MANN REPORT MARCH 2025

THE PRODUCTS AND PLATFORMS THAT CAN REDEFINE REAL ESTATE

Tomorrow’s strategies, today.

In shifting markets, we’re taking the long view, so you can seize the moment — now and for years to come.

EDITORIAL

Editor

Debra Hazel

Director of Communications and Marketing

Penelope Herrera

Director of

Newsletter Division

Cheri Phillips

PRESIDENT/CEO

Jeff Mann

ART

Art Director

Caroline Thomas

Cover Photography Adobe

CONTRIBUTORS

John Britto

Frank DeLucia

Ben Eidlisz

Merilee Kern

Kris Kiser

Marc Mascarello

Ira Meister

Stuart Saft

Mark Satterfield

Carol A. Sigmond

BUSINESS

Technology Consultant Eric Loh

Distribution Mitchell’s Delivery Service

DIGITAL MEDIA

Designers

Caroline Thomas

Editors

Debra Hazel

Penelope Herrera

Cheri Phillips

Web Developer CS Designworks

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TODAY’S MARKETS MOVE MORE QUICKLY THAN EVER.

Meridian’s national dominance in multifamily financing gives us a unique vantage point from which to approach markets on our clients’ behalf. By leveraging our 30+ year relationships and depth of experience, we are able to see what others can’t and produce exceptional outcomes — especially in turbulent markets. Remain informed and be agile with Meridian.

ONE MANN’S OPINION

To be completely honest, for decades commercial and residential real estate weren’t exactly pioneers in adopting new technologies. But in the last few years, that has changed dramatically, as owners, managers and investors have seen the new platforms that can help them do business more efficiently and profitably. I was excited to learn about some of these new innovations in this issue, and know you will be, too.

Also in this issue is an overview of what’s happening in top North American ports. As many of you know, we also publish the “Fashion Mannuscript,” magazine, focused on the apparel industry, so what’s happening in Long Beach, Virginia, New York/New Jersey and more is of vital interest to both our flagship publications — and to how we’ll all do business this year and beyond.

Speaking of innovation and the future, please join us at the first National Realty Club Fireside Chat of 2025 with my dear friend Bob Knakal, who will be discussing “Reinventing Real Estate” — and and he’ll have an amazing point of view. At his new company, BK Real Estate Advisors, Bob is blending new technologies with old-fashioned industry knowledge and dealmaking to change how real estate is bought and sold. Join us on March 3 from 5:30 p.m. to 7:30 p.m. at the spectacular, newly renovated Versa on the seventh floor of the Renaissance Hotel (218 West 35th St.)

The event is free for NRC members, $200 for nonmembers. For more information about the event or the NRC, email Penny Herrera at penny@ nationalrealtyclub.com.

See you next month!

“Treat people as if they were what they ought to be, and you help them become what they are capable of being.” — Johann Wolfgang von Goethe

by

Photo

Chris Cooper

Photo courtesy of Invi Air

Photo via PRNewswire

Ongoing

Strictly

EDITOR’S

LETTER

Welcome to our first innovation issue, which as you’ll see is heavy on products, platforms and advice.

I’ve watched proptech providers evolve in recent years, from focusing on the Internet of Things to, now, more practical solutions as the industry realized the need to invest in systems that save time and money. Now, new physical technologies are being created to help solve everyday efficiency issues. Only time will tell what products will succeed or how they’ll evolve, but it’s a pleasure to witness the creativity.

Similarly, our contributors discuss tech and procedures to keep hotel properties and guests safe, efficient air quality and contractor quality and honesty. They’re real how-tos in getting stuff done.

It’s fascinating to watch an industry that had long been wary of tech investment learn about and embrace what works for them. And that education will continue.

Later this month, I’ll be at both RETCON and Shoptalk in Las Vegas, to learn more about other new technologies and innovations – find me there!

FRIED FRANK AND VHB FORUM DISCUSSES “CITY OF YES”

Photos courtesy of Fried Frank

Fried Frank’s Land Use Practice, together with planning, engineering and design firm VHB, hosted a forum to discuss New York City’s “City of Yes” zoning amendments and how these transformative new rules are shaping projects and unlocking development opportunities in the city. With more than 150 attendees from New York City’s real estate and development industry, the event included presentations from Fried Frank partners David Karnvosky, Zachary Bernstein and Wesley O’Brien and senior counsel Carol Rosenthal, as well as David Velez and Allison Ruddock from VHB. The presentations were followed by a panel discussion moderated by Fried Frank’s Bernstein and including Sam Charney, principal of Charney Companies, and David West, partner with Hill West Architects.

Opening remarks were given by Dan Garodnick, chairperson of the City Planning Commission, Barry Langer, executive vice president of Vornado Realty Trust, and David Quart, real estate market leader of

Michel Vines and Lyndsley Ide, Fried Frank and Simon Burce, JPMorganChase & Co.

Speakers Wesley O’Brien, Fried Frank; Barry Langer, Vornado Realty Trust; David Velez, VHB; Carol Rosenthal, Fried Frank; Allison Ruddock, VHB; David Karnvosky, Fried Frank; David Quart, VHB; Zachary Bernstein, Fried Frank; David West, Hill West Architects and Sam Charney, Charney Companies

City Planning Commission Chairperson Dan Garodnick

Barry Langer of Vornado Realty Trust gives opening remarks.

Carol Rosenthal, Fried Frank and Raffaela Dunne, VHB

David Quart, VHB; Dan Garodnick, City Planning Commission and Jonathan Mechanic and Tal Golomb, Fried Frank

Ashley Cotton, MAG Partners; Adam Greene, RXR Realty; Susi Yu, Bungalow Projects and Jeremy Kozin, Fried Frank

Sujohn Sarkar, Trinity Wall Street and Zachary Bernstein and Jonathan Mechanic, Fried Frank

Edward Yung, Tishman Realty; Luc Pan, Seven Valleys LLC and Wesley O’Brien, Fried Frank

Moderator Zach Bernstein, Fried Frank; David West, Hill West

Architects and Sam Charney, Charney Companies

Anchin Holds 19th Annual State of the Construction Industry Event

Accounting, tax and advisory firm Anchin held its 19th annual State of the Construction Industry event at Club 101.

The event was also sponsored by the New York Building Congress (NYBC), the American Council of Engineering Companies of New York (ACEC New York) and the Subcontractors Trade Association (STA). The event was opened by Phillip Ross, partner in Anchin’s Architecture & Engineering and Construction Industry groups.

“We’ve seen an incredible amount of growth in New York City, solidifying its status as one of the world’s most dynamic and resilient global metropolises,” Ross said. “From the transformation of the Hudson Yards district into a thriving hub of high-rise offices, luxury residences and public spaces, to the revitalization of the Brooklyn waterfront, NYC has continually redefined itself to meet modern needs.”

The event’s focal point was a fireside chat, with Carlo Scissura, president and CEO, New York Building Congress moderating the discussion between Tom Foley, commissioner of the

NYC Department of Design and Construction (DDC) and Steven Plate, chief of major capital projects at the Port Authority of New York and New Jersey.

Topics included construction sector progress and new trends, resiliency and newly planned infrastructure projects in the New York area, and touched on some economic uncertainties that have impacted the city — and could continue to impact the city — in 2025.

Plate provided updates on the Gateway Tunnel project and the Port Authority Bus Terminal — the latter project for which the City Planning Commission recently approved $10 billion in capital improvements.

Foley spoke to sustainability and resiliency around the city, including the East Side Coastal Resiliency project, and gave context to DDC’s utilization of design-build across the Borough-Based Jails program.

Outside of specific project updates, the two spoke to general best practices and what they’ve seen work best with their cumulative decades in the industry. Plate underscored

the importance of encouraging and engaging young people to get involved with the sector, especially with industry labor shortages.

“Young people have a lot to offer. They’re transformational, and everyone has a role to play a contribution to make. We really need that energy — find out what motivates people and guide them through it. You have to lean in, everyone has something to offer,” Plate said.

On the future, Foley closed with, “In 2040 we’ll see a resilient, vibrant city that is successfully answering the challenges of the day.”

Fred Ackerman, partner in Anchin’s Architecture & Engineering and Construction Industry groups concluded the event with a closing address, noting that “Despite the obstacles we face, from inflation to regulatory complexities to uncertainty around a new administration, today’s dialogue reaffirmed that this industry is more than capable of meeting these challenges head-on. Together, we are building a New York that is not just structurally sound but also economically vibrant, environmentally sustainable and culturally rich.”

Photos courtesy of Anchin

A rapt audience

Doug Klein, Alliant Insurance Services and Don Carbone, Goetz Platzer

Networking at the event

Michael Banahan, Alliant Insurance Services (center)

Steven Plate, Port Authority of New York and New Jersey; Tom Foley and Carlo Scissura,New York Building Congress

Phil Ross and Fred Ackerman, Anchin; Tom Foley, Department of Design and Construction; Steven Plate, Port Authority of NY and NJ and Carlo Scissura, NYBC

Nicole Carbon and Spencer Scheideman, Anchin

Steven Plate, Port Authority of NY and NJ; Tom Foley, NYC Department of Design and Construction and Phil Ross, Anchin

Steven Plate, Port Authority of NY and NJ and Gerard Strain, Goetz Platzer

Kramer Levin Hosts Luncheon at CREFC Miami

Photos by Ashlyn McKibben

Kramer Levin’s real estate group hosted an exclusive luncheon at Rao’s restaurant during the CRE Finance Council’s (CREFC) Miami conference, making a memorable moment for attendees. The event offered a vibrant atmosphere where Kramer Levin’s real estate team connected with clients and industry leaders, forging valuable relationships in a relaxed setting.

Guests enjoyed a delicious Italian meal while discussing the latest market trends and industry developments. The event not only showcased Kramer Levin’s commitment to building strong professional connections but also underscored the importance of celebrating the achievements of the real estate community. The luncheon is now expected to become an annual tradition at the CREFC conference, further strengthening ties with the industry.

Marc Norman, NYU Schack Institute; James Nelson, Avison Young; Jay Neveloff, Kramer Levin and Seray Incoglu, Pimco

Simon Ziff, Ackman-Ziff; Jay Neveloff, Kramer Levin; Brigitte Baron, Commercial Observer and Robyn Reiss, Reiss Strategies

Jonathan Mayblum, Arcturus; Alan Cohen, ABS Partners; Christopher Balestra, Taconic and Joe Pizzutelli, M&T Realty Capital

Jay Neveloff and Dan Berman, Kramer Levin; Abbe Borok, BentallGreenOak and Robert Horowitz, Cooper Horowitz

Jay Godman, Kramer Levin and Sam Robinson, Contrarian Capital Management

Dan Berman, Justin Quinn, Seth Niedermayer, Josh Winefsky and Jay Godman, Kramer Levin

Robert Selsam, The Selsam Company LLC; Robert Lapidus, L&L Holding Company; Helen Hwang, Meridian Capital Group; Dan Berman and Jay Neveloff, Kramer Levin; Brian Ray, Alchemy-ABR Investment Partners and Laurie Golub, Affinius Capital

NAMC UNITY GALA CELEBRATES INDUSTRY TITANS AND CHAMPIONS DIVERSITY

The National Association of Minority Contractors (NAMC) New York Tri-State Chapter hosted its annual Unity Gala, bringing together top industry leaders, advocates and professionals committed to fostering diversity in the real estate and construction sectors. Under the theme “Building Unity, Building Legacy,” the gala honored influential executives whose work has reshaped industries and expanded opportunities for minority- and women-owned businesses.

The evening featured a special performance by Grammy Award-winning artist Falu, remarks from Senator Kirsten Gillibrand (D-NY) and an address from Michael J. Garner, New York City’s citywide chief business diversity officer.

“The Unity Gala is more than just a celebration; it is a testament to the power of diversity and the impact of collective advocacy,” said Nayan Parikh, NAMC New York Tri-State chapter president and cala co-chair. “Our honorees and attendees continue to pave the way for equitable growth, ensuring that minority businesses have a seat at the table in shaping the future of our industry.”

Recognizing the outstanding leadership and impact across business and industry, this year’s honorees were David Arena, head of global real estate at JPMorganChase, recognized for his leadership in developing inclusive real estate strategies that promote diversity across one of the world’s largest financial institutions; Steven Plate, chief of major capital projects for the Port Authority of New York and New Jersey, for overseeing significant infrastructure developments that have enhanced the region’s transportation and economic landscape and Elyse A. Šantić, real estate project executive at Google, for her work in advancing real estate design and delivery at one of the most influential technology companies globally.

“As we celebrate the achievements of our honorees and scholars, we are reminded that progress is built on collaboration, mentorship and unwavering commitment,” said Cheryl McKissack, NAMC vice president and gala co-chair. “The work of NAMC is vital to fostering a more inclusive and innovative industry, and tonight is a reflection of that shared mission.”

Founded in Oakland, Calif. in 1969, NAMC is the oldest minority construction trade association in the United States. Members include more than 50 Hall of Fame members and Legacy Contractor Builders.

Photos by Ryan Leone Photography

Ehab Shehata, Bravo and Uzoamaka N. Okoye, The New Terminal One at JFK

Nayan Parikh, Ashnu International Inc.; Cheryl McKissack Daniel, McKissack & McKissack; Elyse A. Šantić, Google and Mildred Tolentino, M To Pros

Mildred Tolentino, M To-Pros and Honoree Elyse A. Šantić, Google

Honoree David Arena, JPMorganChase & Co.

Everett Perry, Urban Ecospaces; Abner Larrieux, A.L. Consulting Inc.; Nayan Parikh, Ashnu International Inc.; Elyse A. Šantić, Google; Cheryl McKissack Daniel, McKissack & McKissack; Farrah Désir, Creative Form Development; Mildred Tolentino, M To-Pros; Andrew Fisher, AMF Electrical Contracting Corp. and Stavan Shah, Spencer Contracting LLC

Robert Bauco, Jacobs and Honoree Steven Plate, Port Authority of New York and New Jersey

Cheryl McKissack Daniel, McKissack & McKissack; Nayan Parikh, Ashnu International Inc. and Sandra Bookman, WABC-TV

Nina Kubota, NYC School Construction Authority with scholarship recipients

Michael Russell Sr., H.J. Russell & Company; Robert Rodriguez, New York State Dormitory Authority and Raquel E. Diaz, Gilbane Building Company

Cheryl McKissack Daniel, McKissack & McKissack; Uzoamaka N. Okoye, The New Terminal One at JFK and Nayan Parikh, Ashnu International Inc.

Nayan Parikh, Ashnu International Inc.; Cheryl McKissack Daniel, McKissack & McKissack; Michael Russell Sr., H.J. Russell & Company; Raquel E. Diaz, Gilbane Building Company and Robert Rodriguez, New York State Dormitory Authority

Nayan Parikh, Ashnu International Inc.; Cheryl McKissack Daniel, McKissack & McKissack; David Arena, JPMorganChase & Co. and Peter Davoren, Turner Construction Company

Michael J. Garner, Chief Business Diversity Officer of New York City

SLATER B. TRAAEN

Senior Director Mitsui Fudosan America

Gala Chair

JENNIFER L. WIDAY Kaback Service, Inc.

Chairs Emeriti

KATHY A. CHAZEN, CLU, ChFU Trustee, National Jewish Health

ROGER A. SILVERSTEIN Silverstein Properties, Inc. Trustee, National Jewish Health

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City of New Rochelle Approves Pratt Landing Mixed-Use Development

The City of New Rochelle, N.Y. announced site plan approval for Pratt Landing, a mixed-use waterfront development that will reimagine a former industrial brownfield site along the Long Island Sound into a mixed-use community. Pratt Landing will feature over 300 residential units including 99 condominiums, a hotel, over 40,000 square feet of commercial space and public amenities.

The development is a public/private partnership of the City of New Rochelle, State of New York and New York-based development firm Twining Properties. Anchoring the development is the historic restoration of the New Rochelle Naval Armory, which will be revitalized to include dedicated veterans housing and community spaces.

“Pratt Landing marks the realization of nearly a decade of strategic planning and investment,” said Mayor Yadira Ramos-Herbert. “This transformative project reclaims underutilized waterfront property, reconnecting it to our downtown and turning it into a thriving destination for residents and visitors alike. It will serve as a cornerstone of opportunity, community and progress for generations to come.”

The project will also redevelop the Armory Drill Hall as an event and community gathering space, and will restore the waterfront and create a “Living Shoreline,” designed by landscape architects Mathews Nielsen

Landscape Architects (MNLA), featuring educational signage, walking paths, park areas and an observation point for visitors to experience and learn about the renewed natural asset.

“This action marks the culmination of many years of planning, investment, and commitment to bring Pratt Landing to life.” said Alex Twining, founder, CEO and president of Twining Properties. “We look forward to advancing this momentous project.”

The Pratt Landing design team is being led by Robert A.M. Stern Architects (RAMSA). Construction of Pratt Landing is set to begin in 2026 and anticipated to reach completion by 2029.

Orange Memorial Hospital Site to be Redeveloped as Mixed-Use

Real estate development and investment firm Gateway Merchant Banking has announced plans to revitalize 188 South Essex Ave., the site of the Orange Memorial Hospital, following unanimous site plan approval from the City of Orange (N.J.) Township Planning Board. Construction of the more than $350 million phased redevelopment project is anticipated to begin later this year.

“Not only was Orange Memorial Hospital an important historical institution in the Orange community, it was also a statewide treasure. It was a leader in training opportunities for Black nurses and was the birthplace for leaders in every field. All eyes are on this transformational project as we anxiously await its revitalization after closing two decades ago,” said City of Orange Mayor Dwayne Warren. “Gateway’s plans for the property demonstrate its understanding of the site’s historical significance and potential for the future. The redevelopment of the Orange Memorial site will be enhanced by citizen input and the thoughtful building plans. The final project will stimulate growth and become an integral part of the residential and commercial life of our city.”

Located in the Central Orange Redevelopment Plan Area, the LEED Silver development will encompass 1,005 apartments — including studios and one-, two- and three-bedroom residences — up to 20% of which will be affordable housing units. Gateway is also pursuing strategic partnerships to bring senior and student housing to the site.

Gateway’s team has reimagined the site as a family-friendly destination centered around over an acre and a half of public space, including public-facing amenities such as an outdoor ice skating/roller skating rink, a public plaza with an open lawn and swinging benches, terraced platform seating, a restaurant with outdoor seating, children’s play areas and more.

Resident amenities will include a rooftop pool with cabanas and gardens, a sky lounge, fitness rooms, flexible event spaces, accesscontrolled package rooms and ample parking spaces, including 200 electric vehicle charging stations.

Additionally, the redevelopment will include 70,190 square feet of retail and commercial space, while 25,000 square feet will be earmarked for municipal office space to be occupied by the City of Orange. Gateway intends to lease the remaining space to local businesses.

In an effort to preserve as much as possible of the hospital, which is on the State and National Registry of Historic Places, two significant buildings will be preserved and transformed: Mary Austen Hall and the Old Boiler House. Notably, Mary Austen Hall, the last standing building of Orange Memorial’s nursing school — which was the first in the state of New Jersey and one of the first in the country — will be the new home of Orange’s City Hall.

“This is not just another real estate deal. As someone who lives minutes away and calls South Orange home, I understand the magnitude of this project, not only for the City of Orange but for Essex County and all of New Jersey,” said Terrence Murray, co-founder and managing partner at Gateway. “I am deeply committed to making the redevelopment of Orange Memorial Hospital a community-centric initiative. Every decision I’ve made, and continue to make, is with a clear focus on the impact this revitalization will have on the city’s current and future residents.”

Rendering by Twining Properties

Photo courtesy of Gateway Merchant Banking

THE EVENTS

Zara to Anchor Redevelopment of Smith Haven Mall

Zara will open its first store in Eastern Long Island as part of multimilliondollar redevelopment Smith Haven Mall in Lake Grove, N.Y., announced owner Simon. The major redevelopment will begin this summer and is expected to be completed in 2026. It will include several new marquee retailers, dining destinations, an outdoor plaza and amenities throughout the property.

Zara will open in 2026 near center court. Also upcoming is Sur la Table, opening in the fall, joining the recently opened Primark and Mango, a leading international fashion brand, along with more than 130 other stores and restaurants.

Golf Lounge 18, opening this month, is a golf facility featuring a full bar and multiple TVs to watch the big game, while first-to-market Ford’s Garage is a neighborhood burger and brew restaurant serving up AllAmerican favorites with a vintage vibe.

“At Simon, we are committed to making significant investments across our portfolio to ensure that our centers continue to deliver exceptional customer experiences for today’s shoppers,” said Mark Silvestri, president of development at Simon.

The redevelopment project will feature improvements to the exterior and interior of the property, starting with a green outdoor plaza that includes extensive new landscaping and seating areas. The center is also getting

a fresh look inside and out. The exterior is being repainted and will welcome shoppers with bright signage and refreshed entryways. The mall’s interior will feature updated flooring, modern fixtures and other enhancements, including an extensive revitalization of center court and a transformation of the food court to feature all-new seating for a more comfortable dining experience.

JLL Arranges $1.125B Refi for 3 Bryant Park

JLL’s Capital Markets Group has arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million square-foot, trophy office tower located in the Bryant Park area of Midtown.

JLL represented the owner, Ivanhoé Cambridge (the real estate group of CDPQ), as well as Hines, which serves as the asset manager and property manager, to arrange the refinancing led by Wells Fargo, Bank of America and Bank of Montreal.

3 Bryant Park has received continued capital investment from sponsorship since taking ownership, including the introduction of a brand-new amenity offering this year. Currently 97.2% leased, 3 Bryant Park is home to major tenants including Salesforce, Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered.

The 42-story tower offers its tenants amenities including direct Bryant Park access, on-site Whole Foods Market and Equinox-anchored retail, a sprawling outdoor plaza with over 16,000 square feet of public space, a new conference center and a sky lobby with a coffee bar. The property also features a diverse array of dining options including Valbella, Shake Shack and Rosetta Bakery.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Christopher Peck and Drew Lauren Kaufman and Directors Jennifer

“The successful refinancing of a globally renowned trophy office such as 3 Bryant Park signals a shift in market perception and offers an optimistic outlook for the future,” said Peck. “The property’s exceptional tenant roster, prime location and record utilization have positioned this transaction as arguably the most significant office refinancing of its

Photo courtesy of Simon

Photo via PRNewswire

Christie’s International Real Estate Group Acquires West End Residential

Christie’s International Real Estate has acquired West End Residential, a boutique real estate firm based in Morristown, N.J. Over the past 10 years, West End has closed over $200 million in sales.

Janis DeVito, owner of West End Residential, and 10 dedicated agents, along with administrative staff will join the Christie’s team. The brokers each bring extensive local expertise, deep market knowledge and valuable connections.

“We are honored to join Christie’s International Real Estate Group,” DeVito said. “This partnership allows us to align with a world-class global real estate brand while providing the utmost personalized service that our clients know and trust. We look forward to providing our clients with continued successes under the Christie’s name.”

DeVito will remain broker of record for the Christie’s Morristown office.

“We couldn’t be happier to welcome West End Residential to the Christie’s family,” said Carlo Siracusa, vice president of business development for Christie’s International Real Estate Group New Jersey.

“All of their talented agents bring a wealth of experience and proven track records which strengthens our ability to deliver top-tier service to our clients across Morristown and the greater New Jersey area.”

NAR: Nearly 90% of Metro Areas Registered Home Price Gains in Q4 2024

Even as mortgage rates and house payments decline slightly, it’s not getting any easier to buy a home these days. Nearly 90% of metro markets (201 out of 226, or 89%) experienced home price increases in the fourth quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.12% to 6.85%, according to the National Association of Realtors’ (NAR) latest quarterly report. Fourteen percent of the 226 tracked metro areas posted double-digit price gains over the same period, up from 7% in the third quarter.

“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” said NAR Chief Economist Lawrence Yun. “However, renters who are looking to transition into homeownership face significant hurdles.”

Compared to one year ago, the national median single-family existinghome price elevated 4.8% to $410,100. In the previous quarter, the yearover-year national median price increased 3.2%. In the past five years, from 2019 to 2024, the median home price rose by 49.9%.

Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (45.1%) in the fourth quarter, with year-over-year price appreciation of 2.1%. Prices also increased 10.6% in the Northeast, 8.0% in the Midwest and 4.0% in the West.

The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all experienced gains of at least 14.9%. Overall, those markets were Jackson, Miss. (28.7%); Peoria, Ill. (19.6%); Chattanooga, Tenn.-Ga. (18.2%); Elmira, N.Y. (17.6%); Fond du Lac, Wis. (17.6%); Cleveland-Elyria, Ohio (16.4%); Bismarck, N.D. (15.8%); Akron, Ohio (15.5%); Blacksburg-Christiansburg, Va. (15.0%) and Canton-Massillon, Ohio (14.9%).

Eight of the top 10 most expensive markets in the U.S. were in California. Overall, those markets were San Jose-Sunnyvale-Santa Clara ($1.92 million, up 9.7%); Anaheim-Santa Ana-Irvine ($1.36 million, up 4.7%); San Francisco-Oakland-Hayward ($1,315,600, up 5.2%); Urban Honolulu ($1,103,100; 3.2%); San Diego-Carlsbad ($985,000, up 5.7%); Salinas ($943,900, down 5.0%); Los Angeles-Long Beach-

Glendale ($939,700, up 6.3%); San Luis Obispo-Paso Robles, Calif. ($927,200; 1.7%); Oxnard-Thousand Oaks-Ventura ($920,000, up 0.3%) and Boulder, Colo. ($840,700, down 1.0%).

Photo courtesy of Christies

Photo via PRNewswire

The Well Bay Harbor Islands Tops Off

Miami developer Terra and international wellness brand The Well have topped off The Well Bay Harbor Islands, the first condo/office/ membership club wellness lifestyle project in the United States. Completion is expected in the second quarter of this year.

Located in Miami’s serene Bay Harbor Islands, the development features an eight-story luxury condominium with 66 bespoke residences and more than 22,000 square feet of wellness-focused amenities. These include a state-of-the-art fitness and wellness club and a signature restaurant offering sustainable, organic and clean eating options.

The project also includes a four-story office building with 102,000 square feet of office space, a lobby and a rooftop — further enhancing the community’s focus on integrating wellness into both living and working environments.

“Topping off The Well Bay Harbor Islands brings us one step closer to realizing our vision for a wellness-centric community that goes beyond traditional living,” said David Martin, CEO of Terra, in the announcement. “We are immensely proud of the progress we’ve made and are eager to continue building a space where individuals can connect, thrive and prioritize their well-being.”

This milestone reflects the project’s community-driven approach to health and wellness, offering residents and office occupants a seamless blend of modern medicine and ancient healing practices.

The Ritz-Carlton

The Well takes a signature approach to intuitive service and thoughtful design which will allow owners to immerse themselves in a holistic environment, prioritizing both physical and mental health.

“We’re not just building homes, but creating spaces where people can live, work and embrace a healthier, more connected lifestyle,” said Kane Sarhan, co-founder and chief creative officer of The Well.

Designed by Arquitectonica with interiors by Meyer Davis, The Well will feature amenities including Miami’s first caldarium, a saunarium and a halotherapy steam room as part of the club’s Bathhouse. The club also features a state-of-the-art fitness center and mindful movement studio which will host an array of classes ranging from high-intensity workouts to guided meditations, along with bookable wellness services such as IV vitamin therapy, acupuncture and vibrational energy healing.

Residences, Istanbul

Launches Skyline Collection of Penthouses and Garden Duplexes

BLG Capital, a real estate private equity firm specializing in luxury hospitality and real estate across the globe, has launched the Skyline Collection at The Ritz-Carlton Residences, Istanbul, Europe’s first standalone branded residences from the hospitality brand. As the building nears sellout, The Ritz-Carlton Residences, Istanbul unveiled a selection of penthouse and garden duplexes with abundant private outdoor space and boast magnificent Bosphorus views. The epitome of indoor-outdoor living in Istanbul, this Skyline Collection is available for a limited time, including five three- to eight-bedroom penthouses starting at €4.19 million and four two- to three-bedroom garden duplexes starting at €2.36 million.

The newly modernized historic building sits atop a hill offering supreme views and privacy in the heart of the city and comprises 31 unique types of residences across 121 homes and 22 floors. Originally developed as the Yapı Kredi Bank building in 1972, the tower became one of the most iconic modern structures in the city. The Residences sit at the end of famed Valikonağı Street, and each home and common area interacts artfully with the landscape and light.

“BLG Capital takes enormous pride in thoughtfully adapting beloved, historic structures for elevated modern living experiences. We worked closely with The Ritz-Carlton to set the European standard for their branded residences that achieve an ideal balance of luxury, service, art, design and repose in the heart of the world’s crossroads,” said Serdar Bilgili, chairman, BLG Capital.

The three-floor penthouse residences sit atop the tower, with views of the city, the Bosphorus and beyond. The spaces feature at least three bedrooms, at least four bathrooms, powder room, dining room, eat-in kitchen, sauna and steam rooms, dressing areas, owner’s closet and an in-unit elevator, as well as an outdoor terrace with a pool and lounge area for entertaining or private relaxation. The residences also

feature smart home systems and top-of-line built-in appliances, as well as sleek marble and laminated flooring.

The garden duplexes are elevated on two floors, sitting above the building’s amenity, art gallery and dining floors and interplaying with the lush private garden surroundings and skyline beyond. The spaces feature two or three bedrooms, two to three bathrooms, powder room, eat-in kitchen, dressing areas, owner’s closet and a sprawling outdoor garden offering privacy, sunlight and far-ranging views.

The amenities across the building are unmatched in Istanbul. Residents have access to a modern Turkish bath modeled on traditional design and an indoor pool set among a distinctively designed space for tranquility. The concierge can assist with scheduling rejuvenating treatments at the in-house spa, while the state-of-the-art fitness facility is open 24/7 and offers professional trainers to assist with workouts.

Photo courtesy of Terra

Photo courtesy of BLG Capital

U.S. BREEAM-Certified Assets Rise 43% in 2024

The number of North American assets certified by BREEAM, the standard for sustainable building assessment and certification developed by BRE Global (BRE), rose 43% year over year in 2024, the organization announced.

At the state level, Missouri welcomed its first BREEAM-certified project and Massachusetts, South Carolina and Nevada experienced 160%, 120% and 67% YoY growth, respectively.

Sector-specific progress saw emerging asset classes such as cold storage seeing YoY growth of 100% while other key asset classes such as data centers, student accommodations, healthcare and hospitality each saw 200% growth in annual certifications. Industrial properties accounted for nearly 70% of BREEAM’s 2024 certifications. Notably, data centers emerged as a real estate sector darling in 2024, fueled by the rapid expansion of AI infrastructure and a surge in investment. The industrial sector also remains a standout market, with industrial properties accounting for nearly 70% of BREEAM’s 2024 certifications.

“In a year marked by economic uncertainty, financial market turbulence and escalating environmental risks, tools that enhance building and community health while boosting resilience remain essential to safeguard long-term asset value amid a rapidly evolving global climate,” said Breana Wheeler, U.S. director of operations at BRE. “As companies adopt a more disciplined approach to sustainability, focusing on initiatives that protect and enhance asset value, we are proud to collaborate with forward-thinking partners who prioritize the value of science-backed performance assessments like BREEAM in fostering stronger, more resilient buildings.”

GPS Air Introduces SmartIAQ Air Cleaning System

GPS Air has introduced SmartIAQ, an intelligent clean air system that it said makes achieving ASHRAE’s Indoor Air Quality Procedure (IAQP) simple while delivering equipment and energy cost savings. The system actively monitors and verifies air quality using an integrated solid-state sensor array aligned to ASHRAE 62.1, cleaning air on demand.

By safely reducing outdoor air requirements through advanced in-space air cleaning, SmartIAQ supports smaller and simpler HVAC equipment designs. Utilizing SmartIAQ for IAQP also reduces annual energy costs by up to $2 per square foot by lowering the air conditioning and heating loads, GPS said. The filtration system, tested to ASHRAE Standards 52.2 and 145.2, lasts for over a year in typical applications.

“The IAQP could be the largest energy savings opportunity being overlooked in buildings today. SmartIAQ cleans air on demand, like motion sensors for electric lighting,” said GPS Air CEO Audwin Cash. “When contaminant levels are low and rooms are empty, the system automatically enters monitor mode, saving energy and extending filter life. When people enter and the air quality demands it, SmartIAQ quietly ramps up and cleans the air supporting confident reduction in costly-tocondition outdoor airflow.”

The system uses advanced solid-state sensors to monitor multiple air quality parameters, including TVOCs, CO2, formaldehyde, NOx and particles (PM1.0, PM2.5, PM4.0, PM10). Operating at whisper-quiet sound levels, smartIAQ integrates into any indoor environment while providing comprehensive air cleaning through its integrated filtration and NPBI technology.

To support implementation, GPS Air has developed the SmartIAQ Calculator, built from ASHRAE standards to prove compliance and demonstrate real equipment and energy savings, making the IAQP process as straightforward as the traditional ventilation rate procedure. Featuring project location and HVAC configuration options, the SmartIAQ calculator provides quick compliance checks to the standard while also showing equipment and energy savings estimates for nearly every project type.

Graphics courtesy of BREEAM

Photo via PRNewswire

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JPA Designs LLC Expands Construction Services

New Haven, Conn.-based luxury home contractor JPA Designs LLC has expanded its services to include new construction homes and commercial real estate projects, announced founder John Adamowski.

“Here at JPA Designs, we are committed to delivering more than just buildings; we create environments that enhance and inspire the lives of all who use them,” Adamowski said. “Our approach combines the latest in construction technology with timeless design principles.”

The company’s services now include custom home construction, home renovation and remodeling, pre-construction planning, highend cabinetry and carpentry and interior design and engineering for residential and commercial real estate clients.

JPA Designs not only meets but exceeds industry standards in all aspects of real estate construction, the company said. The company’s comprehensive service portfolio supports a seamless transition from conceptual design to final inspection, assuring clients of a stress-free construction experience.

“Our collaborative approach ensures that all project stakeholders, including clients, designers and subcontractors, are aligned from the outset,” Adamowski added. “This teamwork is essential for achieving the superior results that JPA Designs is known for, whether it’s a custom home build or a complex commercial real estate project.”

Pye-Barker Fire & Safety Acquires USA Security Services

Boosting its delivery of full-service fire and security protection in the Northeast, Pye-Barker Fire & Safety — the largest fully integrated and full-service fire protection, life safety and security services provider in the United States — has acquired USA Security Services.

USA Security Services, which specializes in security and fire alarms, intrusion and fire detection, CCTV and monitoring, protects commercial customers throughout New Jersey, Connecticut, Pennsylvania, New York and a Florida satellite.

“At USA Security Services, investing in our team’s knowledge — from the latest technology to the newest code changes — has served us well in growing our team and customer service areas,” said Joseph Fiscella, the owner of USA Security Services, in the announcement. “Pye-Barker holds the same viewpoint. Under their guidance, our team members will have even more opportunity to learn, gain new certifications and expand their service capabilities.”

The company provides services for burglar and fire alarm systems, access and visitor management systems, video surveillance and mass notification systems, all backed by 24/7 UL-certified central station monitoring. It will continue to serve its customers in New Jersey, Connecticut, Pennsylvania, New York and Florida.

“Joining Pye-Barker gives team members the benefits of working with a nationwide, fully integrated company while remaining part of the

tight-knit teams they work with to protect their communities each day,” said Bart Proctor, CEO of Atlanta-based Pye-Barker. “The Fiscella family and the whole team at USA Security Services have built a culture they can be proud of, and we’re grateful to continue that legacy under the Pye-Barker fold.”

Nelson Mullins Riley & Scarborough LLP represented Pye-Barker in this transaction.

CRMLS Evolves to Virtual Staging with REimagineHome AI

California Regional MLS (CRMLS) has entered into an agreement with artificial intelligence company Styldod Inc. to offer its new image enhancement platform REimagineHome AI to all of its 103,000-plus CRMLS users.

REimagineHome AI frees agents from cookie-cutter staging and gives them the opportunity to virtually stage, design and completely rebuild a property using sophisticated AI image generation software. The firm offers enhancements on a credit-per-design basis — CRMLS users will receive 360 complimentary design regeneration credits per year.

“We’ve had this iron in the fire for a long time, and it’s thrilling to finally see REimagineHome AI ready to roll out to all our users,” said CRMLS CEO Art Carter. “It’s been a long collaboration with Styldod to bring REimagineHome AI to life, and the result is an even better product than we ever anticipated. On the continued path of helping agents showcase their value, this new product will improve first impressions, enhance a property’s visual appeal, increase online engagement and provide our users with a competitive advantage.”

REimagineHome AI can create new visions with only a few keywords and thematic selections, even renovating exterior spaces such as yards and creating new architecture on in-development projects. Normally, virtually staging can cost up to $400 per image and require a 24- to 48-hour turnaround, but CRMLS users can use complimentary credits for REimagineHome AI’s rapid image enhancements to save on time and cost.

“The collaboration between CRMLS and Styldod showcases how forward-thinking MLSs harness innovation to strengthen their pivotal role in real estate,” said Akhilesh Majumdar, Styldod CEO. “This launch is an initial step in delivering transformative experiences that empower agents, brokers and MLSs in an evolving market.”

REimagineHome AI has been available as a free beta for the past year.

Zillow and Redfin Partner for Multifamily Listings

Zillow and Redfin announced a partnership making Zillow the exclusive provider of multifamily rental listings (properties with 25 or more units) on Redfin and its sites, rent.com and apartmentguide.com.

This partnership is expected to give renters access to a larger pool of available apartments by expanding the Zillow Rentals Network to include Redfin, rent.com and apartmentguide.com, alongside existing Zillow brands HotPads and Trulia, as well as realtor.com, which was added as a partner in 2024.

“This Zillow partnership will give Redfin visitors access to one of the largest and fastest-growing databases of rental listings,” said Redfin CEO Glenn Kelman. “We believe it will increase our overall traffic and the profits from our rental business, letting us focus on what we do best: dazzling online listing search, paired with dazzling brokerage, lending and title service.”

Renters searching on Zillow will gain access to even more apartment listings over time, creating a more comprehensive rental experience in one place. At the same time, all multifamily properties advertising with Zillow will syndicate directly to Redfin and its sites, rent.com and apartmentguide.com, expanding their reach and connecting them with more lease-ready renters.

Multifamily properties advertising on Redfin’s websites will have the opportunity to transition to Zillow so they, too, will be able to reach a wider audience. Zillow will begin syndicating multifamily rental listings to Redfin and its affiliated sites this spring.

“Renters want choices, and this partnership will deliver just that — more apartments available across more platforms,” said Zillow CEO Jeremy Wacksman. “What’s good for renters is good for our multifamily partners, too. This agreement will give them additional opportunities to connect with ready-to-move renters, helping them grow their businesses. Adding the Redfin sites to the Zillow Rentals Network helps us scale our impact and drive continued growth for our multifamily partners and our business.”

Zillow has 50,000 properties advertising across its platform as of December 2024, up from 37,000 properties in December 2023.

Jeff Cook Real Estate LPT Realty Launches Home Valuation Tool

In an effort to supply homeowners with the most accurate insights into their property’s value and plan their financial future, Charleston, S.C.based Jeff Cook Real Estate LPT Realty has introduced the Jeff Cook Real Estate Home Valuation Tool.

Unlike generalized estimates that revert to listing prices or provide broad community-based valuations, the Jeff Cook Real Estate Home Valuation Tool utilizes an advanced Automated Valuation Model (AVM). This model factors in specific home details such as bedrooms, bathrooms, square footage and taxes to generate a precise estimate for a home. For those seeking an even more tailored valuation, Jeff Cook Real Estate agents can manually incorporate upgrades and other key adjustments, offering homeowners the most accurate pricing possible, the firm said.

Additional features include direct access to Jeff Cook Real Estate agents for expert guidance, a home equity calculator to assess financial standing, up-to-date mortgage rate trends and recent home sales in the area, specific home details and personalized home preferences for buyers and a personal dashboard to store and track multiple home values over time.

Compass Launches Compass One Client Dashboard

Residential real estate brokerage Compass announced the launch of Compass One, a client-facing version of its end-to-end technology platform for real estate agents. Compass One is designed to connect the client and agent through every phase of the homebuying experience, with 24/7 transparency before, during and after the transaction, the company said.

“Compass has invested $1.6 billion to create the industry’s leading technology platform for real estate agents,” said Ori Allon, Compass founder. “With Compass One, we’re bringing that same innovation to consumers, offering a single access point that seamlessly connects them with their agent through their real estate journey.”

“Buying and selling a home can be stressful and confusing — but it doesn’t have to be,” said Compass Founder and CEO Robert Reffkin. “By enabling agents with technology that delivers 24/7 transparency before, during, and after the transaction, Compass One showcases the agent’s value well beyond just facilitating transactions. It reinforces their role as trusted, full-service real estate advisors, providing clients with expert guidance at every stage of homeownership.”

Prior to a transaction, Compass agents invite their clients to the platform, where they gain access to a curated dashboard and customized timeline. Buyers can easily review their home search collection, view their home tour, review personalized market analyses and access Compass-exclusive inventory.

Sellers gain access to a custom market valuation of their home, realtime visibility into neighborhood trends, and powerful marketing tools like Compass’ Three-Phased Marketing Strategy.

During the transaction, Compass One becomes the single access point to keep clients informed once the home is in contract. Agents can share upcoming steps, key dates, tasks for clients to complete and essential documents, ensuring clients stay organized and informed. Afterward, Compass One offers an easy way for clients to access documentation and stay connected with their agents, who can provide regular market updates and guidance on homeownership or future real estate needs.

Compass One was developed by the firm’s in-house technology team.

Photo via PRNewswire

Photo via Globe Newswire

Nada Launches U.S. Home Equity Fund I

Fintech and investment platform Nada has launched its U.S. Home Equity Fund I (US HEF), a first-of-its-kind fund that provides qualified investors with direct exposure to the $35 trillion U.S. home equity market through a diversified portfolio of home equity agreements (HEAs).

HEAs give homeowners financial flexibility by accessing their home equity without debt, monthly payments or interest. Instead of a loan, they receive an upfront lump-sum payment in exchange for a share of their home’s future value.

Since 2013, U.S. home equity has nearly tripled to $35 trillion, according to the Federal Reserve, and HEAs have rapidly gained institutional adoption with banks, insurers and private credit funds increasing participation over the past two years. In 2024, $1.1 billion in HEA-backed securitizations and new rating methodologies from DBRS Morningstar and KBRA cemented their place in institutional portfolios. With HEAs now firmly established as a scalable investment, US HEF expands access beyond institutions, allowing qualified accredited investors, family offices, private wealth groups and a broader set of alternative asset managers to participate in a structured, scalable approach to home equity investing.

“We are witnessing the emergence of one of the most exciting new asset classes in real estate,” said John Green, founder and COO of Nada. “Home equity is the single largest source of wealth in the U.S., yet until recently, the only way to access it was through direct homeownership or traditional mortgage-backed securities. HEAs have changed that, creating a new way for investors to participate.”

For investors, HEAs provide direct exposure to residential real estate appreciation with enhanced returns without the burdens of property ownership. Unlike traditional homeownership, where appreciation is captured dollar-for-dollar, HEAs are structured so that investors earn a multiple of the home’s appreciation rate, accelerating returns relative to home value growth.

U.S. Home Equity Fund I provides investors with a structured, riskadjusted way to gain exposure to residential real estate — one of the most stable and high-growth asset classes. US HEF I is built for riskadjusted growth and institutional liquidity, targeting 14% to 17% net internal rate of return through exposure to home price appreciation. The fund focuses on owner-occupied properties for stability and diversification while limiting exposure to 35% of any single property’s value to ensure downside protection.

Gymshark to Make U.S. Debut at 11 Bond St.

British fitness apparel and accessories brand Gymshark will open its first store in North America at 11 Bond St., taking 15,000 square feet on the corner of Bond Street and Lafayette Street in Noho. The four-story landmarked space has 100 feet of frontage on Bond Street.

“11 Bond offers a prestigious address with a beautiful physical presence at the crossroads of New York City’s most desirable and well-trafficked shopping destinations,” said Charlie Rosen of RFR, the building’s owner.

RFR was represented by a Retail by Mona team led by Brandon Singer. Gymshark was represented by Joel Stephen of CBRE.

“The journey from DTC to omnichannel dominance requires an enduring brand with a devoted following,” Singer said. “Gymshark checks those boxes with its popular product offering and widespread brand recognition and 11 Bond is the perfect backdrop to amplify the firm’s passion for community engagement.”

Built in 1913, the building, fashioned in red brick with intricate terracotta detailing and a granite portico entry, boasts a rooftop terrace and oversized windows at street level.

RFR purchased 11 Bond St. in 2015 and executed a top-to-bottom renovation transforming the commercial building for retail use.

Photo courtesy of RFR

Letskus Introduces New Real Estate Development Partnership Model with Refined Living Inc.

Robert Letskus, a real estate broker and developer with over 23 years of industry experience, has announced a new real estate development partnership model through his company, Fairfield, Conn.-based Refined Living Inc. The program is designed to elevate land values and provide substantial profit opportunities for landowners by securing essential building approvals and permits.

Refined Living introduces a specialized approach for landowners lacking the expertise or resources necessary for navigating the complex approval processes that can unlock the full potential of their properties. This initiative allows landowners to engage with a team of seasoned professionals dedicated to transforming underutilized land into valuable development sites for high-end residential and commercial projects.

“By securing the right approvals, we can substantially increase the value of land, providing landowners not just a return on investment but a significant profit,” Letskus said in the announcement. He has been involved in the stabilization, management and revitalization of more than 110 real estate projects, encompassing both the residential and commercial sectors.

This model benefits particularly those owning larger tracts of land, who can now maximize their property’s value by subdividing it into smaller, more manageable and buildable lots. For instance, land initially valued at $100,000 can see a dramatic increase in its worth through strategic development and approvals.

After the development phase, Refined Living undertakes the construction of new homes and manages the property sales, ensuring that landowners not only reclaim their initial land $100,000 investment first but also share in the profits from the sale of the developed property. This strategy not only boosts profits for land sellers but also contributes to community enhancement by increasing the available housing supply.

Sarasota’s $150M Living Vogue Real Estate Firm Joins Exp Realty

Sarasota, Fla. brokerage Living Vogue Real Estate has joined Exp Realty. The firm generated $150 million in sales in 2024.

The transition marks a major move in the region’s luxury real estate market, as Living Vogue’s leaders, Mark Coppens and Matt Hickey, will be joined by 50 agents, with others expected to move in following weeks. Coppens and Hickey look to scale their business while maintaining its boutique culture.

Founded in 2019, Living Vogue grew rapidly with a modern approach to real estate marketing and a high-profile office on Sarasota’s Main Street. The firm’s rapid success, however, meant an increasing focus on brokerage operations, pulling Coppens and Hickey away from mentoring agents and selling homes.

“We built something special, but the behind-the-scenes work of running a brokerage became overwhelming,” said Coppens, chairman and founder of Living Vogue. “With Exp Realty, we get to keep our unique brand and culture while offloading the operational burden. It’s the best of both worlds.”

Living Vogue will continue operating from its Main Street location, which blends high-end real estate with a showroom-style setting.

“Living Vogue embodies the kind of high-performance, forwardthinking real estate company that thrives at eXp,” said Leo Pareja, CEO of ExpRealty. “We are thrilled to welcome Mark, Matt and their

talented agents, and we look forward to helping them take their brand to the next level with the power of our global network and cutting-edge technology.”

With Sarasota’s luxury market continuing to grow, Living Vogue’s transition to Exp Luxury is a strategic move that enhances its ability to serve high-net-worth clients while maintaining flexibility across all price points, the company said.

“We’ve always had a luxury aesthetic, but we handle everything from multimillion-dollar estates to entry-level homes,” said Coppens. “Exp Luxury provides us with even more tools to elevate our marketing and client experience.”

Photo via Globe Newswire

Photo via Globe Newswire

Innovators:

Redefining Real Estate

By: Debra Hazel

The dictionary may define “innovation” as “a new method, idea, product, etc.,” but in business, the term goes far beyond those terms. To be truly innovative, a new product or service must meet a real need and do so in a unique way.

Fortunately, in real estate, there’s no shortage of companies focused on producing products, platforms and systems that will help consumers track their building projects, homeowners save energy, investors pay for buildings and more.

Below are some of the new innovations that have caught our eye in recent months.

Solar panel installer and maintenance company

Yes Solar has introduced Yes Solar Portal, a customer service portal designed to enhance the customer experience and streamline project management. The platform gives customers access and insight throughout a home or building owner’s energy transformation from initial contract signing to installation. The portal offers a single, convenient location for all project-related information, accessible on a desktop and via a mobile app.

“With energy costs continuing to rise, homeowners and businesses need greater control over their solar investment,” said Kathy Miller, CEO of Yes Solar Solutions. “The Yes Solar Portal is a game-changer, providing customers with real-time insights into their system’s performance, energy savings and environmental impact — all through an intuitive, user-friendly interface. This platform not only enhances transparency but also empowers customers to optimize their energy usage while allowing our team to proactively address maintenance needs.”

Customers can track their project’s progress in real-time and access vital documents. Once the installation is complete, the portal becomes a central hub for submitting service requests, e-shopping for additional products, posting reviews and even referring new customers.

The portal moves the customer through each phase of construction with a description of what to expect. Once installed, it provides every customer a monthly report detailing energy generation (which includes positive environmental impact), identifies systems requiring attention and allows for optimal scheduling of service calls using integrated map features. Annual maintenance plans can be integrated with the portal for added value.

Joseph Schaefer, Long Island University.

Yes Solar Customer Portal for Solar Management

Photo courtesy of Aluminum Energy

Photo courtesy of Vivint Solar

How long will the idea take to become common across the Pacific Ocean? Open House Group Co. Ltd., which focuses on real estate development and sales in Japan, has begun accepting cryptocurrency for payment, enhancing convenience for global customers looking to purchase Japanese real estate. Initially supporting Bitcoin and Ethereum, the company will leverage its group strengths to progressively offer comprehensive, onestop services encompassing property search, purchase, management and sales consultation.

The Open House Group boasts a diverse portfolio, primarily centered in Tokyo, Nagoya, Osaka and Fukuoka, ranging from residential houses and condominiums to investment properties such as studio condominiums and office buildings. The company’s integrated business model of development, sales and management allows for the provision of various solutions to clients. Additionally, Open House Group companies

manage resort properties and U.S. real estate, providing clients with consultation on all aspects of property research, construction, sales and future resale within in a one-stop service.

Since 2022, Open House Group has been exploring the application of cryptocurrencies and blockchain in business operations, including sponsoring a research group on Bitcoin’s Lightning Network. Yokiko Nishimura, who is in charge of this initiative, has been at the forefront of establishing industry associations for domestic financial institutions and cryptocurrency exchanges since 2015, pursuing the potential of cryptocurrencies and blockchain in finance and payments.

The company is focused on harnessing the strengths of cryptocurrencies in cross-border transactions and micropayments to offer enhanced financial services. The company is also exploring the implementation of blockchainbased services utilizing smart contracts.

All Weather Architectural Aluminum Energy-Efficient Windows and Doors

Recognizing the need for higher-performing custom aluminum windows and doors for the luxury residential segment, All Weather Architectural Aluminum showcased its energyefficient models in Cavco’s Mountain Modern ADU at the 2025 NAHB International Builder’s Show, held last month in Las Vegas.

Products featured include the Series 6100 Window System, All Weather’s most energyefficient exterior glazed design. It is the first window engineered to meet Title 24 compliance using the prescriptive method. The Series 6100 features a 3¾-inch frame, mitered corners and European corner keys for structural integrity, is thermally broken and offers dual and triple glazing. The series offers fixed, casement, awning and combination configurations; a maximum casement size of 48 inches x 96 inches; concealed hinges; contemporary encore handle and European Style Fapim operator hardware; SDL & TDL options and Class I clear and bronze anodized finishes.

The Series 7000 Swing Door System, its hinged swing door system, features narrow sightlines and a contemporary aesthetic and is NRFCcertified and acoustically and commercially rated, making it ideal for custom residential and multifamily projects. The series offers dual and triple glazing; multiple weather resistant and low-profile sill options; a max panel width of 48 inches and max panel height of 120 inches; in-swing or out-swing configurations; single and double panels with sidelight and transoms; SDL & TDL options and Class I clear and bronze anodized finishes.

Series 8100 Multi Slide Door System offers multiple possibilities with corner, pocket and flush stacking door configurations in an unlimited number of panels up to 12 feet tall and 8 feet wide. It is commercially and acoustically rated, boasts smooth operation with three-inch Tandem stainless-steel rollers or 1.8” Quadzilla rollers, features multiple weather resistant and low-profile sill options amd is thermally broken. The system also offers mechanically fastened, square-cut corners for narrow sightlines, a contemporary aesthetic and Class I clear and bronze-anodized finishes.

Open House Group Launches Real Estate Sales via Cryptocurrency

LightBox Unveils True Owner Ownership Solution

Ever have trouble finding the person behind the real estate LLC? LightBox, a provider of geospatial intelligence and property data solutions, announced the launch of True Owner, a solution that provides verified ownership details, corporate officer information and direct contact data in one platform. True Owner is designed for professionals in commercial real estate, finance, insurance, utilities and other industries that rely on accurate property ownership insights to drive their decisions.

LightBox True Owner solves the problem of identifying actual decision-makers behind a commercial property, the company said. Ownership is frequently registered under LLCs, making it difficult to determine who is responsible for an asset. Even when the company is identified, finding the right person and obtaining accurate contact details can be time-consuming and frustrating.

“For too long, professionals have relied on incomplete or outdated ownership information, making it difficult to connect with the right people,” said Eric Frank, CEO of LightBox. “With True Owner, we provide a more complete and reliable view of property

ownership, helping our customers make decisions and engage more efficiently.”

Unlike existing tools, which often provide incomplete or unverified contact details, True Owner goes deeper, identifying the real individuals behind ownership entities and verifying their contact information. The result? A dramatic reduction in research time, improved outreach success and faster dealmaking, the company predicted.

True Owner will be available within LightBox Vision, LightBox data products and, soon, in the new LightBox Live platform, it continued. By integrating ownership data into these solutions LightBox said it will be easier for professionals to access verified contact details, reduce research time, and improve the success of their outreach efforts.

In addition, by integrating with LightBox’s broader property intelligence platform, professionals can uncover hidden ownership relationships through cross-referenced datasets; streamline outreach efforts with direct, verified contact details and gain a competitive edge by reducing time spent searching and increasing time spent closing deals.

Photo by Adobe

Photo courtesy of PRNewswire

Carrier Introduces QuantumLeap Suite for Data Center Thermal Management

Next Energy Technologies’ Fully Transparent Organic PV Window

Organic photovoltaic (OPV) maker Next Energy Technologies has upgraded its pilot production line to produce 40-inch by 60inch laminated transparent power-generating windows using its unique Next OPV coating and manufacturing process. These units are the largest transparent OPV windows produced anywhere in the world, making them a testament to the scalability of NEXT’s technology using automated slot-die coating manufacturing techniques.

This pilot production marks a significant step towards enabling the glass industry to produce full-scale vision area glass for clean, solar energy-producing facades, Next said.

Next OPV coatings address the three big challenges to creating a scalable solution for the commercial glass industry: aesthetics, performance and manufacturability. The

Given the growth of artificial intelligence and cloud usage, data centers may be a favored sector for investors, but all of the technology they house needs serious — and seriously expensive — cooling technology. To help, Carrier Global Corporation has unveiled Carrier QuantumLeap, a comprehensive suite of purpose-built solutions designed to support the industry.

With the global data center cooling market projected to reach $20 billion by 2029, Carrier is expanding its portfolio of advanced, energyefficient cooling solutions, creating customizable aftermarket programs, scaling manufacturing and engineering capacity and collaborating with global technology leaders. Carrier QuantumLeap integrates the company’s most advanced cooling, controls and service solutions to deliver an efficient cooling system tailored to each customer’s needs.

“With AI-driven growth, our innovative solutions — such as the integration of directto-chip liquid cooling with traditional HVAC cooling systems optimized through intelligent controls platforms — allow data centers to maximize efficiency and reliability,” said Christian Senu, executive director, data centers at Carrier.

Carrier QuantumLeap delivers end-to-end thermal management through intelligent cooling, digital controls and predictive monitoring and service, ensuring real-time optimization, adaptability and efficiency across data center operations. These can include Carrier’s range of chiller solutions that are 30% more efficient than prior generations, its Cooling Distribution Unit (CDU), which enables seamless integration into direct-tochip (DTC) liquid cooling systems for highdensity environments. All are managed by Carrier’s advanced Automated Logic building management system and digital platform.

neutral grey coating, modeled after the most adopted color in North American commercial façades, is combined with power generation and in-line manufacturing to make a first-of-akind solution for the glass industry.

A building with Next OPV facades can produce significant onsite renewable power, offsetting 20% to 25% of a typical commercial building’s energy load. The windows also absorb and convert infrared light, reducing the building’s HVAC demands.

“The combination of highest quality aesthetics, power generation and integration with the glass supply chain is a game changer in the push towards designing net zero buildings,” said Andy Cohen, Gensler co-chairman. “Just midlast year, we were demonstrating Next’s 27-inch by 35-inch OPV windows at our office in L.A., and with this larger window format, we have sustainable building projects in our sights.”

Next is preparing demonstration installations with key U.S. and European partners while focusing on shifting from pilot to production scale and obtaining UL safety and performance certification for grid-connected projects.

“This milestone is further evidence to an industry hungry for a solution that our combination of OPV coatings and advanced manufacturing processing is working, scaling, and can be rapidly deployed,” said Daniel Emmett, co-founder, executive chairman and CEO of Next. “It’s a proof point that builds high confidence in our path to enabling 60-inch by 120-inch commercial production.”

Next’s proprietary transparent organic photovoltaic (OPV) coating can transform commercial windows into clean energygenerating facades, the company said, making buildings more sustainable and resilient and alleviating strain on the grid.

Photo via Business Wire

OLD

TOURNAMENT CHAIR

Roger A. Silverstein Silverstein Properties, Inc.

Member, National Jewish Health Council of National Trustees

CHAIRS EMERITI

Robert E. Helpern Tannenbaum Helpern Syracuse & Hirschtritt LLP

Member, National Jewish Health Council of National Trustees

Samuel B. Lewis

SBL Property Consultants, LLC

Member, National Jewish Health Council of National Trustees

Stephen B. Siegel CBRE, Inc.

Co-Chair, National Jewish Health Council of National Trustees

ABOUT THE PORTS

Planning ahead was a good thing for North American ports, as activity in 2024 surged to 61.3 million TEUs (20-foot equivalent units) across the top 15 ports, up 11.2% year-over-year and the third-busiest year on record. But warehouse vacancy rates are on the uptick, especially in emerging markets, said Savills in its 2025 “Ports Report.”

All of the 15 ports assessed saw volume gains except for Baltimore and Montreal. While 2025 looks to be a bit more stable, as labor issues have been resolved, many shippers are continuing to implement short-term strategies as they remain wary of tariff increases.

Other situations can’t be foreseen, such as the Key Bridge collapse in Baltimore in March 2024. Even though the main shipping channel for the Port of Baltimore reopened in June 2024, the port saw the TEUs decline 32.4% from the previous year. Not surprisingly, at 9.0%, Baltimore’s vacancy rate ranks

third among the discussed ports (which also include Charleston, S.C.; Houston; Jacksonville, Fla.; Long Beach, Los Angeles and Oakland, Calif.; New York and New Jersey; Northwest Seaport Alliance; Savannah, Ga.; Virginia; Montreal and Vancouver, Canada and Manzanillo, Mexico.

“Tariff uncertainty continues to challenge supply chain planning and strategy, making it difficult for companies to determine whether complex/large-scale shoring initiatives or strategically diversifying suppliers is the right long-term move,” said J.C. Renshaw, head of supply chain consulting, North America of Savills, in the report. “In response, many are taking short-term steps like pulling freight forward to manage risk. With organized labor stability seemingly in place, both port markets and inland hubs will play a key role in keeping goods moving efficiently.”

Top markets Los Angeles and Long Beach saw the strongest growth, as shippers diverted cargo from East and Gulf Coast ports to avoid delays from the first strike by the International Longshoremen’s Association in nearly 50 years. Los Angeles’ volume of 10.3 TEUs last year was a 19.3% increase year-overyear, and it remains the largest U.S. gateway for Asian imports. Nearby Long Beach handled 9.6 million TEUs in 2024, a whopping 20.3% increase over 2023. But housing cargo there is pricey. And diversification is key, as the markets are the most exposed to trade from China, which accounts for more than 50% of imports at the two ports .

Despite challenges from labor and tariffs, the Port of New York and New Jersey (the third busiest in the U.S.) saw higher volumes, handling 8.7 million TEUs, up 11.4% year over year. But vacancy is rising, and with 9.8 million square feet of warehouse space under construction, occupiers may have more leverage.

Construction slowed activity at the Port of Charleston, which saw TEU volumes essentially flat from 2023 and down nearly 11% from 2022 levels. In addition to the labor negotiations, a software disruption and ongoing berth construction saw vessel wait times rise to three days, the report noted. However, investment continues, with the port recently acquiring a 280-acre former mill site that will expand the North Charleston Terminal’s capacity.

“Just two years ago, Charleston and Savannah had vacancy rates below 2% — today, they have the highest among major port hubs at 17.6% and 12.1%, respectively,” the report said. “However, recent volume gains are expected to drive a demand rebound in the coming quarters, stabilizing property market conditions. For now, expect occupiers to benefit from more favorable leasing terms and relative labor peace expected in 2025.”

Benefiting from all of this is the Port of Houston, the largest port on the Gulf Coast, which ranked fifth in 2024 in terms of trade, and saw a record 4.1 million TEUs, up 8.2% from 2023. As important, the imports are expanding beyond petroleum products, with China accounting for 34.0% of the port’s import market share. In addition, it remains among the more affordable ports for warehouse occupiers, with 14.7 million square feet of space under construction, the second largest pipeline in the U.S.

A growing port is Savannah, but it wasn’t without issues, including congestion, power outages from Hurricane Helene and a spike in warehouse vacancy from 1% in 2022 to 12% in 2024 as

40 million square feet of new space came online during those two years. But volume rose 12.5% from 2023 to 5.5 million TEUs.

The Port of Virginia, which had a vacancy rate of 4.6%, is seeing nearly five million square feet of new construction in the pipeline, 64% of which is still available. The port handled 3.5 million TEUs, up 7.2% from 2023.

Ports south and north of the U.S. also saw gains. The main point of entry for Asian-manufactured vehicles and Chinese goods coming to Canada, Vancouver, the country’s top port, saw an 11% increase in TEUs to 3.5 million, despite rail strikes and a labor lockout. The Port of Manzanillo saw a 6.1% year-over-year increase to 3.9 million TEUs. It is hampered by the lack of large warehouse space nearby, the report noted. But that could change in coming years, as the country is planning to invest $3.2 billion to expand the port and double its container capacity.

Going forward, the report said, expect shippers to continue to front-load as they anticipate trade policy volatility, with China’s percentage of business to decline. But higher container volumes should bode well for warehouse demand, stabilizing that market.

“Recent volume gains are expected to drive a demand rebound in the coming quarters, stabilizing property market conditions,” the report said. “For now, occupiers continue to benefit from more favorable leasing terms and relative labor peace expected in 2025.”

CUSTOMIZATION AND CONCEALING: WHY COMPOSITE AIR DIFFUSERS ARE AN HVAC REVOLUTION

BY MARC MASCARELLO, HEAD OF DESIGN AT INVI AIR

Sometimes, design isn’t about being the loudest thing in the room. A well-designed space relies on balance, where small details contribute to the look just as much as large elements. In fact, building products that offer a concealed look can be more design-forward than something that is in your face. By blending in with the look of the space, these products bring other architectural and design elements to the forefront while still supporting the functionality.

The solution? Companies that are making advancements in aesthetically driven, innovative design. For example, conventional air vents and diffusers are often bulky and oversized, disrupting the aesthetic of a space with a cluttered and unappealing appearance. But Invi Air sees air diffusers not as a mechanical necessity but as a design opportunity.

The Downsides to Metal Air Diffusers

Although traditional metal diffusers are standard in architecture, they can cause much more harm than good to your building structure. Over the past 75 years, innovation in HVAC diffuser design has been slim to none. The focus has historically been on manufacturing ease and profitability rather than enhancing functionality and visual appeal. While inexpensive and easy to mass produce, metal diffusers tend to have an

unattractive appearance and performance drawbacks. They are more likely to accumulate condensation or rust, attract dust and can lead to potential water damage and mold growth.

One of the primary issues with traditional metal diffusers is their tendency to accumulate diffuser condensation. Metal diffusers have a very high coefficient of temperature transfer, meaning they quickly release any heat they contain to the conditioned air, lowering the temperature rapidly. They then readily absorb heat from the ambient air, quickly reducing the temperature of the surrounding air. The result often pushes air near the diffuser below the dewpoint, causing condensation. This is especially true in hot, humid climates.

Composite diffusers are engineered to significantly reduce diffuser condensation by up to 95% compared to metal diffusers. This drastic reduction in moisture ensures optimal performance and durability while significantly eliminating the risk of mold. Composite materials also do not rust, further enhancing the longevity and reliability of the diffusers.

In a world where optimal indoor environmental quality (IEQ) is at the forefront of design, metal diffusers do not contribute to the cause.

Metal diffusers are noisy and can ultimately lead to diminishing overall system performance. Poor IEQ in a space has been linked to respiratory problems, headaches, fatigue and decreased cognitive function. In locations like the workplace, schools and healthcare environments, people rely on clean air and comfortable conditions to perform at their best. As architects and designers are continually choosing to prioritize eco-conscious and wellness-oriented designs, our HVAC systems must evolve past outdated designs to support them with better options.

Since the average American spends approximately 90% of their time indoors, maintaining a healthy IEQ is crucial, especially for those susceptible to pollution, such as people with respiratory conditions, allergies or sensitivities to airborne contaminants.

At the same time, allowing people the option of hiding what was previously thought of as an eyesore is more than just a design preference. It’s a way to create environments that feel comfortable and functionally optimized. By integrating air diffusers that seamlessly blend into their surroundings, spaces can maintain clean air circulation without disrupting the design, enhancing comfort, well-being and the longevity of HVAC systems.

Customization: Metal vs. Composite Material

Metal diffusers don’t typically offer customizable options. Often, they are mass-produced in standard sizes and styles, precluding adaptation to a designer’s unique design vision. This especially becomes an issue for retrofitting projects, as older buildings were not constructed with modern, standard-day dimensions. Mass-produced metal diffusers often require extensive modifications to fit correctly, disrupting the original design intent. This could mean sacrificing those unique details and craftsmanship just to accommodate outdated HVAC components.

Invi Air diffusers, made from composite materials, offer custom designs that metal vents cannot match, allowing them to integrate seamlessly into any interior. Additionally, they can be positioned at the ceiling edge, giving the appearance of a floating ceiling while minimizing the visibility of HVAC supply and return systems.

An advantage of custom air diffusers is their ability to be tailored to match specific architectural features. Air diffusers can seamlessly blend into the overall design scheme by incorporating shapes that harmonize with a room’s ceiling or walls. A rounded diffuser, for instance, can beautifully complement a circular skylight or a curved ceiling, creating a cohesive and visually appealing atmosphere. Architectural air diffusers provide an opportunity to minimize visual clutter.

Integrating them discreetly within the existing design elements, such as recessed ceilings or walls, makes the diffusers nearly invisible, ensuring a clean and uncluttered aesthetic. This approach ensures that the focus remains on the room’s design elements rather than on functional equipment.

Concealing Eyesores in Design-Forward Spaces

Metal diffusers often disrupt the flow of the design, while composite diffusers provide endless opportunities that help them blend seamlessly into any environment. Invi Air diffusers excel at concealing HVAC diffusers, as they offer solutions that remove any visible outer frame from the products, leaving just minimal slots visible. Their linear slots can be half the size of traditional linear vents but still manage the same airflow.

Invi Air levels the centerpiece of its shaped products with the ceiling surface, preventing any protrusion that could take away from a clean, seamless appearance. Composite diffusers can also be easily painted to match the exact color and texture of surrounding surfaces, unlike metal options that can face visible wear and tear over time, like scratches, dents or discoloration.

Design and functionality must work hand in hand. Outdated HVAC components no longer meet the needs of modern design. Our buildings today require solutions that enhance IEQ, preserve architectural integrity, and integrate into the design vision seamlessly. Invi Air believes that as our built environment continues to evolve, so should HVAC systems.

Photos courtesy of Invi Air

WHAT AND WHY THE WEALTHY BUY:

TAPPING INTO ELITE BRAND PSYCHOLOGY

BY MARK SATTERFIELD

As a marketing consultant for luxury brands, I have spent the better part of four decades coaching entrepreneurs and larger luxury brands in tapping into the psychology of how, what and why the wealthy buy. Over the past 36 years I’ve worked with clients across a few dozen industry niches that market to the affluent and ultra-wealthy. I’ve seen what works and what doesn’t when it comes to building relationships with wealthy clientele.

Much of the psychology of the affluent and ultra-wealthy has to do with identity, self-image and legacy. They buy things to reinforce their sense of self, to align with their status and level of success, to signal wealth to their peers, to reinforce their hero’s journey (the story of how they “made it”), to protect what they have and to build a lasting legacy.

Don’t Be Afraid to Communicate Who You are Not For

My client J.P. Morgan Wealth Management focused on exclusionary marketing and brand alignment strategies to drive client engagement and loyalty. J.P. Morgan clearly communicates that the minimum assets under management they will accept is $10 million, setting their sights on a limited pool of clientele and turning away affluent clients who don’t make the cut.

Its printed materials feature a minimalist design that offers no flashy sales pitch, instead communicating an understated message that doesn’t push for clients. Its advertising strategy focuses on co-branded alignment and strategic partnerships with high-end law firms, luxury events and exclusive real estate firms in its prospecting for new business.

Rolls Royce never uses aggressive sales tactics. When you enter its showroom, you feel you are in an environment of exclusivity. It prefers holding luxury invitation-only events to traditional advertising. It will align with yacht shows, five-star hotels and exclusive memberonly clubs. It holds viewings at high-end events where there will be a brand consultant on hand to field eager questions. It is selling through word-of-mouth and closed-circuit, event-based networking.

Create an Elite, Members-Only VIP Community

Gulfstream aims to distinguish itself in an increasingly competitive private aviation

market by positioning itself as the Ferrari of private jets. It puts great resources and messaging into communicating that Gulfstream ownership is not just a private jet purchase, but a membership into a rarefied, elite community of other owners and enthusiasts.

The company onboarded a private relationship manager whose job is building close-knit relationships with prospective and current clients. Treating the brand as an elite membersonly club, they focus their promotion on oneon-one prospecting, private VIP events, direct phone access to company leadership for jet owners and a step-by-step curated purchasing experience. They take a great deal of time with each client, walking them through the private jet buying experience, private educational meetings, and lifestyle-based interior design planning for each jet. This multi-tiered experience creates an elite community and client loyalty.

Advertising is limited to a few aviation trade publications for people in the know, and personalized experiences that give their clients great stories to share with others, creating a pipeline of pre-qualified, word-of-mouth referrals. The company purposefully sells its jets in two stages. Stage One deals with efficiency, mechanics and purchasing the “green jet,” meaning the interior had not been built yet. Stage Two, the fun part, focuses on building the jet’s custom interior to fit the client’s unique personality, lifestyle and taste.

A CEO buys a private jet not just for convenience, but as an affirmation of their identity as someone who values efficiency, exclusivity, privilege and as someone who can afford it.

Learn the Language of Wealth Signaling Wealth signaling is a cornerstone of what and why the wealthy buy. Wealthy people are drawn to things that provide social proof of their status; items that are in limited edition, personalized bespoke services and products, items that appear overpriced to the masses and things that are shrouded in mystery and require jumping through multiple hoops.

The American Express Black Card, also known as the Centurion Card, enables people in these circles to wealth signal to each other. You can’t apply for the card. It is given by invitation only,

and Amex does not share the precise criteria for getting one. Their annual membership fee is exorbitant, and only high-net-worth individuals are considered. Wealthy people are drawn to the Amex Black Card like moths to a flame. It’s a status symbol among the wealthy, and they love to wealth signal. It’s a social game they enjoy playing with one another.

Luxury concierge companies like Quintessentially offer their elite members rare access to sold-out events, private bookings at Michelin-starred restaurants, and even personalized legacy-building services like securing an obscure investment piece.

Create FOMO (Fear of Missing Out) FOMO, or the fear of missing out, is very much alive and well among the wealthy. They don’t want to miss out on exclusive opportunities, limited-edition items, and other hard-to-get experiences. I have seen this dynamic play out quite a bit with high-end real estate projects. The latest, greatest, most luxurious high-rise condominium being erected in the trendiest city drives the wealthy wild with the need to be included and, many times, to be first. Luxury high-rise developers tend to build multiple penthouses to fill that demand of people wanting to say they nabbed a penthouse in the newest and best luxury high-rise being built in

that city where everyone wants to be.

Good brands tell good stories, and good stories draw others in and make them want to be included. What spreads word of mouth with the wealthy is not so much a good company, but a good story. If you can create a compelling story around why you are someone people should pay attention to, you are golden.

Embrace the Scarcity Marketing Principle

In consulting with brand managers at luxury companies, scarcity marketing has been an ongoing theme. Rolex, for example, does embrace some traditional advertising avenues through placement in luxury publications and visibly branded sponsorships at golf tournaments and Formula 1 racing events. However, the hallmark of its branding is scarcity. It promotes specific models, while limiting their supply.

Chanel employs a scarcity model with its signature handbags. It sets the criteria for purchases, not the customer. You have to show up in person to make a purchase, and it purposefully has a limited number of each handbag, creating competition among consumers.

Help Them Build Their Legacy

A psychology of legacy is very compelling to wealthy consumers. They don’t just buy for the present. They buy with an eye on the future, ensuring their wealth, taste and influence endure across generations. This is why they are drawn to investments that appreciate in value and hold cultural or historical significance.

Legacy purchases can include rare pieces of artwork, valuable real estate, classic cars and fine jewelry — items that are status symbols and carry intrinsic or appreciating value.

High-net-worth individuals frequently buy trophy properties in prime locations, such as Manhattan penthouses, waterfront estates in the Hamptons or historic villas in Europe. These homes are often passed down, reinforcing family wealth and prestige.

The rare car market is another example of legacy-driven purchasing. A 1962 Ferrari 250 GTO, which once sold for $18,000, is now worth over $50 million. A Patek Philippe watch

isn’t just a timepiece; it’s an heirloom designed to be passed from one generation to the next.

Affluent individuals often work with private wealth advisors to craft dynastic financial plans, ensuring their wealth extends for multiple generations. Firms that emphasize a multigenerational wealth strategy are able to position themselves as stewards of legacy, rather than just financial service providers.

Some luxury services even extend to education. Ivy League admissions consulting firms that promise to help secure a spot at Harvard or Stanford are not just selling a service; they are selling the continuation of family prestige and influence for generations to come.

The wealthy are large in net worth but small in percentage of the overall population, and they seek validation through exclusivity. The more you can position your products, goods or services as something that only they can access, the more compelling they become.

Key Takeaway

If you can position your offering as part of your client’s legacy, something that transcends

their lifetime and cements their influence, you will make it far more appealing to them. The wealthy don’t just spend money. They invest in their identity and social standing, their legacy and their family’s future. If your brand helps them do that, you can successfully tap into this smaller market with large returns for your business or brand.

Mark Satterfield is CEO of Gentle Rain Marketing and author of “Affluent Marketing Blueprint: Secrets of Confidently Selling to Billionaires and Millionaires” and “The Gilded Revival: America’s Return to an Age of Wealth & Glamour”.

16 WAYS TO IMPROVE THE SAFETY IN YOUR HOTEL

By Ben Eidlisz

The guests staying at a hotel expect exceptional service, comfort and a high sense of security. Ensuring the safety of all of a hotel’s guests must be of utmost importance, which means it is imperative to do regular assessments of ways to improve security measures. Maximizing a hotel’s safety will safeguard guests’ well-being, protect valuable property and maintain an establishment’s reputation.

As the COO of Dusaw smart locks for hotels and other commercial buildings, I have identified many often-overlooked ways to significantly enhance hotel security. Here are 16 steps to maximize the safety in a property:

Upgrade room doors. Are the hotel’s doors older or made of cheaper materials? Doors that are older or have a subpar construction are more vulnerable to forced entry by intruders. It would be wise to upgrade to doors with a solid core construction and the highest quality deadbolt locks. Also, add a secondary locking mechanism, like a slide bolt, for an extra layer of protection.

Old-school-but-effective: peepholes and secure viewers. While hotels are now filled with smart cameras, video doorbells and many other security options, one back-tobasics security measure that’s still very useful is installing peepholes or secure viewers. They provide a simple way to see who is outside before opening the door. Also, they are easy to install and inexpensive.

Install better lighting in public areas. Great lighting in public areas not only creates a welcoming environment in a hotel, but it is also a crucial safety measure to prevent hazards and crime. Well-lit lobbies, hallways, stairwells, entrances, corridors and parking lots deter intruders, reduce the risk of accidents and provide a sense of security for guests. Regularly check all of the light bulbs to ensure none are burned out or flickering.

Display signage that alerts guests to security cameras. Sometimes just knowing they are being watched and monitored can be a powerful deterrent for criminals. Place security

cameras in key areas throughout your hotel and prominently post signage that informs guests of their presence. Place these cameras and signs in high-traffic zones of your hotel, such as hotel entrances, exits, lobbies, corridors, reception area, elevators and parking lots.

Upgrade to a key card security system. Is your hotel still using traditional old-school key locks? Physical keys can be easily lost or stolen and are vulnerable to duplication, which can give criminals easy access to rooms. Replacing one key means changing the entire lock, which is expensive and time-consuming. It would be wise to upgrade to a key card security system.

A key card is a credit card-sized security system that grants access to hotel rooms and other hotel facilities. The encrypted RFID (radio frequency identification) key cards can be deactivated if lost or stolen to avoid unauthorized access.

Maintain elevator access control. If your hotel uses a smart key card system, integrate your hotel’s elevators into the system to restrict

guests while fostering a sense of

access to certain floors. This advanced system will ensure that only guests who possess a valid key card can travel to designated areas within the hotel. Limiting the floor access to authorized guests can significantly reduce the risk of unwanted entry and intrusions. This will help protect guests while fostering a sense of exclusivity and privacy.

Schedule regular safety trainings for staff. A well-trained hotel staff is vital for maintaining a safe and secure environment for both guests and hotel team members. Ensure your entire staff is well aware of all of the hotel’s security protocols and are prepared to identify potential safety hazards. Schedule regular staff safety trainings to keep your team up to date on ways to recognize suspicious behavior, monitor security risks and respond swiftly and effectively to emergencies.

Always keep emergency exits and evacuation routes clear. It is vital to regularly inspect emergency exits and evacuation routes to ascertain that they are always unobstructed, well-lit and easily accessible at all times. If an emergency arises, clear pathways will help ensure a swift evacuation. Just as important is making sure that every staff member is thoroughly trained and familiar with every exit route. This will allow them to act quickly and efficiently to guide guests to safety while minimizing panic.

Regularly inspect fire safety equipment. If a fire broke out in your hotel, the last thing you would want is your sprinkler system to malfunction or to realize your extinguishers were expired and no longer work. Regularly maintain and inspect all of your hotel’s fire safety equipment to ensure that it is working properly. This includes smoke detectors, fire alarms, fire extinguishers and sprinklers. Doing so will keep your guests safe and minimize property damage in the event of a fire.

Make sure all windows are secure Often, windows are overlooked as a potential security risk, but it is pertinent to check that there are no vulnerabilities. Regularly inspect all hotel windows to make sure they are secured and in proper working condition. Consider installing additional security measures, such as shatterproof glass, window restrictors or

reinforced frames to prevent unauthorized access and break-ins. These proactive steps will help protect both your guests and staff from security breaches.

Bolster your visitor check-in procedure. Your hotel’s guests may have visitors, so it is crucial to establish a process to properly check and document all visitors. Each visitor should be issued a visitor pass that identifies them as authorized guests. This check-in procedure should be clear, consistent and wellcommunicated to staff and all guests. Doing so will prevent unauthorized access to your property and help foster a safe environment.

Employ panic buttons for staff. Panic buttons are a critical component of a hotel’s security infrastructure, as they can provide a fast and effective way for staff to alert security and emergency responders about dangerous situations.

A panic button device is particularly helpful for any staff members working in more isolated areas of the property, such as those working on maintenance and housekeeping. If a robbery, security breach or nother high-risk situation were to occur, a panic button would discreetly summon help without alerting the aggressor.

walkthroughs throughout the hotel each day to ensure that safety measures are being followed. These walkthroughs will help team members identify potential security risks, such as broken locks, unsecured doors and tripping hazards. Hotel staff will also be able to ascertain that all public areas are well lit, reducing the risk of criminal activity.

Promote security awareness to guests. Letting your guests know about security measures will help them stay as safe as can be. Provide clear, easy-to-comprehend information on safety procedures during check-in or in their welcome packets. This information can include details about emergency exits, how to lock doors and windows, how to use room safes and whom to contact in case of an emergency. By informing guests about critical safety measures, you will empower them to take an active role in their own security. This will give them greater peace of mind and help create a safer, more reassuring environment during their stay.

Hotel guests expect relaxation, comfort and safety during their stays. Striking the perfect balance between excellent customer service and top-notch safety measures is vital for the success

guest rooms older and outdated? They can be vulnerable to break-ins and theft. It is important

robust room safes to enhance guest security

allow guests to keep their jewelry, passports

Encourage guests to use these safes to minimize

Upgrade room safes. Are the safes in your guest rooms older and outdated? They can be vulnerable to break-ins and theft. It is important to install secure, spacious, high-quality and robust room safes to enhance guest security and peace of mind. Modern, reliable safes will allow guests to keep their jewelry, passports and other valuables protected during their stay. Encourage guests to use these safes to minimize the risk of theft and amplify your hotel’s reputation for security.

Schedule regular internal safety audits to identify and

security measures like locks, surveillance systems and access points, as well as operational

software solutions. were to occur, a panic button would discreetly

Conduct regular safety audits. Schedule regular internal safety audits to identify and address any potential security vulnerabilities in your hotel. Use these audits to check physical security measures like locks, surveillance systems and access points, as well as operational aspects like staff training, emergency procedures and guest protocols. These safety audits will give you and your staff a proactive approach to pinpoint and fix any weaknesses before real safety problems arise.

and guest protocols. These safety audits will to pinpoint and fix any weaknesses before real It is always better to be hotel’s safety. Schedule regular, frequent staff

Schedule frequent daily staff walkthroughs. It is always better to be proactive than reactive when it comes to your hotel’s safety. Schedule regular, frequent staff

of your establishment. By regularly monitoring and updating your hotel’s security tactics, you will create a safe and enjoyable experience for your guests. This in turn can help you bolster customer loyalty, repeat business and the overall success of your hotel.

Ben Eidlisz is the COO of Dusaw smart locks. He advises hotel executives on ways to improve security, the best door locks to ensure guest safety and more. Dusaw offers safer, smarter, stronger and more secure door locks as well as a range of advanced

Photo courtesy of Dusaw

DID YOU HIRE A BAD HOME CONTRACTOR? HERE’S HOW TO KNOW

By Merilee A. Kern

Remodeling, repairing or building your home is a major undertaking that can be stressful, costly and time-consuming — even when everything goes smoothly. Ideally, your residential real estate contractor is a reputable, honest and reliable company that is truly making a significant effort to provide you the best quality result within a reasonable amount of time. However, sometimes contractor-driven home improvement or construction projects don’t go according to plan due to an inept — or outright deceitful — contractor, a situation that can be painfully difficult to know at the onset.

At project onset, it’s critical for homeowners to position themselves in a way to identify dishonest contractors and ensure that the project goes smoothly, properly and with as few problems as possible.

“Home improvement projects should be fun but, for many homeowners, they can turn into frustrating nightmares due to dishonest contractors,” said Paul Dashevsky, co-CEO of GreatBuildz.com.

While the majority of contractors are honest professionals, some employ deceptive practices about pricing, resources and schedules that can drain a customer’s budget, lessen quality with bait-and-switch materials, avoidably stretch out the project timeline and generally cause homeowner headaches, sometimes even before the project starts, he continued.

“Generally, home contractors know much more than homeowners about construction processes, materials, costs and best practices, making it easier to lie to their clients — many who often never realize they are being intentionally deceived.” he laments.

To help consumers better spot instances when their home contractor might be providing information and advice that’s less than truthful, Dashevsky offered eight common lies that contractors tell their clients:

1. When providing an estimate or quote on your project, a contractor might tell you that their price is only good for a week, or some other selfimposed deadline, because “material prices will go up soon” or other feigned excuse. This is most likely a lie to get a customer to hire them as soon as possible, without proper time to do background research, check referrals, cross-reference pricing, validate recommended materials or approaches or garner bids from competitors.

2. Although many states have laws about the maximum deposit a contractor can take from a client before starting a project, some contractors will ask clients for substantial money before the project begins “because they need to buy materials.” This is often untrue, and your payment may not be used to buy materials at all. Be wary when the deposit requested exceeds industry regulations contractors must abide by.

3. Contractors may tell you they are the highest quality, lowest cost and most honest builder in the city. In reality, no contractor can be the best at all things. If a contractor is much cheaper than the competition,

they could be skimping on the materials, labor or the permits. If they say they are the most honest, but do not want to give a fully itemized estimate or referrals, this is a big red flag.

4. Contractors may tell you they plan to use the best quality materials but instead install far lesser products and components — even used or degraded parts they find rummaging through their truck. Once the project is finished and the walls are closed up, many homeowners won’t realize such sub-par materials were utilized despite having paid for “the best.”

5. Contractors may tell you that every single one of their past clients was happy with their work. That’s pretty unlikely considering nearly half of homeowners who remodel are unsatisfied with their contractor. Contractors who are humble and transparent enough to detail how they experienced — and ultimately overcame — problems tend to be more authentic.

6. Contractors will have you sign their contract and may tell you it’s written to protect the client. More than likely, their contract was written by an attorney to protect them from any liability. This is exemplified by a contract is filled with one-sided clauses that seek to exclude or limit the contractor’s liability for consequential items such as pricing, deadlines and materials. They may have language that is not very definite on when they can change the costs of the project, extend the time of the project without any penalty, or use low-quality materials — as opposed to all originally agreed upon.

Certain contracts can also have hidden costs, arbitration clauses which prevent you from suing or terms that make it hard to seek recourse for shoddy work. It is always advisable to get a lawyer to look at the contract before you sign.

7. Contractors may lie to you when it comes to explaining why things cost so much or should be implemented a certain way. Their excuses and reasonings will often seem valid, even though they are bogus. Ask for substantiations supported by paperwork, receipts, visual examples or other points of proof and validation.

8. Contractors may tell you that they’re working “as fast as they can,” even when there are constant delays on your project. They may be lying because their staff or crews are just stretched too thin with other projects, or they don’t have enough staff to adhere to the originally agreed upon timeline. This kind of schedule conflict implies that the contractor is overextended and unprofessional, which means your project may drag on for far longer than it should. In the worst case, some contractors will drop active jobs for new ones in order to collect another set of deposits. If you see excuses being made more than once and work is being done at a curiously slow pace, it’s either time to demand results or look for another contractor.

Dashevsky also offered seven warning signs to help you identify if you’ve hired a bad contractor.

1. Your contractor is always asking you for more money. They probably aren’t managing their resources correctly. If the contractor wants you to pay 50% of the total project costs but it is only 10% done with the project, that’s a red flag.

2. You contractor pressures you not to pull city permits because it will slow down the project. If a building permit is required for your project

by law, your contractor may not want to have their work reviewed by a city building inspector. That’s a sign that their work may not be up to par — and their willingness to saddle you with legal or financial risk for unpermitted work.

3. Your contractor continually seems to find “extra work” on your project that requires you to pay for “change orders” that aren’t included in their original price quote. They may be trying to increase your total costs to increase their own profit margin. While some change orders are expected in a major repair or remodel, a bad contractor might keep finding more and more add-ons.

4. Days or weeks go by without seeing the contractors’ crew or staff at the project site. Contractors have an incentive to finish your job as fast as possible so they can move their crew to the next project. If they stop showing up frequently — or altogether — your contractor has taken on too many jobs and is stretched too thin. Your project will incur significant delays.

5. If a contractor asks to be paid in cash, never agree to do so. Paying a contractor in cash leaves you without a paper trail or evidence that you paid them at all. In a future dispute, you won’t be able to legally prove that you paid the contractor. Particularly unscrupulous contractors might even claim you never paid them in cash or otherwise and pursue legal action.

6. You notice more than a few poor-quality results on your project. Check on project deliverables at every step and stage along the way.

7. While most contractors are busy managing multiple projects, the good ones make the effort to respond to their client’s needs, questions and requests in a timely manner. Bad contractors will often ignore their clients and neglect to respond to a client for days or even weeks. In the meantime, concerns are left unaddressed, unresolved and perpetuated.

A good contractor will be professional and precise, open in their approach to your project and the work they are going to do for you or are currently doing for you.

“If you have concerns that you have engaged with a bad contractor, then you need to act: document everything that happens and if needed, and consider consulting with a lawyer,” Dashevsky urged. “There is no need to be scared of looking for another professional to finish the job. In the end, use your best judgment and intuition when dealing with contractors; if something seems off, then it probably is.”

Not all contractors are fraudsters, but it is always wise to be wary. Staying informed means staying protected. Be mindful to read the fine print and never make a decision quickly. Of course, contractors are not all thieves. Before hiring anyone, it is always important to research, read reviews and put everything into writing. A good contractor will welcome your attention, while a bad contractor will simply look for his next victim. Knowledge is power and a homeowner who does proper diligence is a scam contractor’s nightmare.

Merilee Kern, MBA is an internationally-regarded brand strategist and analyst who reports on noteworthy industry change makers, movers, shakers and innovators across all B2B and B2C categories. This includes field experts and thought leaders, brands, products, services, destinations and events. She is founder, executive editor and producer of “The Luxe List.”

ABRAMS GARFINKEL MARGOLIS BERGSON,

Carol A. Sigmond Partner

Greenspoon Marder LLP

1345 Avenue of the Americas Suite 2200

New York, NY 10105

carol.sigmond@gmlaw.com

(212)524-5074

Condo-Co-op Helpline: Tariffs and Construction of New York City Cooperative and Condominium Buildings

Boards and managing agents for New York City cooperatives and condominium associations have two major financial challenges: staff and building maintenance. In this post, we will cover how to manage construction costs during rising costs, reduced supply chain reliability and constrained economic conditions.

The Trump Administration has announced its intention to impose tariffs on goods and products imported into the United States, including those from Canada, Mexico and China. Because the United States imports significant amounts of construction materials, including steel, plywood, softwoods, petroleum products, aluminum and cement from these three countries, as well as from South Korea and Germany, the construction industry is sensitive to tariffs.

Experts anticipate the current tariffs will generate $3 billion to $4 billion in revenue. This represents barely 10% of the overall revenue collected under the Federal Income Tax ($2.6 trillion) and employment taxes ($2.2 trillion). Thus, the administration’s plan to rely on tariffs in lieu of federal income and employment taxes seems a distant dream.

The impact of these tariffs on construction is estimated to increase costs by 5% and reduce the overall supply chain reliability. The reduced supply chain reliability will, in turn, further increase costs.

As an aside, the Trump Administration’s policy of accelerating the deportation of undocumented workers will reduce the construction labor force. The best estimates are that 20% to 25% of the construction workforce is undocumented. The deportations of these undocumented construction workers will further delay projects and increase costs.

Since the election, the pace of construction work and spending has been gradually slowing. Whether Department of Government Efficiency (DOGE)related spending reductions will support this trend will not be known for certain until March or April 2025; however, some additional slowing in the construction sector should be expected.

In the face of these headwinds, boards and managing agents need to plan for construction projects. All buildings should have short-, mediumand long-term plans for capital maintenance. This will allow maintenance to be spread over time and

ensure critical maintenance work is done before components are damaged or operating costs are adversely impacted.

The planning process should consider direct procurement of long lead items, multiple sources of materials, multiple or interchangeable color schemes, contract clauses that limit escalation to direct material costs only, no markup and conservative management of construction funds.

Direct procurement of long-lead items has been a favored tactic of late. It requires the design team to fully specify major equipment like boilers, hot water heaters, elevators or major valves. The board will place the order for the item, make payment and take delivery of the equipment. This has two advantages: the board knows when the major equipment will be delivered and is assured that payment reaches the manufacturer. This not only makes for reliable delivery but also protects the warranty.

Diversified material sources and options are also popular. In this scenario, the design professionals will approve multiple sources of materials such as drywall, paint, ceiling tiles, carpeting or flooring. If one carpet color is unavailable, the contractor may shift to a different, approved color and change the paint and wall coverings to match. This has been an excellent strategy in cosmetic projects where the overall need is for a unified look. Likewise, the contractor may purchase materials from different manufacturers of common items like drywall if necessary. Hardware shortages are handled by selecting readily available hardware from a preapproved list.

Some contractors will seek escalation clauses for increases in material costs. Boards and managing agents should limit the escalation to the bare cost of the material, no additional overhead or profit should be allowed since there is no additional work or risk involved, just a material price increase.

Finally, boards and managing agents must budget projects accurately and leave themselves with a margin or contingency to cover the unexpected. The design professionals and contractors involved need not know that the board has contingency funds. That is only revealed when necessary and only to the extent required.

This column presents a general discussion. This column does not provide legal advice. Please consult your attorney for specific legal advice.

Frank DeLucia Executive Vice President

Hub International Northeast frank.delucia@hubinternational.com (212)338-2395

How to Choose a Benefits Broker for Your Real Estate Organization

In the competitive world of real estate, attracting and retaining top talent is key to success. One of the most effective ways to keep your employees happy and productive is through a well-structured employee benefits program. To help manage these benefits, many real estate organizations choose an employee benefits consultant.

How a Benefits Broker Helps Your Business

A benefits broker is an insurance professional who helps manage your company’s employee benefits program. Larger brokerages employ a team of specialists in various areas, such as health insurance for employer-sponsored healthcare plans or retirement planning for 401(k), IRA and pension programs.

The benefits broker will assess your company’s needs, create a tailored benefits plan, negotiate rates, ensure compliance with regulations and assist employees in understanding and accessing their benefits. Unlike insurance agents, brokers are not tied to an insurance company, giving them the flexibility to shop around for the best rates. Insurance agents, by contrast, represent specific insurers and may not always act in your best interest.

Smart Investment

Whether you’re running a boutique agency or a large real estate firm, choosing the right benefits broker can have long-lasting advantages:

• Save Money: Brokers leverage their industry knowledge and relationships to secure better rates than you may find on your own.

• Save Time: Managing complex benefits can be time-consuming. A broker takes care of the details, so you can focus on growing your business.

• Enhance Employee Satisfaction: Offering competitive and thoughtful benefits is an excellent way to retain and motivate agents and employees.

• Stay Compliant: A benefits broker ensures compliance with the nuances of federal and state laws, including ERISA, ACA, COBRA and FMLA.

How to Choose a Benefits Broker

Finding the right benefits broker for your firm requires careful consideration. Evaluate these factors:

1. Broad Range of Services

Look for a broker who offers comprehensive services, including plan management, enrollment support, claims assistance and ongoing adjustments to keep your benefits programs current. A broker with full-service capabilities can be an invaluable partner.

2. Customization for Real Estate Teams

Real estate businesses often have diverse workforces, from salaried office staff to independent

agents, with different needs. A good broker should tailor benefits packages that align with the demographics of your employees, whether they work in the office, remotely or on-site with clients.

3. Certifications

Make sure the broker has the necessary credentials. Look for certifications such as:

• Certified Employee Benefit Specialist (CEBS) from the International Foundation of Employee Benefit Plans.

• Professional in Human Resources (PHR) or Senior Certified Professional (SHRM-SCP). These certifications indicate a high level of expertise and experience in managing employee benefits, which is essential when navigating the complexities of benefits for real estate professionals.

4. Experience in Real Estate

Ideally, the broker should have experience with businesses in the real estate sector. Benefits programs for real estate agencies differ from other industries. A broker familiar with your industry’s specific needs can design more effective plans.

5. Reputation and Trustworthiness

In real estate, reputation is everything. Look for brokers who have strong references from other real estate organizations and who are wellregarded within the industry.

6. Communication and Customer Service

A good benefits broker should make the process as transparent and simple as possible. They should respond promptly to your inquiries and clearly explain complex benefits options. Real estate agents, in particular, can be hard to reach, so having a broker who is easy to contact is essential.

7. Cost Transparency

Understand the broker’s fee structure before committing. Some brokers charge a flat fee; others may work on a commission basis or a percentage of premiums. Ensure you understand all associated costs, including any potential hidden fees, so you can align the broker’s fees with your budget.

8. Technology and Resources

Choose a broker who offers state-of-the-art technology platforms. A broker who provides online enrollment, claims management and real-time access to benefits information can be a huge time-saver for both you and your employees.

A well-chosen benefits broker can transform your employee benefits program from a headache into a powerful tool for attracting and retaining top talent in the competitive real estate market.

KNOW GREATER VALUE

From financing considerations, to property performance metrics, today’s real estate business is inundated with both challenges and opportunities.

PKF O’Connor Davies has decades of experience working with a variety of assets including industrial, office and residential sites. Our experience in this complex field gives us the expertise to deliver strategic advice that drives real value.

With the PKF O’Connor Davies Real Estate Team, our clients know greater service, know greater insights, Know Greater Value.

pkfod.com

Edward O’Connor, Partner 201.712.9800 eoconnor@pkfod.com

Kris Kiser

Outdoor Power Equipment Institute

TurfMutt Foundation Equip Expo

1605 King Street Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600

The TurfMutt Foundation Identifies the Top Backyarding Trends for Spring

The popularity of backyarding will continue to increase this spring, says the TurfMutt Foundation, which has encouraged outdoor living and caring for green spaces for the last 15 years. Backyarding is the act of moving everyday activities like dining, entertaining, relaxing and working to the outdoor green space around us, such as family yards, parks, sports fields and other green areas.

Priorities in our lives frequently change, but what remains consistent is the importance of the family backyard and community parks. We have come to appreciate the many health, well-being, environmental and economic benefits of the green space around us, and communities should be making it a greater priority.

Here are the top backyarding trends the TurfMutt Foundation has identified for spring of 2025:

• The need for urban backyarding will continue to increase. Homebuyers moved to the suburbs in droves during the pandemic, but mandates to return to in-person workspaces continue driving people back to city centers. This means greater importance on making the most of small urban backyards, balconies or patio gardens.

There will also be an increased desire for “public backyarding” spaces like neighborhood parks, pocket parks, community gardens, dog parks and more.

• Cities investing in green space will be sought after. Community investment in spaces for “public backyarding” as a keystone amenity has proven to produce happier residents. Green space makes cities more livable, creates wildlife habitats and improves environmental conditions within city corridors.

The city of Louisville, Ky. is ahead of this trend with Mulligan’s Bark Park and The TurfMutt Foundation Great Lawn, both of which are located in the city’s historic downtown.

• Outdoor activity areas will accommodate all ages. According to the National Association of Realtors, there are now more multi-generational households than ever before. This is largely because of the cost of homeownership and the need to pool money to afford housing.

Other factors are an aging population that requires care or young adults “boomeranging” back home due to high housing costs. Backyards will be revamped for flexible activity zones that accommodate all manner of activities.

• Backyards will become wellness retreats. The focus on improving mental health in big and small ways will continue to gain steam in 2025, and the backyard and public green space will play a pivotal role. People will set up calming spaces in their yards to support a slower lifestyle, seek out opportunities to disconnect from technology and reconnect to the natural world right at their backdoor and in neighborhood parks.

• Pet-friendly spaces will level up. More than 66% of American households own a pet, and more millennials are choosing pets over having kids. Expect greater pet pampering in the backyard with water fountains, digging areas and at-home agility courses.

Pet lovers also will seek out communities that cater to their canines with dog parks like Mulligan’s Bark Park, agility courses, splash pads, pet-friendly shopping and dining corridors and more.

To learn more about the TurfMutt Foundation, visit turfmutt.com, where visitors can download the “TurfMutt Foundation’s International Backyarding Fact Book.”

For more, sign up for Mutt Mail, a monthly e-newsletter with backyarding tips and all the news from the TurfMutt Foundation. Look for Mulligan the TurfMutt on the CBS “Lucky Dog” television show on Saturday mornings.

A MODERN APPROACH TO COMMERCIAL REAL ESTATE, POWERED BY

A CENTURY'S WORTH OF EXPERIENCE.

We would like to take this opportunity to thank the following people:

Our team & staff for their endless dedication and support

Our tenants for their cooperation to keep our buildings safe

Our partners for their trust and confidence in these challenging times

All New Yorkers working tirelessly to keep our city moving

We hope everyone continues to be healthy and safe in 2021.

Debra Hazel

Debra Hazel Communications

North Las Vegas, NV

(201)618-5247

Deb’s Retail Dish and Deals: Believing in MAGIC

I usually attend MAGIC Las Vegas, the twiceyearly apparel trade show to cover trends for Fashion Mannuscript, Mann Report’s sister magazine. It’s fun to learn about new sources of fabrics and new technologies to produce and track them, and to see the new fashions that will appear in independent boutiques months from now.

This February’s show was a little different. Yes, there were the usual booths of fashion brands, manufacturers and more, and foreign exhibitors were back in force. But there was a sense of unease that was even greater than when I first attended three years ago, when COVID-19 was still very much a presence.

The reason: newly imposed tariffs. And those tariffs also can affect retail landlords. After all, the only thing a landlord can’t control at all is the merchandise sold in the stores, but those sales directly affect the stores’ bottom lines, and your percentage rent.

Fortunately, speakers said, concerns about tariffs may be a bit overblown. And the advice they gave to garment manufacturers could be equally useful to real estate companies looking to build or renovate properties — take a deep breath but find multiple sources for what you need.

Tariffs have happened before and will happen again, said panelists speaking just days after the new Trump administration imposed tariffs on select goods from Canada, Mexico and China. But it doesn’t hurt to plan.

“If you’re used to and grew up in a globalized world that was stable for a long time, that’s liable to change very quickly, and it looks like it’s going to continue for the future,” said Ben Hanson, editor in chief of Interline, a fashion technology magazine.

Diversifying a sourcing strategy is critical, said Lloyd Parks, CEO of Dominisii Inc., a full-service apparel solutions company, in a separate session.

“If you’re small and dealing with China, start to develop relationships within the U.S.A. and with Mexico. Have a backup to the backup,” Parks said. One of those backups should be closer to home, either in the U.S., Mexico, Honduras or El Salvador, even if it’s more expensive, simply for the flexibility.

And that sounds pretty sensible if you’re looking for lumber or steel rather than wool, regardless of your company’s size.

“There’s a tendency to think about market forces and

strategy only for large companies,” Hanson said. “If you can take one message today, it would be that having an awareness of broader market forces and thinking about your brand strategically is for everybody. It’s not just a big company problem.”

Tariffs are not the only cause for sourcing concern — climate change and geopolitics are affecting the ability to find raw materials, too, Hanson reminded.

The effect of tariffs on the consumer also was a topic, and again, patience was advised.

“We’ve seen tremendous price increases in 2020 to 2023. The customer has absorbed inflation,” said Marc Weiss, co-founder of Management One, which advises independent retailers (you know, those mom-and-pops that differentiate your properties) on logistics.

Wages have risen, he reminded the audience, allowing consumers to pay a bit more; as a result, he advised against cutting prices. Newness of merchandise is more important — sales rose when more and newer goods were available last year. Shoppers won’t visit your properties if there’s nothing to buy, as Weiss noted.

“Let the customer decide whether they’re going to pay,” Weiss said. “Customers are still hungry for product — if a shopper wants a dress, she’s going to buy if it’s five or 10 dollars more.”

But attitudes can change quickly if prices keep rising.

“Price sensitivity can change extremely fast,” Hanson continued. “The price of eggs was not something people were thinking of when you were commissioning fabrics.”

Whether a company is branding or manufacturing, business never stops, Parks noted. Landscapes continually change. Trade agreements continually change.

“We feel comfortable because we have a long-term sourcing strategy. Be patient. A lot will blow over,” Parks said. “This isn’t new. Don’t make any rash decisions. This is just giving you a nudge to find [your backups].”

“People tend to get wrapped up in the news,” Weiss said. There are lots of things that impact retail. Stay the course on what you do well; worry about the things you can control, not the things you can’t control.”

Breathe.

LANGSAM PROPERTY SERVICES CORP., AMO

Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings are located in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County.

Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence in management conferred by the Institute of Real Estate Management (IREM).

1601 Bronxdale Avenue Bronx, New York 10462

Tel: 718. 518. 8000

Fax: 718.518. 8585

Mark Engel, CEO Matt Engel, President

John Britto Tax Director

Cbiz

53 State St., 17th Floor Boston, MA 02109

(617)807-5000

Partnership Liabilities and the Impact on Partner Basis

It’s crucial for partners in a partnership to understand tax basis. Essentially, tax basis is a partner’s tax investment in the partnership, and it plays a significant role in determining tax responsibilities, the ability to deduct losses and the amount partners can receive in tax-free distributions. One key factor that can increase the tax basis for partners is the partner’s share of partnership liabilities.

A partner’s tax basis in a partnership includes:

1. The cash and the contributor’s tax basis of any property contributed to the partnership.

2. Any additional cash or tax basis of property contributed over time.

3. A partner’s share of the partnership’s taxable and tax-exempt income increases tax basis. Deductible and non-deductible expenses and losses decrease the partner’s tax basis.

4. A partner’s share of the partnership’s liabilities is an often-overlooked but important component.

When a partnership incurs liabilities, these debts are shared and allocated among the partners.

A recourse liability is a partnership debt in which the partner bears an economic risk of loss. This can happen when a partner personally guarantees the partnership’s debt, makes a loan to the partnership or when the partner is a general partner for state law purposes. Recourse debt is directly allocated to the specific partner who bears the economic risk of loss.

Nonrecourse liabilities are liabilities for which no partner bears the economic risk of loss. Only the creditor bears the economic risk of loss. Such liabilities increase a partner’s tax basis for all federal income tax purposes, although a partner may separately need to consider atrisk limitations on the ability to claim deductions or losses.

A three-tiered system determines each partner’s share — often nonrecourse liabilities are shared essentially in accordance with each partner’s loss-sharing ratios. Each partner increases his or her tax basis by their allocated amount of partnership nonrecourse liabilities.

For real estate investors, qualified nonrecourse liabilities are significant. This refers to debt where the borrower is not personally liable, and the lender’s recourse is limited to the collateral securing the loan. These loans are often secured by real property and considered nonrecourse with respect to the partnership. Qualified nonrecourse financing is:

• Borrowed by you in connection with holding real property;

• Secured by real property used in the activity;

• Not convertible debt and

• Loaned or guaranteed by any federal, state or local government, or borrowed by you from a qualified person.

Qualified nonrecourse liabilities afford favorable tax treatment to the partners. They are treated similarly to recourse debt in calculating the at-risk amount of deductions that the partner may claim. The regulations under IRC Section 752 define a partnership liability as having any of the following characteristics:

• Creates or increases the basis of the property owned by the partnership;

• Gives rise to an immediate tax deduction or

• Gives rise to nondeductible expenses like disallowed meals and entertainment expenses when arriving at taxable income.

At times, partners may bear the economic risk of loss with respect to a portion of the liability, and no other partner bears any risk on the other portion. In such cases, the partners who bear the economic risk of loss on the portion of the liability will increase their tax basis, and the other portion of the debt where no partner in the partnership bears any economic risk of loss is considered nonrecourse debt. Both types of liabilities increase the partners tax basis, although they are allocated among the partners under different rules.

A decrease in a partner’s share of partnership liabilities will decrease the partner’s tax basis because such decrease is treated as a deemed distribution to the partner. A partner’s tax basis cannot go below zero, so any deemed distribution in excess of the partner’s tax basis will be treated as a taxable distribution to the partner.

Increasing a partner’s tax basis through the allocation of liabilities has several important tax implications:

• A higher basis allows partners to deduct greater partnership losses on their individual tax returns, subject to certain limitations.

• Partners can receive distributions from the partnership up to the amount of their basis without incurring taxable gain. By increasing their tax basis with a share of partnership liabilities, partners can maximize the amount that they can receive without immediate tax consequences.

• A partner’s tax basis determines the amount of gain or loss on a transaction when a partner sells or exchanges their interest in their partnership or when the partnership liquidates their partnership interest. However, note that a decrease to the partner’s share of partnership liabilities is simultaneously treated as additional sales proceeds (or a deemed distribution).

By recognizing the impact of liabilities on tax basis, partners can better navigate tax responsibilities, optimize loss deductions and maximize tax-free distributions.

Stuart Saft Practice Group Leader

New York Real Estate Practice Group Holland & Knight

787 7th Ave., 31st Floor New York, NY 10019

stuart.saft@hklaw.com (212)513-3308

Fair Chance Housing Law Restricts Criminal Background Checks

On January 1, 2025, New York City’s Fair Chance for Housing Act (the “Fair Chance Law”), which prohibits housing discrimination due to a purchaser or tenant’s criminal history, became effective. Landlords, owners, brokers and boards (the “covered entities”) may not consider the criminal record of a potential purchaser or tenant (an “applicant”) until after a) determining the applicant’s other qualifications, b) tentatively approving the applicant’s application and c) issuing a purchase agreement or lease. Only then can the covered entity obtain the applicant’s criminal history and learn if the applicant is a registered sex offender, or has convictions for misdemeanors during the preceding three years or convictions for felonies during the preceding five years (“reviewable criminal history”). The rationale for the Fair Chance Law is to enable former prisoners to obtain housing because refusing to permit a former prisoner to obtain housing is considered discriminatory.

In the event the covered entity then discovers the applicant’s criminal record, the applicant must be given at least five business days to submit information correcting or mitigating the applicant’s criminal background report. The covered entity must then assess the applicant’s reviewable criminal history and can elect to rescind the conditional acceptance. If the covered entity rescinds the conditional acceptance, the applicant must be notified in writing and advised how the reviewable criminal history was relevant to the covered entity’s “legitimate business interest.” Failure to comply with the foregoing is considered discrimination by the New York City Human Rights Commission and could subject the covered entity to fines of up to $250,000 and civil penalties.

Covered entities may only consider the applicant’s reviewable criminal history, which means that if the applicant has been in prison multiple times, but more than five years ago, it cannot be considered. If an applicant is rejected because of the reviewable criminal history, the covered entity must provide a written explanation for why the rejection was due to a legitimate business interest. It does not matter if someone committed murder or robbed a bank — after five years from being released from prison (or if the punishment did not include incarceration or sentencing) or the applicant has been convicted multiple times, the crime cannot be considered under the Fair Chance Law.

This law does not apply where federal, state or local laws (including laws protecting victims of domestic violence, sex offenses or stalking) require or permit exclusion based on criminal history or to two-family owner-occupied housing or to rooms in owneroccupied housing.

It is an unlawful discriminatory practice for the covered entity or any agent, employee or broker to refuse to sell, rent, approve the sale, rental or otherwise deny to or withhold from any individual a housing accommodation because of such individual’s criminal history, other than an individual’s reviewable criminal history; discriminate against any individual in the terms, conditions or privileges of the sale or rental of a housing accommodation or in the furnishing of facilities or services in connection therewith, because of such reviewable criminal history, or represent to any individual that any housing accommodation or an interest therein is not available for inspection, sale, rental or lease because of such individual’s reviewable criminal history.

Nothing prohibits a covered entity from taking any lawful adverse action against an individual, for reasons other than such individual’s reviewable criminal history, including acts of physical violence committed by such individual against other persons or property on the premises, or other acts that would adversely affect the health, safety or welfare of other residents.

The Fair Chance Law provides that a covered entity is immune from liability in any civil action arising as a result of an alleged act of an individual with a criminal history based on the claim that the covered entity should not have sold or rented a housing accommodation to such individual or as a result of a covered entity’s decision not to perform a criminal background check. Accordingly, if the applicant commits a crime in the building, the landlord or the board cannot get sued.

The covered entity can withdraw the acceptance after receiving the criminal background check, but if the applicant disagrees with the rejection, the applicant can file a complaint with the commission and the commission will decide if the covered entity’s actions were proper. If not, the applicant can sue the landlord or the board.

Ira Meister President and CEO

Matthew Adam Properties Inc.

375 Pearl Street – 14th Floor New York, NY 10038

imeister@matthewadam.com (212)699-8900

City Now Requires Composting

New York City is instituting an ecologically friendly composting program. This is the latest arrow in the city’s quiver to fight the burgeoning rat population and reduce unsightly and smelly garbage pilling up on sidewalks. The composting initiative has had a trial run in Manhattan, the Bronx and Staten Island; in April, fines will be levied on buildings and individuals who ignore the mandate. Programs have been running in Queens since 2022 and Brooklyn since 2023.

Meanwhile, two other programs in this crusade are in various stages of implementation with impacts on building operations.

Let’s focus on composting as I’ve previously written about the other two issues. What and why is the city charging ahead with the composting program?

Under the regulation, New Yorkers must separate food scraps and yard waste from trash. The plan reduces the flow of refuse to landfills where it produces methane gas. Composting, conversely, is a benefit. When used as a fertilizer it improves the soil and captures carbon dioxide. Both methane and carbon dioxide contribute signifcantly to global warming.

Food and anything that grows in the dirt are compostable. This includes fruits and vegetables, eggshells, coffee grounds, bread, pasta, cereal, rice, meat, bones, dairy, prepared foods, greasy uncoated paper plates, pizza boxes, leaves and yard waste.

Compostables must be collected by residents — usually in a countertop bin or can in their unit — and stored in separate outdoor containers provided by the city until they’re picked up by Department of Sanitation on the designated recycling day.

Yard waste, including from terraces, can be mixed in with food scraps (as long as all of it is placed in a receptacle with a tight fitting lid). Residents can also keep yard waste separate by placing it in a bag or in a different container.

The Sanitation Department now has dual-bin trucks with two chambers that can pick up different materials at the same time.

For those in high-rises or larger buildings, each property’s management is expected to develop a plan to store the compostables until pick up.

While there are high-end, high-tech composting products on the market, any bucket or lidded, empty jumbo jar will do.

Fines will be comparable to those for recycling and depend on building size. For buildings up to eight units, fines will start at $25 for the first offense and will increase to a maximum of $100 for three offenses or more. For buildings with nine or more units, firsttime offenses will be charged $100, $200 will be charged for the second time and the fine will be $300 thereafter.

When fines take effect, sanitation workers should report those non-complying buildings to their supervisor who will write a ticket.

The department has placed 400 smart compost bins citywide, accessible by an app. They accept the same items as curbside service 24/7. The Sanitation Department provides free resources and materials to buildings, including bins, bags and educational materials.

The key to the success of the program is educating residents about the requirements and having them create an individual plan in conjunction with the building.

Another city arrow, intended to deny rats their daily meals, requires residential properties with fewer than 10 units to containerize their garbage and not place it at the curb in bags. Properties still placing their garbage in bags instead of bins will be fined. The first fine is $50; the second $100. After that, it will be $200 per violation. Recyclables may still be placed in clear plastic bags.

In spring 2025, the city will require built-in waste containers for all properties over 30 units. Properties with 10 to 30 units will have the option of staying with bins or switching to containers. (Containers are built-in; bins are movable.) As with smaller buildings, larger communities can still place recyclables in clear plastic bags.

While reducing the rodent population is important, many have argued that the curbside containers will exacerbate an already tight parking situation in many neighborhoods. At present, the container project is being tested and rolled out in West Harlem.

Last year, the Department of Sanitation changed the hours at which garbage could be left on the curb from 4 p.m. to 8 p.m. As expected, this has created issues for both large and small buildings. Larger ones are paying overtime to have workers available to take out the garbage at 8 p.m. In smaller ones, usually with one superintendent or a shared super, the new rule impacts family time and extends the workday.

More than 35 years of real estate, condominium & cooperative experience

WilkinGuttenplan uses expert industry knowledge in accounting, audit, and tax services to assist New York City real estate owners, developers, and investors of commercial and residential properties identify opportunities and guide them on implementing strategies to stay ahead of changing times.

THE ENERGY COST OF EDUCATION

Colleges and universities may be exceptional at helping careers, but they’re not nearly so great for the environment. University campuses emit six to eight tons of CO₂ per student annually, which puts educational institutions among the top emitters in the buildings sector, according to World Development Sustainability (WDS). Energy experts claim that AI-driven tools can reduce consumption by up to 29%, creating smarter, greener campuses.

According to the latest study published by WDS, energy consumption in universities ranges from 250 kWh/m² to 800 kWh/ m². It places educational institutions, from primary schools to university campuses, among the largest energy consumers in the built environment. Energy experts from Exergio, a company that develops AI-based tools for energy performance, claim that such tools will improve the daily use of facilities and help save energy from 20% to 29%.

University emissions in the U.S. typically are higher than their European and Asian counterparts, which emit 1.5 to 4 tons per student. Yale University, for example, consumes 40,000 kWh of energy per student, which is seven times more than Oxford University, reports researchgate.net. Despite that, a 2022 survey revealed that 92.1% of university students have no information about specific policies or actions in place regarding energy efficiency, indicating a need to implement and communicate these measures.

“Most people don’t think AI can help save energy, but it has already been applied to the sector. AI-driven energy management systems could improve efficiency across educational facilities by up to 29%,” explained Donatas Karčiauskas, CEO of Exergio. “It analyzes occupancy patterns, forecasts peak usage and

adapts in real-time. Some parts of a university, like libraries, may operate around the clock, while others, such as lecture halls, may follow strict schedules. By aligning HVAC, lighting and other systems to actual usage, institutions can achieve energy savings without compromising comfort.”

Educational campuses are uniquely complex environments. Libraries may require cooling late into the night. Cafeterias need equipment which consumes a lot of energy during meal times. Machine learning platforms utilize bigdata analysis and consider these factors to optimize operations.

Despite growing efforts, achieving net-zero goals remains a distant reality for many institutions. While many universities have implemented carbon reduction strategies, challenges like aging infrastructure and inconsistent policy adoption persist.

“Many reports on sustainability in educational institutions suggest renovations and investing in energy devices that use less energy. That requires tremendous amounts of money. Unfortunately, universities and other educational institutions simply do not have the resources to use the suggested methods,” added Karčiauskas. “There is a much cheaper and effective way to achieve that — to integrate AI into their energy management systems.”

Karčiauskas noted that this solution is not unique to educational institutions, as many commercial buildings such as banks, shopping centers, municipality buildings or business centers consume a great deal of energy.

“In previous projects, AI helped us save the building owners from 20% to 29% of energy within a single year,” continued Karčiauskas.

In Poznan, Poland, Exergio’s AI platform optimized energy use in a large office complex, reducing waste by 20% and saving over €88,000 in just nine months, the company said. Similarly, in Lithuania, Exergio implemented AI-driven upgrades at the Ozas shopping center, achieving a 29% reduction in electricity consumption and cutting energy costs by €1 million since implementation.

“Energy-efficient buildings in the education industry can achieve two targets at once — sustainability and economic value. Reports claim that these buildings have a combined energy savings potential of $2.76 per square foot. It means that 100,000 square feet could potentially save $276,000,” concluded Karčiauskas. “The value of AI and smart systems is clear. Deep renovations are too costly and time-consuming, which will delay us from reaching net-zero goals while achieving sustainability with AI has already been made possible.”

Photo courtesy of Exergio

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Building Access to the 14th Street Subway

One of the busiest transit hubs in the city is finally fully accessible with the opening of the final elevator at the 14th Street Sixth Avenue subway station complex in Manhattan, part of a massive upgrade of the station led by the Metropolitan Transit Authority (MTA), design-build contractor Citnalta-Forte Joint Venture and designers Urbahn Architects and Gannett Fleming.

Using the design-build method, the team was able to deliver the upgrades on time and on budget, despite its complexity and the age of the station.

“The main goal behind this expansive $300 million upgrade and renovation was to provide full ADA accessibility to the 14th Street Station complex used by more than 130,000 passengers every day. The redesign also included improving passenger circulation and technology upgrades,” said Urbahn Architects Principal Natale V. Barranco, AIA, LEED AP. “The station, the oldest section of which was built in 1918, is now fully accessible and received necessary technological, lighting and infrastructure improvements.”

MTA’s subsidiary, MTA Construction and Development (MTA C&D) was the overall project manager. Naik Group served as project management consultant.

Within the Gannett Fleming–Urbahn joint venture, Urbahn Architects served as the architectural lead partner and the architect for the Sixth Avenue portion of the project. Gannett Fleming was the architect for the Seventh Avenue portion and the structural engineer for the Sixth Avenue portion, as well as the elevator consultant and infrastructure and controls designer. Other team members included MEP engineer A. G. Consultant Engineering, structural engineer for the Seventh Avenue portion Dewberry Engineers, communications and fire alarms engineer Geri Goldman Engineering, lighting designer Domingo Gonzalez Associates and historic restoration consultant Jablonski Building Conservation.

“Early in the project’s design phase, the team surveyed all the underground utilities and structures to gain an understanding of the existing condition of the station complex, evaluate necessary upgrades and select the best locations for the new elevator and stair access points,” explained Urbahn Project Architect Michael Sheedy, AIA. The 14th Street project is part of Urbahn’s ongoing ADA accessibility redesign assignment within MTA’s initiative to make 95% of New York City’s subway stations accessible by 2045. The firm has designed accessibility upgrades at 16 subway stations in recent years.

After determining that the best sites for the majority of street level elevators were where preexisting stairs were located, the team relocated two stairs on the Sixth Avenue side approximately 30 feet and one stair on the Seventh Avenue side approximately 100 feet. A new ADA ramp on the pathway between the Sixth Avenue

The renovated station features new access control centers consisting of turnstiles and emergency doors.

and Seventh Avenue sides was installed to address issues with the preexisting ramp that made it too steep for proper wheelchair access. The new ramp runs approximately half the length of the pathway and was designed at a shallower angle for easier wheelchair use. The ramp is separated with a handrail that runs along the general pathway to allow passengers of varying physical abilities to be able to use the same shared paths.

The contractors phased the ramp redevelopment work to ensure safe access and egress for the occupants of the large backof-house operation in this station complex, which presented a significant logistical challenge.

In addition to the required relocation of a multitude of utility lines, the team had to reconfigure and expand both the upper and lower mezzanine levels on the Sixth Avenue side in order to create access to the new elevators. In addition, the southbound and northbound platforms for the F and M lines on the Sixth Avenue side are separated by PATH train tracks and a platform that is operated by the Port Authority of New York and New Jersey.This necessitated the installation of dedicated elevators for each of the subway platforms in this section.

“Technical challenges included the complex task of excavating the bedrock to the depth of up to 40 feet to install the new elevators next to a busy street and in a densely developed area with an extensive network of underground infrastructure lines,” explained Citnalta’s Project Executive Michael Murphy. “In addition, due to the sections of the complex being originally constructed over 100

ARCHITECTURE

years ago, some of the existing conditions, deteriorated structural elements and locations of older infrastructure installations were not discovered until the renovation was already underway. Despite these challenges, we still met the project’s completion schedule by accelerating the work with multiple shifts and working on weekends.“

Since the 14th Street station is one of the busiest in New York City, the project team had to carefully phase the work to provide passengers continuous, uninterrupted access to the platforms at all times and ensure that the station would remain open throughout the renovations.

In order to achieve full accessibility and improve circulation throughout the station, the project team installed nine new elevators as well as 25 new and 39 renovated stairways, which now take passengers from the street level to the mezzanines and from the mezzanines to the platforms or directly from the street to the platforms. The Sixth Avenue section features six new elevators and the Seventh Avenue segment houses three new elevators.

Other upgrades and repairs included platform surfaces, wayfinding signage and tiled walls in the pathway and within the platform areas. A new ADA-compliant, accessible agent booth with a lower transaction window was added to the Seventh Avenue side of the station. The entire station features new wayfinding signage as well as new digital interactive Help Point screens that display arrival times and other relevant information about the subway system. The platforms received new concrete topping slabs to align them seamlessly with elevator landings and train entrances. The platforms now feature new tactile warning strips and indicate ADA boarding zones located directly in front of the trains’ doors.

“Newly accessible stations like the 14 Street complex are the fruits of our efforts to deliver projects better, faster and cheaper,” commented MTA Construction & Development President Jamie Torres-Springer. “These accessibility upgrades coupled with critical state of good repair work and station environment improvements have transformed 14th Street into a welcoming transit hub for all New Yorkers.”

Photos by Ola Wilk Studio

In order to achieve full accessibility and improve circulation throughout the station, the project team installed nine new elevators as well as 25 new and 39 renovated stairways.

The project team coordinated installation of six new, large-scale mosaic artwork pieces by Fred Tomaselli, titled Wild Things.

Photo by Gregg Richards, courtesy of Brooklyn Public Library

Skanska Completes Downtown Brooklyn Cultural Center

Brooklyn’s thriving arts scene has become even greater with the completion of the L10 Arts and Cultural Center, a 65,000-square-foot cultural center situated in Ashland Place at the heart of the Brooklyn’s Cultural District in Fort Greene. The project, awarded to construction firm Skanska through a joint venture between the New York City Department of Cultural Affairs (NYCDCLA) and New York City Economic Development Corporation (NYCEDC), will be home to several cultural institutions, including 651 Arts, Museum of Contemporary African Diasporan Art (MoCADA) and Brooklyn Public Library (BPL), as well as the Brooklyn Academy of Music (BAM).

The project scope included the buildout of a 18,500-square-foot multi-arts cinematic center and 2,000-square-foot archival space for BAM; a 12,500-square-foot dance, music, and theater studio space for 651 Arts; a 7,000-square-foot gallery, exhibition, education and administration facility for MoCADA and a 2,500-square-foot, multi-purpose conference space for the Brooklyn Public Library. Additionally, the four tenants will share an

approximately 10,000-square foot lobby. The project has also incorporated the creation of a lounge area for visitors, occupants, artists and innovators.

“The completion of this cultural hub represents a major milestone, providing state-of-theart facilities and versatile spaces to support Brooklyn’s most influential arts and cultural organizations, and we are thrilled to celebrate the project’s fruition,” said Sean Szatkowski, executive vice president, general manager, Skanska USA Building. “This flagship project highlights the impact of sustained collaboration with key stakeholders and underscores the importance of diverse business partnerships in driving the successful development of NYC’s cultural institutions.”

To build the cultural center, Skanska and partners used advanced 3D modeling and state-of-the-art fabrication techniques to create an unparalleled spatial experience with the millwork. BIM technology played a crucial role in optimizing the mechanical, engineering and plumbing systems, leading to improved

construction design, efficiency and system performance. Additionally, a new Lidar SLAM (simultaneous localization and mapping) technology was used for detailed mapping at various stages, enhancing coordination in complex conditions. The team tested a semiautonomous robotic system which captured extensive media that was then analyzed using AI for progress monitoring.

“Make no mistake — the L10 Arts and Cultural Center is a really big deal!” said NYCDCLA Commissioner Laurie Cumbo. “This amazing new facility has been worked toward and dreamed of by the people who made it a reality for a very long time. And now, 651 Arts now has its first-ever home. MoCADA has five times as much exhibition space. BAM has three new cinemas and an archive in the KBH space, and Brooklyn Public Library has a unique new branch focused on the arts. Thanks to a historic city investment, New Yorkers now have an incredible new cultural facility and hub that will welcome audiences, drive local economies and serve as a community hub for generations to come.”

Photo courtesy of Skanska

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Executive Changes

HLW Forms New Global Leadership Team

As the firm enters its 140th year, HLW announced a new global leadership team, appointing three new managing partners: Ed Shim, AIA, NCARB; Sejal Sonani, AIA and Bennet Dunkley, AIA, RIBA. Joining them are John Mack, AIA, FIIDA, senior partner, as well as Cristen Colantoni and Bronte Turner, who have both been elevated to senior principal, and Patrick Kinzler, managing principal.

Established in 1885, HLW has been led by partnership since 1900, when founder Cyrus L. W. Eidlitz joined with Andrew C. McKenzie to pioneer the design of a new building typology. The firm has since grown into a global architecture practice and steward of the built environment.

“As HLW’s reach has widened, our approach to shaping the course of its direction has evolved,” said Susan Boyle, who with John Gering, FAIA, has led the firm as managing partners for 27 years. “Broadening HLW’s leadership team to reflect the scope of our practice heightens our ability to excel in all areas of the business with tighter focus and greater agility.”

Boyle and Gering as managing partners emeritus will continue to provide guidance on strategic matters as board members.

“We are immensely proud to entrust Ed, Sejal, Bennet, John, Cristen, Bronte and Patrick with the future of HLW,” said Gering. “They have each made substantial contributions to the firm’s transformational growth during their tenures,

and this historic redefinition of collaborative leadership at HLW is both a celebration of their accomplishments and a testament to our confidence in their power to continue driving us and our client partners forward.”

In his 20 years with HLW, Shim’s creative dexterity and technical discipline has deepened the firm’s design impact and driven the growth of its multifamily and mixed-use development sectors, HLW said. Sonani, since joining HLW in 2012, has been instrumental in expanding the firm’s presence on the West Coast, while strengthening the firmwide adaptive reuse and building repositioning portfolio.

Dunkley’s international background and growthoriented mindset have been key to advancing HLW’s culture of interdisciplinary synergy, as well as maturing its presence in the education sector and leading the firm into new markets, including healthcare and critical facilities. He joined the firm in 2018.

Mack, who has assumed the global design director role, will strengthen the synergies between its design studios and specialty partners across all of the firm’s offices. Colantoni will oversee HLW’s company-wide culture, while maintaining her focus on building client relationships in the technology market. Turner will continue advancing the firm’s EMEA footprint, in addition to providing executive oversight of its specialty partners: Ark, Beyond, Brandx and Spark.

Litigation Specialist Camilleri Joins Rosenberg & Estis P.C.

Rosenberg & Estis P.C. announced that Raychel A. Camilleri has joined the firm as a member within the litigation department.

An accomplished trial lawyer sought for her experience and success in navigating complex high-exposure, casualty, construction and real estate-related matters, Camilleri during her 14 years of practice has succeeded in managing risk and containing costs for her clients from prelitigation settlements through motion practice, trial preparation and trials to verdict. More specifically, Camilleri focuses her practice on construction defect litigation, products liability, labor law, excess liability, general liability and general commercial litigation matters. She also has extensive appellate experience before the New York State Appellate Division, First and Second Departments.

“Lenders, owners and investors continue to grapple with distress as the city’s real estate market works through the current period of emerging from disruption,” said Michael E. Lefkowitz, managing member of Rosenberg & Estis P.C. and a leader of the firm’s transactions department.

“Raychel’s expertise in navigating complex disputes will further strengthen our ability to help clients achieve solutions that satisfy their business needs.”

Camilleri joins R&E from Biedermann Hoenig and Semprevivo P.C., where she was a shareholder. Before that, she was a trial attorney with the Law Office of Jennifer Adams and with the Law Office of Bryan M. Kulak. She earned her J.D. at Western New England University School of Law and B.A. at Bucknell University. Camilleri is admitted to the Bar of New York State, United States District Court, Southern District of New York and United States District Court, Eastern District of New York.

Raychel Camilleri

Sejal Sonani

Ed Shim

Bennet Dunkley

Photos courtesy of HLW

Photo Courtesy of Rosenberg & Estis P.C.

Hustveit Joins Dealpath as Vice President of Marketing

Real estate investment and deal management platform Dealpath has named Cindy Hustveit as vice president of marketing. Hustveit will be responsible for the company’s global marketing strategy, team and programs and help drive efforts to accelerate growth, further strengthen customer engagement and expand Dealpath’s presence as a trusted leader in the real estate investment ecosystem, the company said.

“Cindy’s appointment comes at a pivotal time in Dealpath’s evolution and next phase of growth reflecting our ongoing commitment to building a dynamic, world class team,” said Mike Sroka, CEO and co-founder of

Dealpath. “Her extensive SaaS and financial services experience and impressive career trajectory will make her a key member of our leadership team, and we are confident she will have an immediate impact on our overall success.”

Hustveit brings over 17 years of progressive marketing experience to her new role, with an emphasis on building and scaling marketing teams at B2B companies. She joins Dealpath from WorkMarket by ADP, the all-in-one system to manage independent contractors, where she was head of marketing. Prior to WorkMarket, she held leadership roles at Navatar, a SaaS platform for global financial firms, including director of marketing and then vice president of marketing. Earlier in her career, she held managerial roles in the marketing divisions of companies such as American Express and started in debt investments at Blackrock Kelso Capital.

Hustveit graduated from Dartmouth with a bachelor’s degree in economics and psychology. She also earned an MBA in business administration, marketing and entrepreneurship from The Booth School of Business at The University of Chicago.

North Bridge Names Martinez Vice President

North Bridge ESG LLC, a provider of real estate credit solutions, has appointed Caissa Martinez as vice president, where she will be instrumental in sourcing, structuring and closing new C-PACE transactions.

Beyond deal origination, Martinez will play a critical role in structuring financing

solutions that align with the needs of sponsors and lenders, the firm said. She will also focus on financial analysis, manage client relationships and serve as a strategic liaison to capital partners.

Late last year, Carlyle committed to providing up to $1 billion to facilitate the origination of C-PACE loans by North Bridge. This partnership leverages Carlyle’s strategic growth, real estate and asset-backed finance expertise and enables North Bridge to address evolving market needs on a larger scale.

“At North Bridge, we leverage agility, innovation and an entrepreneurial mindset, while leveraging the institutional strength of our platform investment and $1 billion commitment from The Carlyle Group,” said Laura Rapaport, founder and CEO of North Bridge. “Caissa’s impressive track record in real estate investment, development and construction, and her ability to lead transactions make her an incredible asset as we continue to drive impactful, sustainable projects forward.”

Previously, Martinez was associate vice president of investments for CIM Group, where she led acquisition and disposition transactions, ensuring seamless execution across multiple strategies, asset types and U.S. markets.

North Bridge provides tailored C-PACE financing solutions across all commercial real estate asset classes nationwide.

Norco Construction Promotes Rappel to Chief Operating Officer

General contractor, construction manager and design/ builder Norco Construction has promoted Erik Rappel to chief operating officer. He most recently served as Norco’s vice president of operations, after joining the firm in 2017 as a senior project manager.

Following the promotion, Rappel’s responsibilities include managing the firm’s operations and business growth, executive-level oversight of construction practices and developing long-term expansion strategies.

“Erik’s technical and project management expertise has immensely benefited Norco’s clients throughout the East Coast over the past eight years,” said Norco CEO and President Norman O. Rijo. “His experience in commercial and residential construction has allowed our firm to steadily grow in major market sectors, including multifamily, workplace, healthcare, retail, hospitality and public, especially in our firm’s main geographical markets of the Northeastern U.S. and Florida.”

Rappel brings more than 30 years of construction

experience to his new position. His portfolio features in excess of three million square feet of completed projects, including Foot Locker’s national renovation program for over 70 stores; a national rollout of Veterinary Emergency Group clinics, with locations completed in New York, New Jersey, Connecticut and Florida; two Stony Brook University dormitory renovations and expansions in Stony Brook, N.Y.; a new, 10-acre York Studios film and television production studio campus, including a 175,000-square-foot building in the Bronx, N.Y.; the New York City Department of Sanitation fleet service facility in Brooklyn, N.Y., as well as a nine-floor renovation of the MTA headquarters offices at 2 Broadway, the Stuyvesant High School theater and a renovation and infrastructure upgrade of the 52-story Bristol luxury multifamily and hotel property, all in Manhattan.

Established in 2002 by Rijo, Norco is headquartered in Manhasset, N.Y. and operates a regional office in Miami. The firm is a premier general contractor, construction manager, design/builder and owner’s representative serving commercial, institutional and public clients throughout the United States.

Cindy Hustveit

Caissa Martinez Erik Rappel

Photo courtesy of North Bridge Photo courtesy of Northco

Photo courtesy of Dealpath

Tuesday, April 1, 2025

The Glasshouse 660 Twelfth Avenue, New York City

FIT’s Annual Gala this year brings together luminaries from fashion, business, and education to honor FIT President Dr. Joyce F. Brown and her 27 years of visionary leadership. During her tenure, Dr. Brown has empowered thousands of students, redefined industry standards, and shaped FIT’s legacy at the intersection of creativity, technology, and business.

For additional information or to obtain advertising rates for the gala journal, please contact Claire Gilvar at (212) 217-4110 or email claire_gilvar@fitnyc.edu

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Alec Zaballero has more than 25 years of experience in the fields of architecture and interior environments, and spearheads TPG Architecture’s retail, hospitality and branded environments practices. He has become known for his balance of design vision, management ability and technical skills, which he has brought to some of TPG’s most prestigious projects. He also has experience working on historic and landmark buildings.

Zaballero’s practice blends sophisticated design sensibility with a keenness for brand expression. In November he was inducted into the Retail Design Institute’s Legion of Honor during its 53rd International Design Awards.

A Harvard graduate, dedicated yogi and standup paddle boarder, he strives to walk the path of karma with a craft beer in one hand and a vintage camera in the other.

How long have you been in the industry?

I have over 25 years of high-level management and design experience in architecture. I work with building developers and owners to design amenity spaces, reconfigure and reposition buildings for maximum value and create impactful retail, entertainment, hospitality and branded environments.

What brought you into the business?

My path to architecture reflects my background: my father was a commercial banker, and my mother is a painter and artist. Architecture perfectly combines the creativity

Alec Zaballero Managing Executive TPG Architecture

I admire in my mother and the business acumen I inherited from my father.

After grad school in the 1990s, I moved to New York City and started my career at Rockwell Group, which shaped my interest in design, branding and commercial interiors.

New York City provides a crossroads of these fields, blending creativity and real business drivers. At TPG Architecture, I’m proud to be part of a long-standing legacy while helping to shape the city’s environment and identity.

Who influences you?

I’m inspired by industrial and product designers from the 1930s to the 1980s, such as Eileen Gray and Achille Castiglioni. They were responsive to technological and cultural shifts and revolutionized design with the use of materials like acrylic, stainless steel and fiberglass casting.

What stands out to me is their ability to create functional and beautiful designs that remain timeless. It’s their adaptability and vision that continues to resonate with me.

What trends are you seeing in retail design?

One fascinating trend is Gen Z’s craving for physical experiences. Despite being immersed in digital media, they value tactile, real-world connections to brands. This shift is evident across retail, hospitality and workplace environments. At the same time, we’ve moved beyond the era of broad, overarching trends.

Today, brands must carve out their unique identities and make clear, deliberate statements. Take our work on Birkenstock Miami as an example — it embodies luxury, tropical charm and authenticity. The future of retail is about meaningful, individualized brand storytelling.

How has technology affected design?

Technology has become more seamless and integrated, evolving into an intrinsic part of daily life rather than a standalone feature. This shift has established an expectation that technology within spaces must also be invisible and seamless as well.

This transformation has impacted design, raising expectations and the visual quality of spaces. With design now at everyone’s fingertips and subjected to constant scrutiny in the digital world, spaces must be Instagramworthy and visually striking. Technology has effectively democratized design, turning it into “content” — the sought-after currency of our social media-driven world — which challenges us to continually elevate the creativity and impact of our work.

What keeps you up at night?

The realization that disruption and black swan events have become our new normal. The current disruptor is AI, not just for its role in design but for its profound impact on how we work, what work we do and the future structure of the workforce. The uncertainty of these changes and their ripple effects keep me focused on anticipating what comes next.

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If, as computer scientist Alan Kay once said, “The best way to predict the future is to invent it,” then the real estate industry should become very good at forecasts. Once shy to invest in new systems and products, real estate finally has seen the benefits of such disparate technologies as drones and virtual reality, as you can see by the numbers.

Inventing the Future 77%

$110 Billion to

$180 Billion

e amount of value generative AI could generate for the real estate industry. (McKinsey)

$0.58 Billion

e percentage of surveyed investors who planned to maintain or increase their investments in proptech over the next 12 months.

(PwC, ULI, “Emerging Trends in Real Estate 2025”) 75%

e percentage of surveyed real estate brokerages that reported using arti cial intelligence in their business as of January 2024. (Delta Media Group)

e estimated value of the real estate drone services market in 2025, up from $0.49 billion in 2024. ( e Business Research Company) 63%

$807.29 Billion

e projected value of the metaverse market in 2031, up from $71.27 billion in 2024. (Veri ed Market Research).

e percentage of National Association of Realtors members who cited lockbox and showing tech as very impactful to their business. (NAR)

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