,” O’Flaherty said. Yang’s public relations team at Tusk Strategies did not respond to a request for comment. Basic economic factors make it difficult, if not impossible, to apply UBI in New York.

Subsidizing savings The inflationary element of the proposal—giving everyone in the city the same amount of money annually—reduces the value of that money. The proposal risks inflating inequality; a poor New Yorker may spend their $1,000 per month, while rich or middle-class New Yorkers may simply put their mon-

ey into savings. “You are subsidizing their asset portfolio,” Hamilton said, speaking of the upper and middle classes. “The share of their income that

pecially if it ensures people have a threshold of resources so they can meet basic needs—but the universality of the proposal is misguided. Others take issue with the tax changes Yang’s plan would require. “How does he raise the money?” asked Jonathan Peters, a professor of finance at the College of Staten Island. “Where does he divert resources from? The city doesn’t have an infinite budget.” New York's mayor cannot raise income taxes without the consent

“THE UBI ADVOCATES SEEM TO THINK IT BECOMES A PANACEA” goes toward consumption is less than someone who is poor.” Hamilton said Yang’s heart is in the right place and the guaranteed income is a good policy idea—es-

Even Yang’s call to apply the value-added tax was criticized by economists, who said using a higher tax rate on luxury item purchases could backfire in the New York economy and fail to address inequality. “It’s not clear what a luxury item is,” Hamilton said. “If we say a computer is one, where do you draw the line? Shouldn’t everyone in the city have access to a computer?” It's unclear if immigrants—a huge portion of the city’s population—would be eligible and if New York would face a gentrification issue if more residents from outside states moved to New York City to receive the monthly payments. Localities such as New York are generally able to determine for themselves the type of benefits that immigrants—those in the country legally and illegally—are able to receive in their jurisdiction, which the city's IDNYC card law demonstrates. But economists argue Yang's UBI policy would push immigrants in New York and vulnerable New Yorkers in the Black and brown communities out of the social safety net. "The policy of UBI is not as good, and likely inequality enhancing, as a superior alternative guaranteed income that is progressive and targeted," Hamilton argued. ■

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 21

Crainâ&#x20AC;&#x2122;s 2021 Notables in Real Estate

Joanne Minieri We proudly congratulate Joanne Minieri, Chief Operating Officer â&#x20AC;&#x201C; Construction and Development. We salute her continued commitment to building opportunities and creating enduring value across the communities we develop.

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CRAIN’S 2021

IN REAL ESTATE New York City real estate has come a long way since the Dutch purchased Manhattan for $24 in 1626. In the past decade, residential prices soared to record highs as global investors poured money into ultra-luxury developments in Manhattan. Sales activity rose at a fast clip in Brooklyn and Queens, and homebuying saw increased levels in the Bronx and on Staten Island. Meanwhile, new complexes transformed the city’s commercial landscape. Technology companies, including giants Google and Amazon, set their sights on the city. Megaprojects, Hudson Yards among others, were born. Spurring the growth is a large group of real estate professionals—a group that includes developers, engineers, contractors, labor representatives, city planners, investors, lawyers, accountants and brokers. As the city reckons with a

pandemic that led some to flee the area and forced office buildings into lockdown, real estate experts are as important as ever. New York is far from over Covid-19, but the city will bounce back eventually, and the individuals who serve the real estate market will continue to play a significant role in its recovery. Crain’s consulted with sources in the real estate industry and in the New York business world to compile its 2021 list of Notable Real Estate Professionals. The 83 honorees whose profiles follow have devoted their professional careers to helping others. With their help, New Yorkers have found homes, businesses have created livelihoods, and the city has boosted its economy. Their commitment to excellence in the real estate profession and their efforts to build New York City are inspiring.

JAMAR ADAMS

ABDO ALLAM

PAUL AMRICH

MATTHEW ASTRACHAN

NADINE AUGUSTA

Vice president of New York development The Related Cos.

Vice president of development Brooklyn Navy Yard Development Corp.

Vice chairman, Advisory & Transaction Services Group CBRE

Vice chairman, national leasing JLL

Chief diversity, equity and inclusion officer Cushman & Wakefield

As a onetime player for the Seattle Seahawks and Philadelphia Eagles, Jamar Adams brings the lessons of teamwork learned on the field to his career in real estate. The former NFL safety is focused on the development, acquisition and preservation of affordable multifamily housing. Since joining Related in 2012, he has been involved in more than $800 million in transactions and $1 billion in development. Adams has led the construction and rehabilitation of nearly 5,000 affordable housing units. His recent projects include Riverwalk Park on Roosevelt Island; Marine Terrace, which is partially reserved for veterans, in Astoria, Queens; Phase 1 of Willets Points, a mixed-use neighborhood in Queens; and Rockaway South, the first of a two-building development in Far Rockaway, Queens.

As the Brooklyn Navy Yard responded to demand for personal protective equipment during the Covid-19 crisis, Abdo Allam helped coordinate an effort to manufacture 250,000 medical gowns for frontline workers. Outside of his pandemic role, Allam is responsible for a portfolio of real estate development projects. In the past 18 months he has helped add 350,000 square feet of light industrial and creative office space to the Navy Yard. Allam is also in charge of an initiative to identify an operator, through a request-for-proposal process, that would receive a lease for an incubator or accelerator. It would be dedicated to diverse business ownership and entrepreneurship, supporting the growth of the Minority- and Women-Owned Business Enterprises Program in New York City.

In 2012 Paul Amrich became the youngest vice chairman in CBRE’s history. Amrich, who runs the brokerage’s advisory and transaction services group, has completed more than 20 million square feet of leasing transactions in his 24-year career. He represents more than 25 million square feet of Class A office space. Among his notable transactions, Amrich represented Oxford Properties and the Canada Pension Plan Investment Board in a 1.3 millionsquare-foot lease at 550 Washington St. He has been in the prestigious Colbert Coldwell Circle—the top 100 global producing professionals—every year since 2006, when he joined CBRE. Amrich has been one of the top 25 producers nationally at CBRE for the past 10 years.

In his three-decade career in leasing and sales, Matthew Astrachan has worked on several of the country’s most significant transactions. He recently represented law firm Skadden, Arps, Slate Meagher & Flom in its lease negotiations at 1 Manhattan West, near Hudson Yards; Dechert in its lease negotiations at 1095 Avenue of the Americas; and BlackRock in its move from Midtown to 50 Hudson Yards, planned for 2022. Astrachan is equally accomplished in both tenant and owner representation. Since the Covid-19 pandemic struck, he has completed 110 transactions. Twenty-two of them were in New York City. The rest took place around the country.

As Cushman & Wakefield’s newly appointed diversity chief, Nadine Augusta is leading the firm’s efforts toward equitable and fair growth opportunities for all employees and suppliers. Augusta takes a holistic approach to her work, with a focus on the workforce, the workplace and the marketplace. She has more than 20 years’ experience in financial services, where she has held key positions in management consulting, project management, sales and trading, and diversity and inclusion. Before her current role, Augusta was head of diversity and inclusion at Goldman Sachs. She held similar jobs at the Depository Trust & Clearing Corp. and Bank of America. Augusta has twice received the President’s Volunteer Service Award.

MANHATTAN CO-OP CONTRACTS SIGNED IN DECEMBER EXCEEDED LEVELS FOR THE YEAR-AGO PERIOD FOR THE FIRST TIME SINCE LOCKDOWN. THEY WERE UP 17.6% IN DECEMBER, COMPARED TO THE SAME MONTH THE YEAR BEFORE; CONDO SALES WERE UP 6.3%. —DOUGLAS ELLIMAN JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 23

DONNEL BAIRD

LISA BEVACQUA

CHINMAY BHATT

ALLYSON BOWEN

MEG BROD

CEO and co-founder BlocPower

Executive vice president and director of asset management Silverstein Properties Lisa Bevacqua joined Silverstein Properties in 2010 to help establish its asset-management department. She now oversees Silverstein’s 16 million-squarefoot portfolio of office and multifamily properties. Bevacqua executes the investment strategy for all properties in the portfolio and manages investor relationships. She leads four teams at the company with the goal of maximizing investment value and enhancing the tenant and resident experience. Bevacqua helped manage Silverstein’s response to Covid-19 as tenants adjusted to new office-life realities. She took on responsibility for tenant rent collection, in addition to investor and lender communications. Bevacqua is a mentor to women in the industry, encouraging them to pursue a career in real estate and advocating for their advancement.

Senior managing director, JV Equity and Structured Capital Group Berkadia Having lived and worked in the United States, Canada, India, United Arab Emirates, France and Singapore, Chinmay Bhatt brings a global background to his role as a real estate capital markets professional. Bhatt, a founding member of Berkadia, originates and executes equity and structured capital raises for real estate owners, operators and developers. His team has capitalized more than 30 deals in the past 18 months for a total transaction volume of $1.2 billion. He brought a Dubai-based family office as an equity partner for a 750-unit multifamily development in Austin, Texas; arranged a $50 million capital partner for a New York developer; and structured an equity relationship for a $186 million multifamily portfolio, composed of eight properties in Florida and Georgia.

Senior managing director Savills

Senior vice president and regional development officer, Northeast development Rockefeller Group In 2017 Meg Brod, an experienced real estate developer and investor, joined the Rockefeller Group to oversee its office, residential and mixed-use developments in the Northeast. Notable projects include Flushing Commons, a $1 billion, 1.8 million-square-foot, mixed-use urban complex in Flushing, Queens. Brod has been involved with the development of Rose Hill, a condominium tower on East 29th Street. In her prior job, as a principal at Bedrock Real Estate Partners, Brod led projects in New York City; Somerville, Massachusetts; and Washington, D.C. She has worked for Equity Residential, where she started its New York development group and grew its portfolio to more than $700 million, heading projects in Brooklyn, Manhattan, and Jersey City and Montclair, New Jersey.

Donnel Baird launched Brooklyn-based startup BlocPower in 2012 to help historically disadvantaged cities by retrofitting energy-intensive buildings, making them smarter, healthier and more profitable. Baird, a former Brooklyn community organizer and adviser to President Barack Obama, is committed to greening buildings in America’s urban core. BlocPower has updated nearly 1,000 buildings in New York City. Among them are 200 sites in Brownsville, Brooklyn. BlocPower uses a proprietary software platform to analyze energy consumption data, assess a building’s particular needs and model solutions to produce energy savings at scale. In addition to its work in New York City, BlocPower is involved in projects in 23 other cities, including Oakland, Philadelphia and Milwaukee.

Allyson Bowen, known as a ceaseless advocate for her clients, focuses on tenant occupancy issues while handling all aspects of real estate transaction in her role as senior managing director at Savills. She participates in everything from site selection and financial analysis to lease negotiation, execution and move-in. In her tenure at Savills, Bowen has represented numerous high-profile clients. She helped New York Law School with its redevelopment initiative, and she was the lead broker in New York for Savills’ national account with the General Services Administration. Other clients include Nike, Sony, the Smithsonian Institution and Wachtell, Lipton, Rosen & Katz. Before working at Savills, Bowen held positions in the leisure and hospitality industries. In addition, she was the executive director of two New York City landmark museums.

SINCE THE PANDEMIC BEGAN, MORE BUYERS HAVE BEEN PURCHASING IN BROOKLYN THAN EVER BEFORE, LEADING TO AN ALL-TIME HIGH OF 824 PENDING SALES IN OCTOBER 2020. —STREETEASY CAROLINE BURTON

ANDREW CIANCIA

GREG CORBIN

PIERRE DEBBAS

THOMAS DONOVAN

Vice president and general manager Zillow Group

Managing principal and chairman of the board Langan Engineering

President, bankruptcy and restructuring Rosewood Realty Group

Partner Romer Debbas

Partner and vice chairman B6 Real Estate Advisors

Caroline Burton is a culture carrier at Zillow, where she supervises New York brands, including StreetEasy and OutEast, and a team of more than 160 people. As the pandemic rocked the economy, Burton rallied her colleagues to support relief efforts and organizations. Under her leadership during the pandemic, StreetEasy introduced new digital home shopping tools and live virtual open houses. Approximately 35% of active listings on StreetEasy now include rich media. Since 2014 Burton has guided Zillow to substantial traffic and revenue growth. She led StreetEasy’s transition from a paid to a free site, and she launched the StreetEasy app and mobile web platform. Burton holds monthly meetings to motivate members of her group and help them connect to company goals.

Renowned geotechnical engineer Andrew Ciancia has 50 years’ experience in investigating what lies underneath the ground. In his 25-year career at Langan, he has overseen some of the firm’s most complex projects. Those undertakings range from the protection of historic structures and evaluation of foundation systems to the design of deep excavations within poor soils and weathered rock. Since 1980 Ciancia has provided consulting services for the New York City Landmarks Preservation Committee. He has worked closely with the city Department of Buildings, helping update three versions of the Building Code. As board chairman at Langan, Ciancia is responsible for strategic planning, governance, financial performance, ethics, stock transitions, risk, diversity and succession planning.

Greg Corbin is head of bankruptcy and restructuring at commercial brokerage firm Rosewood Realty Group, where he advises on the sale of properties in Chapter 11 and Chapter 7 proceedings. Corbin also specializes in foreclosure sales, note sales and the disposition of stalled construction sites. He has sold investment properties spanning all major asset classes, including multifamily apartment buildings, development sites and factories. Corbin currently is selling more than a dozen New York City buildings in bankruptcy and foreclosure. In 2020 he was honored as the Top Bankruptcy Broker in New York by the New York Institute of Credit Real Estate Division. Before joining Rosewood, Corbin spent a decade at Besen & Associates, where he won Dealmaker and Broker of the Year awards.

During his legal career of more than 15 years, Pierre Debbas has been involved in more than $1 billion worth of real estate transactions. In 2013 Debbas became one of the youngest attorneys to be named in Super Lawyers, and he has continued to garner press accolades. He is a founding member of his 10-year-old firm, where he focuses on the purchase and sale of commercial and residential real estate in New York City. Debbas advises on commercial leasing, real estate-related financing matters, and representation of cooperative and condominium boards, foreign investors and small businesses. He is a featured lecturer at brokerage firms and teaches continuing education courses to the real estate community at the New York Real Estate Center, a school he co-founded.

At B6 Real Estate Advisors, Thomas Donovan specializes in business development, real estate advisory services and sales for the Queens market. Earlier, he was a vice chairman in the capital markets group at Cushman & Wakefield and a partner at Massey Knakal Realty Services. Donovan has been responsible for more than $2.3 billion in real estate transactions and more than 600 buildings sold. Donovan, a former member of the U.S. Marine Corps, was awarded the Combat Action Ribbon for his role in Operations Desert Shield and Desert Storm. The tenacity and courage that he displayed in the military and as a New York City police officer have benefited his real estate career. Donovan is known for client service and market leadership in Queens.

24 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Congratulations to our dear friend and colleague

Michael J. Werner

and to all the honorees featured in Crainâ&#x20AC;&#x2122;s New York Businessâ&#x20AC;&#x2122; Notable in Real Estate list

Fried, Frank, Harris, Shriver & Jacobson LLP

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New York | Washington, DC | London | Frankfurt | friedfrank.com

1/19/21 4:14 PM

STEVEN DUBB

SCOTT DURKIN

HELENA ROSE DURST

SAM EINHORN

ALEX ELKIN

Principal The Beechwood Organization

President and chief operating officer Douglas Elliman After 26 years at the Corcoran Group, where he was a protégé of Barbara Corcoran, Scott Durkin moved to Douglas Elliman in 2016 to help grow its nationwide presence. After nine months he was promoted from executive vice president to chief operating officer. The next year he became president. Durkin has spearheaded Elliman’s expansion efforts in New York, southern Florida, California, Massachusetts and Texas, and he has restructured operations in Westchester, Connecticut and the Hamptons. He has streamlined Elliman’s operations, bringing together employees across a range of disciplines, including public relations, marketing and technology. Durkin was recently appointed to the board of the nonprofit God’s Love We Deliver. In his spare time he competes in amateur equestrian events.

Principal The Durst Organization

Director Colliers International

Founder Eastbound Construction

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Helena Rose Durst, a fourth-generation family member at the Durst Organization, oversees all aspects of the company’s residential portfolio, including leasing, management, operations and marketing. She is focused on leasing activities at two new developments: Halletts Point, a waterfront residential property in Astoria, Queens, and Sven, a mixed-use development in Long Island City. Among her accomplishments, Durst was president from 2010 to 2017 of the New York Water Taxi/Circle Line Downtown, which she transformed into a profitable mass transit, tour and travel operator. She is co-chair of the New York Restoration Project and a member of the Lincoln Center Real Estate Advisory Board. Durst also sits on the board of the Real Estate Board of New York.

Sam Einhorn arrived at Colliers International in 2015 without real estate training but with a strong work ethic and a talent for originating business. Now as a director at the firm, Einhorn provides tenant representation services throughout Manhattan and Brooklyn. With a focus on the media, technology and coworking sectors, Einhorn has completed transactions in domestic and international markets. Recently he represented Gympass in its lease negotiations at 160 Varick St., Zola at 7 World Trade Center, Bread Finance at 156 Fifth Ave. and JetBlack at 250 Hudson St. During the pandemic, Einhorn helped clients with rent deferments, abatements and renegotiations. Before Colliers, Einhorn worked in the music industry, coordinating marketing campaigns for Beyoncé, Jack White and John Legend, among other artists.

Alex Elkin founded Eastbound Construction 10 years ago to help owners and developers navigate the numerous challenges of high-profile construction projects in New York City and New Jersey. Eastbound has worked with some of the most prolific developers, including Alchemy Properties and JD Carlisle, managing more than $1.5 billion in development costs and more than 1.2 million square feet of new construction. The company also has been responsible for 500,000 square feet in renovations. Among Eastbound’s recent projects is Alchemy’s transformation of the Woolworth Building. Eastbound manages all aspects of the real estate development process, from financing, design, engineering, construction and marketing to post-construction completion. Elkin started out as a site superintendent and takes pride in being personally involved in his projects.

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Steven Dubb is a principal and second-generation owner of the Beechwood Organization, a developer of residential housing and lifestyle communities on Long Island. Beechwood, founded in 1985, has built 7,500 homes in 60 communities across the New York metropolitan area. Dubb manages acquisition and construction loans for the company. He is responsible for sourcing and structuring deals, and he is in charge of leasing for commercial holdings. Dubb is behind Beechwood’s expansion from residential homebuilder to diversified developer, driving average year-over-year growth of 3.9 million square feet in new developments since 2017. He is project executive for the Vanderbilt in Westbury, New York. It is Long Island’s first amenity-rich luxury apartment building. Dubb will launch another similar project in Westbury this year.

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THE FOURTH-QUARTER REAL ESTATE MARKET IN BROOKLYN SHOWED A CONTINUATION OF THE HIGH DEMAND SEEN DURING MORE OF 2020. YEAR-OVER-YEAR AND QUARTER-OVER-QUARTER SALES, CONTRACTS AND LISTINGS PRICES WERE UP. —TRIPLEMINT ADAM FLATTO

NEIL GARFINKEL

ROBERT GILMAN

MARYANNE GILMARTIN

ADAM GORDON

President and CEO The Georgetown Company

Managing partner Abrams Garfinkel Margolis & Bergson, LLP

Partner Anchin, Block & Anchin LLP

Co-founder, chief executive officer MAG Partners

President and managing partner Wildflower Ltd.

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In his more than 30 years at the Georgetown Company, a privately held real estate investment firm, Adam Flatto has overseen the development, acquisition and ownership of more than 20 million square feet of commercial and residential real estate throughout the U.S. The scope of Georgetown’s work includes office buildings, shopping malls, sports arenas, hotels and apartment buildings. The firm will break ground this year on a 25-story office building on 12th Avenue. Georgetown recently completed a $100 million renovation of 787 11th Ave., and it has been engaged in projects in Los Angeles; Atlanta; Washington, D.C.; Chicago; and Columbus, Ohio. Flatto, a native New Yorker, is involved in the boards of many of the city’s high-profile cultural institutions.

Neil Garfinkel represents the real estate brokerage industry and mortgage lenders in residential closings. A managing partner for his law firm, Garfinkel is broker counsel to the Real Estate Board of New York. In that role, he helps brokers understand the laws and regulations that affect them. Garfinkel hosts a daily legal hotline and writes a weekly column for REBNY members. In 2018 he was appointed to the New York Board of Real Estate by Gov. Andrew Cuomo. Garfinkel frequently lectures on topics related to fair housing. During the pandemic, he was deemed an essential worker as were his lending clients, and he managed to conduct a record number of closings.

26 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Robert Gilman co-chairs the 36-member real estate group at accounting firm Anchin, Block & Anchin. Alongside Marc Wieder, he advises real estate owners and developers in the commercial and residential spaces on day-to-day operations, tax-saving opportunities and transactional support. Whether conducting due diligence for a purchase or executing a 1031 tax exchange, Gilman and his team are known for maximizing cash flow, developing innovative tax strategies and working with management to evaluate transactions for clients. Coming off one of the most complex years in recent history because of the pandemic, the group was successful in creating and distributing materials that simplified critical information, which was especially important for smaller organizations with limited resources. The group also provided real-time updates.

After leading the efforts to build the Barclay’s Center, MaryAnne Gilmartin is now running her own firm. Gilmartin is the founder and chief executive officer of MAG Partners, which she spun off from L&L MAG last year. MAG Partners is creating a 480-unit residential building in Chelsea. Gilmartin was previously the president and chief executive officer of Forest City Ratner Companies, where she oversaw a period of game-changing development. In addition to the Barclay’s Center project, at the center of the $4.9 billion, 22-acre mixed-use Pacific Park development, Gilmartin was in charge of the construction of the New York Times Building, designed by architect Renzo Piano, and the Tata Innovation Center at Cornell Tech, among other projects.

Setting out to solve a series of urban real estate problems in New York City, Adam Gordon co-founded Wildflower Ltd. seven years ago. At the time, Gordon noticed that changes in consumer behavior were not reflected in the city’s landscape. There was a dearth of film production stages, e-commerce warehouses and self-storage locations. Today, in partnership with Robert De Niro, Wildflower Studios is developing a 650,000-square-foot, $400 million movie studio in Queens. It is building a 400,000-squarefoot, multilevel warehouse in Brooklyn for e-commerce giant Amazon. The firm has become a prolific storage investor. In 2017 Gordon sold a portfolio of facilities to Prime Storage Group for $184 million.

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S k o s b e p l b r e H H O w w r f

BARRY GOSIN

LAURIE GRASSO

FRANCIS GREENBURGER

GRANT GREENSPAN

BRAD GRIGGS

CEO Newmark Group

Partner Hunton Andrews Kurth

Chairman and CEO Time Equities Inc.

Principal Kaufman Organization

Since 1979, Barry Gosin has been at the helm of the Newmark Group, one of the biggest commercial real estate advisory firms in the world. Gosin guides the firm’s national and global expansion initiatives and oversees all facets of its day-to-day operations. The longtime chief spearheaded Newmark’s acquisition by BGC Partners in 2011, its IPO in 2017 and its spinoff from BGC in 2018. Gosin has led Newmark’s growth, steering the firm, since 2011, to acquire more than 50 companies and achieve 33% annual revenue growth. In 2019 Newmark generated sales of $2.2 billion. As a leader, Gosin takes pride in his accessibility. Despite the challenges of the current economic climate, he has remained consistent and unwavering in his transparency and communication.

Laurie Grasso has earned a reputation for being able to adeptly handle any type of real estate deal. As co-chair of her firm’s real estate practice, Grasso often acts as in-house counsel for her clients and becomes a trusted member of their businesses. She represents real estate private equity funds, companies, institutional real estate investment trusts, investors and other property owners in structuring and closing real estate transactions. She is involved in all asset classes, including office, multifamily, affordable housing, mixed-use hospitality, retail and condominium. Grasso is dedicated to a number of nonprofits, where she organizes events to support minority youth and rehabilitate local community centers.

Since founding Time Equities more than 50 years ago, Francis Greenburger has succeeded through his ability to recognize changing directions and create value in different real estate markets. Time Equities has a global portfolio of approximately 34.7 million square feet of residential, industrial, office and retail property, including about 5,000 multi-family apartment units and 1.1 million square feet of property in development. In addition to his day job, Greenburger is the founder of Omi International Arts Center, a nonprofit sculpture park, arts colony and educational center in Ghent, New York. He established the Greenburger Center for Social and Criminal Justice in 2014. Additionally, Greenburger is chairman of Sanford J. Greenburger Associates, a literary agency founded by his father, and he is on the board of several nonprofits.

As a principal at the Kaufman Organization, Grant Greenspan manages the firm’s leasing division, where he oversees a portfolio of more than 1.5 million square feet of office space. Greenspan, a 35-year member of the firm, has earned a reputation as a trusted adviser, resulting in valuable relationships with institutional investors. Those connections have allowed him to identify underperforming properties in Manhattan and turn them into profitable assets. Under his leadership, Kaufman has launched ambitious capital improvement programs in buildings in the Flatiron and NoMad districts. Despite the pandemic, Kaufman has secured nearly 130,000 square feet in leases in the past eight months. Greenspan is helping advise his firm on protocols as tenants return to the workplace.

Senior manager, economic development Amazon Brad Griggs has more than 13 years’ experience in economic and real estate development. At Amazon he handles economic development and expansion efforts for its Northeast and mid-Atlantic regions. Griggs has been key to the tech giant’s expansion of its corporate offices, core fulfillment and last mile delivery. Responsibility for the NYC Tech Hub in Manhattan and large-scale fulfillment centers in Syracuse, Albany and the mid-Hudson regions also has fallen under Griggs’ purview. He handled Amazon’s purchase of the Lord & Taylor building and the opening of last-mile delivery stations in the Bronx and Queens. Griggs regularly represents Amazon at public hearings and before planning boards.

RENTS FOR CLASS A COMMERCIAL PROPERTIES UNDER DEVELOPMENT IN THE OUTER BOROUGHS CONTINUE TO BE PRICED AT A PREMIUM OVER THE REST OF THE MARKETPLACE, AS E-COMMERCE AND LOGISTICS USERS DESIRE SUCH FACILITIES. —CUSHMAN & WAKEFIELD SARAH HAWKINS

DOTTIE HERMAN

NICOLA HERYET

DENIS HICKEY

KRISTIN HURD

Senior managing director and chief operating officer Hines

CEO Douglas Elliman

Principal Avison Young

CEO of the Americas Lendlease

Associate broker Sotheby’s

Since she began her real estate career as a Long Island-based broker at Merrill Lynch, Dottie Herman’s professional path has been meteoric. When Prudential Realty acquired the Merrill brokerage site, Herman expanded it into a powerhouse broker in the Hamptons and, in 1989, bought the firm. In 2003, Herman partnered with Howard Lorber to buy Douglas Elliman. Today, as chief executive officer of one of the largest real estate brokerage firms in the country, she is responsible for 7,000 real estate agents and $27.4 billion in annual sales volume. Herman is consistently recognized on “best of” real estate lists. She hosts the Saturday morning radio show Eye on Real Estate.

Nicola Heryet’s long-term client relationships have enabled her to represent tenants and landlords in more than 35 million square feet of lease transactions. Heryet, a principal at Avison Young, has advised fashion brand manufacturer Kellwood Company for more than 25 years. She was the leasing agent for 654 Madison Ave., where she renewed tenants. Other clients include Avon, Citrix Systems, Louis Vuitton and the United Federation of Teachers. With more than 35 years of commercial real estate experience, Heryet has deep real estate knowledge and a proven record for adapting to trends. Her rapport with clients has helped her communicate strategies during the pandemic.

Former Australian cricketer Denis Hickey has adopted a team mentality to his business career. While prioritizing a supportive corporate culture, Hickey is responsible for all aspects of Lendlease’s business in the Americas. Projects under his watch include $1.6 billion in construction for New York-Presbyterian Hospital; a 400,000-square-foot ambulatory care hub for New York Methodist Hospital; the construction of Central Park Tower, the tallest residential building in the western hemisphere; the 53 West 53 luxury condominium, which houses the Museum of Modern Art galleries; and 56 Leonard, known for its “Jenga-like” design. Before joining Lendlease in 2014, Hickey was chief executive officer of ING Real Estate Australia, and he held senior positions at Stockland Group and Jennings Group Limited.

Kristin Hurd has managed more than 200 real estate brokers and overseen a billion dollars’ worth of transactions in her brokerage career. Recently she joined Sotheby’s as an associate broker. Hurd has a talent for selling and managing new developments, which has enabled her to work one-on-one with investment banks, hedge funds, and some of the largest real estate developers in New York and New Jersey. Before joining Sotheby’s, Hurd was part of the executive team at another top firm in New York City, where she was head of corporate strategy and business development. Hurd comes from a long line of real estate entrepreneurs. In the1950s her grandfather started the largest real estate firm in Ohio.

Ten years ago Sarah Hawkins joined Hines, a privately-owned international real estate firm based in Houston. With a presence in 225 cities and 25 countries, Hines has $144.1 billion assets under management. Since 2011 Hawkins has been a key player in the firm’s New York office. She is responsible for strategic growth and new business activity in the firm’s east region. Hawkins leads project management, financing, leasing and the pursuit of new business across commercial, residential and industrial real estate. She helped establish Hines’ entry into senior housing. Hawkins is a founder of the OneHines Women’s Network, which works to attract more women to careers in commercial real estate and to increase female leadership at the firm.

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 27

PAUL JANUSZEWSKI

LENA JOHNSON

AARON JUNGREIS

SABRINA KANNER

JASON KAUFMAN

Vice president for planning Rockrose Development Corp.

Head of marketing Compass

Founder and CEO Rosewood Realty Group

Paul Januszewski has more than 25 years’ experience in urban planning and development. In his role at Rockrose, one of the city’s largest residential and commercial developers, he is responsible for strategic planning— managing development projects—and external relations. Among recent assignments, Januszewski was responsible for Rockrose’s 1.4 million-squarefoot development site in Hudson Yards and the building of more than 3,000 units of residential housing in Long Island City and Brooklyn. Januszewski previously was president of the Queens West Development Corporation, which transformed 74 acres of industrial waterfront property along the East River into Long Island City’s booming residential community and waterfront park. He has held numerous other public planning roles.

Lena Johnson oversees agent marketing for the real estate technology firm Compass in the tristate region, encompassing 3,500 agents. Johnson co-leads its year-old Luxury Division, which provides brokers with resources to market their top-of-the-market listings to high-net-worth individuals. Since its inception, the Luxury Division has been a networking hub, offering events and speaking panels, and resulting in some of 2020’s biggest deals. The division’s website reaches 10,000 unique visitors monthly. In addition, the group recently launched Curated Magazine, which features Compass’s most distinguished listings. Johnson, an advocate for women’s empowerment, volunteers as a board member and advisory committee member at nonprofits that inspire women to break gender, economic and social barriers.

After 14 years in the sales division at GFI Investment, Aaron Jungreis left to start his own commercial brokerage firm, Rosewood Realty Group. Since the company’s founding in 2007, Jungreis has sold more than 2,200 properties with a total value of more than $16 billion. The realtor has won numerous awards for his ability to find off-market opportunities and come up with creative solutions to complex transactions. In 2016 he was named Real Estate Forum magazine’s “#1 Broker in the United States.” With a focus on New York City, Rosewood is involved in all asset classes of commercial real estate, including multifamily apartment buildings, mixed-use, office, development sites, hotel, industrial and retail.

Executive vice president for design and construction Brookfield Properties Sabrina Kanner began her career nearly 40 years ago in the construction division of Olympia & York, which was acquired in 2005 by Brookfield Properties. Now as an executive vice president at Brookfield, she manages the firm’s design and construction in the United States. Kanner believes in the importance of perseverance with a team’s goals in mind. This ability has contributed to her success in a fast-paced field. Kanner has led the construction, design and development of more than 40 million square feet of Brookfield projects. They include the World Financial Center, Brookfield Place, 300 Madison Ave., Bay Adelaide Centre, the restoration of the Winter Garden at the World Financial Center after 9/11, and Manhattan West.

Managing director of fund management Silverstein Properties Jason Kaufman is part of the executive team at Silverstein Properties, where he co-founded Silverstein Capital Partners, and is responsible for its Opportunity Zone Fund. Kaufman recently led a deal for Silverstein with Cantor Fitzgerald and University Place Associates, a sustainable development firm, to build a lab in an opportunity zone in Philadelphia. Silverstein has become increasingly focused on the life sciences market. Elsewhere, Kaufman has been involved in acquisitions, capital markets and real estate development activities totaling more than $10 billion. Before joining Silverstein, Kaufman worked at Jadam Equities, a family office with $3 billion under management, and Newmark Knight Frank. He began his career at PricewaterhouseCoopers.

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IN 2011 THE AVERAGE SALE PRICE OF A NEW CONDO IN NEW YORK WAS $1.15 MILLION. BY 2019 THE AVERAGE PRICE OF A NEW CONDO WAS $3.77 MILLION. —NANCY PACKES DATA SERVICES JONATHAN KAUFMAN IGER

ANDREW KIMBALL

STEPHEN KLIEGERMAN

HOPE KNIGHT

GARY LABARBERA

President Sage Realty

Chief executive officer Industry City

President of development marketing Brown Harris Stevens

President and CEO Greater Jamaica Development Corporation

Jonathan Kaufman Iger, a fourth-generation family member at Sage Realty, took stewardship of the 95-year-old commercial realty firm in 2014. Implementing a tenant-centric approach, Kaufman Iger has incorporated new technologies, sustainability measures and modern amenities into Sage’s 6-building, 3 million-squarefoot Manhattan office portfolio. Kaufman Iger is chairman of the board for the Meatpacking Area Business Improvement District. He is on the board of the Downtown Alliance, where he has advanced policies to support Lower Manhattan’s evolution. Before joining Sage, Kaufman was a vice president at P&L Investments LLC, a boutique real estate investment and asset management firm. He founded UrbanGradRealty, a brokerage company focused on the recent college graduate market.

Andrew Kimball is the CEO of Industry City, where he spearheaded the transformation of the long-underused, 6 million-squarefoot industrial facility in Sunset Park, Brooklyn. Since his arrival in 2013, Industry City has invested more than $400 million in infrastructure and initiatives, tripling the number of jobs to more than 8,000. Industry City’s tenants range from startups to Fortune 500 companies. Before he joined Industry City, Kimball was the president and CEO of the Brooklyn Navy Yard Development Corporation, where he drove the transformation of the 300-acre former Naval shipbuilding facility. Under Kimball’s leadership, the Navy Yard became a national model for the creation of jobs, sustainability and community partnerships.

In the span of a 30-year career, Stephen Kliegerman has overseen more than $15 billion in residential real estate sales, representing more than 10,000 units in the New York City area. Kliegerman, who was previously president of Halstead Development Marketing and Brown Harris Stevens Development Marketing, led an integration of the two divisions this year. The group now manages sales and marketing for $3 billion in development projects in and around the city. Despite a pandemic-induced drop in residential real estate sales, Kliegerman has been busy. Since March his teams have signed more than 100 contracts and closed 150 units. Kliegerman recently set a record for selling the highest-price condominiums in Morningside Heights, Manhattan and Astoria, Queens.

Hope Knight, widely regarded for her work in community planning and neighborhood advocacy, has been president of the Greater Jamaica Development Corporation for six years. Knight helps local businesses acquire loans, spurs real estate development through public and private sector investment, and bolsters minority and women-owned business enterprises. She is currently overseeing the revitalization of Jamaica, Queens, where approximately 40 construction projects are in various stages of development. The projects include 3,000 mixed-income and market-rate apartment units, 2,000 new hotel rooms and a 4-story retail complex, totaling $2 billion in investment. In 2015 Mayor Bill de Blasio appointed Knight to the city’s Planning Commission. Before working at GJDC, she was chief operating officer of the Upper Manhattan Empowerment Zone.

President Building and Construction Trades Council of Greater New York

28 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Labor leader Gary LaBarbera is in charge of a unionized construction force of more than 100,000 members. Under his control, the Building and Construction Trades Council has come to labor agreements with New York City in excess of $100 billion. Last year LaBarbera reached a historic deal with the city for $20 billion in construction spending over four years. The program was estimated to have produced $1 billion in wages and benefits for low-income communities in its first year. During the pandemic LaBarbera successfully pushed for his membership to return to work in a safe manner, and he has been at the forefront of a construction community that is doing everything possible to help turn the corner on the economic crisis.

b s e g p h O w 1 r ( i m h d t B E S c M

JAMIL LACOURT

ANITA LAREMONT

NICOLE LARUSSO

HELEN LEE

PAMELA LIEBMAN

Executive vice president and director of construction L&L Holding Company Jamil Lacourt joined L&L in June to manage its newly formed construction division. In this role, he is in charge of developing methods for establishing uniform reporting practices, bidding, budgeting, contractor and subcontractor relationships, and executing construction for L&L’s growing commercial real estate portfolio. Lacourt previously was head of project management for OC Development Management, where he led the expansion of 150 Fifth Ave., the base building redevelopment of 368 Ninth Ave. (Penn Plaza) and 695 Sixth Ave., in addition to the redevelopment of 780 Third Ave. During his 20-year career Lacourt has done work for Stanford University, Mexico City-based BBVA Bancomer, World Wrestling Entertainment and Madison Square Garden. He headed the construction at Maimonides Medical Center in Brooklyn.

Executive director and chief analytical officer New York City Planning Department Anita Laremont, a lawyer and seasoned economic development and land-use expert, has run New York City’s Planning Department since 2018. Laremont, an advocate for equity and resilience, has recommitted to prioritizing those goals because of the pandemic’s disproportionate impact on communities of color. Next year, the Planning Department will introduce rezoning plans in Brooklyn’s Gowanus and Manhattan’s SoHo and NoHo communities. Those neighborhoods will see affordable housing construction for the first time in decades. Laremont was instrumental in the 2016 adoption of the Mandatory Inclusionary Housing amendment, which seeks to reshape how affordable housing is produced. She introduced the Zoning for Coastal Flood Resiliency proposal, which seeks to protect waterfront communities, home to many low-income New Yorkers, from climate change.

Director of research and analysis CBRE

Executive vice president F&T Group

Nicole LaRusso oversees research for the tristate region at CBRE. In this role, she delivers market analysis and industry-specific white papers to CBRE professionals that help them make informed real estate decisions for their clients. LaRusso came to CBRE from the Alliance for Downtown, where she was a senior vice president charged with helping transform the area. LaRusso led the effort to reenergize Water Street—the main commercial corridor on downtown Manhattan’s east side. She developed a plan to turn the street into a vibrant boulevard and secured financing for the project. LaRusso is the author of “The Brain Gain,” a transformational report that explains how the changes in the residential character of adjacent communities altered the value proposition for office space in Lower Manhattan.

As executive vice president of F&T Group, Helen Lee is working to help reshape the future of Flushing, Queens. Lee has been a visionary behind a number of developments. They include Queens Crossing, a multilevel mall; Flushing Commons, a two-building, mixed-use condominium; and 1 Fulton Square, a 330,000-squarefoot development at the center of Flushing’s culinary scene. Lee is leading the creation of Tangram, a 1.2 million-square-foot, mixed-use condominium development that is almost finished. Meanwhile, F&T Group has recently embarked on its most ambitious project to date, the Special Flushing Waterfront District, a 13-building, mixed-use development, for which Lee and adjacent neighbors have received approval. The project will bring to life the long-underused Flushing Creek waterfront.

President and chief executive officer The Corcoran Group For the past two decades, Pamela Liebman has been the chief executive officer of the Corcoran Group. Liebman joined the residential real estate firm in 1984, at age 23, and quickly became an A-lister in the New York City real estate scene. In 1990 she became a partner at Corcoran, where she created an industry-leading marketing group. Ten years later she rose to CEO. In addition to launching the strategic expansion of Corcoran into the Hamptons and South Florida, Liebman is also the forerunner of the company’s recent franchise initiative. In 2020 Corcoran expanded to serve key urban and resort communities nationwide. Among the 20 new markets are San Francisco, Chicago, Hawaii, San Diego and Los Angeles, with more affiliates on the horizon.

Joy Construction congratulates all of those recognized for their hard work, achievements and contributions to New York City. JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 29

ANDREW MCCARTHY

GABRIELLE MCMILLAN

JONATHAN MILLER

JOANNE MINIERI

JAMES NELSON

Vice president of development Avery Hall Investments

CEO Equiem

President, chief executive officer Miller Samuel Inc.

Gabrielle McMillan founded Equiem, a commercial tenant experience provider, in Melbourne, Australia, 10 years ago. Today Equiem’s app is used by 175,000 people and 9,000 companies, helping landlords attract and retain tenants, deliver seamless communication, improve on-site retail/ services, and discover value across their portfolios. McMillan manages a portfolio of more than 145 buildings in Australia, the United Kingdom, Ireland and the U.S. In 2017 McMillan moved to New York with her family to lead the company’s U.S. expansion. As Covid-19 forced offices to close during the spring, McMilllan converted Equiem’s offerings to address clients’ needs. Equiem shifted all regularly scheduled, in-person events and experiences online to keep tenants engaged with digital communications, virtual amenities and work-from-home services.

Jonathan Miller, a real estate analyst and state-certified real estate appraiser in New York and Connecticut, is the chief executive officer of Miller Samuel Inc. The firm, founded in 1986, executes appraisal and consulting services on as much as $5 billion worth of property per year in the New York City area. Miller teaches market analysis as an adjunct professor at Columbia University. He represents the residential real estate sector on the New York City mayor’s Economic Advisory Panel. Miller is a real estate commentator who covers U.S. and regional housing. Since 1994 he has written market reports for Douglas Elliman Real Estate focusing on the New York metropolitan area, Boston, Florida, Los Angeles, Houston and Aspen, Colo.

Principal and head of tristate investment sales Avison Young James Nelson leads a 36-member team in the sale of multifamily, office, development and retail properties for Avison Young. Nelson’s 3-year-old group has closed 50 sales valued at more than $1 billion. This record has earned him firmwide recognition as a “top sales professional.” During the pandemic, Nelson launched marketing campaigns for 38 new listings and closed 15 sales for $853 million. The 20-year real estate veteran implemented digital marketing and social media campaigns to promote offerings. Notable sales since March include 126 E. 86th St., a development site on the Upper East Side; 1683 Third Ave., a retail condo; 103-105 MacDougal St., two multifamily buildings; and 177 Franklin St., a boutique office building.

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Andrew McCarthy has a roll-up-your-sleeves approach toward his work. McCarthy is vice president of development at Avery Hall, where he is involved in the development, design, finance and construction of its large mixed-use projects. He is leading the firm’s biggest endeavor, 1 Boerum Place, a 250,000-square-foot residential building in Downtown Brooklyn, expected to be completed this year. Before joining Avery Hall, McCarthy was a project manager at JDS Development Group, where he designed and developed 111 W. 57th St., a 1,428-foot-tall residential tower. In a previous position, at Rafael Vinoly Architects, he worked on the architectural concept and design for the 432 Park Ave skyscraper.

Executive vice president and chief operating officer of construction and development RXR Development Services Both residential and commercial properties fall under Joanne Minieri’s purview at RXR Development Services, where she oversees a $6 billion development pipeline of 6,100 multifamily and condominium units, along with more than 2 million square feet of commercial space. RXR has expertise in investment management, development, design, construction, leasing, financing and management. Its portfolio, focused on the New York metropolitan market, comprises approximately 25 million square feet of commercial properties and projects in development. Minieri previously was president and chief operating officer of Forest City Ratner Companies. In that capacity, she was involved in the acquisition of the Nets franchise and the pre-development of Atlantic Yards, an 8 million-square-foot, mixed-use development, which includes the Barclays Center.

IN FOURTH QUARTER 2020 [RESIDENTIAL] CLOSINGS GREW VERSUS THE PREVIOUS TWO QUARTERS, SIGNED CONTRACTS RETURNED TO PRE-COVID LEVELS AND SUPPLY GROWTH SLOWED. —INHABIT, A BLOG BY CORCORAN ROBERT NELSON

ANDREA OLSHAN

STEPHEN POWERS

REMY RAISNER

PETER RIGUARDI

President Nelson Management Group

Chief executive officer Olshan Properties

Founder and CEO The Raisner Group

Chairman and president JLL’s New York tristate region

As a longtime owner and operator of apartment buildings in New York City, Robert Nelson has held and managed more than 8,000 units of multifamily housing during his 30-year career. Today he heads Nelson Management, the eponymous investment firm he founded in 1994. Nelson is also president of Global One Investments. In 2008 he launched the Global One Real Estate Fund, which purchased $700 million in property. In 2016 he introduced a second fund that targeted $450 million in multifamily investments. Nelson has widespread experience in real estate development and construction. He recently completed two mixed-income towers along Story Avenue in the Soundview section of the Bronx.

Andrea Olshan is the chief executive officer of Olshan Properties, a private real estate firm founded by her father nearly 55 years ago. The company specializes in the development, acquisition and management of commercial, retail, office, multifamily and hotel properties. Olshan is responsible for the strategic direction of the company, its investment activity and capital partnerships. Through her membership in the investment committee, Olshan evaluates new investment opportunities and represents the firm in its third-party investments. Her strategic accomplishments include consistent double-digit revenue and net asset value growth. Under Olshan’s leadership, the company has developed or acquired 7 million square feet of income-producing real estate, including retail, residential, hotel and office assets.

Partner Transwestern Real Estate Services

Remy Raisner came to the United States from France at age 19 on a Division 1 basketball scholarship. Since then, the former athlete has pivoted to a career in real estate. In 2009 Raisner established his eponymous investment firm, the Raisner Group, formerly Proteus Capital Management. The company raises capital domestically and abroad, purchasing defaulted notes and residential buildings. As an agent in the urban renewal of Brooklyn, specifically in Bushwick, Bedford-Stuyvesant and Prospect-Lefferts Gardens, Raisner has rehabilitated more than 30 properties. Raisner recently began investing in real estate technology startups. He undertook his first co-living project in 2019 in Bushwick. In his spare time Raisner volunteers for organizations committed to ending homelessness and economically empowering lower-income communities.

As president of JLL’s New York tristate region, Peter Riguardi has been responsible for broadening its platform by developing key client relationships, leading major projects and transactions, maintaining senior real estate industry contacts and political relationships, and recruiting new talent. Riguardi, responsible for a team of almost 2,700 professionals in seven tristate area offices, has helped JLL become a market leader in the New York metropolitan area. Under his direction, JLL’s market share, revenue and profitability have increased substantially. Among his accomplishments are some of the largest and most complex leasing transactions and asset sales in Manhattan, such as Deutsche Bank’s consolidation at 1 Columbus Circle; HSBC’s sale-and-leaseback at 452 Fifth Ave.; and Spotify’s move to 4 World Trade Center.

30 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Transwestern Real Estate Services partner Stephen Powers has spent the past 15 years of his career working on behalf of nonprofits. Ensuring his clients’ real estate strategies are in line with their missions, Powers has completed more than 5 million square feet of transactions. Powers provides transaction and consulting services to leading institutions in New York City and across the country. He has secured mission-driven administrative and program space for nonprofits, including Children’s Aid and Goodwill Industries. Powers specializes in securing off-market real estate requiring ground-up construction and adaptive reuse. In addition, he is expert at implementing holistic dispositions and acquisition processes, such as helping the Atlantic Foundation extract $50 million from its Chelsea property and a simultaneous relocation.

C N i p

i d t l t i f g a D fi e 2 a e t r

”

, -

NICK ROMITO

SAMANTHA RUDIN

Co-founder and CEO VTS

Senior vice president Rudin Management Company

Commercial real estate veteran Nick Romito recognized a need in the industry for a technology platform that would centralize leasing activity, analytics and marketing. In 2011 Romito founded VTS. Today the firm’s technology delivers real-time insights, fueling faster, informed decision-making and connections through the deal-and-asset lifecycle. VTS manages more than 60% of Class A office space in the U.S. and 12 billion square feet of commercial real estate globally. In May 2019 Romito announced a $90 million Series D funding—the largest venture financing in commercial real estate software history. In June 2020, he introduced VTS Market, a platform that for the first time enables landlords and agencies to market and lease spaces remotely.

Samantha Rudin, a member of Rudin Management’s executive committee, relishes the collaborative aspect of her work. Rudin joined her family’s firm in 2007, and she is now a senior vice president focused on development, redevelopment, design and marketing for Rudin’s portfolio of commercial and residential properties. She was involved in the development of 130 W. 12th St. and the Greenwich Lane in the West Village, in addition to Dock 72, a creative office building at the Brooklyn Navy Yard. Most recently Rudin worked on the redesign of the lobbies at 80 Pine St., 345 Park Ave. and 3 Times Square. In the wake of the pandemic, she has prioritized creating spaces that are environmentally sustainable and technologically advanced and that promote health and wellness.

ALTHOUGH THE RETAIL FOOTPRINT [IN NEW YORK CITY] WILL CONTINUE TO CONTRACT IN 2021, WHAT REMAINS WILL BE STRONGER, MORE INTERESTING, MORE CONVENIENT AND MORE EXPERIENTIAL. —CBRE “MARKET OUTLOOK 2021”

MORRIS SABBAGH

STUART SAFT

President and co-founder Kassin Sabbagh Realty

Group leader of the New York Practice Group Holland & Knight Stuart Saft is chair of real estate at law firm Holland & Knight, where he advises on legal issues pertaining to development, financing, leasing, condominium conversion and cooperative ownership, among other matters. Saft has represented high-profile developers and lending institutions. He has worked on a number of hotel deals, including the development of the Baccarat Hotel & Residences in New York, the Downtown W Hotel and Residences, and the Bryant Hotel and Residences. In addition to his day job, Saft has written 40 books on commercial real estate and more than 100 articles on real estate, economics and finance. He is the author of the three-volume Commercial Real Estate Workouts series, now in its third edition.

Morris Sabbagh’s attention to detail and forward-thinking methodology have been crucial to his long-term success. Sabbagh, the president and co-founder of Kassin Sabbagh Realty, has 15 years’ experience in multiple facets of real estate transactions. He is involved in equity and debt acquisitions, asset management, investment sales and leasing. Alongside his co-founder, Abraham Kassin, Sabbagh has been directly involved in selling more than $1 billion in assets, leasing hundreds of thousands of square feet and acquiring more than $500 million in performing and nonperforming mortgage and bond notes. Under Sabbagh’s direction, KSR has expanded into a vertically integrated, full-service real estate firm while maintaining its family- and customer-oriented approach.

Congratulations ANDY CIANCIA

PE, LEED AP, D.GE, F.ASCE

for being recognized as one of Crain’s New York Business’ 2021 Notable in Real Estate. Your leadership, mentorship, and unmatched geotechnical knowledge of New York have always been notable in our firm.

Cornell Tech Tata Innovation Center

Barclays Center Credit: Bruce Damonte

One Vanderbilt Credit: Max Touhey

- Technical Excellence - Practical Experience - Client Responsiveness

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 31

ABE SCHLISSELFELD

DANA ROBBINS SCHNEIDER

BELINDA SCHWARTZ

STEVEN SIEGEL

Partner Marks Paneth

Senior vice president, director of energy and sustainability Empire State Realty Trust Mechanical engineer Dana Robbins Schneider is responsible for energy and sustainability initiatives at Empire State Realty Trust. The real estate investment trust, which owns the Empire State Building, is committed to improving energy, water, waste and indoor environmental quality to promote healthy buildings and boost return on investment. Robbins Schneider helps ESRT analyze and implement energy-efficiency measures at the building, system and tenant levels. She works with real estate owners to adhere to carbon and greenhouse-gas emissions laws and standards. Before joining ESRT, Robbins Schneider led JLL’s Energy and Sustainability Projects team for the Americas, working on more than 250 million square feet of impact projects. She previously was an engineer at WSP.

Chair of the real estate department Herrick Feinstein As one of the only women in the country to chair a major commercial real estate practice, Belinda Schwartz is a role model in her field. Schwartz heads a practice of more than 50 attorneys and urban planners. Her clients include developers, owners, funds, investors and family-owned real estate businesses. Schwartz handles complex debt and equity transactions, including fund formation, property acquisitions and sales, joint ventures, development deals, construction matters, ground leases and commercial leases. She has worked on large development projects, including Brooklyn Bridge Park’s Empire Stores complex; downtown Brooklyn’s 1.8 million square-foot City Point project; and one of the largest land swaps in Manhattan history, a transaction that won the Real Estate Board of New York’s Most Ingenious Deal of the Year award.

Chairman of Global Brokerage CBRE

E C

In the brokerage industry Steven Siegel has been called “a powerhouse,” “an icon,” and “a game changer” by the media. As chair of global brokerage at CBRE, Siegel advises corporations and property owners on a broad range of real estate strategies. Most recently Siegel represented Hudson Bay Company, parent company of Saks Fifth Avenue, in the consolidation and relocation of its U.S. headquarters. In another recent high-profile deal, Siegel helped L’Oréal with its relocation to The Related Cos.’ 10 Hudson Yards. He is a member of the agency leasing team for 7, 4, 3 and 2 World Trade Center. Siegel also is engaged philanthropically. At one point in his career he sat on 16 nonprofit boards.

E C a y

For more than 20 years, Abe Schlisselfeld has advised the New York real estate market on all aspects of accounting and taxation. Schlisselfeld’s clients include commercial and residential real estate owners, real estate management firms and real estate investment trusts. In addition to his understanding of real estate investing and economic development, Schlisselfeld has a deep background in multistate taxation, tax planning for high-net-worth individuals and business-entity structuring. Schlisselfeld, a thought leader on accounting, regularly contributes to discussions on pressing industry issues. He has explored the tax benefits and implications of the Qualified Opportunity Zones program since its inception, making him a sought-after speaker on the topic.

WITH A MEDICAL RESOLUTION IN SIGHT AND CONTINUED ECONOMIC GROWTH, CBRE EXPECTS THAT ALL COMMERCIAL REAL ESTATE SECTORS WILL HAVE STARTED TO RECOVER BY THE END OF 2021.

Congratulations Anchin is proud to recognize

—CBRE

Marc Wieder, CPA, CGMA Partner, Co-Leader of Anchin’s Real Estate Group

Marc Wieder Robert Gilman on being named to Crain’s Notable in Real Estate

32 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

Robert Gilman, CPA, CGMA Partner, Co-Leader of Anchin’s Real Estate Group

fi s t s h f d p r W d S t C o i s g

ETHAN SILVERSTEIN

PIA SILVESTRI

TODD SOLOWAY

DARCY STACOM

TARA STACOM

Executive vice chairman Cushman & Wakefield

Director, New York City Property Management Group CBRE Pia Silvestri, with more than 20 years’ property management experience, is responsible for some of the largest and most iconic office buildings in New York City. Before she came to CBRE, Silvestri was the property manager for the Met Life Building, the Chrysler Building and the Empire State Building. Today in her role as CBRE’s head of property management, she is in charge of a large portfolio of investor clients in the city. Earlier at CBRE, Silvestri held a facilities management position in which she oversaw the facilities of a large global financial institution. Silvestri previously worked at Tishman Speyer, Trizec Properties and Hines Interests Limited Partnership.

Partner Pryor Cashman

Chairman and head of New York City Capital Markets Group CBRE Darcy Stacom, dubbed the “queen of the skyscrapers” by The Wall Street Journal, has worked on some of the largest residential and office transactions in history. Stacom is chairman and head of New York City Capital Markets at CBRE, where she has a prolific résumé of deals, ranging from $35 million in trust and estates dispositions to the $5.4 billion sale of Stuyvesant Town-Peter Cooper Village for Metropolitan Life. She has completed more than $100 billion in sales, financing, joint venture, leasehold and development transactions. Stacom is devoted to several non-profit organizations, as trustee of Phipps Houses, co-chair of the diversity committee at REBNY, on the Women’s Network Board of CBRE and on the board of NYU Schack.

Executive vice chairman Cushman & Wakefield

Ethan Silverstein first joined Cushman & Wakefield in 2007, at age 23, and became the youngest person in the firm’s 103-year-history to be promoted to executive vice chairman. Silverstein earned his rank for being a top producer at the firm, where he has represented some of New York City’s largest tenants and landlords. Silverstein’s total transaction volume has topped 15 million square feet in office leasing and 900 deals. He is involved in multiple product types, including office, retail and industrial real estate. With city and state resources drained by the pandemic, Silverstein recently became a trustee at the Citizens Budget Committee, a nonprofit civic organization whose mission is to improve the finances and services of the city and state government.

Todd Soloway has litigated some of the most high-profile cases in the hospitality industry. Soloway has worked on hotel management and franchise agreements, real estate finance and development matters, complex foreclosures and commercial landlord-tenant disputes. His successes include a $44 million judgment against Starwood Hotels in favor of the owners of the former St. Regis Hotel in Fort Lauderdale, Florida. On behalf of the Eden Roc hotel in Miami Beach, Soloway convinced an appellate court that the management contract in place was terminable. In addition, Soloway advises mergers and acquisitions, financings and related transactions. He recently counseled sbe Entertainment Group on its $319 million sale of a 50% interest in the company to Paris-based AccorHotels.

As one of her firm’s top-producing brokers, Tara Stacom has been recognized by numerous organizations, including the Real Estate Board of New York, for her record-setting commercial leasing activity. Stacom is focused on Class A office space. Stacom, known for her creativity, exceptional service and an ability to structure unique transactions, has represented tenants nationally and internationally. As the exclusive leasing agent for 1 World Trade Center, she secured media giant Condé Nast as the anchor tenant for its 1.2 million-square-foot headquarters. In 2016 Stacom received REBNY’s Bernard H. Mendik Lifetime Leadership in Real Estate Award, which recognizes members who have exhibited exceptional service to the industry.

Congratulations to our own

Stuart Saft

on being named to Crain’s New York Business 2021 Notable in Real Estate. We join in honoring Mr. Saft and thank him for his leadership as head of Holland & Knight’s New York Real Estate Practice Group and co-chair of our global Condominium Development and Conversion Team.

www.hklaw.com New York, NY | 212.513.3200

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 33

JOSEPH TAYLOR

PAUL TETI

MARY ANN TIGHE

DAVID WALKER

ELI WEISS

President and chief executive Matrix Development Group

Executive vice president of real estate operations Columbia Property Trust As the youngest of 10 children, Paul Teti learned to collaborate early in life. Growing up in a large household and spending time as an Olympic rower have prepared Teti to lead by example and be a good partner. At Columbia Realty Trust, where he is responsible for directing a portfolio of investments nationwide, Teti is charged with proactive leasing and managing major capital projects. Last year he was instrumental in Columbia’s merger with Normandy Real Estate Management, where he previously worked. Recently Teti has been focused on 799 Broadway, a 12-story, loft-style office building in Greenwich Village that’s expected to be completed this year.

Chief executive officer CBRE

Chief executive officer Triplemint

Principal Joy Construction Corp.

Mary Ann Tighe, one of the most influential women in New York City real estate, has been at the forefront of the transformation of Manhattan’s skyline for the past 36 years. Tighe is the chief executive officer of CBRE, where she has played a part in the revitalization of Times Square, the rebirth of downtown and the westward expansion of Midtown’s business district. Tighe claims more than 107.5 million square feet of commercial transactions and 14.4 million square feet of new construction. She has conceived, structured and negotiated virtually every kind of deal. She is a nine-time winner of the Real Estate Board of New York’s Deal of the Year award for ingenious brokerage.

David Walker and former Yale University classmate Philip Lang conceived of Triplemint to improve the experience of buying, selling or renting a home. The real estate brokerage uses proprietary machine learning and analytic tools to make agents more efficient. Walker created an algorithm to forecast likely buyers and sellers and proactively engage them. Triplemint built a platform to generate buyer interest before listings are public. The tool decreases the time that listings are on the market relative to the industry average. Recently Triplemint developed offerings for a more challenging economy. One product identifies listings that will fare well in a recession; another determines the dollar amount most effective for a price reduction on a stagnant listing.

For more than 25 years, Eli Weiss has been a builder and developer in New York City. As principal of Joy Construction, he manages the development process and the financing for acquisitions and construction loan transactions. Weiss works on multifamily, commercial and hospitality properties. In 2020 he closed two deals to acquire property from the New York City Housing Authority that will create more than 300 new affordable housing units. Previously he built and leased a facility for Memorial Sloan Kettering. Weiss has developed more than 3,000 multifamily units, including the Mantena, a 98-unit rental building in Hudson Yards. He bought, developed and sold the Nathaniel, a luxury rental building in the East Village with 17,000 square feet of retail.

In his 30-year career at Matrix Development Group, Joseph Taylor has been credited with growing the firm’s holdings from a single investment in New Jersey to a robust real estate investment portfolio. Matrix has developed more than 40 million square feet of commercial and industrial properties and thousands of residential homes. The firm has expanded its geographic reach throughout New Jersey, and it is now a presence in New York and Pennsylvania. Matrix has increased the scope of its work to include a full-service construction firm and a golf and hospitality company. On top of his professional work, Taylor has been committed to a number of nonprofit efforts, including shaping the Matrix Foundation.

Nelson Management Congratulates Its President Robert Nelson & Other Honorees Recognized in Crain’s New York’s Notables in Real Estate 2021

Nelson Management Group Ltd. 118-35 Queens Boulevard, 14th Floor Forest Hills, New York 11375 (718) 997-9500 34 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

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SETH WEISSMAN

COLLEEN WENKE

MICHAEL WERNER

MARC WIEDER

SACHA ZARBA

Founder and president Urban Standard Capital

Chief development officer Taconic Partners

Accounting and audit partner Anchin, Block & Anchin LLP

In 2015 Seth Weissman founded Urban Standard Capital, a real estate private-equity firm. The firm, focused on debt and equity investments in the New York City area, manages $300 million worth of investments across its platforms. USC provides clients with risk-adjusted returns by focusing on equity and financing opportunities, such as senior bridge loans, mezzanine financing and preferred equity. Weissman has built a reputation for efficient execution and creative and thoughtful structuring. During the pandemic, his team delivered $6.3 million in loans on three acquisition deals. Before founding USC, Weissman worked in the real estate private-equity group of Perry Capital, a multi-strategy hedge fund. He started his career in investment banking at Goldman Sachs.

Colleen Wenke is helping Taconic Partners transform and revitalize beloved neighborhoods throughout New York City. Wenke has worked on ground-up and restoration projects in the commercial, residential and mixed-use sectors, totaling more than 7 million square feet of commercial space and 1,500 units of housing. Current projects include Essex Crossing on the Lower East Side, Hudson Research Center in Midtown West and 525 W. 52nd St. Wenke supervises strategic planning, zoning and entitlements, predevelopment, project budgeting, design management, construction oversight, procurement, risk management and insurance, community relations, branding and marketing. She leads Taconic’s development advisory business, which focuses on key partnerships for client-led development and construction projects.

Partner in the real estate department Fried Frank Michael Werner’s transaction experience and his industry relationships make him a go-to commercial real estate attorney in New York. As a partner at Fried Frank, Werner advises high-profile owners, developers, financial institutions, institutional investors, real estate investment trusts and corporations on all aspects of commercial real estate transactions in an array of asset classes. Werner recently represented Amazon in its $1 billion acquisition of the Lord & Taylor building at 424 Fifth Ave. from WeWork, estimated to be the largest single-asset acquisition in the city in 2020. Werner is on his firm’s attorney development committee, where he supervises the professional development of the firm’s attorneys and facilitates programs to help them become the next generation of market-leading lawyers.

Vice chairman in the Midtown Manhattan office CBRE Sacha Zarba specializes in commercial leasing for the technology, media and advertising industries. Zarba, a familiar face in the tech community, secured more than 300,000 square feet in 2019 for Uber’s relocation to 3 World Trade Center. He simultaneously expanded and restructured the lease for longtime client LinkedIn at the Empire State Building, bringing the firm’s footprint in the building to more than 500,000 square feet. Zarba has represented Pinterest, Grubhub and the grooming company Harry’s. His client roster includes Etsy, for whom he coordinated a move to a 225,000-square-foot location in Dumbo Heights. The deal was Brooklyn’s largest in more than a decade, and it gave rise to a submarket in Dumbo that has since seen vigorous leasing activity.

Marc Wieder is an accounting and audit partner at Anchin, Block & Anchin, where he leads the real estate group with Robert Gilman. Wieder has more than 30 years’ experience in federal, state, local, personal and business taxes. Wieder often sheds light on the complex world of taxation, particularly as it relates to selling and acquiring real estate. Wieder has written numerous articles on various real estate topics for trade publications. In 2015 he was named as one of the Top 10 Public Accounting Professionals in New York by the National Association of Professional Accountants. Wieder is on the board of the Fashion Center Business Improvement District.

DEADLINE TO NOMINATE: FRIDAY, FEB. 12

NOMINATE TODAY: CRAINSNEWYORK.COM/NOMINATIONS 36 | CRAIN’S NEW YORK BUSINESS | JANUARY 25, 2021

OUT OF OFFICE ANGELINA PARIS NYC LOCATION 1050 Sixth Ave., Midtown HOURS 8 a.m. to 8 p.m. Monday through Friday; 9 a.m. to 7 p.m. Saturday and Sunday WEBSITE angelina-paris.fr/en/home SIGNATURE DISHES Angelina’s signature: A combination of the L’Africain hot chocolate and the MontBlanc pastry ($17) Niçoise salad: Fresh tuna, hard-boiled eggs, tomatoes, green beans, mixed lettuce, red onions, black olives and anchovies ($18) Angelina breakfast: Tea, coffee or hot chocolate; fresh-pressed juice; mini flaky pastries; a bread roll; eggs; and seasonal fruit salad ($28)

ANGELINA’S

ANGELINA PARIS NYC

A taste of Paris near Bryant Park

French import Angelina serves up sandwiches, pastries and hot chocolate

espite the changing restrictions, including those governing indoor dining, restaurants have continued to open at a steady pace in the city in the past few months. One is Angelina, the long-planned New York branch of a 117-year-old Paris café that launched in November. Its specialty—very thick hot chocolate that the restaurant calls chocolat

chaud à l’ancienne dit L’Africain—has crossed the Atlantic in the hands of the spot’s pastry chef, Noemi Tessier. Though Tessier is the only employee from Paris, the team took on the task of re-creating the look and feel of its Paris dining rooms on Sixth Avenue by Bryant Park. Bringing Parisian ambience to the states entailed importing furniture, chandeliers, teapots and art. Having

them delivered and incorporated into the build-out slowed the opening, first announced in early 2019, even before the Covid-19 restrictions, said Anthony Battaglia, chief operations officer. But the end result is an intricately decorated space meant to evoke the past, from its checkered marble floors to its wall murals. The scene is evocative enough that even during

the short period when Angelina was open for in-person dining, customers who had been to the French locations recognized the details. “Some of our guests know Angelina more than our team members do,” said Battaglia. At the New York branch, the main difference lies in the takeout section located at the front of the restaurant, intended to cater to the area’s employees and tourists. Though the tearoom is known for its pastries, such as the Mont-Blanc (meringue with chestnut paste and whipped cream), as well as the hot chocolate, Angelina serves a menu of savory dishes. These include omelets, main-dish salads, sandwiches, soups and entrées such as a double-decker cheeseburger and roasted salmon. “Our menu is an all-day dining menu,” Battaglia said. “You can enjoy an onion soup as early as 8 a.m. or breakfast at 6 p.m. We hope to please as many guests as possible.” — Cara Eisenpress

RESTAURANT NEWS AND NOTES

ROLO’S 11 a.m. to 9 p.m. Wednesday through Sunday Four chefs who used to work at Gramercy Tavern came together to open their version of a neighborhood restaurant in Ridgewood. Though the 2,400-square-foot site will eventually have a bar and private dining room in addition to its main dining room, right now the indoor space is operating as a takeout café and grocery, selling sandwiches and other

prepared foods, as well as provisions such as pastas, condiments and meats. The takeout/ delivery menu includes a preset dinner package that’s $17 per person and sometimes includes dishes like wood-fired half chicken with garlic confit, braised butter beans with salsa verde and focaccia. Outdoor dining is also planned. 853 Onderdonk Ave., Ridgewood, Queens ISABELLE’S OSTERIA Dinner: 5 to 10 p.m. Monday through Saturday; lunch: noon to 4 p.m. Monday through Friday; brunch: 11 a.m. to 4 p.m. Saturday and Sunday A veteran of several of New York’s fine-dining establishments opened this Italian restaurant in the fall. Specialties include pastas that are freshly made at the restaurant

and served in such varieties as lumache with pork ragu and whipped ricotta or mushroom lasagna. The restaurant has sidewalk seating with heaters, and diners can order warming dishes like braised beef short ribs and cocktails including a hot cider mule, in addition to the pastas. Delivery and takeout are also available. 245 Park Ave. South, Midtown ISABELLE’S OSTERIA

BIANCA KENWORTHY

ADAM FRIEDLANDER

ROLO’S

MIN SUSHI Noon to 9 p.m. daily Near her well-reviewed

Japanese curry restaurant, chef Kelly Cho has opened a second spot, specializing in sushi, udon, and donburi (rice bowls). It’s open for delivery and takeout. The menu is available in sets, such as pork donburi and udon, or any sushi roll with a mini udon. 32 St. Mark’s Place, East Village JASMINE’S CARIBBEAN CUISINE 4 to 10 p.m. Tuesday through Sunday With a room and a menu inspired by the colors and flavors of the Caribbean islands, Jasmine’s aims to serve recipes from the co-founders’ family traditions. Appetizers include “jazzy wings,” codfish fritters and empanadas. Mains such as ackee and saltfish, jerk chicken, oxtail and coconut salmon all come with rice and peas or

white rice. Jasmine’s takes reservations for its outdoor patio and offers delivery. 371 W. 48th St., Hell’s Kitchen MUSE AND THE GALLERY 5:30 to 9 p.m. daily Japanese chef Hiroki Odo, who already runs O.D.O. in the Flatiron District, has created two offerings meant to combine art and dining. Muse, a sushidelivery service, is a concept that features dishes with ingredients imported from Japan. The seafood is from the Kyushu region, Odo’s home turf. The Gallery is an exhibition space that will show and sell local artists’ work and, in February, begin serving sushi sets, a chef’s selection of sashimi and signature rolls, all pending new guidance about indoor dining. 17 W. 20th St., Flatiron District — C.E.

JANUARY 25, 2021 | CRAIN’S NEW YORK BUSINESS | 37

Advertising Section

CLASSIFIEDS LEGAL NOTICE ADJOURNED SHERIFF’S SALE

By virtue of an execution issued out of the Supreme Court, Kings County, in favor of YONG ZHONG LI, judgment creditor and against GRAND CHINA FARM INC. and XUE WEN ZHU, judgment debtors, to me directed and delivered, I will sell at public auction, by Dennis Alestra, DCA# 0840217, auctioneer, as the law directs, FOR CASH ONLY, on the 10 th day of February, 2021, at 11:00 in the forenoon, at the Kings County Sheriff’s Office, located at 210 Joralemon Street suite 909, in the county of Kings all the right, title and interest, which Xue Wen Zhu, the judgment debtor, as tenant in common had on the 29 nd day of November, 2017 or at any time thereafter, of, in and to the following properties: 2115 East 15th STREET, BROOKLYN, N.Y. 11229 Block 7348 Lot 72. ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Brooklyn, County of Kings, City and State of New York, bounded and described as follows: Schedule A Description All that certain plot, piece of parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Brooklyn, County of Kings, City and State of New York, bounded and described as follows: BEGINNING at a point on the easterly side of East 15th Street, distant 100 feet southerly from the corner formed by the intersection of the easterly side of East 15th Street and the southerly side of Avenue U; Running thence southerly along the easterly side of East 15th Street, .40 feet; Thence easterly at right angles to East 15th, 75 feet; Thence northerly parallel with East 15th Street, 40 feet; Thence westerly at right angles to East 15 Street, 75 feet to the point or place of BEGINNING. XUE WEN ZHU 2115 E 15 TH STREET BROOKLYN, NEW YORK 11229 BLOCK 7348; LOT 72. Joseph Fucito Sheriff of the City of New York Deputy Sheriff Lisi (718) 488-3545 CASE# 19013969.

PUBLIC & LEGAL NOTICES

Notice of Formation of Vermland Holdings LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/22/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: Elias Kefalidis, c/o KLM Equities Inc., 920 Broadway, NY, NY 10010. Purpose: any lawful activities.

Notice of Qualification of PEG COINVESTMENT FUND L.P. Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/11/21. Office location: NY County. LP formed in Delaware (DE) on 10/29/20. Duration of LP is Perpetual. SSNY designated as agent of LP upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207. Name and addr. of each general partner are available from SSNY. DE addr. of LP: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of LP filed with DE Secy. of State, Div. of Corps., Townsend Bldg., 401 Federal St., Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of MONIR ARTS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 01/12/21. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to M. Nader Ahari, 200 Park Ave. South, Ste. 1608, NY, NY 10003. Purpose: Any lawful activity.

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Notice of Formation of Jayonamarie LLC. Arts of Org filed with Secy. Of State of NY (SSNY) on 8/21/20. Office location NY county. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 1115 Broadway, 12 floor, New York, NY 10010. Purpose: any lawful act. Notice of formation of Saint Johns Peak Realty LLC. Articles of Org. filed with the Secretary of State of New York (SSNY) on 10/09/2020. Office located in New York County. SSNY has been designated for service of process. SSNY shall mail copy of any process served against the LLC to: 1603 200th St. Bayside, NY 11360. MP 205 LLC. Arts. of Org. filed with the SSNY on 12/03/20. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 140 East 56th Street, Suite 1D, New York, NY 10022. Purpose: Any lawful purpose. Notice of Qualification of Elite Media, LLC, Fictitious Name: Elite Advertising, LLC. Authority filed with Secy. of State of NY (SSNY) on 07/31/20. Office location: NY County. LLC formed in Delaware (DE) on 05/16/13. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 92 Morningside Ave., Unit 1B, NY, NY 10027. Address to be maintained in DE: Worldwide Incorporators Ltd., 3411 Silverside Rd., Ste 104, Tatnall Bldg., Wilmington, DE 19810. Arts of Org. filed with the Secy. of State of the State of DE, Townsend Bldg., 401 Federal St., #4, Dover, DE 19901. Purpose: any lawful activities. HOCNYCO LLC has filed Articles of Organization filed with Secretary of State of New York (SSNY) on 1/18/2019. Office location: New York. SSNY is designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: 355 South End Ave, #3B, New York NY, 10280. Purpose: any lawful act or activity. Notice of Qualification of PRIVATE EQUITY V GP LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/11/21. Office location: NY County. LLC formed in Delaware (DE) on 01/04/21. Princ. office of LLC: 9 W. 57th St., 12th Fl., NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Summit Rock Advisors, LP at the princ. office of the LLC. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St. - Ste. 4, Dover, DE 19901. Purpose: Investments. Notice of Formation of PRIME 220E53-STT LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 0 5/21/19. Office location: NY County. Princ. office of LLC: 347 Fifth Ave., 16th Fl., NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Empire Management America Corp. at the princ. office of the LLC. Purpose: Any lawful activity.

Notice of Formation of T Natural Creations LLC Articles of Organization filed on 10/15/2020 with the NYS Secretary of State located in Albany NY SSNY is designated as agent of LLC whom process against may be served SSNY Shall mail process to: 1829 Lexington Avenue NY NY 10029 any lawful act

Notice of Qualification of PREMIUM BRANDS OPCO LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/21/20. Office location: NY County. LLC formed in Ohio (OH) on 1 2/02/20. Princ. office of LLC: 7 Times Sq., NY, NY 10036. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co., 80 State St., Albany, NY 12207-2543. Cert. of Form. filed with Secy. of State, 180 E. Broad St., 1st Fl., Columbus, OH 43215. Purpose: Any lawful activity.

Notice of Qualification of TENARON CAPITAL MACRO PARTNERS GP LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/05/21. Office location: NY County. LLC formed in Delaware (DE) on 09/ 21/20. Princ. office of LLC: 90 Park Ave., 25th Fl., NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c /o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

FELICE 240, LLC, Arts. of Org. filed with the SSNY on 01/07/2021. Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: SA Hospitality Group LLC, 950 Third Avenue, Ste 500, NY, NY 10022. Purpose: Any Lawful Purpose.

ATOM CARES LLC, Arts. of Org. filed with the SSNY on 01/13/2021. Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: The LLC, 303 Fifth Avenue, Ste 1205, NY, NY 10016. Reg Agent: Ganga Mukkavilli, 303 Fifth Avenue, Ste 1205, NY, NY 10016. Purpose: Any Lawful Purpose.

Notice of Qualification of ACELLA PHARMACEUTICALS, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/11/20. Office location: NY County. LLC formed in Delaware (DE) on 11/06/07. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., #4, Dover, DE 19901. Purpose: Any lawful activity. Notice of Qualification of TITAN GLOBAL TECHNOLOGIES LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 01/04/21. Office location: NY County. LLC formed in Delaware (DE) on 12/28/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 110 Greene St., NY, NY 10012. DE addr. of LLC: c/o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. #4, Dover, DE 19901. Purpose: Any lawful activity.

Notice of Formation of SIGNATURE SP 3, LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/19/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

Notice of Qualification of HUDSON PELHAM HOUSE ASSOCIATES LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 11/25/20. Office location: NY County. LLC formed in Delaware (DE) on 11/20/20. Princ. office of LLC: c/o The Hudson Companies Inc., 826 Broadway, 11th Fl., NY, NY 10003. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. DE addr. of LLC: 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

NOTICE OF QUALIFICATION of HVPG JACKSON TERRACE MANAGER, LLC. App. for Auth. filed with Secy of State of NY (SSNY) on 12/22/20. Office location: New York County. LLC formed in Delaware (DE) on 10/5/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: c/o 28 Liberty Street, New York, NY 10005. DE address of LLC: c/o 1209 Orange Street, Wilmington, DE 19801. Arts. of Org. filed with DE Secy of State, Townsend Bldg, Dover, DE 19901. Purpose: any lawful activity.

Notice of Formation of WOOVANI LLC. Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/18/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: the Company, c/o 141 East 72nd St., 4th Fl., NY, NY 10021. Purpose: any lawful activities. MP 125Q LLC. Arts. of Org. filed with the SSNY on 12/03/20. Office: New York County. SSNY designated as agent of the LLC upon whom process against it may be served. SSNY shall mail copy of process to the LLC, 140 East 56th Street, Suite 1D, New York, NY 10022. Purpose: Any lawful purpose.

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NOTICE OF FORMATION OF GY HONG KONG, LLC. Articles of Organization were filed with the Secretary of State of New York (SSNY) on 11/20/2020. Office Location: New York County. SSNY has been designated as agent upon whom process against it may be served. The Post Office address to which the SSNY shall mail a copy of any process against the LLC served upon him/her is 36 West 47th Street, W03, New York, NY 10036. The principal business address of the LLC is 36 West 47th Street, W03, New York, NY 10036. Purpose: any lawful act or activity.

Notice of Formation of REVENUESOLUTIONS PARTNERS, L.L.C. Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/10/20. Office location: NY County. Princ. office of LLC: One Penn Plaza, Ste. 6328, NY, NY 10119. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207. Purpose: Any lawful activity.

Notice of Formation of DLS HR Solutions LLC. Arts of Org filed with secy . of State of NY (SSNY) on 10/6/20. Office location: BX County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 1740 Mulford Ave, Apt 19H, Bronx, NY 10461. Purpose: any lawful act.

Notice of Qualification of ILLUMINATE FM LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/03/20. Office location: NY County. LLC formed in Delaware (DE) on 08/ 19/19. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC, 205 Hudson St., 7th Fl., NY, NY 10013. DE addr. of LLC: c /o Corporation Service Co., 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with DE Secy. of State, Div. of Corps., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity. Notice of Formation of PRIME 220E53-SAT LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 0 5/21/19. Office location: NY County. Princ. office of LLC: 347 Fifth Ave., 16th Fl., NY, NY 10016. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Empire Management America Corp. at the princ. office of the LLC. Purpose: Any lawful activity. Notice of Formation of 120 E. 70TH STREET LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/16/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o David A. Stein, Esq., Withers Bergman LLP, 430 Park Ave., 10th Fl., NY, NY 10022. Purpose: Any lawful activity.

S H A R E

Y O U R

Notice of Formation of MS RESIDENCE LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/23/20. Office location: NY County. Princ. office of LLC: Philip J. Michaels, c/o Norton Rose Fulbright US LLP, 1301 Ave. of the Americas, NY, NY 10019. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to the LLC at the addr. of its princ. office. Purpose: Any lawful activity.

Notice of Qualification of SJV 1 Sheepshead Bay OpCo LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 12/30/20. Office location: NY County. LLC formed in Delaware (DE) on 11/24/20. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, John G. Townsend Bldg., 401 Federal St., Ste. 3, Dover, DE 19901. Purpose: Healthcare.

RS8M LLC. Articles of Org. filed with Secy. of State of NY (SSNY) on 12/ 24/20. Off. loc.: New York Co. SSNY des. as agent of LLC upon whom process may be served. SSNY shall mail process to the LLC, One Manhattan Square, 252 South St, Unit 8M, New York, NY 10002. Purpose: General.

NY PRINCIPAL LLC, Arts. of Org. filed with the SSNY on 09/25/2020. Office loc: NY County. SSNY has been designated as agent upon whom process against the LLC may be served. SSNY shall mail process to: Ed Gitlin, 33 West 60th Street Ste 2-1, NY, NY 10023. Reg Agent: Ed Gitlin, 33 West 60th Street Ste 2-1, NY, NY 10023. Purpose: Any Lawful Purpose

Notice of Formation of OMAHA FALLS II LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 12/07/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Robert Milam, 150 Charles St., Unit M3, NY, NY 10014. Purpose: Any lawful activity.

Notice of Formation of MERIDIAN BRANDS LLC Arts. of Org. filed with Secy. of State of NY (SSNY) on 11/24/20. Office location: NY County. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to Corporation Service Co., 80 State St., Albany, NY 12207-2543. Purpose: Any lawful activity.

NOTICE OF FORMATION of Bardock Sales, LLC. Arts of Org filed with Secy. of State of NY (SSNY) on 9/ 23/20. Office Location: NY County. SSNY designated as agent upon whom process may be served and shall mail copy of process against LLC to 300 E 34th St, 35H, NY, NY 10016. R/A: US Corp Agents, Inc. 7014 13th Ave, #202, BK, NY 11228. Purpose: any lawful act.

Notice of Qualification of REVANTAGE RISK SERVICES, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on 11/25/20. Office location: NY County. LLC formed in Delaware (DE) on 08/14/20. Princ. office of LLC: 233 S. Wacker Dr., Ste. 4700, Chicago, IL 60606. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to c/o Corporation Service Co. (CSC), 80 State St., Albany, NY 12207-2543. DE addr. of LLC: c/o CSC, 251 Little Falls Dr., Wilmington, DE 19808. Cert. of Form. filed with Secy. of State, Div. of Corps., John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: Any lawful activity.

C O M P A N Y ’ S

Notice of Qualification of PULSE ANALYTICS, LLC. Authority filed with Secy. of State of NY (SSNY) on 11/ 16/20. Office location: NY County. LLC formed in Delaware (DE) on 11/ 13/09. SSNY designated as agent of LLC upon whom process against it may be served. SSNY shall mail process to: One Pennsylvania Plaza, Ste. 2505, NY, NY 11901. Address to be maintained in DE: c/o Business Filings Incorporated, 108 West 13th St., Wilmington, DE 19801. Arts of Org. filed with the Secy. of State, Division of Corporations, John G. Townsend Bldg., 401 Federal St., Ste. 4, Dover, DE 19901. Purpose: any lawful activities.

J O U R N E Y

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