15 Women to Watch in Real Estate 2015

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A Special Edition from Sokol Media

FEBRUARY 2015

2015

15 WOMEN TO WATCH

Photo: Howard Weschler

ERIN BEITZ CHRISTINE CHIPURNOI ZOYA GARGIULO ROMY GOLDMAN CAROLINE HANNIGAN HEIDI LEARNER LISA LIM JANE LYONS MARIANNE MATHIEU ESTHER MULLER CAMILLE RENSHAW DINA SILBERSTEIN MACKENZIE THORN DANA TRULIS

MICHELLE BERNSTEIN Miter Construction


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Contents 2

PUBLISHER’S PAGE In Our Teens

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COVER STORY: WOMAN-TO-WATCH Michelle Bernstein of Miter Construction The Next Generation

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SPECIAL FEATURE: 15 WOMEN TO WATCH IN 2015 ERIN BEITZ CHRISTINE CHIPURNOI ZOYA GARGIULO ROMY GOLDMAN CAROLINE HANNIGAN HEIDI LEARNER LISA LIM JANE LYONS MARIANNE MATHIEU ESTHER MULLER DINA SILBERSTEIN MACKENZIE THORN DANA TRULIS

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DISTRICT FOR DESIGNERS: FAITH’S FASHION FOCUS

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Copyright by Sokol Media, LLC. No part of the publication may be reproduced or transmitted in any form or by any means without prior written consent from the publisher. The publisher reserves the right to accept or reject any advertising or editorial materials. Advertisers and/or their agents assume the responsibility for all content of published advertisements and assume responsibility for any claims against the published based upon the advertisement. Editorial contributors assume any claims against the publisher based on the published work. No part of this publication may be reproduced in any form or by any electronic ormechanical means, including information storage and retrieval systems without permission in writing from the publisher. All items submitted to Sokol Media, LLC. become the sole property of Sokol Media, LLC. Editorial content may not necessarily reflect the views of the publisher. All correspondence and inquiries should be addressed to: Sokol Media, LLC., 75 West End Avenue, #P15F, New York, NY 10023.

Meadows Office Interiors celebrates the dedication and efforts of Today’s Top Women in Real Estate.

CONGRATULATIONS TO ALL THE HONOREES.

Top Trends for 2015

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WOMAN-TO-WATCH Camille Renshaw of Stan Johnson Company Saving Jobs While Helping Businesses Grow

New York, NY Fair Lawn, NJ Rochester, NY 212.741.0333

meadowsofficeinteriors.com

www.sokolmediaonline.com • 1


Publisher’s Page

Sokol Media, LLC

FOUNDER & PUBLISHER Lori M. Sokol

In Our Teens 2015 marks the year that my company enters its teenage years, having just turned 13. For parents, this age usually marks one of fear and trepidation, as their child embarks on a stage of life known for its rebellion. And while I have often referred to my company as my ‘third child,’ I expect its teenage years will result in no more than expanding upon what our publications have always provided…presenting the latest industry trends, news and analysis

construction, and brokerage, to technology, development, and the law. These ‘15 Women To Watch in 2015’ are, in fact, scaling new heights as never before whether as entrepreneurs or as employees who are carving out their own successful niches within the companies they work. These honorees are so successful that their gender is really irrelevant, except for it, to see what they are also capable of achieving. In that way, it’s really no So here’s a big THANK YOU to all of this year’s honorees for serving as mentors for other women to follow. Enjoy the issue!

ART DIRECTOR Kerstin Vogdes Diehn PUBLISHING CONSULTANT James Janson CONTRIBUTING WRITER Faith Hope Consolo COPYWRITER/ RESEARCH ASSISTANT Jason H. Greenberg WEB DESIGN Design Disegno ACCOUNTING Citrin Cooperman PRINTING AmericasPrinter Sokol Media, Inc. 75 West End Avenue, #P15F New York, NY 10023 Ph: 973-769-7012 www.sokolmediaonline.com

Lori Sokol, Ph.D. Founder & Publisher

NEW YORK CITY REGIONAL CENTER

Congratulations Spurring Economic Development Through Foreign Investment

TO THE HONOREES

WWW.NYCRC.COM 2 • www.sokolmediaonline.com


Celebrating the careers of women in real estate

Wells Fargo Insurance congratulates all of the 2015 Top Women to Watch in Real Estate, including Christine Chipurnoi. She proudly represents Wells Fargo Insurance, with her influence in the insurance and real estate marketplaces. At Wells Fargo Insurance, we can help you understand your insurance needs. We offer access to a broad range of insurance products, including property, casualty, benefits, and life products, for your business. Contact us to learn more about how we can help protect your organization. Wells Fargo Insurance 330 Madison Avenue New York, NY 10017 212-682-7500 Products and services are offered through Wells Fargo Insurance Services USA, Inc., a non-bank insurance agency affiliate of Wells Fargo & Company. Products and services are underwritten by unaffiliated insurance companies except crop and flood insurance, which may be underwritten by an affiliate, Rural Community Insurance Company. Some services require additional fees and may be offered directly through third-party providers. Banking and insurance decisions are made independently and do not influence each other. Š 2014 Wells Fargo Insurance Services USA, Inc. All rights reserved. WCS-1229009

WCS-1229009-WFI-2015-Top-Women-to-Watch-ad.indd 1

12/31/2014 9:16:11 AM


Good thinking!

Marianne Mathieu, Vice President and Agency Business Advisor


Dina, You Inspire Us CBRE is proud to congratulate Dina Silberstein on being chosen as one of Sokol Media’s Women to Watch in Real Estate. Whether it’s the current

relocation for the Worth Collection or Morningstar’s

cbre.com/nyc


Photo: Howard Weschler

MITER CONSTRUCTION The Next Generation

“I learned this job from the ground up,” Michelle Bernstein says, as she looks back on what led her to become President of her own construction company, Miter Construction, after working for her family’s firm, Alexander Wolf & Son (AW&S), for many years. “I always asked a lot of questions, and that’s what has brought me here today.” 6 • www.sokolmediaonline.com


Mission of Oman, 305 East 47th Street Photo: Eric Laignel

211 East 43rd Street

211 East 43rd Street

Mission of Oman, 305 East 47th Street Photo: Eric Laignel

Michelle and her brother, Peter Bernstein

www.sokolmediaonline.com • 7


School of Visual Arts, 132 West 21st Street Photo: Naho Kubota

School of Visual Arts, 132 West 21st Street Photo: Naho Kubota

230 Park Avenue Photo: Doug Lorber

Construction develops, Michelle continues to integrate the many skills that have proven successful for Alexan der Wolf & Son over the years yet, at the same time, Michelle believes “women bring a unique perspective to the construction world, and it is important that we enough women in the industry, so my goal is to encour

Michelle grew up in New York City, always having a cu Ariela and Associates International, 1359 Broadway Photo: Doug Lorber

innate appreciation for the tangible aspects of construc

Alexander Wolf and Son’s long-standing clients include: Meadow Partners Jones Lang LaSalle Princeton Properties Tishman Speyer Cushman & Wakefield

8 • www.sokolmediaonline.com

Trinity Real Estate Monday Properties The Feil Organization Empire State Realty Trust Silverstein Properties

from Cornell University with a degree in economics,

jobsites certainly proved a challenge, but Michelle saw her ability to interact with all types of individuals with a wide range of personalities, coupled with her eager ness to learn all aspects of construction, she faced this challenge head on and was able to gain the respect of


Ariela and Associates International, 1359 Broadway Photo: Doug Lorber

Ariela and Associates International, 1359 Broadway Photo: Doug Lorber

her male counterparts and ultimately excel in her perfor mance. After a few years with AW&S, Michelle sought a broader business acumen and took a leave from the company to earn her Master of Business Administration from the University of Miami. Shortly after graduating, she returned to New York and rejoined Alexander Wolf & Son, where she added managerial responsibilities to her portfolio. Michelle’s drive to exceed her customers’ expecta tions, along with her attention to detail, will surely make Miter Construction a success. In fact, Michelle received the Business Achievement award at the Professional Women in Construction annual Salute to Women of Achievement Luncheon in 2014. Aside from her professional career, Michelle utilizes

New York has led her to the Board of the 100 Year As actively involved since 2007. The organization’s main mission is to give back to New York City civil service employees, and Michelle has sponsored multiple Isaac Liberman Public Service Awards and E. Virgil Conway College Scholarships. www.sokolmediaonline.com • 9


ALEXANDER WOLF AND SON PROJECTS INCLUDE: 230 Park Avenue As field Superintendent, Michelle has successfully completed many prebuilt office spaces as well as tenant fitouts in this landmark building working with architectural firms Gensler and MKDA. These projects included high-end custom millwork doors and frames and marble reception areas. Michelle was responsible for coordinating all on site trades in order to achieve the timely completion of each project. When a tenant was involved with the build-out, Michelle made sure to spend extra time with the tenant to make sure their needs were met. AW&S has successfully redone the two Helmsley walkways along with many corridor, bathroom, and mechanical upgrades.

MA Curatorial Practice at the School of Visual Arts Alexander Wolf & Son worked closely with the design team of Leong Leong and Charles Renfro to create a multifunctional space. The design, which required the precise coordination of many trades by Michelle, included steel-reinforced mobile partitions to showcase art and a seminar room with custom acoustical perforated millwork panels. As field coordinator, Michelle managed the daily activities of the job site and worked closely with the subcontractors in order to create a seamless finished product.

Ariela and Associates International Working alongside the architectural firm MKDA, Michelle built out Ariela and Associates International’s new headquarters on the 21st and 22nd floors of 1359 Broadway. This project encompassed over 20,000 square feet of space and included a large glass-enclosed showroom, several glass front offices, new conference rooms, pantries, and an IT room with an

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independent cooling and UPS backup system. Phase two of this project consisted of demolishing an exterior wall to create larger windows to take advantage of the city view, two executive offices, a pantry and bathroom- all with high-end customized finishes. Michelle’s flexibility and ability to devise creative solutions proved useful during this renovation, and she worked closely with the subcontractors to formulate a schedule that would allow the tenant to move in two months earlier than anticipated.

211 East 43rd Street Working with Environetics and The Mufson Partnerships, AW&S has renovated thousands of square feet of office space designed specifically for tenant-occupied spaces as well as for pre-builds. Michelle, as project executive, along with the rest of the AW&S team, worked in tandem with the design team to ensure the satisfaction of the end user. Additionally, AW&S has refurbished the lobby and will shortly begin upgrading the exterior façade, all factors that play a role in helping the owner, Meadow Partners, reposition the building.

Empire State Building AW&S has worked in the Empire State Building on and off since 1964, completing many floors of tenant office fit-outs and upgrades to bathrooms, plumbing risers, and hallways throughout the building. Michelle’s attention to detail and flexibility were an asset during build-outs during the job due to the sensitive nature and high level of security. Her ability to maneuver through all types of situations made her work in this building a huge success.

MITER CONSTRUCTION: Founded in March, Miter Construction’s projects include the renovation of apartments at 100 South 4th Street in Williamsburg. This project includes bathroom/kitchen upgrades. Additionally, Miter is working on refurbishing apartments in Staten Island at 90 Bay Street, and will soon be renovating the lobby of 866 UN Plaza, thus broadening the firm’s outreach and creating a presence in all boroughs of New York City. The success of these jobs lies in the intricate scheduling and attention to detail that is consistent with Miter Construction all of their projects. Further, client satisfaction is at the core of Miter’s business model.


Alexander Wolf & Son 211 East 43rd Street, New York, NY 10017 t 212.972.1740 f 212.949.7952 www.awolfandson.com Rebuilding New York for over 100 years


The Right Chemistry

A Catalyst for Excellence Akerman congratulates Lisa Lim on her recognition as one of the Top Women to Watch in Real Estate for 2015 and applauds all the other nominees. Steven P. Polivy New York, NY 212.880.3800 steven.polivy@akerman.com Akerman LLP | 600+ lawyers | 20 locations | akerman.com Š2015 Akerman LLP. All rights reserved.

CONGRATULATIONS

CAROLINE HANNIGAN

Caroline Hannigan 15 Women to Watch in Real Estate in 2015.


Honoring ERIN BEITZ

LISA LIM

Carmel Partners

Akerman LLP

MICHELLE BERNSTEIN

JANE LYONS

Miter Construction (cover story)

CHRISTINE CHIPURNOI

Wells Fargo Insurance Services USA, Inc.

ZOYA GARGIULO

Mohanty Gargiulo LLC

ROMY GOLDMAN Gold Development

CAROLINE HANNIGAN Cushman & Wakefield (formerly Massey Knakal)

HEIDI LEARNER Savills Studley

Rhodes Associates

MARIANNE MATHIEU

Fidelity National Title Group

ESTHER MULLER

Esther Muller Consulting

CAMILLE RENSHAW

Stan Johnson Company (cover story)

DINA SILBERSTEIN CBRE

MACKENZIE THORN HFZ Capital Group

DANA TRULIS SiteCompli

www.sokolmediaonline.com • 13


E

rin Beitz is a Director of Acquisitions for Carmel Partners, a

ERIN BEITZ Carmel Partners While Washington, DC was the first Gateway market to emerge from the Great Recession, it consequently saw significant investment in development of new multifamily properties, even while other metro areas saw no new development and struggled with negative absorption and rent declines. The result was record-breaking construction starts and deliveries. In the past 24 months, the effects of new supply, coupled with the tapering Federal government employment growth, have caused pressure on rental fundamentals making it more difficult to get deals done. In 2015, I anticipate there will be increased opportunity to invest not only in traditional value-added assets in the Washington, DC MSA, but also in the strategic development of new communities. I believe that while competition for good assets in good locations will remain intense, groups with creativity and an ability to move quickly will see more attractive investment options. 14 • www.sokolmediaonline.com


F

or over 25 years, Christine has been instrumental in de veloping, placing and maintaining insurance programs for regional, national and international clients. Christine specializes in property, casualty, professional and loss sensitive insurance programs with special expertise in hospitality, construc tion, real estate, and retail. She is an active member of Wells Fargo National Real Estate & Construction and Hospitality Practice Groups. the largest organization for professional women in Commercial of women the commercial real estate industry by focusing on four

mon interest, fostering advocacy, professional development and

lated topics.

CHRISTINE CHIPURNOI Wells Fargo Insurance Services USA, Inc.

in all states.

Our division provides an excellent vehicle for growth as the bank’s only insurance arm. dustry groups and a volunteer for several philanthropic organiza

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M

s. Gargiulo has over 16 years of experience in derivatives,

and corporate entities. She brings to her clients extensive expertise acquired in her prior work at major investment banks and derivatives investors, corporations, and municipal entities. In 2008 Ms. Gargiulo joined her business partner, Seema Mohanty

focused, MG LLC takes a holistic approach by considering the clients’ objectives, risk tolerance, and market conditions. Since its inception,

focused on expanding that business. rivatives Marketing at UBS Ms. Gargiulo was responsible for the inves

ZOYA GARGIULO Mohanty Gargiulo LLC Ms. Gargiulo spent 8 years as derivatives marketer at JPMorgan

There are not many women in derivatives and, further, we can negotiate with dealers on behalf of our clients on equal footing because we come from the dealer side.

a derivatives marketer on the corporate derivatives desk she provided business school, Ms. Gargiulo was an investment analyst for a venture capital fund, where she worked on all aspects of deal origination, due diligence, and execution of debt and equity investments. Committee.

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R

omy Goldman, Founder and President of Gold Development, has more than 20 years of experience in real estate devel opment and construction management. Her vast expertise

Builders and Owners of Greater New York. Inc. Founded in 1999 to develop and manage premiere residential and commercial properties, Gold Development LLC has grown into a pow

ROMY GOLDMAN Gold Development

Completing 15 Leonard Street is a major project for us in 2015, since we are introducing a whole new level of luxury to a landmarked street in Tribeca.

www.sokolmediaonline.com • 17


C

aroline is the Sales Team Manager for Partner, James Nelson, at

CAROLINE HANNIGAN

I believe 2015 is going to be a great year. Interest rates are still low, demand is high, and we have spent the last year focusing on developing our team’s abilities and skills to handle even larger listings.

18 • www.sokolmediaonline.com


H

eidi Learner serves as Savills Studley’s Chief Economist, devel

continually evolving economics of the real estate markets. She is based in Savills Studley’s New York City headquarters. previously served as a Vice President with State Street Corporation cre

investor behavior with measures of statistical unusualness, and which suc

HEIDI LEARNER Savills Studley in macroeconomic analysis and forecasting and has authored a paper en

“Our recent merger provides us with a solid international platform, which will be key in helping us further service our existing client base. 2015 will be a great year for us in both the US and abroad.”

the CFA Institute. Friends of the Israel Philharmonic Orchestra, where she sits on the orga

www.sokolmediaonline.com • 19


L

isa Lim knows New York and its real estate cycles. She is a na tive New Yorker, and has served as lead counsel on a number of 80/20 projects that have helped to revitalize and develop rezoned

large scale development and capital projects that have brought economic development and innovation to New York City and State, including Cornell Tech, New York Genome, and the Harlem Children Zone. unique real estate issues challenging New York City and State. The process

what further drives Lisa. Lisa has spent over 20 years representing borrowers, lenders, and gov ernment agencies in the structuring, negotiation, and closing of com condominiums, hotels, schools, and commercial property. Her specialties

LISA LIM Akerman LLP I look forward to building upon Akerman’s notable affordable housing and economic development platform, specifically in New York. Affordable housing and job creation have never been more important priorities for New York. Accordingly, complex transactions will increasingly trend toward public-private collaborations. With a real estate team ranked among the top five largest globally by Law 360, our team has the expertise, depth, and prominent local presence to facilitate and close transactions from start to finish. 20 • www.sokolmediaonline.com

housing issues, and continues to stay abreast of the rapidly changing laws and programs. Her concentration has primarily focused on deals that are fordable housing, and regulatory frameworks. Prior to joining Akerman LLP as a partner in the Real Estate Practice Group, Lisa was senior counsel at Empire State Development, assistant counsel at the New York State Housing Finance Agency, and counsel in real estate and economic development at the New York City Housing Authority, where she participated in a task force that created the Plan to Preserve Public Housing. In addition to her business practice, Lisa is active in various organiza tions, including the Fordham Law School Minority Mentorship Program, Eastern District of New York, as a Pro Bono Mediator. Lisa lives in Tribeca, with her husband and two sons.


J

ane Lyons is Managing Partner of Rhodes Associates, a premier

than 700 search and consulting assignments, helping clients recruit their

JANE LYONS Rhodes Associates What I love most about my work is engaging with clients about how talent powers their business and counseling candidates about finding the best next step for their careers. I believe 2015 is going to be a year of exciting growth for real estate leaders in all sectors — both in business and career terms — a real win-win for the companies and leaders we serve.

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M

arianne Mathieu has 20 years of real estate industry experience and currently serves as Vice President and Agency Business Advisor for Fidelity National Title Group

works with title insurance agencies in both the commercial and resi

later becoming Operations Manager at a title insurance/settlement

MARIANNE MATHIEU Fidelity National Title Group

Along with expectations of a robust commercial real estate market, 2015 will bring the implementation of the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Combined Disclosure Rule and ALTA’s Best Practices, both of which will have significant impact on the title insurance industry. Through the knowledge and relationships gained from my involvement in industry trade associations and with the extensive resources of FNTG, I am prepared to equip my customers for continued success in this new regulatory environment. 22 • www.sokolmediaonline.com


E

ESTHER MULLER Esther Muller Consulting I began selling properties and felt that I was making a difference in people’s lives.

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D

ina Silberstein is an experienced real estate and construction professional with a diverse background including a BFA in In

Although Dina loved being an Interior Designer and the New York de

DINA SILBERSTEIN CBRE I was in design school when September 11th happened, so to be working there again now on 4 World Trade to help build that area back up is an especially gratifying experience for me.

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M

acKenzie Thorn joined HFZ in 2012 and is now the Director of Marketing, Asset Management & Development. Ms. Thorn is directly responsible for key development projects includ ing 11 East 68th Street, 305 East 51st Street and 505 West 19th Street. She touches all phases of the development process from acquisition and

MACKENZIE THORN HFZ Capital Group 2015 will be an exciting year as we have four new projects that will be on the market in the first quarter alone. Two are beautiful historical Upper West Side conversions that each have an amazing story and now we are creating the next chapter.

Ms. Thorn’s role has grown to include managing the creative, marketing and sales of HFZ projects. She utilizes her analytical skills along with her construction management experience to manage the daily responsibilities of all aspects of key HFZ development deals. Formerly with the New York City Department of Design & Construction, Ms. Thorn assisted in the development of the New York Police Academy in College Point, Queens. Ms. Thorn holds a Master’s Degree in Real Estate Development from New York University’s Schack Institute of Real Estate where she has also been an Adjunct Assistant Professor. She holds a BSBA in Accounting and Finance from the University of Denver. Ms. Thorn has been an active

the Membership Committee. Ms. Thorn, and her husband Christian Thorn, reside in Manhattan.

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D

ana Trulis is a Director of Sales at SiteCompli, providing clients and expertise. Dana has been with SiteCompli since April 2014,

ment agencies.

portunities for savings. SiteCompli services some of the largest and most

providing tenant representation and strategic and portfolio planning for

DANA TRULIS SiteCompli business partnerships and portfolio account management. Dana graduated with a Communications degree from Manhattan Col

There is a commitment to providing consultative expertise on regulatory compliance alongside the best, most usable and actionable technology solution at SiteCompli. My goal is to save clients time and money on their compliance challenges through innovative technology and compliance data analysis.

26 • www.sokolmediaonline.com

real estate world, Dana began her career in an editorial role for a regional,


Congratulations to

MICHELLE BERNSTEIN for being selected one of the ‘Top Women to Watch in Real Estate for 2015’

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& MACKENZIE THORNE on all of their wonderful achievements!


Congratulations to

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SAVE THE DATE! for the

2015 CREW Network Convention and Marketplace September 30 to October 3, 2015 Hyatt Regency Bellevue Bellevue, Washington (on Seattle’s Eastside)

AUDIT COMMITTEE Jennifer Carey JLC Environmental Consultants

INDUSTRY RESEARCH COMMITTEE MaryBeth Shapiro Republic Title of Texas

COMMUNICATIONS COMMITTEE Faith Hope Consolo Douglas Elliman Real Estate

MEMBER EDUCATION COMMITTEE Christine Gorham Eastwood Real Estate Services LLC

Barbi Reuter Cushman& Wakefield/ PICOR Commercial Real Estate Women’s Network 2015 Board Bottom row: 2015 President Lori Kilberg Second row: CREW CEO Gail Ayers, President-Elect Laurie Baker, Immediate Past President Judith Nitsch Third row: Directors MaryBeth Shapiro, Faith Hope Consolo, Linda Adler Back Row: Directors Christine Gorham, Barbi Reuter, Alison Beddard, Jennifer Carey

FINANCE COMMITTEE Linda Adler Carlton Fields Jorden Burt, P.A.

NATIONAL CONVENTION COMMITTEE Allison Beddard Cushman & Wakefield Commerce RECOGNITION COMMITTEE Judith Nitsch Nitsch Engineering


DISTRICTS FOR DESIGNERS

FAITH’S FASHION FOCUS:

Top Trends for 2015 A

New Year brings renewal, more than a few resolutions (most of which we break almost instantly), and the promise of new stores, restaurants and places to visit in this busiest of all cities. Below are some expected openings and areas that will be making news – and shoppers happy as the year progresses.

NEW STORES FOR 2015

Vilebrequin, Vince, and Ermenegildo Zegna.

plexes opening downtown, and even subterranean shopping! The greatest news this year will be the

Aesop, Aldo, Banana Republic, Camper, Vince Camuto, Caudalie, Cole Haan, Dune London, Folli Follie, Fossil, Links of London, Pandora, Reiss, Thomas Sabo, Swatch, Tissot and John Varvatos

By Faith Hope Consolo

Regal Cinemas, Aspinal of London, Babesta, Bonobos, Tory Burch, Calypso St. Barth, Hermes, J. Crew, Salvatore Ferragamo, Diane von Furstenberg, Judith & Charles, Michael Kors, lululemon, Omega, Posman Books, Saks Fifth Avenue Satya, Scoop NYC, Paul Smith, Theory,

is seeing international retail, as Maison Kitsuné

Rizzoli

www.sokolmediaonline.com • 9A


and furniture from its former location.

TurnStyle Madison Jewelers, Dylan’s Candy Bar, Bluwire Electronics, Magnolia Bakery and Specs New York

Stanton Street

home to Hudson Eats Black Seed Bagels, Blue Ribbon Sushi Bar, Chop’t, Dig Inn Seasonal Market, Dos Toros, Little Munster, Might Quinns BBQ, Northern Tiger, Num Pang Sandwich Shop, Olive’s Skinny Pizza, Sprinkles Cupcakes, Tartinery and Umami Burger Le District, Parm, Amada and L’Atelier de Joel Robuchon.

Kitchen

New York Food Court to Guchun Private Kitchen Kung Fu Xiao Long Bao

at Dumpling Galaxy Torrisi Italian Mu Ramen

Specialties Rebelle

NEW HOTELS NEW DINING FOR 2015 New York Edition

Cherche Midi Hotel Eataly Jones the Grocer Épicerie Boulud, Lore Wine & Spirits La Colombe Beer Table FIKA Nunu Chocolates and Minamoto Kitchoan. 10A • www.sokolmediaonline.com

from Giulio Adriani inside Espoleta Dirty French the Baccarat Hotel and Residences Happy Ending,

rd


Calendar of Events FEBRUARY-APRIL 2015 FEBRUARY Wednesday, February 25 Tuesday, March 24 CREW New York SMPS-NY Client Panel: $100 Billion of Infrastructure in 5 Years – A Regional Perspective for Next Steps

Friday, February 27 SMPS-NY Leadership Lunch: The Optimistic Leader Using Happiness and Positivity to Propel Performance

APRIIL Wednesday, April 8

MARCH

SMPS-NY New Jersey Affiliate Client Panel: Higher Education and Real Estate Development in the Garden State

Thursday, March 5 REBNY Lower Manhattan Office Building Luncheon 56 Beaver Street

Saturday, April 18

Contact: Desiree Jones

REBNY Residential Upper Manhattan Committee Presents: Harlem Open House Expo

Thursday, March 12 The Secrets of Top Brokers and Industry Leaders

Wednesday, April 22 SMPS Northeast Regional Conference

Contact: Jay Perez

Monday, March 23 Tuesday, April 28 REBNY Commercial Real Estate Finance Luncheon Sales Broker’s Deal of the Year Cocktail Party REBNY Most Ingenious Deal of the Year Awards Contact: Desiree Jones

www.sokolmediaonline.com • 8A


CAMILLE RENSHAW

PHOTO: DENNY RENSHAW

Saving Jobs While Helping Businesses Grow As a senior director and lead broker for Stan Johnson Company in New York City, Camille Renshaw is dedicated to helping companies grow their business. Skilled in the disposition of single-tenant, net lease assets nationwide, Renshaw has, over the past 15 years, structured more than $1 billion in investment sale transactions for a variety of mission-critical assets, including data centers, hospitals, distribution and logistics facilities, emergency rooms, linen manufacturing plants, major retail banks, RND laboratories, and campus-style office headquarters all over the world.

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COMPANY

Sells Property

Becomes

TENANT

BUYER

Becomes

Leases Property

Renshaw started her career working on major mergers and acquisitions, including that of Time Warner/AOL. She then shifted her focus to the healthcare industry as that sector grew dramatically in the early 2000s. Her work on various corpo rate real estate portfolios led to her appointment as Director of Investment Sales at Colliers International, where she won producer awards for three consecutive years, as well as recogni

and industrial assets, until I eventually bought my own portfo lio,” Renshaw says, “and these assets are doing great. Working at Colliers helped me learn about how to protect wealth, which is what we do here at Stan Johnson Company.” Renshaw was hired to head Stan Johnson Company’s New York

she grew her team to seven members and closed the company’s largest fee nationwide.

LANDLORD

value and importance of managing real estate on the books to don’t know that they can achieve a higher ROI reinvesting in

can help businesses take full advantage of real estate assets and opportunities presented to them. Bad advice can cause companies to lose money on a transaction process of a sale leaseback, in particular, can become chaotic if a company lacks expert guidance. That’s where Stan Johnson Company comes in. money,” Renshaw says. “We also help them save and grow peo

Home Depot, was told by the client that they’d have to increase increase its credit revolvers in order to take on the increased sales estate won’t give us enough capital,’” Renshaw recalls. “SJC and provided the capital needed for the company’s expansion,

selling property from all single tenant, net lease sectors, but her real specialty is sale leaseback.

What is Net Sale Leaseback? A net sale leaseback transaction allows a company to sell the real estate it occupies to a buyer, and lease back the property as

This is just one of the many examples of a successful sale

debt, consolidate debt, avoid acquiring new debt, expand current building, acquire another company, add new sites or operations, increase production, increase inventory levels, add new products, repurchase stock, buy out partners, or redistribute ownership.

www.sokolmediaonline.com • 3A


American Forest Products (AFP) Situation/Need: AFP’s profits had dipped during the recession and when Home Depot, their largest client, increased orders, AFP did not have the financial bandwidth to meet this growth demand without an equity infusion. Business Benefits: AFP was able to generate capital needed to increase their capacity and maintain their #1 customer. Sale Price: $13,800,000 Industry: Wood Manufacturer & Distribution Facility Type(s): Manufacturing & Distribution Centers

Park Avenue Radiologists (PAR) Situation/Need: After a partnership split, the remaining physician owners needed to pay off debt, in the form of mortgage liens and preferred equity, to former partners. Business Benefits: PAR was able to generate capital needed to pay off old partners and invest in new business initiatives. Sale Price: $21,750,000 Industry: Medical/ Radiology Facility Type(s): Medical Office Condominium Location(s): Park Ave/61st St, Manhattan, NY Deal Structure: 20-year sale-leaseback to a private fund.

Location(s): Sacramento, CA (2); Chilhowie, VA; Manning,SC (2) Deal Structure: 21-year sale-leaseback of 5 properties to a private fund with pre-negotiated Buyback Option in Year 5.

Victory Energy Operations (VEO)

QuikTrip - Retail Situation/Need: QuikTrip wanted to secure a buyer in advance of opening the new unit to be able to quickly generate capital to fund additional expansion. Business Benefits: QuikTrip was able to obtain a qualified buyer and generate equity to fund expansion plans. Industry: Retail/ Gas & Convenience Facility Type(s): Gas Station and convenience store Location(s): Over 20 locations across the US Deal Structure: 15-year sale leaseback with seven (7) 5-year options and Right-of-first-Refusal buy-back option.

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Situation/Need: The facility’s height limitation is causing additional manufacturing costs. The Sale Leaseback will support future expansion of the manufacturing operations and company growth plans. Business Benefits: Victory Energy is currently seeking an investment partner. Listing Price: $9,950,000 Industry: Boiler and Steam Generators Facility Type(s): Headquarters and Manufacturing Location(s): Tulsa (Collinsville & Cushing), OK Deal Structure: Victory Energy is seeking a 20-year term for Collinsville and 10-year term for Cushing with multiple option periods. They require the flexibility to consolidate into an expanded Collinsville facility in the future.


Sale Leasebacks are Growing in Popularity

Single-Tenant

All Tenant Types

1,000

Tranaction Volume

998 849

800

693 600

559 410

400

496

557

352 200

2011

2012

2013

2014 YTD

Source: CoStar Janurary 2015

Specifically, Renshaw recommends

the value of the 3 Determine real estate

1 Pick appropriate advisors

the company story and 2 Pitch demonstrate earning power

www.sokolmediaonline.com • 5A


Benefits of a Sale Leaseback Cap Rates Compressed to All-Time Lows

Average Cape Rate

10-Year Average

9.0%

8.00%

Expand the company

Restructure ownership

Pay off existing debt

Consolidate debt

Avoid acquiring new debt

Expand current building

Acquire another company

Add new sites / operations

Increase production

Increase inventory levels

Add new products

Repurchase stock

Buy out partners

Redistribute ownership

8.0%

7.91% 7.0%

7.33%

7.56%

7.20%

6.0%

2011

2012

2013

2014 YTD

Source: CoStar Janurary 2015

the Offer 4 Package Appropriately After the sale leaseback advisor has helped a company determine the value of the transaction and how to approach the

the Offering 5 Market Effectively The property has been valued and lease must work collaboratively with sale lease back advisors to create a real estate pack ensures that all potential buyers know as much as possible about the enterprise and

also include a business overview that cen • • • • • • •

Automatic renewal options Annual rent escalations Role of the consumer price index, if any sive than conventional asset sales, since it Insurance provisions, and

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nancial debt covenant requirements, and

R


Camille Renshaw Senior Director Stan Johnson Company | New York

2015 TOP WOMEN TO WATCH We congratulate a respected colleague and top member of our net lease team as one of the nation’s most influential women in commercial real estate.

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Exceptional. Impressive. Distinguished.

Trepp congratulates Camille Renshaw, the 2015 Women to Watch nominees, and the leadership of the newly merged CREW NY.

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A Special Edition from Sokol Media

FEBRUARY 2015

2015

15 WOMEN TO WATCH

Photo: Denny Renshaw

ERIN BEITZ MICHELLE BERNSTEIN CHRISTINE CHIPURNOI ZOYA GARGIULO ROMY GOLDMAN CAROLINE HANNIGAN HEIDI LEARNER LISA LIM JANE LYONS MARIANNE MATHIEU ESTHER MULLER DINA SILBERSTEIN MACKENZIE THORN DANA TRULIS

CAMILLE RENSHAW

Stan Johnson Company


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