Mann Report March 2023

Page 46

KEEPING TRAFFIC HUMMING AT SOUTH STATION TOWER

NORTHROP GRUMMAN PROVIDES CAT WITH HISTORIC IMAGERY OF THE CALVERTON FLIGHT CENTER

POWER ELECTRIC, SOLAR-AND BATTERY-POWERED MICROGRID COMMUNITIES

ENDING THE HOMELESS CRISIS, BUILDING BY BUILDING

THE CONSTRUCTION ISSUE NEW YORK LOS ANGELES MIAMI HAMPTONS LAS VEGAS

SOPHISTICATED COUNSEL FOR COMPLEX CONSTRUCTION.

Zetlin & De Chiara LLP, one of the country’s leading law firms, has built a reputation on counseling clients through complex issues. Whether negotiating a contract, resolving a dispute, or providing guidance to navigate the construction process, Zetlin & De Chiara is recognized as a “go-to firm for construction.”

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Laura and Carolina Areas of Expertise Award-winning luxury agents with decades of experience in Palm Beach’s nest country club communities. Laura began her career in marketing landmark real estate campaigns in New York, before entering real estate. Carolina, a former national print and TV journalist, today helps clients write the next chapter of their lives. Together, these insiders help buyers and sellers navigate the ins and outs of the nest, gated Country Club golf communities in Palm Beach. Golf. Tennis. Swim? Because life is beautiful...in Palm Beach.
the Gates OLD PALM GOLF CLUB THE BEARS CLUB PANTHER NATIONAL CAROLINA BUIA BAREFOOT 917.655.2034 cbarefoot@onesothebysrealty.com LAURA GAMBINO 561.846.1714 lgambino@onesothebysrealty.com © 2023 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty A liates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned operated franchisees are not provided by, a liated with or related to Sotheby’s International Realty A liates LLC nor any of its a liated companies. The information contained herein is deemed accurate but not guaranteed. Pricing subject to change without notice. ACCESS OUR WEBSITE B eautifulPalmBeachHomes .com FOLLOW US! @CLTEAMPALMBEACH MIRASOL
Meet
Beyond

They said it couldn’t be done.

We’ve done hard things before, we do them all the time.

For most cancer patients, the usual options are surgery, chemotherapy, or radiation. So we’re working on ways to get the immune system to deploy billions of cancer-killing cells and help more patients survive.

When some people experienced mysterious COVID symptoms and had nowhere to go, our team created the first Center for Post-COVID Care.

It wasn’t that long ago we had to open up your whole chest for heart surgery. Now we’re pioneering a bypass that goes through a few tiny incisions. With this surgery, we can get you back on your feet in weeks instead of months.

So if anyone ever tells you there’s no other way—don’t listen.

permission. and subject
We didn’t listen.
A NEW VIEW As we enter New York’s next chapter, our commitment to the City’s vitality, to our community, to our partners, to our tenants, and to our portfolio remains steadfast. We look forward to a bright and shared future. Ownership/Management/Leasing • Tenant Representation Agency Representation • Co-GP and LP Real Estate Investments Scott Galin, Principal/CEO | 212.398.1888 | Handler-re.com HANDRO PROPERTIES LLC | ESSH INVESTMENTS LLC
PRE-BUILT SPACE AVAILABLE IMMEDIATELY 3 Sides of Window • Excellent Light High-end Finishes • Large Pantries Floor-to-Ceiling Glass Front O ces Polished Concrete Floors • Access to All Transit Partial 7th Floor: 5,011 RSF The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein. Darell Handler, COO | 646.597.6171 | dhandler@handler-re.com Alex Bush, Senior Director | 646.517.8782 | abush@handler-re.com Kyle Galin, Director | 646.998.6012 | kgalin@handler-re.com Richard Farley, SVP | 646.597.6179 | rfarley@handler-re.com 212.398.1888 | Handler-re.com High-end Midtown Pre-built 263 West 38th Between 7th & 8th

President & CEO

Jeff Mann

editorial Editor

Debra Hazel

Associate Editors

Laurie Melchionne

Lauren Schuster

Copy Editor

Geraldine Melchionne

Director of Communications and Marketing

Penelope Herrera

Director of Newsletter

Division

Cheri Phillips

Director of Special Events

Mirusha Damiani

art

Art Director

Krystal Peguero

Graphic Designer

Ran Jing

Priyanshi Pareek

Cover Photography

© StudioWout / Adobe Stock

contributors

Alyssa Brody

Daniel Colombini

Frank DeLucia

Robert Johnson

Kris Kiser

Ira Meister

Myles Mellor

Carol A. Sigmond

Daniel Smith

Del Williams

business

Technology Consultant

Joshua Fried Distribution

Mitchell’s Delivery Service

digital media

Editors

Debra Hazel

Penelope Herrera

Laurie Melchionne

Cheri Phillips

Lauren Schuster

Web Developer

CS DesignWorks

East Coast Office 450 7th Ave., Suite 2306 New York, NY 10123 212-840-MANN (6266)

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The opinions expressed by our columnists are not reflective of the views and opinions of the publisher or editorial staff of Mann Report. Publication of such views and opinions does not constitute endorsement by Mann Report. Any reproduction, including but not limited to internet usage, is prohibited without the express written permission of the publisher. mannpublications.com

Welcome to our March issue, a sign that spring is coming any minute now.

If you’re lucky, you took a break from winter for a few days this month somewhere sunny and warm — the Caribbean, Mexico or perhaps somewhere even more exotic. But many of our neighbors are not so blessed. In a city where the cost of renting a home continues to rise, finding safe, affordable housing remains a challenge despite decades of effort by the City. That’s why I’m excited about our cover story, which features Moujan Vahdat of Elmo Realty Co., who for more than 30 years has been working with city and non-profit organizations to create

affordable homes. His story and thoughts about this ongoing crisis are a must-read.

Spring is also a time of rebirth, and the renaissance of the National Realty Club continues, with our event on March 15, a luncheon at Midtown’s newest hot spot, Sei Less and fearing guest speaker Daniel Vituli of Marcum LLP. For more information about this event, or to become a member, contact me or penny@nationalrealtyclub.com. We’re all hard at work for even more events to come this year.

Don’t you just love spring?

Whatever we plant in our subsconscious mind and nourish with repetition and emotion will one day become a reality.”
– Earl Nightingale
News Briefs 22 Commercial News 26 Residential News 30 Management News 34 Tech Talk 38 Breaking News Events 16 Corenet NYC Hosts 2023 New Year’s Party at Ascent Lounge 18 Slate Property Group Hosts Holiday Celebration  Features 50 Keeping Traffic Humming at South Station Tower 54 True Grit: Eliminating Commercial Property Fall Risks with Lasting, Anti-Slip Coatings 56 Northrop Grumman Provides CAT with Historic Imagery of the Calverton Flight Center 60 SunPower Joins Energy Leaders to Power Electric, Solar-and Battery-Powered Microgrid Communities COVER FEATURE 44 Ending the Homeless Crisis, Building by Building CONTENTS 16 18 50 44
AEC 80 EW Howell Construction Completes St. Johnland Assisted Living in Kings Park, New York 82 Contemporary Workplace Elegance at 280 Park Ave. Colleges 86 New York Real Estate Center and Toolbox for Real Estate Agent Success Launch REC4Success Departments 8 One Mann’s Opinion 14 Editor’s Letter 64 Columns 88 Executive Changes 92 Crossword: Building and Buying 94 Commercial Corner: Damian Gancman, CityView 96 By the Numbers: Building Up 80 94 82

Join us

March 27th to celebrate Black History Month

e Mann Charitable Foundation is honored to celebrate Black History Month. We are hosting an event to celebrate the people that graced our February covers at Sei Less on March 27th as celebrating black history does not end just because a month does.

For each of our magazine titles: Fashion Mannuscript, Mann Report, and Mann About Town, we proudly feature three amazing individuals: Lou Switzer, Architect; Ciara Miller, Bravo TV Personality, Nurse/Model and Courtney Minor, Multimedia Artist.

In their honor, we will be donating to various charitable organizations.

MAR 27 | 5 PM | SEI LESS

Tickets: $250

(Tax deductibles as proceeds go to charities)

*Inquire about company group discounts and sponsorship signage that are also available for purchase* Email Penelope to join us

pherrera@themanncharitablefoundation.com

For our Construction issue, we look both backward and forward to see how building and builders have evolved.

As a U.S. Navy brat, I admit to getting a personal kick out of our feature on Northrop Grumman’s donation of historic photos of the Calverton Flight Center to developer Triple Five’s reinvention of the property into a corporate park. Looking forward, find out how the developers and builders of South Station in Boston are constructing a mixed-use complex above and around an existing and still operating major commuter hub. And we keep the environment in mind, with a quick report on the building of solar homes.

Our columnists, too, discuss the latest trends in construction, from detailing how to comply with Local Law 57 to the intricacies of converting a commercial building into residential.

Times have changed and so has construction.

Here’s to the people who build our dreams.

VISIT US AT mannpublications.com FOLLOW US ON INSTAGRAM @mannpublications
Editor’sLetter

NYC HOSTS 2023

New Year’s Party AT

ASCENT LOUNGE

CoreNet Global NYC hosted its annual New Year’s Party in January at Ascent Lounge, bringing together more than 350 members of the CoreNet Global NYC Chapter to celebrate the new year with a cocktail and networking reception.

CoreNet Global NYC membership is comprised of corporate occupiers and leaders from New York’s built environment and real estate industries.

Thomas O’Halloran, vice president of business development at Structure Tone and chair of the New York Chapter of CoreNet Global, said, “The annual New Year’s party is an incredible networking opportunity for CoreNet members, allowing hundreds of important commercial real estate leaders to gather in one room. It’s always rewarding to look back on the successes of the past year with colleagues while celebrating the advances we are striving to make for the future.”

“Ascent Lounge, which overlooks Columbus

Circle and Central Park, was a wonderful space to host the New Year’s Party, it reflects the beauty of New York’s built environment,” said Tracy Davis, marketing director of RXR and chair of the New Year’s Party Committee.

“Seeing some of the most powerful faces in commercial real estate gathered there showcases CoreNet’s reach in the industry,” said Debra Cole, principal/global client relations director of HLW and chair of the Special Events Committee.

16 MANN REPORT | MARCH 2023
CORENET
01 03 02 04 PHOTO STORIES

09.

10. Lou D’Avanzo, Cushman & Wakefield and Barry Alton

11. Morgan Gorospe, Corgan; Kim Pinkerton, Creative Office Resources; CoreNet guest and Christopher Marzo, Total Relocation Services LLC

12. Ryan Goor, Commercial Furniture Transport; Jake Waitsman, VVA and Darren Wicks, Synergi

13. Ryann Menges, Environmental Design Inc.; CoreNet guest; Mindy Williams-McElearney, Turner & Townsend and Pay Wu, MWBE Unite Inc.

MARCH 2023 | MANN REPORT 17 05 07 09 11 06 08 10 12 13
01. Abbye Suskin, Siemens; Deirdre Fenlon, Karndean Designflooring and Alison Kwiatkowski, Warner Media Group 02. Brigette Beltran, Space Matrix; Louise Matthews, Bacardi and Patricia Hildebrandt, JFK&M Consulting Group 03. Caroline Gonzalez and Marcus Rayner, Colliers 04. Leila Jada, Gardiner & Theobald (second from right) with Corenet guests 05. Jenna Wernikowski, InsideSource; Anna Katherine McKee , JRM; Wanda Dunaway and Tracy Davis, RXR; Debra Cole, HLW; Jillian Aurrichio, Innovant and Elizabeth Beyer, Creative Office Resources 06. Jaime Fuertes, Apollo Management; CoreNet guest; Minto Bose, Elemint Consulting; Bonnie Pfleiderer, Swinerton and Jessica Bogden, Haworth 07. Debra Cole, HLW; Nekesha Sawh, Hines and Alexandra Liz, Blackstone 08. CoreNet guests networking Karolina Graves, Green Standards Ltd; Suzette Rhodes, MillerKnoll and Elizabeth Beyer, Creative Office Resources
PHOTO STORIES
PHOTOGRAPHY BY GREG MORRIS

Slate Property Group Celebrates the Holidays

Slate Property Group, owner, operator and developer of residential and commercial real estate in the New York metropolitan area, held a holiday celebration to ring in the season and celebrate its successes throughout the year at Casa Cipriani at Lower Manhattan's South Street. Slate’s leadership team, including Principals Martin Nussbaum and David Schwartz, were joined by more than 400 of Manhattan’s top industry professionals as they mingled about in the waterfront setting.

Guests passed around hors d’oeuvres, top-shelf cocktails and grand arrangements of various food options at the sophisticated eatery.

The group celebrated Slate’s activity in 2022, including the $37.7 million acquisition of 123 East 54th St. in Midtown East, a $14.25 million acquisition of 224 Third Avenue in Gowanus, Brooklyn, a $78 million, two-building portfolio on the Upper East Side and Midtown East and a three-building, $70 million portfolio acquisition in Chelsea.

18 MANN REPORT | MARCH 2023
01 02 04 03 PHOTO STORIES
MARCH 2023 | MANN REPORT 19 05 07 10 06 08 11 09 12
01. Logo wall 02. Roofdeck 03. Guests 04. Adam Altman, Martin Nussbaum, Brian Cooper and Joe Koicim 05. Carly and Daniel Ridloff 06. David Maundrell, Ari Aufgang and Stephanie Schroeder 07. Joe Fingerman 08. John Valladares, Emily Kurtz, Haley Schwartz and David Schwartz 09. Korey Hendrickson and Shari Forrest 10. Martin Nussbaum and Leonard Steinberg 11. Robert Knakal, Jonathan Hageman and David Schwartz 12. Sean Reimer, David Ash and Mitch Rosen
PHOTO STORIES
PHOTOS BY ALEX STANILOFF
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CONVENE ACQUIRES ETC.VENUES

Convene, designer and manager of meeting, event and flexible office spaces, has acquired Etc.venues, a provider of urban day conferencing with venues across the United Kingdom in London, Manchester and Birmingham, and in the United States in New York City. The acquisition adds 16 new venues to the

Convene portfolio, making it the largest single provider of dedicated premium meeting and event venues in the U.S. and U.K.

Founded in 1992, Etc.venues has a 450,000-square-foot real estate portfolio spanning 13 U.K. locations and three New York City outposts.

GOOD+FOUNDATION EXPANDS OFFICES AT 307 WEST 36TH ST.

Good+Foundation, a nonprofit founded by Jessica Seinfeld in 2001 that “works to dismantle multi-generational poverty by pairing tangible goods with innovative services for low-income fathers, mothers and caregivers, creating an upward trajectory for the whole family,” has signed a five-year lease for 10,250

square feet at 307 West 36th St. in Manhattan’s Garment District, announced GFP Real Estate LLC.

A tenant of 307 West 36th St. since 2008, the nonprofit extended its existing 6,500-square-foot lease on the eighth floor and added 3,750 square feet of space on the 17th floor.

Soloviev Group announced that Mohegan has joined its bid as the casino partner for Freedom Plaza. The bid results from the New York State Gaming Commission’s Request for Applications to develop and operate up to three downstate casinos. Established in 1995, Mohegan is an extension of the Mohegan

Tribe of Indians of Connecticut and is the owner, developer and manager of eight integrated entertainment resorts in the United States, Canada and Northern Asia.

Mohegan’s flagship property is Mohegan Sun, located in Uncasville, Connecticut.

COMMERCIAL NEWS
Photo courtesy of GFP Real Estate Photo courtesy of Soloviev Group
22 MANN REPORT | MARCH 2023
SOLOVIEV GROUP TAPS MOHEGAN SUN FOR NYC CASINO BID
SAVE THE DATE For more information, please contact the Jack Martin Fund 212.713.9807 | P.O. Box 4952, New York, NY 10085 www.jackmartinfund.org JACK MARTIN FUND ANNUAL GOLF & TENNIS TOURNAMENT JOIN US AT FRESH MEADOW COUNTRY CLUB & DEEPDALE GOLF CLUB MONDAY | MAY 22 | 2023 HONORING ADAM COTT IN RECORD TIME In support of the Jack Martin Division of Pediatric Hematology and Oncology at Mount Sinai Medical Center. Scan for more info.

777 PARTNERS TAKES PENTHOUSE OFFICES AT ONE MADISON AVENUE

Investment platform 777 Partners leased an 18,476-square-foot penthouse at the One Madison Avenue office tower being developed by SL Green Realty Corp.

“One Madison Avenue is already considered a world-class paradigm for repurposing time-honored

properties with 21st century design and the highest level of sustainable elements,” said Peter Sabesan, managing principal of Cresa Global Inc., who with Principal Gregg Cohen arranged the lease. SL Green Corp.’s Senior Vice Presidents Steven Durels and David Kaufman represented the landlord in-house.

CREDIT SUISSE AND TRINITY INVESTMENTS ACQUIRE THE DIPLOMAT

A joint venture between non-U.S. offered real estate funds managed by Credit Suisse Asset Management and real estate funds managed by Trinity Fund Advisors LLC, an affiliate of full-service private real estate investment firm Trinity Real Estate Investments LLC, has acquired The Diplomat Beach Resort in Hol-

lywood, Florida from a Brookfield private real estate fund. The deal is one of the largest hotel acquisitions in the United States since August 2021. The new owners also announced the signing of a management agreement with Hilton to oversee the resort’s operations under the Curio Collection, part of the Hilton flag.

COMMUNITY PRESERVATION CORP. INVESTS $5M INTO SHIFT CATALYST FUND

The Community Preservation Corporation (CPC), a nonprofit and mission-driven multifamily finance company, and Shift Capital, an impact real estate investor based in Philadelphia, announced that CPC has made a $5 million equity investment in Shift’s Catalyst Fund, which supports underrepresented

impact real estate developers. The companies are investing in economic development and affordable housing in underserved neighborhoods across the country.

The Catalyst Fund invests in developers planning neighborhood revitalization projects.

COMMERCIAL NEWS
Photo via Business Wire Photo courtesy of Cresa Peter Sabesan
24 MANN REPORT | MARCH 2023

SURFSIDE CONDO

DEVELOPMENT

SITE SELLS FOR $41.5M

Real estate investment and development firms Aria Development Group and Wexford Real Estate Investors have sold a 28,000-square-foot parcel with 100 feet of direct ocean frontage at 9163-9165 Collins Ave. in Surfside, Florida. Aria in partnership with Wexford sold the property to Fort Partners for $41.5 million.

The partnership acquired the land in 2013 while the site was encumbered by a long-term ground lease in a complex off-market transaction. They used the financial principles applied to a long-term zero-coupon bond that is inflation protected and saw that the investment had upside with limited downside risk.

FORBES GLOBAL PROPERTIES ADDS LONDON’S CHESTERTONS TO GLOBAL NETWORK

Forbes Global Properties has welcomed Chestertons to its global network. Established in 1805, and now owned by Chairman Salah Mussa, Chestertons will exclusively represent the Forbes Global Properties brand.

Boasting one of London’s largest

network of offices, the firm has nearly 600 employees who draw from an unparalleled depth of data-backed local market knowledge. Chestertons combines innovative online and traditional marketing platforms to deploy personalized campaigns that ensure optimal exposure and maximize results for sellers.

THE SUFFOLK LAUNCHES AFFORDABLE HOUSING LOTTERY

The Gotham Organization announced the launch of the affordable housing lottery for The Suffolk, located at 55 Suffolk St. in Manhattan’s Lower East Side. Slated to open this spring, the 378-unit mixed-income community contains 25% permanently affordable and 75% market rate residences. The deadline for

applications to the lottery is April 12, 2023, and the application can be found at housingconnect.nyc.gov.

Residents of the 31-story building can enjoy a rooftop pool and sundeck, outdoor terrace with seating, fire pits and barbeques, co-working spaces and a dedicated lounge.

RESIDENTIAL NEWS
Photo courtesy of Gotham Organization
26 MANN REPORT | MARCH 2023

Absolute Electrical Contracting of NY services commercial, industrial, residential and retail clients.

Our construction division has the ability to do any task that is required of an electrical contractor.

Our low voltage division provides electronic security, voice & data, fiber solutions and fire alarm installations for any size project. The project management team has over 100 years of experience.

Robert Romanoff, President 307 West 38th St., Suite 1301, New York, NY 10018 917.693.5416 • Absoluteelectric.com

GFI UNVEILS ONE11 RESIDENCES AT THOMPSON CENTRAL PARK

GFI Development Company has launched the One11 Residences at Thompson Central Park, located on the top nine floors of the Thompson Central Park Hotel. Future residents of the hotel’s 99 condo residences will enjoy a free, first-year membership to the exclusive 2,000-squarefoot Upper Stories Lounge, where

PLANET HOME LENDING EXPANDS IN DALLAS

professionals can spend their days “working from home” in an upscale working environment.

The lounge offers a light complimentary breakfast, with lunch available at Burger Joint. In the evenings, live Jazz and custom cocktails will be offered at Parker’s bar.

National mortgage lender and servicer Planet Home Lending has opened a new branch in Dallas, Texas. The Dallas team will be led by Retail Branch Managers Tim Nolan and Jerry Frye and Assistant Branch Manager Jim Loughborough. The Dallas team also serves real estate investors with special landlord

loans based on rental cash flows rather than borrower income.

“The Dallas team has decades of local experience and they are a terrific addition to the Planet family,” said Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending.

SOUTHERN DISTRICT PROPERTIES GROUP JOINS SOTHEBY’S INTERNATIONAL REALTY

Southern District Properties Group has joined Sotheby’s International Realty and will now operate as Southern District Sotheby’s International Realty. The addition marks the brand’s continued growth in Texas and its 28th office in the state.

In 2022, the team achieved more

than $71 million in sales volume and has consistently been recognized in RealTrends’ rankings by volume and by transactions in Texas.

Southern District Sotheby’s International Realty is owned and operated by Cari Goeke who brings more than 20 years of experience to the firm.

The company has two offices, one in Brenham and another in Bellville, Texas. It also and plans to open a third location in College Station. The company will service the South-Central Texas region, consisting of the greater Brazos Valley, Bryan-College Station and popular towns such as Brenham, Bellville, LaGrange and beyond.

RESIDENTIAL NEWS
Photo courtesy of GFI Development Photo va PRNewswire Michael Dubeck
28 MANN REPORT | MARCH 2023

A proud Legacy is reborn

THE FASTEST GROWING REAL ESTATE ORGANIZATION AND FOUNDATION IN THE CITY

Giving to non-profit organizations to help NYC thrive

$995/YEAR MEMBERSHIP

consists of 5 events with guest speakers

For more information about membership, please contact penny@nationalrealtyclub.org

PROFESSIONAL PARKING TECHNOLOGIES DEBUTS CELLRAVEN

Professional Parking Technologies LLC (ProParking) has launched CellRaven, a product that provides reliable and cost-effective cellphone connectivity throughout buildings and building complexes, as well as in parking facilities and underground parking garages. The proprietary formula re-engineers enterprise WiFi

signals throughout any building or underground parking facility. That customized signal can be accessed by all cell phones with WiFi calling.

Additional signal repeaters can be placed in common areas and floors, to assure a strong and consistent signal throughout the building.

NEWMARK GLOBAL CORPORATE SERVICES SECURES CONTRACT WITH TRELLIX

Newmark Global Corporate Services (GCS) has been awarded a long-term integrated facilities management contract with cybersecurity firm Trellix. This engagement expands Newmark GCS’ services from transaction management into multiple service lines for corporate real estate clients.

SENTRAL ACQUIRES ALIGN RESIDENTIAL

Sentral, a full-service management company offering any length of stay, has acquired Align Residential, a national management firm specializing in innovative residential experiences. The acquisition expands the number of Sentral communities to 40, and the company’s network to 15 cities in the United States.

Newmark GCS professionals will support Trellix’s operations across 11 countries on five continents, including leased offices, hi-tech facilities and multi-purpose spaces. Newmark GCS will provide Trellix with outsourced facilities management services internationally, including employee experience.

Align designs, develops and manages residential assets offering vacation-style living through curated services and amenities. Communities feature artistically driven events, private parks, membership clubs, theaters, restaurants and bars, gyms, wellness spas, resort-style pools and concierge services.

MANAGEMENT NEWS
Miro, San Jose, California (Jason O’Rear)
30 MANN REPORT | MARCH 2023
IDB Bank’s Commercial Lending offers your business the level of attention you deserve and the capital you need to grow. IT’S OUR BUSINESS TO KNOW YOUR BUSINESS. Find out more about our unique relationships with our remarkable customers at IDBstories.com IDB Bank® is a registered service mark of Israel Discount Bank of New York. Member FDIC.

TRADE ASSOCIATIONS JOIN TO EXPAND SUPPLIER DIVERSITY OPPORTUNITIES

Seven real estate trade associations have forged a first-of-its-kind alliance to foster supplier diversity in the real estate industry. The Commercial Real Estate Diverse Supplier (CREDS) Consortium aims to expand economic opportunity for minority and women-owned business enterprises (MWBEs) and further diversify

industry supply chains.

CREDS Consortium associations include The National Multifamily Housing Council (NMHC), Commercial Real Estate Women (CREW) Network, ICSC, Mortgage Bankers Association, NAIOP, Nareit and The Real Estate Roundtable.

Architecture, interior design and planning firm FCA has been awarded the City of Hoboken’s Public Arts Master Plan, part of the city’s broader redevelopment initiatives. The firm will assist in developing a cohesive identity, defining the unique character and purpose of art in Hoboken while redefining the mission, vision,

RE/MAX MARKETPLACE ADDS 11 VENDORS TO NETWORK

Re/Max LLC has added 11 companies to the Re/Max Approved Supplier Program. Services and materials are available for purchase – often at Re/Max negotiated rates – through the ReMax Marketplace, the online portal exclusively available to agents.

The new members are: DO AdioTours,

an audio tool; Formations, a financial management platform; Home Warranty of America, a national warranty company; Listing Alert, a communication platform; RESAAS, a global referral platform; Sold.com, a matching algorithm; Tongo, which allows agents to immediately access their commission once a transaction is pending and

goals and guiding principles for the Public Arts Commission’s public art program.

FCA’s urban planning team will work closely with city officials and a wide variety of stakeholders, developing guidelines for inclusion of public art in public improvement projects.

Virtudesk, a virtual assistant service provider.

The new members in Canada are: The AML Shop, an anti-financial crime consultancy; Axis Insurance Managers, providers of risk management and insurance services and telecommunications company Telus Communications.

MANAGEMENT NEWS
FCA AWARDED HOBOKEN PUBLIC ARTS MASTER PLAN
32 MANN REPORT | MARCH 2023
Bringing Innovation to Matthew Adam Properties is a long-time leader in bringing innovative ideas and programs to the properties we manage. Contact us to find out how we can innovate your building to a new level. Ira Meister, President | 375 Pearl Street - 14th Floor | New York, NY 10038 T: 212.699.8900 F: 212.699.8939 imeister@matthewadam.com | matthewadam.com property management

BANK SHOT LAUNCHES DIGITAL DISBURSEMENT SOLUTION

Bank Shot, an app built for speed and security in sending earnest money, has added digital disbursements to its payment options, becoming an all-in-one real estate payments solution, the company said. This new feature will allow title closing teams to send disbursements as digital checks through the Bank Shot portal.

Historically, sending disbursements has required physical mailing or the hand-delivering of checks, accompanied by mailing fees and a two-to three-day waiting period for agents to receive commission. The process creates new time savings, and initial returns show it can also have a huge impact on the bottom line.

GPARENCY LAUNCHES CREDITS DATA CROWDSOURCING PROGRAM

Gparency, a national commercial real estate prop-tech platform providing competitive tools for finding and financing transactions, has launched CREdits, a program designed to issue monetized credits that discount membership fees in exchange for property data submitted to the company’s Digital Marketplace directory.

ZILLOW ADDS NATURAL LANGUAGE SEARCH

Data includes new listings, updates and corrections.

The goal is to put property owners back in control of their own data, the company said. Property owners can now discount Gparency’s annual membership fee and enjoy full access to the Digital Marketplace.

Zillow has launched an AI-powered feature that lets shoppers search for homes in the same way they would talk to their friends and family.

Home shoppers can enter phrases like “$700K homes in Charlotte with a backyard” or “open house near me with four bedrooms” directly into

the Zillow search bar, rather than starting with a location and filtering their way to the homes they want. They can also save their searches and have Zillow notify them when qualifying listings come online. The feature is now live on the Zillow app for iOS users and is coming soon to Android devices and zillow.com.

TECHTALK
Photo via PRNewswire Photo courtesy of Gparency Photo via PRNewswire
34 MANN REPORT | MARCH 2023
Gparency Founder Ira Zlotowitz
REBNY ANNUAL H O N O R I N G N Y C C I V I C L E A D E R S 127th Be a part of NYC real estate's signature networking event. T H U R S D A Y , A P R I L 2 0 5 : 0 0 P M T H E G L A S S H O U S E 6 6 0 1 2 T H A V E N U E
Daniel Boulud and other top chefs Follow QR code to sponsor the event and buy tickets.
Featuring Chef

AIRWORKS LAUNCHES MARKETPLACE TO PROVIDE GEOSPATIAL DATA ON DEMAND

AirWorks, an AI-powered mapping solution providing geospatial data processing and analytics, and Nearmap, a location intelligence and aerial imagery company, announced that Nearmap will join AirWorks’ newly launched Data Marketplace, an ecosystem of geospatial data providers that unite data into a sin-

gle platform — AirWorks Automate.

Airworks and joint Nearmap-Airworks customers will be able to request and access planimetric data based on Nearmap imagery. High-resolution aerial imagery from Nearmap is now available on demand for all AirWorks clients.

CURBIO ANNOUNCES INSPECTION REPAIR TOOL FOR AGENTS

Curbio, the pay-at-closing home improvement solution for the real estate industry, has added an inspection repair tool to its suite of product offerings. This tool will be available to real estate agents on both the buying and selling sides of a home sale. With this new tool, Curbio streamlines the estimate and repair

processes for agents following home inspection reports, getting homes to the closing stage faster, the company said.

Curbio’s inspection repair tool prices out repairs, and gives agents the option to execute repairs as quickly as possible.

NEW MEXICO ASSOCIATION OF REALTORS AND SKYSLOPE OFFER NEW BENEFIT

The network of real estate organizations that have united with the transaction management platform, SkySlope, is expanding with a new partnership between the proptech company and the New Mexico Association of Realtors (NMAR). In conjunction with SkySlope, NMAR will release digitized association forms

to its members in the first quarter of this year.

SkySlope Forms will reinvent the process by embedding forms within the SkySlope transaction management solution, making it easier for NMAR members to find, fill and e-sign real estate forms in one place.

TECHTALK
36 MANN REPORT | MARCH 2023

Fried Frank

Where major real estate transactions happen

HUDSON YARDS

Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center.

CHELSEA MARKET

Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City.

BLACKROCK HEADQUARTERS

Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.

MANHATTAN WEST

Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League.

PENN STATION

Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall.

CENTRAL PARK TOWER

Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.

ONE VANDERBILT

Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal.

20 TIMES SQUARE

Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square.

JP MORGAN CHASE HEADQUARTERS

Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.

New York | Washington, DC | London | Frankfurt | friedfrank.com Attorney Advertising. Prior results do not guarantee a similar outcome.
“An extremely talented real estate group with an impressively deep bench: the team is ideal for handling the most complex matters.”
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LRS Architects has promoted Designers Mira Boumatar and Kelsey Loverro to associate. Boumatar works in various studios, including civic, commercial, housing and adaptive reuse. Loverro works in the multifamily housing and workplace studios as well as aiding the hospitality and auto sectors.

Boumatar joined LRS in 2015 and works in the firm’s virtual reality programming space. She serves on the firm’s Justice, Equity, Diversity and Inclusion (JEDI) Committee, as well as a member of the Practice Com-

LRS ARCHITECTS PROMOTES BOUMATAR AND LOVERRO TO ASSOCIATE  LUXURY CONDO TOWER MONOGRAM NEW YORK UNVEILED

mittee, Social Committee and the CCA Taskforce. Boumatar earned her Bachelor of Architecture from the American University of Beirut.

Joining LRS in 2014, Loverro has risen from a support role designer to leading entire design projects from inception to completion. Her contributions extend to social media marketing, art directing photo shoots and bringing new projects to the multifamily housing and workplace studios. Loverro earned her bachelor of interior architecture degree from the University of Oregon.

Navigation Capital Group, an investment management and development company associated with Hopson Development Holdings, has introduced 135 East 47th St. as Monogram New York, a 191-unit, 35-story luxury condominium tower located in Midtown Manhattan. The project offers a refined, turnkey residential experience, featuring curated interior design packages complemented by white-glove services courtesy of hospitality partner Anthology Group.

For its first residential project in New York City, Shanghai-based design

studio Neri & Hu envisioned the interiors and incorporated clean, vertical lines and natural materials throughout. The exterior by Ismael Leyva Architects boasts a distinctive crown that honors the surrounding Beaux Arts and Art Deco landmarks. New York-based RAL Companies provides owner representation and development services.

Monogram New York residences range from studios to two-bedroom homes, and the opportunity to be purchased fully furnished with custom selections curated by Neri & Hu.

BREAKING NEWS
Photo courtesy of Navigation Capital Group Photos courtesy of LRS Architects Kelsey Loverro Mira Boumatar
38 MANN REPORT | MARCH 2023

The 70 th Top Hat Awards

The Top Hat Award is a prestigious honor presented annually to an individual for lifetime achievement and dedication in the Credit Industry.

We are proud to recognize Melanie L. Cyganowski and Michael Stanley, who have reached new levels of achievement within our community. This year, we will celebrate their accomplishments with an award ceremony at New York Hilton & Towers.

Y O U ’ R E I N V I T E D T O APRIL 17 TH , 2023 | 5:00 PM - 8:00 PM
Register at www.475toppers.com
HILTON & TOWERS
OF THE AMERICAS
Us to Hono o r
Stanley
L. Cyganowski
NEW YORK
1335 AVENUE
Join
Michael
Melanie

VALENTE AND PEPE PROMOTED TO SVP AT FIRSTSERVICE RESIDENTIAL NEW YORK

FirstService Residential New York has promoted David Valente and Mark Pepe to senior vice president in the firm’s Manhattan Condo/Coop Property Management Division. Valente and Pepe will have executive oversight of a portfolio of condominium and cooperative properties and teams of property managers and assistant property managers.

Pepe, who joined the company in 2005, has executive oversight of a portfolio of properties that includes The Berkeley House, a 1940s co-op overlooking Central Park South; Car-

negie Hill Tower, a 210-unit, condominium on Manhattan’s Upper East Side; The Landmark, a 36-story coop in Sutton Place and One Hanson Place in Fort Greene, Brooklyn.

A 17-year company veteran, Valente counts these buildings in his portfolio: Baccarat Residences, a condominium at 20 West 53rd St.; Cipriani Residences, 55 Wall St., a National Historic Landmark; the Grand Madison condo at 225 Fifth Ave.; 75 Wall St., a residential tower and Greenwich Club Residences, an Art Deco-style tower at 88 Greenwich St.

ROMER DEBBAS NAMES ALLEN, FELDMAN AND HELFER CO-MANAGERS

Boutique law firm Romer Debbas LLP has named firm partners Stephen W. Allen, Michael R. Feldman and Jonathan Helfer co-managers of the residential real estate department. New York City’s largest dedicated residential real estate practice, the department encompasses 20 professionals who handle all aspects of residential matters, many of which are for high-profile clients across the finance, business, sports and entertainment industries..

Allen has been practicing in the field of real estate for over 20 years, help -

ing clients navigate often complicated purchase and sale transactions with proven experience and invaluable insights.

Feldman concentrates his practice on representing buyers, sellers and lending institutions in residential and commercial real estate transactions and is well versed in the areas of contract negotiation and due diligence. Helfer has handled and supervised thousands of transactions, from the most basic to the most complex residential and commercial deals over the past 15-plus years.

BREAKING NEWS
Photo courtesy of Romer Debbas Clockwise from top left: Stephen W. Allen, Michael R. Feldman, Jonathan Helfer, Pierre Debbas, Michael Romer Photos courtesy of First Service Residential NY David Valente Mark Pepe
40 MANN REPORT | MARCH 2023

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We may be one of the 10 largest banks in the U.S., but we never lose sight of the individual. Our Relationship Managers personally get to know your business, taking the time to understand your unique needs before offering their custom solutions. And with over 150 years of industry experience, you won’t just like working with us. You’ll love it.

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ENDING THE HOMELESS CRISIS BUILDING BY BUILDING

The problem may be of crisis proportions now but finding affordable housing for low-income New Yorkers has been a problem for more than 30 years.

At least that’s how long Moujan Vahdat, CEO of Elmo Realty Co., one of the largest landowners in New York, has been working on alleviating the city’s homeless crisis. Last year, the company celebrated the 30-year milestone of its corporate mandate to help an ongoing problem in an always expensive city. But it wasn’t exactly Vahdat’s original plan as a traditional multifamily owner and manager. The firm has bought and sold over 75 properties and currently owns

and manages over a dozen properties throughout New York City’s five boroughs.

“I fell into it,” Vahdat recalled. “I owned a building in the 1980s at 301 West 108th St., which at the time had some vacant units. A gentleman walked into my building and said, ‘I would like to rent your units for homeless people.’ That was the start of a 40-year relationship as that gentleman was a founder of The Bridge Inc.”

The Bridge Inc. provides housing and behavioral health services to those in need through 40 programs in the Bronx, Brooklyn, and Manhattan to provide subsidized apartments in East and West Harlem. Over the years, the organization net-leased some buildings from Vahdat for the homeless.“We gave them many units to be supportive of the homeless,” he recalled. “That was the start.” Over time, Vahdat began construction of other buildings and net-leasing them to other organizations. These include

the Promesa Housing Development Fund Corporation, which has housed 46 former homeless adults and 60 children in the Bronx for nearly 10 years. It works with partners with compatible missions who then work with the Department of Homeless Services. It is not customary for for-profit landlords to provide homeless services, Vahdat explained.

“It really is a compassionate, very hardworking and smart organization, but they have their hands tied behind their back,” he said. “But their intentions have always been good for the past 30 years. They really want to help the homeless.”

All have their hands full. In recent years homelessness in New York City has reached the highest levels since the Great Depression of the 1930s, Vahdat observed. The Coalition for the Homeless reported that in August 2022 there were 55,036 homeless people sleeping each night in New York City’s main municipal shelter system, which is 15% higher than it was 10 years

COVER STORY 44 MANN REPORT | MARCH 2023

ago. It also reported that the number of homeless single adults is now 89% higher than it was a decade ago.

Nationally, the numbers aren’t much better and, in some areas, are even worse. According to the National Low Income Housing Coalition (NLIHC), New York ranks fourth (behind Hawaii, California and Massachusetts) nationally for the highest housing wage necessary to afford a two-bedroom rental apartment, at $37.72 an hour. No state has an adequate supply of affordable rental housing for the lowest income renters. Nationally, nearly three in 10 (28%) of renter households are extremely low income, and the Coalition estimates that there is a 615,025-unit shortage of rental homes that are affordable and available for extremely low-income renters.

Why is the situation so bad? Several factors come into play. The primary cause of homelessness, particularly among families, is lack of affordable housing as apartment prices have soared in recent years. The average annual household income needed to afford a two-bedroom rental home at HUD’s Fair Market rent is $78,465, according to NLIHC.

Surveys of homeless families have identified more immediate, triggering causes of homelessness: eviction; doubled-up or severely overcrowded housing; domestic violence; job loss and hazardous housing conditions.

Vahdat offers another cause.

“It’s become a mental health crisis,” he observed. “Until the dollars for mental health are diverted to the correct

avenues, this unfortunate situation will continue. It has also become more difficult due to COVID-19, with red tape at the hospitals and the organizations. People who are really mentally ill have a difficult time getting help.”

People with the knowledge of how to work the systems that are in place can receive help, Vahdat continued. Those on the streets without that wherewithal continue to suffer.

And more trouble could be on the way, Vahdat warns: an unprecedented eviction crisis looms for hundreds of

thousands of New Yorkers following the expiration of the state’s eviction moratorium, in the absence of additional emergency rental assistance or expansion of needed rent subsidies.

Financing these projects is an even greater challenge.

“In New York, it’s more expensive to build affordable housing because of land prices. And they put a cap on land prices. That cap kills 80% percent of deals,” Vahdat noted.

Several misconceptions also contribute

COVER STORY MARCH 2023 | MANN REPORT 45

to the problems.

“It is actually difficult to finance homeless shelters because the leases that the city of New York gives the not-for-profits contain a clause that the city can cancel the lease for any time, by giving 30 days or 90 days maximum notice,” Vahdat explained. “So, the banks are afraid — what happens when the city decides they don’t want to renew for political reasons?"

Meanwhile, Vahdat notes, that has never happened except in the event of gross mismanagement by the non-profit or fraud. Fortunately, some banks are more lenient regarding financing, even as others are walking away.

“That’s one of the problems involved with homeless services, the financing,” he continued.

That’s why Vahdat and his family built the projects with their own money. Once the property has a track record, they refinance it with a bank.

“That’s the way I understand most of the people who are involved in providing a lot of units are doing it,” he said.

Vahdat also continues to combat the forces of NIMBY (not in my backyard), though he reports that objects have “softened a little bit.” Both current Mayor Eric Adams and his predecessor have mandated the opening of shelters, so opposition has declined except in very affluent neighborhoods.

And the government must play a financial role, Vahdat added.

“Homelessness is a function of not having enough affordable

32 WEST 123RD ST. 375 PLEASANT AVE. COVER STORY
46 MANN REPORT | MARCH 2023

or low-income housing. That’s a different ball game I’m involved in. I feel strongly that our government has not acted like a government when it comes to affordable housing,” he said. “The rules are antiquated. It should not be more profitable to build at-market housing than affordable housing. For the developer, it should be that I can build affordable housing and maybe make a little less money, but not 1% of what I used to make.”

Nor should affordable housing builders be forced to “jump through hoops in the financing aspect. There is financing available, but it’s very difficult.”

He noted there are a handful of developers working in the sector. And New York poses its own challenges.

“We have been doing this for 40 years — for 10 years as a broker,

30 years as a principal myself. This is a function of our state, local and federal government allocating more funds. It costs a lot more to house a homeless person at $300 a night in a hotel than to allocate $1.5 billion to $2 billion for affordable housing,” he said.

Vahdat on occasion gets discouraged, he acknowledged. A recent project was pulled from him after a year of work because the financing didn’t work.

“It would work if I built condos,” he said.

Yet he remains hopeful for the most part that he can end the homeless crisis.

“We are dedicated to that,” Vahdat concluded. “It really is my hope that I can help in that.”

COVER STORY
1793 AMSTERDAM AVE.
MARCH 2023 | MANN REPORT 47

45th Annual

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Wednesday, March 15, 2023

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Ziegfeld Ballroom, New York City

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Keeping Traffic Humming at South Station Tower

Any new construction in an older, densely built city will pose challenges — but the expansion of Boston’s South Station into a high-rise, mixed-use complex has its own unique set of issues.

Developed by Hines with partners APG Groep NV and Dune Real Estate Partners and designed by global placemaker Pelli Clarke & Partners, South Station Tower is building more than 1 million square feet of office, residential and hotel space above the historic station, even as it is expanded and remains operational.

“This isn’t our first time working in this kind of environment,” said Jim Gutmann, vice president of construction at Hines. “Transit-oriented development is a great way of development, it’s sustainable in many ways.”

And don’t forget the pandemic, adding yet another layer of complexity for general contractor Suffolk Construction.

“The pandemic added some complexities and put a hiccup in the schedule,” said David Fenton, Northeast COO, commercial, at Suffolk.

Construction has been underway since January 2020 on the 51-story tower, which will feature 166 luxury condominium units serviced by The Ritz-Carlton on the top 15 floors. The lower 35 floors will feature 670,000 rentable square feet of premier, Class A office and amenity space as well as an expansive private park, designed by OJB, for residents and office tenants. The bus terminal expansion and improvement is expected to be completed in the third quarter of this year, while the residential and office project will be completed in 2025.

Underground public transportation has been present at South Station for more than a century, but the current buildings (separate rail and bus terminals) date from the 1940s, making connections between them difficult at best. A mid1980s redevelopment long before Hines became involved helped prepare for the current construction, Gutmann added.

“At that time, it was the MBTA and the city in anticipation of future expansion,” Gutmann said. “We’ve made use of the work they did in the 1980s to put some of the foundations in the rail yard.”

The new bus terminal will increase capacity by more than 50% and will provide direct, convenient connections to the train and subway. The completion of the South Station Transportation Center will create comfortable and convenient transfers to all modes of transit. The new outdoor concourse area will increase in size by 67% for an improved experience for passengers and people passing through the station. The tracks and platforms will be covered and the outdoor concourse will be transformed into an architecturally significant gateway to the city.

“South Station is already connected to the bus system, which feeds directly to Logan airport,” adding yet another layer of convenience, Gutmann said. “We came in with a logistics plan prepared in collaboration with MBTA, Amtrak and other stakeholders.”

AKF Code Consulting Group played a critical role securing special approvals for the groundbreaking project and was responsible for ensuring that the core and shell design complied with all applicable codes and ordinances, the company said. Because of the complexity of the project, Suffolk Construction was retained during the pre-con-

FEATURES | COMMERCIAL
A 51-STORY TOWER IS RISING OVER THE TRANSIT STATION
50 MANN REPORT | MARCH 2023

struction phase and used building modeling to really image out what the construction process would look like.

“Biggest challenge was working around commuter traffic and the public,” said Fenton. “How were we going to work safely with an active train yard and making sure people were going to work and coming home?”

Phasing was critical. The first stage, from January 2020 through June 2020, entailed establishing construction zones on Atlantic Avenue, Summer Street and adjacent to Track 13.

A podium structure was created over the rail yard on the 1980s foundation and 10 of 13 tracks were pushed to the south to accommodate the construction of the future tower. Construction could only take place when certain sections of the track were shut down.

“There are almost two distinct components in the way the project is built: the overbuild of the existing rail yard, which eventually serves as a parking deck and then the tower,” Fenton continued.

Ironically, COVID-19 may have been something of a help at this stage, reducing ridership and even pedestrian traffic.

“But it didn’t change a whole lot of our logistics,” Gutmann said. “We still had to create a safe means of moving around the station.”

The pandemic also was not helpful in scheduling material delivery. With such a tight location, Suffolk utilized just-in-time delivery of materials, and supply chain delays were a

FEATURES | COMMERCIAL THE OFFICE ENTRANCE MAKES A STATEMENT
MARCH 2023 | MANN REPORT 51

serioius issue.

“It hit in the most bizarre ways,” Fenton said. “We were having issues with insulation, rubber gasketing, window assemblies. It hit every single trade in some form or fashion.”

However, construction continued. Stage 2, which took place from July 2020 through June 2022, saw Suffolk begin construction on the expansion of the bus terminal and foundation and structure work on the tower.

“The design is unique,” Fenton said. “Above the super columns is complex concrete archwork to form the Great Space. It’s super cool.

In the third and current stage, which began in July 2022 and will

STRIKING ARCHWAYS FRAME THE STATION CONCOURSE

FEATURES | COMMERCIAL
52 MANN REPORT | MARCH 2023

continue through June 2024, Suffolk will complete the South Station Transportation Center and the mixed-use tower. “We have constructed everything to date keeping the station completely active with minimal disruption to train service,” Gutmann said. “The most difficult portions are behind us, now that we have the podium structure erected. With the tower, we’re working within a well-defined work zone, separated by a construction barricade from the general public.”

Communication is constant among the team, with the tenants of neighboring buildings and with the appropriate government agencies.

“We have great relationships with all the city agencies,” Fenton said. “As this is also a state project, we have state agencies involved. They’ve

all been extremely helpful.”

Suffolk is known to utilize pioneering technology, and South Station was no exception. Building image modeling and preassembly have helped ensure that parts align. The Voyage Control software platform helps Suffolk schedule deliveries in half-hour increments. Another program, Synchro 4D, tied the building model to the actual construction schedule.

“We can watch the building go up in time to make sure it’s being assembled in the right order,” Fenton said.

Now, with the infrastructure in place, multiple crews are building the tower.

Construction is being privately funded and,

along with creating a new public space at the train station concourse, it will also improve the streetscape along Atlantic Avenue with new sidewalks, granite curbs, streetlights, greenery and street furniture, further activating the area and resulting in a vibrant, safe and welcoming experience for all. Hines is a veteran mixed-use developer.

“This is a very unique project given the surroundings of the train station, the amount of the activity and just the unique location,” Gutmann said. “Executing a project like this is the result of a large collaboration with a number of people — not just the results of one entity. It took a lot of people a lot of time and planning to get this underway. We’re quite excited about 2023, the year the tower will become visible in the skyline. It’s been a long wait, but it’s exciting.”

FEATURES | COMMERCIAL
LOBBY AMENITIES INCLUDE FOOD AND BEVERAGE THE TOWER WILL DOMINATE BOSTON'S SKYLINE
MARCH 2023 | MANN REPORT 53
PHOTOS COURTESY OF DBOX

TRUE GRIT: ELIMINATING

COMMERCIAL PROPERTY FALL RISKS WITH LASTING, ANTI-SLIP COATINGS

Commercial property managers are responsible for keeping tenants happy and safe, which includes performing proactive maintenance to prevent potential slip and fall injuries in high traffic areas, stairwells and loading docks. Failing to do so can lead to litigation, higher tenant turnover and lower lease rates.

Unfortunately, anti-slip coatings used to increase traction on slick or slippery surfaces are a veritable grab bag of options. Some are designed to be applied only to specific substrates. Others require extensive surface prep to remove existing coatings and sealants. Many shrink after drying, do not adhere well or quickly lose embedded aggregate required to improve traction.

This can leave commercial property management firms and the painting contractors they employ unclear on the best anti-slip coatings to apply. Ideally the formulation could be applied to a wide range of substrates, resist shrinking and retain aggregate to improve traction and endure many years of wear. Given the large square footage and number of stairs involved in many projects at commercial properties, the time to complete any prep work and apply the coating should be minimized to keep costs down.

This was precisely the challenge commercial coatings contractor Roger

Williams, owner of Youngsville, North Carolina-based Williams Painting Service, faced when he was contacted by Kane Realty Corporation, a Raleigh-based real estate development company that has managed more than six million square feet of mixed-used space since 1978.

The property management firm wanted to improve the safety of four exterior parking deck stairwells at one of its signature properties. The stairwells run seven stories, with approximately 130 treads per stairwell. Because one of the stairwells is near an outdoor workout area, CrossFit enthusiasts regularly run up and down the concrete steps daily.

“We first had to determine what coating to use to improve traction on the stairs, which get slick when wet,” said Williams. The interior corner stairwells were under cover but exposed to the elements via large windowless openings on some of the walls. Rain, humidity and even perspiration made safely navigating the concrete steps more difficult.

However, finding a safe, durable anti-slip solution for the application was a challenge, and several products he tested were inadequate.

“One product, which was very expensive, claimed it made wet surfaces ‘non-slip,’ but it did not work well on the steps. The surface of the tread was still slick when we poured some water on it,” said Williams. The only other choice was an epoxy formulation that required first stripping the concrete sealer from all the stair treads using muriatic acid.

“The steps were covered with several coats of concrete sealer, and with this particular coating you had to strip off the sealer first, which is a costly, messy ordeal that would have added a lot of time to the project,” explained Williams.

According to Williams, about this time, another property management company, JLL, contacted him about the North Carolina Mutual Life Insurance Company Building in downtown Durham, North Carolina.

JLL recommended a specific true epoxy binder with embedded aggregate the building engineer had discovered at a trade show. The coating needed to improve traction while maintaining the aesthetics of the main entry staircase, which was made of Chattahoochee stone. The building’s loading dock and a diamond plate lift surface also required

FEATURES | MANAGEMENT
TREADS ARE NONSTICK.
54 MANN REPORT | MARCH 2023
AN EPOXY BINDER IMPROVES TRACTION.

better traction for safety.

The non-skid coating Form-A-Tread SL (Self Leveling) is a combination of a low-to-medium viscosity epoxy binder consisting of 100% solids and a specialized aggregate broadcast on top. The coating can be used in a variety of surfaces including concrete, asphalt, metal, wood and other porous and non-porous substrates. The formulation along with the applied aggregate is designed for indoor and outdoor use and can last for years even when exposed to sunlight, chemicals, weather and temperature extremes.

The patented coating provides a very durable, slip-resistant surface on commercial flooring, walkways, ramps and other large areas with high pedestrian or vehicle traffic. The coating is easy to mix and apply by hand. Installation is fast and the surface is typically ready for use within hours.

“The SL coating is extremely non-slip. The heavy embedded aggregate sinks into the epoxy and doesn’t just sit on the top of the coating, so it is a very effective product. The finished result looks great, and the building engineer was very pleased with how it turned out,” Williams said.

While he was being trained to apply the SL coating, Williams realized it would also be ideal for Kane Realty’s stairwell project. Consequently, he coordinated with the chief building engineer to complete a proofof-concept demonstration on some of the most challenging stairwell steps. Based on the results, he was given the go-ahead to apply the formulation in all four parking garage stairwells.

This epoxy paste formulation, called Form-A-Tread Original, is specifically designed to apply as stair tread striping on a variety of step surfaces. Like the self-leveling product, aggregate can be embedded in varying amounts to increase traction. The bond is so strong that a chisel or angle grinder is required to remove the stair tread line, an advantage in high-traffic areas.

“Form-A-Tread [Original] is the only product we found that adheres to sealed concrete steps without coming off,” said Williams.

For added safety, the 100% epoxy tread line does not shrink after drying and so provides a superior tactile sensation that creates greater awareness of footing when climbing or descending stairs. The stair tread striping can be easily applied by untrained personnel. Each kit supplied by Form-A-Tread includes a 400 ml cartridge of material that can produce 25 to 40 linear feet of one-inch-wide tread. A special tool is used to dispense and mix the material at the time of application in the correct ratio, eliminating the risk of human error.

The kit includes a patent-pending stencil system, so the one-inchwide tread lines remain clean, neat and parallel. In addition to straight line treads, instructions such as “Exit Here” or a corporate logo can be applied using the material and a stencil. According to Williams, a crew of six was able to complete the coating application on every step of all four stairwells within four days.

“Three of my crew laid the form, one did the application, one spread the aggregate, and one removed the tape strip. Once we got into the swing of things, we were able to finish a seven-story stairwell each day,” said Williams.

Now, stair safety is no longer a pressing concern for Kane Realty’s chief building engineer or the cross-training tenants.

Williams is already receiving positive input from other commercial property managers in the greater Durham metropolis.

“There are many large buildings in the downtown area where I expect to use the product in the future. I consider it extremely useful wherever safety needs to be improved with superior traction, along with upgraded aesthetics,” concluded Williams.

Del Williams is a technical writer based in Torrance, California.

FEATURES | MANAGEMENT
THE COATING IS SELF-LEVELING.
MARCH 2023 | MANN REPORT 55
PHOTOS COURTESY OF FORM-A-TREAD

It’s a tip to the past as a future is being created. Recognizing the role Triple Five’s Calverton Aviation Technology (CAT) is playing in reinventing the former Calverton Flight Test Center in Riverhead, New York as a 21st century corporate park, Northrop Grumman has donated photographic memorabilia to the company that will be on permanent display at Triple Five’s future CAT office.

The site, at Route 25 and the Peconic River, has a long history in aviation. The U.S. Navy assembled a parcel of some 7,000 acres through the 1940s and early 1950s and constructed manufacturing plants, testing facilities and runways for military aircraft. It leased the facilities to Grumman Corp. (later Grumman Aerospace), known for its World War II fighter aircraft — and later, for the Apollo lunar modules that brought astronauts to the moon.

Northrop acquired Grumman in 1994, and the corporation vacated the Calverton site in 1996. Then began decades of efforts after the site was transferred to the Town of Riverhead. Various developers over the years offered proposals to build golf courses, theme parks, resorts, convention centers, industrial space and more.

Triple Five, a multinational diversified conglomerate, development and finance corporation whose holdings also include West Edmonton Mall in Canada, Mall of America in Bloomington, Minnesota and American Dream in East Rutherford, New Jersey, finally acquired a 1,644-acre parcel in 2018 for a research, technology and corporate park. It is now beginning construction on the first phase of its plan.

“We are honored that we have been designated as a recipient of materials that honor the men and women who worked on cutting edge aviation technology that defended our nation for decades,” stated Triple Five Principal Justin Ghermezian. “When Grumman was based at Calverton they were flight testing squadrons of Navy fighters and bombers. There wasn’t a time when their employees weren’t introducing aviation innovation. This property demonstrated the enormous economic power of technology as a critical component in our nation’s defense. It is now time to reclaim this site’s heritage of job creation, economic growth and the ability to be a world-class center for business and technological innovation.”

NORTHROP GRUMMAN PROVIDES CAT WITH HISTORIC IMAGERY OF THE

CALVERTON FLIGHT CENTER

Through a public-private partnership with the Town of Riverhead, CAT is creating an environment that will welcome business and technology development back to Calverton, the company said. The companies that will arrive there will find an enormously talented Riverhead Township workforce, with a town administration equally committed to providing a foundation for economic growth.

“The federal government transferred this former flight test center to the town for the specific purpose of reinventing economic development for the people of Riverhead and the region,” Ghermezian said. “Our company intends to restore this site as an economic engine that meets the challenges of a 21st century economy. We stand ready to meet that challenge.”

The company has already committed to promising funds to improve existing community recreational facilities, create green spaces and other amenities that enhance the visitors experience to Enterprise Park Calverton (EPCAL). In addition, Triple Five CAT proposes to ally potential development with existing Long Island centers of excellence such as SUNY Stony Brook, Cold Spring Harbor Labs and Brookhaven National Laboratory, underscoring Calverton’s re-emergence as a dynamic hub for technology, innovation and commerce.

56 MANN REPORT | MARCH 2023
FEATURES | MANAGEMENT
PHOTOS COURTESY OF TRIPLE FIVE CORP.

RUNWAYS AND MANUFACTURING FACILTIES WERE BUILT

LONG ISLAND HAS A LONG HISTORY IN AVIATION

CONTROLLERS CAREFULLY WATCHED FLIGHTS

AIRCRAFT WAS TESTED.

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FEBRUARY 2023 | MANN REPORT 59

SUNPOWER JOINS

ENERGY LEADERS

FOR ELECTRIC, SOLARAND BATTERY-POWERED MICROGRID COMMUNITIES

critical loads such as lights, refrigeration and WiFi, as well as additional high-capacity loads such as HVAC and domestic hot water. When the sun is shining, individual and community batteries can be continually recharged using excess solar generation until the grid connection returns.

“SunPower and KB Home have a long-standing history of leading the new home industry with energy innovation and sustainability,” said Matt Brost, vice president of sales, new homes, at SunPower. “With this project we are taking a large leap toward creating communities from the ground up that are designed to produce sustainable and affordable energy and resiliency to the impacts of climate change on our grid.”

SunPower Corp. conceptualized the project and is the project lead. It will oversee the project partners, provide energy services and technology and ensure the home energy systems support the microgrid operations. It will also provide solar panels, battery storage and EV charging options for each home.

KB Home, SunPower and UCI joined forces to reimagine a new home community built to reduce carbon emissions, cut energy costs and provide new ways of producing reliable and resilient energy, the announcements said. With a $6.65 million Department of Energy (DOE) grant, microgrid design and engineering support from Schneider Electric and collaboration with SCE to ensure a smooth transition between grid and offgrid electricity, these homes are now available to the public.

“KB Home has been at the forefront of deploying advanced technologies and energy solutions for the benefit of our

Blackouts may be a thing of the past for one new Southern California Community SunPower Corp., University of California, Irvine (UCI), Schneider Electric and Southern California Edison (SCE), which announced a collaboration with KB Home as the strategy, research, technology and energy providers for the homebuilder’s newly launched Energy-Smart Connected Communities in Menifee, California. More than 200 all-electric homes will be solar powered, equipped with individual battery storage and connected to a microgrid powered by a large, shared community battery. These power outage-resistant communities are the first of their kind in the state.

These communities offer a new vision for how individual homes interact with the electrical grid, the partners said. Every home, while maintaining its regular service with local utility Southern California Edison, is designed to operate during an outage as part of a self-supporting microgrid, drawing energy from its own SunVault storage system as well as a large community battery. They are designed to support

FEATURES | TECHNOLOGY 60 MANN REPORT | MARCH 2023

homebuyers. In our pursuit of building better homes, better communities and a better future, we believe that our all-electric, solar- and battery-powered homes at Oak Shade and Durango in Menifee, California have the potential to deliver significant energy savings,” said Jeffrey Mezger, KB Home’s chairman, president and CEO. “Working with industry and academic leaders, we plan to explore how these energy-smart connected communities can help protect the environment and turn our homes into their own power centers designed to deliver resiliency while also reducing the overall cost of longterm homeownership.”

KB Home was the first builder to make every home it builds Energy Starcertified and has built over 160,000 Energy Star=certified new homes since 2000. The company estimates that its sustainably designed homes have cumulatively reduced energy utility bills for its homeowners by an estimated $856 million. Additionally, to date, these KB homes have reduced CO2 emissions by an estimated cumulative 6.3 billion pounds. The homebuilder has also delivered over 14,000 solar homes, producing an estimated total of 75 million total kilowatt hours of renewable energy annually.

Sustainability & Resilience

All 219 of the homes in the new Durango and Oak Shade communities will be built to meet the Department of Energy’s Zero Energy Ready Home criteria, which include Energy Star, WaterSense and Indoor airPlus. These additional features could help homeowners reduce average energy use by up to 40%. Each home comes with a SunPower Equinox solar system, designed to achieve net-zero energy, a 13kWh SunVault Storage battery, high efficiency appliances, flexible loads such as electric heat pump water heaters and HVAC systems and other smart technologies like Schneider Electric’s Square D Energy Center (which integrates transfer switches, inverters, metering, monitoring and more into one smart panel) and connected wiring devices such as switches, sensors and dimmers. All homes will be pre-wired to be smart electric vehicle (EV) charger ready, and some will demonstrate bidirectional charging, which enables an EV to be an additional source of energy for the home during a power outage. EV chargers will be available for purchase at the time of sale. Additional energy services offered by SunPower allow residents to enroll in a Virtual Power Plant (VPP) program through which their battery storage, EV chargers and other flexible loads can automatically dispatch to support the electric grid. Enrolled homeowners may be eligible for compensation for their participation in the program. UCI will also simulate the connected microgrids,

analyze data from the VPP program and collaborate with SCE to determine its effectiveness in supporting grid infrastructure. The Advanced Power and Energy Program (APEP) at the University of California, Irvine will acquire and archive data from microgrid events and conduct research to enhance the technologies deployed in similar applications in the future. It will ensure that the microgrid controller meets the national standards that evolved from prior research conducted by APEP for the DOE using the UCI Microgrid as a platform for both the development and demonstration.

The project partners will conduct research to measure the energy efficiency of each energy-smart connected community in comparison to traditional residential solar communities. They will explore how to build all-electric homes that will more effectively meet the requirements of future energy codes and how a connected community, energy storage batteries and bi-directional EV chargers can maximize efficiency and comfort — and help keep the power on for a certain period of time at a community level. The research will continue throughout and beyond the development cycle of both communities.

KB Home, which is responsible for the design and construction of the energy-smart connected new home communities, is the only national builder to have earned awards under all of EPA’s home builder programs, including Energy Star, which establishes energy-efficiency standards, WaterSense, which outlines water-efficiency standards, and Indoor airPLUS, which focuses on indoor air quality.

FEATURES | TECHNOLOGY

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UPDATE ON IMPLEMENTATION OF LOCAL LAW 97

The deadline for Local Law 97 and its massive fines (functionally new property taxes) for residential cooperative and condominium buildings, is fast approaching. Local Law 97 of 2019 legislates that buildings of more than 25,000 square feet achieve major reductions in carbon emissions starting in 2025.

Many involved in management or ownership of New York City cooperative and condominium buildings or units believe that somehow Local Law 97 will be amended or modified. That does not seem at all certain.

Carol A. Sigmond

Greenspoon Marder LLP

590 Madison Avenue, Suite 1800 New York, NY 10022

carol.sigmond@gmlaw.com

(212)524-5074

There seems to be three thoughts on this issue: the courts will find the program pre-empted by State law, or unconstitutional; the City Council will amend the legislation or the State will take action to pre-empt the City. The litigation appears stalled, and nothing is happening legislatively. The time has come to deal with heavy fines that are a de facto layer of new taxes on residential cooperative and condominium buildings.

There are public programs for affordable housing buildings, rentals and even office buildings, but residential buildings for the middle class are absent from these considerations. If boards of these buildings and their managing agents do not take effective steps to address carbon emissions, they may find themselves being sued by outraged unit owners or shareholders.

Heating and air conditioning must be a high

priority. The current standard for new residential high-rise buildings is R-22. Windows must be high-performing. New buildings are designed to have lower operating costs and carbon emissions. Many older buildings do not have adequate insulation by current standards or well-fitting windows. Sadly, many boards consider adding insulation or new windows as unit owner issues. Windows and insulation need to be considered common element issues and plans to address insulation and windows should be viewed as building issues. In older buildings, options include spray foam, bubble blankets and cladding. For some buildings, removing the builder grade window sills and stuffing mineral wool in the walls under the windows, and replacing the building grade sills with new builder grade, would be a game changer at a fraction of the cost of the fines/taxes under the new law. Recladding an older building will allow insulation to be added before the new cladding is installed.

Forward-thinking boards should retain engineers and architects to help retrofit buildings in a cost-effective way to reduce carbon emissions and avoid the fines/taxes that are set to begin in less than two years. Plans should include electrical systems, converting from gas to electricity where feasible and addressing water usage.

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

CONDO-CO-OP HELPLINE:
COLUMNS 64 MANN REPORT | MARCH 2023
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SAFEGUARDING YOUR ORGANIZATION FROM COMMON CYBER SECURITY RISKS

Developing a true resilient organization means considering even newer and ever-evolving risks like cyber security. Increased reliance on technology has increased cyber risk, leading to the compromise of clients’ financial data, costly recovery and potential reputation damage.

When detecting, responding to and recovering from threats, faster is better. The first step is to acknowledge the cybersecurity risks that expose an organization to a hacker’s malicious attacks. Some of the most common cyber risks and threats for businesses are:

frank.delucia@ hubinternational.com

(212)338-2395

Malware: Malware is malicious software that cybercriminals insert into a company’s web pages or web files after they’ve penetrated the business’ site. Bad actors then steal sensitive corporate data, including customers’ personal information. Malware can also redirect a company’s web pages to other sites and insert pop-up ads onto a company’s web pages or website. Removing malware requires constant network scanning.

Ransomware: Ransomware gains access to sensitive information within a system, encrypts the information so the user cannot access it and then demands a financial payout to release the data. Ransomware is typically part of a phishing scam; by clicking a disguised link, the user downloads the ransomware. Ransomware infections are specifically focused on users with higher levels of permissions such as administrators, to inject malicious code. In almost every case, the user or owner of a targeted system will

receive instructions on how to regain access. A ransom is clearly presented, along with preferred denomination and payment method, and sometimes a deadline for payment.

Phishing: In phishing, a target is contacted by email, telephone or text message by someone posing as a legitimate institution to lure individuals into providing personal information, banking or credit card details and passwords. The information is then used to access accounts and can result in identity theft. Other forms of phishing include vishing or voice phishing, smishing or SMS phishing, and whaling or email purportedly from one of a company’s senior figures.

Data breaches: A data breach exposes confidential, sensitive or protected information to an unauthorized person who then views or shares the files in the data breach without permission. Data breaches happen most often because of weaknesses in technology or in user behavior and are not always caused by an outside hacker. Serious damage is possible if a hacker steals and sells personally Identifiable information or corporate intellectual data for financial gain or to cause harm.

Best practices to avoid a breach include patching and updating software, high-grade encryption for sensitive data, upgrading devices when a manufacturer no longer supports software, enforcing “bring your own device” security policies, enforcing strong credentials and multi-factor authentication, as well as educating employees on best security practices.

COLUMNS 66 MANN REPORT | MARCH 2023

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.

K A U F M A N O R G A N I Z A T I O N . C O M L E A S I N G | M A N A G E M E N T | I N V E S T M E N T S

THINGS TO KNOW WHEN BUYING YARD EQUIPMENT

Spring is just around the corner, and many homeowners are itching to get outside to make their yards both beautiful and functional. There are many reasons why people want to prepare for prime backyarding season. Making neighbors green with envy, establishing a space for kids and pets to play safely, creating an outdoor family room or office and expanding entertaining space are all worthy backyarding pursuits.

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Alexandria, VA 22314

turfmutt.com

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Now is the time to get “backyard ready” for outdoor living this spring and summer. Remember, completing big outdoor jobs is always easier with help from outdoor power equipment. The right mowers, trimmers, edgers, blowers, pruners, chainsaws and more can help you get the work done faster and safely maintain your yard.

Plan Your Needs

Sketch your yard. Include any major features such as trees, bushes, a vegetable garden, flower beds, lawn furniture, play or sports equipment, an outdoor patio or bird bath. Note where maintenance may be needed.

Consider Equipment Needed

Find your tools. List what is needed or what could be upgraded. Repair anything that needs attention or identify where a newer or better machine is required.

A large vegetable garden may require a cultivator or tiller. An upgrade to a zero-turn mower might make maintaining a large lawn easier. A string trimmer might make caring for bushes or trimming grass near a fence line

less of a hassle. A pole pruner can help trim back limbs that are too high to reach safely with a saw, and a leaf blower can clear leaves faster than a rake. Chain saws make quick work of tree trimming and more.

Adding a Generator

Increasingly, consumers are turning to generators for emergency situations. Consumers want and need reliable power, and when electricity goes out, generators keep your home humming. Today’s generators offer a variety of features, and there is a product for every need. While shopping, don’t forget outdoor-rated extension cords and fuel cans.

Research Equipment Online

Think about efficiencies of scale. The right equipment can mean more time for other activities and make doing yard work more enjoyable, too. Researching online before your purchase will help you pick the right type and size of equipment needed for the job.

Ask Questions

Talk with the staff at the store or ask online about the equipment you are considering. Pick up and hold the equipment to determine if it is a “fit” for you. Discuss safety features and ask about manufacturer fueling and care instructions. Find out how often the equipment may need to be serviced.

Plan Storage and Maintenance

Store your equipment in a cool, dry place. It also should typically be serviced at the end of the fall and the beginning of the spring. Find or download the owner’s manual, as well.

COLUMNS 68 MANN REPORT | MARCH 2023

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.

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Mark Engel, CEO President

DEB’S RETAIL DISH AND DEALS: STORE OVERBOARD?

As is usual, right after the holiday season comes retail bankruptcy season and the inevitable closure of stores. The latest up is Tuesday Morning, which filed for Chapter 11 protection on Valentine’s Day and announced plans to close more than half of its 464 locations. Analysts are keeping an eye on others.

But what I found interesting at a recent visit to the apparel conference MAGIC is the idea that maybe retailers are over-reacting in cutting back on real estate.

201-618-5247

When Walgreens had well-publicized issues with shoplifting in stores in San Francisco in 2021, it closed five stores in the city and more across the country, locked cabinets for some items and increased security.

“There was only one problem. The CEO admitted recently that maybe ‘We cried too much over shoplifting,’” said Dane Cohen, director of sales of Management One, in a speech.

By the time the stores closed, shoplifting stats were already dropping. Walgreens took a full point decrease going into 2022.

“All of these measures — the store closures, the locked cabinets, the increased security were too much,” Cohen said. “Not only was it a mistake, but it was also a mistake that cost them millions of dollars in expenses, millions of dollars from lost revenue and a ton of consumer confidence and brand trust when they closed stores in locations that relied on them.”

Back in 2018, ICSC published a report on

what it called the “Halo Effect” on the interdependence of online and physical retail. The research found that the presence of a brick-and-mortar store increases online sales. Opening one new store in a market resulted in an average increase of 37% in overall traffic to a retailer’s website. And store closures are exceptionally damaging — web traffic share declined up to 77% for one retailer after closures. Brand awareness declines and it just becomes inconvenient to return items — and then buy other goods during the same trip.

Yes, yes, companies want to get out of pricey leases, and we’ve all seen an up-and-coming retailer sign way too many stores too quickly over and over again. Some locations are just bad. But real estate isn’t the only factor affecting their bottom line. Operations must play a role, too.

A personal example: A couple of years back, a coffeemaker didn’t survive a cross-country move. A replacement was ordered online from Bed Bath & Beyond, but the package didn’t arrive as promised. A quick call and the replacement came the next day. Then, the original package showed up.

A trip to my closest store to return the extra item was educational for me — and them. The very nice associates and assistant manager had no code in place to accept the extra coffeemaker and put it back in inventory. I’m still not sure how they figured it out.

Maybe what retailers need is not fewer stores, but better stores and systems?

COLUMNS 70 MANN REPORT | MARCH 2023

BANQUET AWARDS

31

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OPPORTUNITY ZONES: POTENTIAL NEW BENEFITS FOR TAXPAYERS

Opportunity zones, created as part of the Tax Cuts & Jobs Act of 2017, have proven to be a win-win for both investors and low-income communities. They provide tax incentives to investors and economically distressed communities with capital to spur economic development and create jobs. These benefits may become even more lucrative if the recently introduced Opportunity Zones Transparency, Extension and Improvement Act passes.

Original Incentives

robert.johnson@marcumllp.com

An investor receives three main benefits with a qualified opportunity fund (QOF). The first is a deferral of capital gains taxes until the end of 2026. This includes both capital gains and qualified section 1231 gains, if the gains are not from a transaction with a related person and are timely invested into a QOF.

For example, one can take the capital gain from the sale of stock and invest in real estate, and still be eligible to defer the gain. Timely invested means you have 180 days to invest an eligible gain. For individuals with eligible gains, the 180-day period begins on the date of sale or exchange. Entities with eligible gains can elect to begin the 180-day period on the last date of their tax year, or the due date of the entity’s tax return.

The second benefit is a tax liability reduction.

The taxpayer can receive a 10% step up in basis if the investment is held for five years, and an additional 5% step up in basis if held for at least seven years. The capital gain tax deferral is only available until the end of 2026. In order to receive the benefit by the end of

the 2026 tax year, the investment must have been made by 2021 to receive the 10% step up, and by 2019 to receive the 15% step up.

The third and most important benefit is a tax exemption on the subsequent investment made through a QOF. If one holds this investment for at least 10 years, the investor receives a step up in basis equal to the fair market value of the investment on the date of sale. Any capital gains resulting from the sale of the QOF property will be tax-free.

New Incentives

In April 2022, the Opportunity Zones Transparency, Extension and Improvement Act was introduced. The bill would extend the investment deadline to December 31, 2028, and offer investors an additional two-year period to invest funds into a QOF and receive the opportunity zone capital gains tax benefit.

Another important update considers the holding periods to receive the tax liability reduction, the deadlines for which have passed. The holding period required for the full 15% step up would drop from seven to six years. Therefore, when combined with the extension to 12/31/2028, an investment made in 2022 would be eligible for the full 15% step up in basis, while those made in 2023 would be eligible for the 10% step up in basis.

If you expect large capital gains in 2022, pay close attention to updates on this proposed legislation. The chance to invest in these opportunity zones is still there, and along with it, the potential for tax savings.

COLUMNS 72 MANN REPORT | MARCH 2023
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HOW DATA & DIGITAL MARKETING CAN HELP DRIVE REAL ESTATE SALES

Technology has upended nearly every sector, allowing businesses to scale and grow with the use of advanced tools and software. Especially in real estate, a notably antiquated industry resistant to change, technology has been at the forefront of much-needed improvements and progression.

sales conversion.

114 Mulberry St. New York, NY 10701

alyssa@developmentmarketingteam.com

Over the past decade, significant strides have been made in how brokerages and agents utilize technology. It is often at the most basic levels incorporated into agents’ sales and marketing funnels. Everyone is familiar with the “must haves,” which include websites, e-blasts, newsletters and social media; however, a number of digital marketing tools are underutilized and misunderstood.

The advancements in digital marketing allow us to collect invaluable data that explains the thoughts, feelings, needs and desires of homebuyers. By utilizing this information, agents can develop tailored buyer profiles. Determining traits such as location, price point, square footage and other details allows you to accurately deduce what characteristics may impact a buyer’s decision. Through various digital marketing tactics, such as social listening, content development and lead nurture campaigns, you can collect information and data about what inspires your consumers and what prompts engagement.

So how can utilizing cutting-edge technology increase conversion rates? By actively implementing digital tools, agents can more effectively source, identify and nurture prospective buyers and sellers, leading to an increase in

The biggest goal of any digital marketing campaign is to generate traffic and create new leads that ultimately result in sales. A strong digital presence is one of the most effective ways to reach your audience, but it’s important to provide numerous touchpoints both online and offline. These should be personalized across the consumer journey. We marry the sales and marketing process and utilize today’s technology to elevate the consumer journey, optimize engagement and increase conversion.

Now more than ever, it’s faster and easier to connect with potential buyers, and keep up to date on what’s happening in the market. Yet sometimes, we can forget that buyers are consumers of goods and services. To communicate with them, we must remember the human connection. The sales and marketing process must focus more on personalization.

The data collected can also be utilized to optimize future campaigns to fit buyer needs and shifting trends. Implementing personalized campaigns assists in developing trust and building credibility which in turn will elevate agents’ personal brands.

Today, with technology at our disposal, digital marketing remains a driving force in shaping the way we interact with our target audiences. With more technological innovations forthcoming, digital marketing will continue to be the primary method used to generate qualified leads and convert them into sales.

COLUMNS 74 MANN REPORT | MARCH 2023

NEW YORK CITY’S FIGHT AGAINST ASTHMA

Add this to the growing list of forms, regulations and paperwork required of residential buildings in New York. It’s Local Law 55, passed in 2018, which requires annual reports about the presence of molds, pests and other allergens that cause or exacerbate asthma.

The law sets out rules and procedures for buildings of three units and more to keep apartments and public areas free of indoor allergen hazards, mainly molds and pests. The law is specifically aimed at molds, rodents and cockroaches.

Matthew Adam Properties Inc.

375 Pearl Street – 14th Floor

New York, NY 10038

imeister@matthewadam.com

(212)699-8900

Procedures include investigating and remediating the allergen hazards and fixing building conditions that may cause or contribute to the growth of molds or pests. Local Law 55 requires visual inspections of all readily accessible areas along with moisture, temperature and infrared camera readings looking for mold, pests and defects such as leaks, moisture and entry points for pests. The reports must be filed with the Department of Housing Preservation and Development (HPD).

The law details five primary requirements:

• Vacant units must be cleared of all visible mold and pest infestations prior to reoccupancy.

• Mandatory annual inspections of all units; buildings must conduct additional inspections in response to resident complaints and violations.

• Buildings must provide an annual notice and Local Law 55 fact sheet to residents.

• A state-licensed mold assessor and remediator is required for 10-plus square

feet of mold in a building with more than 10 units.

• Integrated Pest Management (IPM) practices must be used.

IPM is a safer and more effective system that targets and fixes the underlying causes of pest problems, improves building conditions and saves time and money long term. Specifically, the IPM procedures include inspecting and removing pest nests, waste and debris, eliminating sources of water that attract pests by repairing drains, faucets and other plumbing and repairing cracks and sealing entry points for pests.

With toxins and spores floating in air, safe work practices are required during inspection and cleanup, including correcting underlying defects and using properly covered vacuum tools and non-chemical cleaning agents.

Managing agents, boards and landlords are required to provide information to residents about Local Law 55 and how to maintain a healthy environment. A fact sheet prepared by HPD advises steps for tenants. They are encouraged to call 311 if the remediation is not done promptly or poorly.

For lease renewals or owner transfers, residents should receive a copy of the Department of Health’s fact sheet as well as a notice identifying building and resident responsibilities.

Buildings are required to correct any violations within a certain time period. Failure to do so can lead to fines from $10 to $125 per day to a maximum of $10,000.

COLUMNS 76 MANN REPORT | MARCH 2023

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NEW YORK CITY’S CHALLENGE OF CONVERTING OFFICE SPACE TO RESIDENTIAL

New York City Mayor Eric Adams recently unveiled the recommendations of a city-led task force to facilitate the conversion of underused office space into new housing for New Yorkers. The recommendations would apply to 136 million square feet of office space and could create housing for up to 40,000 New Yorkers in Midtown and other business districts.

help justify the cost of conversion.

Second, one city recommendation is to explore and pursue a tax incentive program to support production of affordable and mixed-income housing through office conversions.

1430 Broadway

New York, NY 10018

(212)868-4660

The announcement responds to COVID-19’s impact on office occupancy. A survey by the Partnership for New York City revealed that “As of late January 2023, 52% of Manhattan office workers are currently at their workplace on an average weekday ... Only 9% of employees are in the office five days a week.”

The proposed conversion of office space to residential is doable but faces challenges that are more economic than engineering. If the prospect of renting the office space is good enough, there will be no incentive for the conversion. The potential for conversion lies primarily in older, masonry-clad, mid-sized buildings. There the economics will have some additional dimensions.

First, property owners will need to consider the capital improvements associated with New York City's aggressive carbon-reduction goals as stated in Local Law 97. Under that law, most buildings over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. Masonry-clad buildings often leak air. If the building will need significant capital improvements to avoid Local Law 97 fines, that could

If the economics make sense, then conversion can take place from an engineering perspective. There may be opportunities to reuse some of the existing infrastructure — beyond the core structure itself — depending on the current layout. For example, there should be enough existing electrical power, except for the demands of electric kitchens, given restrictions on the use of natural gas. The location of bathrooms would typically be different. So, too, is the need for kitchen exhausts.

One additional recommendation that the city should consider is rewarding property owners for reuse of existing buildings by giving them credit for the embodied carbon in the building. Embodied carbon is essentially the building’s carbon footprint. If the building were torn down, that embodied carbon would have to be transported and disposed of. By reusing it, the property owner is leaving much of the carbon footprint without disruption, and that should be rewarded in the city’s consideration of the building’s energy use.

The city is right to encourage conversion of underused office space to residential use. As the city considers proposed incentives further, it should incorporate energy-related incentives, as they affect both the economics and the engineering.

COLUMNS 78 MANN REPORT | MARCH 2023

Concierge Medicine from Mount Sinai New York. Here in The Palm Beaches.

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Our new concierge program offers an outstanding patient experience and access around the clock. Our members receive comprehensive primary care, cardiac and dermatology assessments, and nutritional counseling, as well as amenities you would not find in a typical medical practice, such as home visits, urgent care, coordination of specialist care, travel medicine, and much more. Members will also have access to Mount Sinai’s Hudson Yards concierge practice in New York.

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Sherry Soliman, MD Anna Krishtul, MD Paul Skomra, MD Raiza Lopez, MD

EW HOWELL CONSTRUCTION COMPLETES

ST. JOHNLAND ASSISTED LIVING IN KINGS PARK, NY

ARCHITECTUR • ENGINEERING • CONSTRUCTION
PHOTOS COURTESY OF EW HOWELL CONSTRUCTION
80 MANN REPORT | MARCH 2023
THE NEW FACILITY IS ADJACENT TO ST. JOHNLAND NURSING CENTER

Older citizens who need a bit of help with day-to-day living will have a new, modern facility with the completion of the St. Johnland Assisted Living at 393 Sunken Meadow Rd. in Kings Park, New York. The two-story, 68,000-square-foot facility on Long Island’s North Shore offers 80 residential units and 100 beds.

The new assisted living facility was built adjacent to the existing St. Johnland Nursing Center, which specializes in Alzheimer’s/dementia, head injury rehabilitation, subacute care and adult day care, on the 100-acre complex owned by the nonprofit organization. The organization dates from the 19th century, when educator and Minister William Augustus Muhlenberg raised funds to acquire 500 acres of woodlands to establish a home for aged and impoverished men, provide care for handicapped children, educate poor youth and organize farmland for needy families from New York City. But by the early 1950s, the board decided to focus on elder care. A single facility was built in 1975 and remains in use today. The new building will add a new component to that facility.

“The new assisted living facility on the St. Johnland campus in Kings

Park is going to meet the needs of families looking for independent living options for their loved ones, with the added security of a caring and compassionate staff,” said Kevin McKenna, a vice president at EW Howell Construction, the general contractor that built the facility. The firm has more than 20 years of experience building quality senior living and assisted living communities around New York.

Designed by KDA Architects, the St. Johnland Assisted Living was designed to have four wings of residential units, rather than the long, linear design found in many care facilities. This enables easier mobility for residents and nursing staff and provides each resident with the views of the lush nature surrounding the rooms. Amenities include a large lobby with library space, a full-service kitchen and dining room with access to exterior courtyards and resident laundry rooms. The second floor features areas for art and cultural activities and a wellness suite which hosts physical therapy and fitness. It’s also interesting to note that 75% of the residents will be Medicaid eligible, which opens the facility to people of all financial backgrounds.

“In addition to a multitude of amenities and activities, residents have the added benefit of the facility’s proximity to the organization’s nursing center and other services,” added EW Howell’s Giuseppe Iuliucci, who served as project manager.

AEC
MARCH 2023 | MANN REPORT 81
LIBRARY SPACE IN THE LOBBY IS AN IMPORTANT AMENIITY

Contemporary Workplace

Interior design firm Montroy Andersen DeMarco (MADGI) has completed a new corporate workplace at 280 Park Ave. in Manhattan for a London-based global insurance and banking group. The MADGI-designed space fosters collaborative engagement, while also reflecting the sophistication and history of a market-leading organization.

The 14,000-square foot, full-floor space — on an upper floor of the LEED Gold Certified building’s 29-story East Tower — is the

new U.S. headquarters for the London-based firm.

“The client articulated its desire for the design to evoke the dual identity of a storied past and dynamic, forward-looking vision,” said Steven Andersen, partner at MADGI. “We had clear goals to represent a brand steeped in legacy and tradition, but also to showcase its outlook as a leading-edge, vibrant and innovative company. We chose to break from the classic wood-paneled walls of a traditional banking in-

ELEGANCE AT 280 PARK AVE.

ARCHITECTURE • ENGINEERING •
CONSTRUCTION
THE OPEN-OFFICE CONCEPT WAS A CRITICAL THEME THAT GUIDED MANY OF THE DESIGN’S FEATURES.
82 MANN REPORT | MARCH 2023
THE OPEN-OFFICE CONCEPT WAS A CRITICAL THEME THAT GUIDED MANY OF THE DESIGN’S FEATURES.

stitution and created a dramatic and invigorating interior. We also broke up the hierarchal partitioned office layout to embrace an open, flexible configuration that empowers teamwork, cooperation and creativity.”

The office features large, open spaces with high ceilings, flooded by natural light through fullheight windows. For privacy, the firm introduced premium acoustical treatments for the four meeting rooms and a boardroom, with double-glazed, high-grade sound insulation from Tagwall. The design highlights functionality and flexibility, with meeting spaces the tenant can reduce in size or expand, a pantry convertible from lunch space into workstations or to host social events and robust audio-visual infrastructure. The mix of legacy and modernity starts in the elevator landing lobby finished with dark-colored metal wall panels,

which opens into a reception area with signature details.

The lounge features stylish furniture in classic blues and grays, and opens up into the pantry area, which leads to the boardroom and meeting areas, and to the workstation area. The pantry features a counter area that can double as lunch tables or temporary workstations. Four meeting rooms can roll back walls to become two larger spaces.

The main work area clusters into pods of five to six workstations,

including several dedicated for vistors, set under a slotted wood panel acoustical ceiling. The flooring consists of carpet tile in the workstation and meeting room areas, and a fine grit polished concrete in the reminder of the space. Other amenities include a wellness room, restrooms

and employee storage.

The project team included general contractor Benchmark Builders; MEP engineer Robert Derector Associates; Spectra Audio Design as audio-visual consultant and owner Vornado Realty Trust.

PHOTOS
MARKETING COMMUNICATIONS
BY TOM SIBLEY/WILK
LOW-SET FIXTURES ON THE WALLS CAST AN UPLIGHT GLOW, AS WELL AS OVERHEAD CIRCULAR PENDANT LAMPS ARRANGED IN CLUSTERS OF THREE. THE OPEN-OFFICE CONCEPT WAS A CRITICAL THEME THAT GUIDED MANY OF THE DESIGN’S FEATURES.
AEC MARCH 2023 | MANN REPORT 83
CLASSIC BLUE AND GRAY

New YorK Real Estate Center and Toolbox for Real Estate Agent Success Launch REC4Success

Leading real estate education platforms New York Real Estate Center and Toolbox 4 Real Estate Agent Success have merged to form Real Estate Center 4 Success (REC4Success). Launched in early February, REC4Success emerges as a hub of tools and resources to advance the careers of real estate professionals while simultaneously satisfying continuing education requirements. At press time, the integration of the two sites was still underway and was expected to be finalized by March 15.

Garfinkel and principals of the New York Real Estate Center and managing partners of Romer Debbas LLP Michael J. Romer and Pierre E. Debbas are being joined by industry experts for a line-up of topical sessions covering all required continuing education courses.

Topics will range from Fair Housing, Implicit Bias and Cultural Competency to other elective courses such as Commercial Leasing, New Development Transactions and Using Social Media in Real Estate, among others.

COLLEGES REINVENTING CONTINUING EDUCATION:
“This merger brings together established industry veterans, backed by the experience of navigating countless residential and commercial real estate transactions and 25+ years of representing the real estate brokerage industry,”
84 MANN REPORT | MARCH 2023
NEIL B. GARFINKEL

Subscribers to the REC4Success online platform will benefit from a growing and comprehensive catalog of timely and essential courses and real-time access to efficiency-driven resources that streamline the transactional process. At the same time, the site offers tips and advice to provide real estate brokerage community with the tools it needs.

Participants in the upcoming symposium will include industry experts: Paul Massey, CEO of B6 Real Estate Advisors; James Nelson, head of Tri-State Investment Sales at Avison Young; Jim Wenk, vice chairman of Savills; Scott van der Marck, senior managing director of First Republic Bank;  Melissa Cohn of William Raveis Mortgage; Eric Brecher, CDEC 1031 Exchange; Noah Rosenblatt, founder and CEO of Urban Digs; Licensed Associate Real Estate Brokers Deanna Kory and Tara King Brown of The Corcoran Group; Antonio del Rosario of Brown Harris Stevens and  Heather McDonough Domi of Compass.

COLLEGES
“We are proud of REC4Success’s unique ability to deliver an information-rich curriculum that is interactive, engaging and informative,” Romer said.
“Our platform provides a deep dive into topics that agents encounter throughout the course of their business and provides all of the resources necessary to continually raise the professional bar,”
said Pierre E. Debbas.
MICHAEL J. ROMER
PIERRE DEBBAS
More information can be found at rec4success.com. MARCH 2023 | MANN REPORT 85
SAVE THE DATES April 25, 2023 Bowling with th e Bronx Bowlero White Plains, NY June 26, 2023 88th Annual Golf & Tennis Outing The Village Club of Sands Point Sands Point, NY July 26, 2023 A Subway Ride to the Ballgame NY Mets vs. NY Yankees Yankee Stadium December 19, 2023 37 th Annual Holiday Party Marina del Rey Caterers on the Shores of the Long Island Sound, Bronx, NY Contact Janine Mosher for more info Janine.Mosher@HGAR.com Bronx Chapter
www.kaufmanorganization.com A MODERN APPROACH TO COMMERCIAL REAL ESTATE POWERED BY A CENTURY’S WORTH OF EXPERIENCE KAUFMAN'S REPOSITIONED PROPERTIES WEST 23 155WEST23RD.COM MADISONSQUAREPORTFOLIO.COM 450SEVENTHAVE.COM MARCH 2023 | MANN REPORT 87

LEE & ASSOCIATES NEW JERSEY ELEVATES WISSE TO PARTNER

Reflecting its emphasis on expanding its services in the Garden State, Lee & Associates New Jersey has promoted industrial brokerage specialist Troy Wisse to partner.

This promotion is Wisse’s fourth since joining the company in 2016 as an associate in the industrial brokerage division. A Lee & Associates partner enjoys an advanced split structure, participation in profit sharing, influence in company decision making and more.

Wisse began his career at Lee & Associates as a brokerage intern. He was promoted to assistant vice president in 2019, specializing in representation for acquisitions and dispositions of industrial real estate from the Port Market to the Meadowlands. He was named a vice president in early 2022. He holds a bachelor’s degree in business administration from West Virginia University.

PFLEIDERER TO LEAD SWINERTON NEW BUSINESS DEVELOPMENT

Bonnie Pfleiderer has been named by commercial construction and construction management firm Swinerton as director of business development for the Northeast market. This announcement was made by Andrew Pearl, Swinerton vice president and New York division manager.

Her primary area of responsibility is to build strategic relationships, as well as create and implement a marketing and development plan that will increase business and revenue. She brings her experience in the engineering and construction industries to service Swinerton’s clients in the New York market.

Pfleiderer was named the 2022 Women of Valor Honoree benefiting St. Francis Food Pantries and Shelters and was honored as an Outstanding Community Service Recipient in 2017 by the Committee for Hispanic Children and Families. She also volunteers for nonprofits including St. Jude’s Research, Caring to Remember benefiting Alzheimer’s Association, VVA Help USA Toy Drive, Latino American Commercial Real Estate Association (LACREA), Encourage Kids Golf, Hoboken NJ Shelter and Special Olympics.

EXECUTIVE CHANGES
88 MANN REPORT | MARCH 2023
Troy Wisse

BAZZANI JOINS JDA GROUP AS DEVELOPMENT AND INVESTMENT MANAGER

Gregg Bazzani has joined JDA Group LLC as development and investment manager. The news comes at a time of sustained growth for the privately held, Hoboken, New Jersey-based development firm. The privately held commercial and residential developer and owner has a growing portfolio of properties across the Northern New Jersey area and beyond.

In his new role at JDA, Bazzani, of Jersey City, will be instrumental in positioning the family-owned firm for continued growth. His primary responsibilities include identifying and executing new strategic development opportunities and raising equity and debt capital for future acquisitions.

JDA’s projects include The Boundary, a 580,000-square-foot planned mixeduse development straddling the Hoboken-Jersey City border. When completed, the project will turn a former industrial area into a new neighborhood featuring medical and traditional office space, multi-family residential, retail and rooftop green space.

Prior to joining JDA Group, Bazzani was a development associate at Duke Realty where he was involved in acquisition, development and entitlement activities for a three million-square-foot project pipeline. Previously, he was an acquisitions and development associate at Panepinto Properties Inc. Bazzani holds a bachelor’s degree in business administration from Villanova University and a master’s degree in real estate development from New York University’s Schack Institute of Real Estate.

ELEGRAN REAL ESTATE NAMES ZOLLINGER PRINCIPAL

Veteran real estate executive Eric Zollinger has joined tech-driven brokerage firm Elegran Real Estate as its a principal. In this role, he will focus on supporting the sales and new development department, driving quality growth and elevating the Elegran brand. Zollinger will also grow the firm’s Partner Program and help generate international business opportunities.

He brings over 20 years of marketing and sales experience in luxury real estate for condominiums and multi-family new developments across multiple US markets.

Zollinger’s experience includes a history of more than $2 billion luxury residential real estate sales. He has worked with visionaries including Barbara Corcoran, Louise Sunshine, Robert A.M. Stern Architects and Zaha Hadid Architects, and has worked on projects at The Related Companies, including One Madison, Superior Ink, The Caledonia and several others. He founded Zollinger & Associates, a boutique real estate company. Previous firms include DEDM NY and Douglas Elliman Development Marketing Team.

EXECUTIVE CHANGES
Gregg Bazzani
MARCH 2023 | MANN REPORT 89
Eric Zollinger

AMA GROUP ANNOUNCES NEW LEADERS FOR LA OFFICE

AMA Group, a national provider of engineering design services, announced new leadership appointments in the firm’s Los Angeles office. The firm’s West Coast leadership team will include: Tom Morley as senior managing principal, as well as seasoned industry veterans Christopher Carson, Jacob Chan and Gilad Nahari as managing principals along with new Principals Matthew Schaefer and A.J. Vergari.

Morley is responsible for the entirety of the Los Angeles office along with leading the Low Voltage team (IT, Security and AV). He has been with AMA Group since its inception, for 23 years. Carson has spent his entire 16-year career with AMA Group, with the past nine years in Los Angeles. Nahari has 20-plus years of experience in the design business, with the past 14 spent in Los Angeles. Before joining AMA at the start of 2022, he operated his own boutique engineering firm. Chan’s engineering career has spanned more than 30 years in Los Angeles. He has spent meaningful periods of time with ARUP, Glumac and Buro Happold. Vergari has 20 years in the design business, the last nine years with AMA in Los Angeles. His HVAC background and LEED accreditation has allowed him to serve as both lead mechanical engineer and project manager on projects.

AO ELEVATES NINE TEAM MEMBERS TO PRINCIPAL

Full-service architecture firm AO has promoted nine of its employees to principal. The new principals will join the existing leadership team as the company grows its studios and practices, further expanding into markets such as health and wellness, modular construction, affordable housing, interiors, planning and senior living.

Mike Connell brings three decades of technical expertise to AO, leading teams in the development of multifamily and mixed-use projects. Scott Jones has 20 years of experience collaborating with clients on dynamic mixed-use, commercial and retail developments. Greg Kruse has led multidisciplinary teams on diverse retail, commercial and industrial projects for nearly 30 years.

Paolo Leon, AIA, NCARB provides leadership and technical expertise within AO’s multifamily studio. Glenn Man, LEED AP ND has 20 years of experience leading planning and urban design efforts. Jeff Stuyvesant has nearly four decades of industry expertise, leading teams within AO’s commercial and retail studios.

Kara Sutch, LEED AP BD+C has 25 years of experience working on high-density residential and mixed-use assignments, Lalaine Tanaka, AIA, NCARB, LEED AP has more than 25 years of hospitality, retail and mixed-use experience. Edward Wu brings 30 years of industry expertise to AO’s multifamily studio, leading modular, senior and apartment projects.

EXECUTIVE CHANGES
Top from left: Mike Connell, Scott Jones, Greg Kruse, Paolo Leon and Glenn Mann. Bottom: Jeff Stuyvesant, Kara Sutch, Lalaine Tanaka and Edward Wu
90 MANN REPORT | MARCH 2023
Tom Morley

RET VENTURES TAPS PROPTECH VETERAN JONES AS PLATFORM PARTNER

RET Ventures, a venture capital firm focused on technologies for the multifamily, single family rental and broader real estate asset classes, has appointed multifamily technology industry veteran Monte Jones as platform partner.

Jones comes to RET Ventures with nearly two decades of experience in the multifamily industry. He served as president of On-Site.com, an end-to-end marketing and leasing platform for the apartment industry. Under his leadership, revenues grew by more than 200%, leading to its ultimate $250-million exit to RealPage in 2017. After the sale, Jones developed and led several specialized sales and go-to-market teams, integrated newly acquired companies into the RealPage system and left RealPage as its chief experience officer.

In addition, Melissa Fagan has joined RET as a vice president. Fagan previously served as an investment associate for KSL Capital Partners, and a private equity associate at Goldman Sachs. She received her bachelor’s degree in engineering from Princeton University.

Jaymie Fung Bingham has joined the RET team as an associate. Prior to joining RET, Fung Bingham served as a private equity and venture capital associate at Ensign Peak Advisors. She received her bachelor’s and master’s degrees in accounting from Brigham Young University. Julia Lambert has joined the RET team as an associate. Lambert previously served as an investment associate at The Carlyle Group and Hanover Real Estate Investors (now Pacific Urban Investors). She received her bachelor’s degree in civil engineering from Stanford University.

FORBES GLOBAL PROPERTIES NAMES MORIARTY COO

Forbes Global Properties has promoted El Moriarty to chief operating officer (COO). Moriarty has been with Forbes Global Properties since its inception in 2020 and previously served as vice president of member services.

In this newly established role, she will provide leadership, operational efficiencies and vision as she oversees the implementation of the firm’s forward-focused global growth strategies.

Moriarty most recently managed the onboarding and ongoing engagement of member brokerages and top real estate agents across the globe. She has led numerous strategic initiatives including the launch of agent mastermind groups, marketing roundtables, exclusive member advertising programs through Forbes and more.

Moriarty has extensive expertise in driving international luxury brands to increased awareness and global recognition. Prior to Forbes Global Properties, she served as a vice president at Christie’s International Real Estate, where she worked in various senior marketing and client services roles. Previous to that role, Moriarty was marketing director at Los Angeles-based real estate firm Hackman Capital Partners.

EXECUTIVE CHANGES
From left: Monte Jones, Melissa Fagan, Jaymie Fung Bingham and Julia Lambert
MARCH 2023 | MANN REPORT 91
El Moriarty

Building and Buying

Solution can be found online at: bit.ly/MRMarch23Crossword

Across

1 One of the top interior design architects

5 Often complex aspects of a landscaping design

8 Parcel of land

10 Makers of the new Flying Spur

13 Brain scan, abbr.

14 Flooring material

15 Recently acquired Dowco group

19 Sphere

20 Condos, e.g.

21 Madison locale, abbr.

22 Improvement of sorts

24 Airport security company, abbr.

26 Lexus ___ 350

29 Animal coat

31 The other half of the partnership in 1 across

33 Toured

34 High school exam, abbr.

35 Goes with 5 down

37 “Big Momma’s House” actress Long

38 “Super!”

39 Out of date

40 Building add on

Down

1 Tourist attraction

2 Reputation

3 One half of the legal partnership known as “the go-to firm for construction”

4 Starts a computer up again

5 The Hotel de Paris is in this Monaco destination, goes with 35 across

6 Company with the new brand, ShowingTime+ providing realtors with marketing products

7 Jack Ryan, for one

9 Merlot, for example

11 Titanium symbol

12 Macabre

16 Source of solar energy

17 School on the Charles river, abbr.

18 Government security agency, abbr.

22 Developer of commercial loan document generation that recently unveiled its API solution CommercialConnect

23 Company title letters, perhaps

25 Inspiration for a designer, perhaps

27 Testing environment for new or untested software

28 Programs being tried out

30 Zillow competitor

32 Gamut

34 Mann Charitable Foundation event, for example

36 Agent

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We Are Pleased to Welcome TOURNAMENT CHAIR

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CHAIRS EMERITI

Robert E. Helpern* Tannenbaum Helpern Syracuse & Hirschtritt LLP

Samuel B. Lewis* SBL Property Consultants, LLC

Stephen B. Siegel** CBRE, Inc.

*National Jewish Health Trustee | **Co-Chair, National Jewish Health Council of National Trustees

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REGISTER TODAY or MAKE A DONATION Mattie Shepheard | 212.297.0857
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Damian Gancman

Damian Gancman oversees the operations of Cityview and its investments while supporting the strategic growth of its finance, acquisition, asset management and property management functions. An 18-year veteran of the firm, he is also a partner at Cityview and a member of its investment committee. As CFO, he helped build out Cityview’s finance department, including the implementation of strategic process, accounting, reporting and technology improvements.

Gancman also is a guest lecturer for the University of Southern California’s Master of Real Estate Development program and is a key contributor to the Cityview Leadership Academy. He earned a master’s degree in real estate development from the University of Southern California and a dual bachelor’s degree in business administration and psychology from the University of California, Berkeley.

How

long have you been in the industry?

I’ve been in the industry 21 years, 18 of which have been at Cityview.

What brought you to the industry?

I was drawn to multifamily because housing is something that everybody needs. It’s powerful to work together every day on something that

we can feel strongly about and have an emotional connection with. It’s why I’ve stayed in this industry, and at Cityview, this long. I love being able to drive around my city and see the things that we have built and improved and the meaningful changes we have made throughout the Western U.S. markets we target.

Who inspires you?

I’m inspired by our team every day. Whether it’s navigating economic uncertainty, brainstorming solutions for our next project or solving a complex problem, [we have] smart, passionate, caring people who feel strongly about our product and have a clear point of view, and I’m continually learning from them.

What do you see as the challenges in financing in the current market?

As investors and developers, we always deal with uncertainty. When you layer on global and geopolitical uncertainty, along with increased costs, interest rates and other outside factors, it adds additional complexities to the market.

Where do you anticipate expansion?

I believe uncertainty generates opportunity, and the current market is no exception. The Great Financial Crisis (GFC) and the pandemic were difficult for everyone, but they also presented opportunities that led to growth both

for me personally and the firm. Coming out of the GFC, we were able to grow significantly, vertically integrate to expand our platform and bring development, construction management and ultimately property management inhouse. We still have strong conviction in the underlying drivers of multifamily investment in our key markets. Although there will be challenges, it’s also an exciting time filled with growth at Cityview, and I am looking forward to supporting the firm as we continue to scale our presence across the Western U.S. and further demonstrate the value Cityview can add for investors, residents and communities.

What keeps you up at night?

I’m always striving to keep a pulse on what’s happening in the market, ensure our projects are resilient at all levels and identify what opportunities lie ahead. I think a lot about ways we can be agile and resilient. I want to make sure we are staying ahead of issues as much as possible and thinking about ways we can proactively implement solutions before problems arise, whether that is incorporating lessons learned from prior downturns, developing recession contingency plans or staying ahead of the latest technology. I never like to be on the defensive, so I spend a lot of time with the team working on how we can stay ahead of the game.

COMMERCIAL CORNER 94 MANN REPORT | MARCH 2023

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BUILDING UP

We see them on sites of new high-rises, redevelopments and more; New York isn’t New York without flooring installers, roofers, brick masons, steel workers and other construction professionals. And now, with an ongoing labor shortage affecting everything from development to leasing, we really appreciate the fact that the construction industry is a critical link in the real estate business, as you can see by the numbers.

6.2%

The percentage of construction workers who identify as women (Zippia)

42.5

The average age of a construction worker in the U.S. (U.S. Department of Labor)

9,997,965

Number of construction employees in the United States as of 2023 (Ibisworld)

1.33 million

The number of new residential construction building permits issued in December 2022, down 29.9% from December 2021 (U.S. Census Bureau)

$46,524

The average salary for a construction worker in New York City (salary.com)

546,000

The number of additional construction workers needed above normal hiring levels to meet the demand for labor (Associated Builders and Contractors)

96 MANN REPORT | MARCH 2023

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Many of the biggest names in New York trust Kramer Levin for real estate and land use counsel. The reason is simple: We have the experience to view matters from all sides

key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality.

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Kramer
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marcumllp.com LAY THE GROUNDWORK FOR LONG-TERM SUCCESS IN TODAY’S RAPIDLY SHIFTING REAL ESTATE LANDSCAPE. Financial, tax, and accounting solutions for real estate owners, developers, managers, REITs, private equity funds, institutional investors, hotel owner-operators and other real estate-related entities. Ask MARCUM DANIEL VITULLI NATIONAL LEADER REAL ESTATE SERVICES MARCUM LLP daniel.vitulli@marcumllp.com FREDERICK BERK PARTNER REAL ESTATE SERVICES MARCUM LLP frederick.berk@marcumllp.com

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BUILDING UP

0
page 98

BHI IS THE FINANCIAL PARTNER YOU NEED TO HELP YOU GROW YOUR BUSINESS

0
pages 97-98

Damian Gancman

2min
page 96

FORBES GLOBAL PROPERTIES NAMES MORIARTY COO

0
page 93

RET VENTURES TAPS PROPTECH VETERAN JONES AS PLATFORM PARTNER

1min
page 93

AO ELEVATES NINE TEAM MEMBERS TO PRINCIPAL

0
page 92

ELEGRAN REAL ESTATE NAMES ZOLLINGER PRINCIPAL

1min
pages 91-92

BAZZANI JOINS JDA GROUP AS DEVELOPMENT AND INVESTMENT MANAGER

0
page 91

PFLEIDERER TO LEAD SWINERTON NEW BUSINESS DEVELOPMENT

0
page 90

LEE & ASSOCIATES NEW JERSEY ELEVATES WISSE TO PARTNER

0
page 90

New YorK Real Estate Center and Toolbox for Real Estate Agent Success Launch REC4Success

1min
pages 86-90

Contemporary Workplace

1min
pages 84-85

EW HOWELL CONSTRUCTION COMPLETES

1min
pages 82-83

Concierge Medicine from Mount Sinai New York. Here in The Palm Beaches.

0
page 81

NEW YORK CITY’S CHALLENGE OF CONVERTING OFFICE SPACE TO RESIDENTIAL

2min
page 80

NEW YORK CITY’S FIGHT AGAINST ASTHMA

2min
pages 78-79

HOW DATA & DIGITAL MARKETING CAN HELP DRIVE REAL ESTATE SALES

1min
page 76

OPPORTUNITY ZONES: POTENTIAL NEW BENEFITS FOR TAXPAYERS

2min
pages 74-75

DEB’S RETAIL DISH AND DEALS: STORE OVERBOARD?

2min
page 72

THINGS TO KNOW WHEN BUYING YARD EQUIPMENT

2min
page 70

SAFEGUARDING YOUR ORGANIZATION FROM COMMON CYBER SECURITY RISKS

1min
page 68

Carol A. Sigmond

1min
pages 66-67

FOR ELECTRIC, SOLARAND BATTERY-POWERED MICROGRID COMMUNITIES

4min
pages 62-65

WHEN YOU ARE TRAVELING BUT YOUR CAR IS NOT

0
page 61

CALVERTON FLIGHT CENTER

1min
pages 58-60

TRUE GRIT: ELIMINATING

6min
pages 56-58

Keeping Traffic Humming at South Station Tower

4min
pages 52-55

ENDING THE HOMELESS CRISIS BUILDING BY BUILDING

5min
pages 46-51

The 70 th Top Hat Awards

1min
pages 41-42

LRS ARCHITECTS PROMOTES BOUMATAR AND LOVERRO TO ASSOCIATE  LUXURY CONDO TOWER MONOGRAM NEW YORK UNVEILED

0
page 40

Fried Frank

1min
pages 39-40

CURBIO ANNOUNCES INSPECTION REPAIR TOOL FOR AGENTS

0
page 38

TRADE ASSOCIATIONS JOIN TO EXPAND SUPPLIER DIVERSITY OPPORTUNITIES

2min
pages 34, 36

PROFESSIONAL PARKING TECHNOLOGIES DEBUTS CELLRAVEN

1min
page 32

GFI UNVEILS ONE11 RESIDENCES AT THOMPSON CENTRAL PARK

1min
page 30

THE SUFFOLK LAUNCHES AFFORDABLE HOUSING LOTTERY

0
pages 28-29

DEVELOPMENT

0
page 28

CREDIT SUISSE AND TRINITY INVESTMENTS ACQUIRE THE DIPLOMAT

0
pages 26, 28

CONVENE ACQUIRES ETC.VENUES

1min
pages 24-25

Slate Property Group Celebrates the Holidays

0
pages 20-21

NYC HOSTS 2023 New Year’s Party AT

1min
pages 18-19

Join us

1min
pages 14, 16-17
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