15 WOMEN TO WATCH FOR 2015

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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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 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 while profiling the most respected experts in the field.

This issue is no different. For the 12th year in a row, we are paying tribute to women representing a variety of real estate arenas from finance, 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 its importance to other women who are entering the field, or are already in it, to see what they are also capable of achieving. In that way, it’s really no different from what a parent provides her child, as a role model for success.

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!

Sokol Media, LLC

FOUNDER & PUBLISHER Lori M. Sokol 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

If you think the top title insurer must be the one with the top agents‌ Good thinking!

Fidelity National Title Group congratulates our own

Marianne Mathieu,

Vice President and Agency Business Advisor, and all of the outstanding honorees named as Women to Watch in Real Estate in 2015

www.fntgnyagency.com 330 Old Country Road Suite 301 Mineola, NY 11501

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 renovation for Yamaha Artist Services, the office fitout for Specialist Staffing Solutions, the showroom relocation for the Worth Collection or Morningstar’s new offices at Four World Trade Center, your inspiring work speaks for itself.

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.”

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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

The history of the firm in which Michelle honed her expertise started long before she was born. It was over a century ago when, in 1905, her great grandfather, Alexander Wolf, formed a masonry contracting business. Then, in 1935, when his son Charles Wolf joined the business, they took the company in a new direction by offering general contracting services in order to meet the needs of the insurance and real estate industries. Charles’ skills, which he developed during architecture school, added a different dimension to the business and together, with his father, they created what is known today as Alexander Wolf & Son, one of the oldest and most respected general contracting and construction management firms in the New York metropolitan area.

Fast forward to the late 1970’s, when cousins Richard Wolf and Daniel Bernstein, grandsons of Alexander Wolf, took over AW&S. Richard, a trained architect from Rensselaer Polytechnic Institute and Daniel, an engineer educated at Cornell University, brought together their different expertise and business approaches to expand upon the creation of their grandfather’s firm. The duo found great success and, in 2007, Michelle became the first female member of the family to join AW&S. “It is no longer unusual for a woman to work in construction, as well as own her own firm,” she says proudly. In 2012, Richard retired and Daniel became the sole principal of AW&S, devoting his time and energy to maintaining the character and traditions that have contributed to the long-term success of the company. It was also during that year that the family’s fourth generation, three of Alexander’s great-grandchildren, began to undertake leadership roles.

In 2014, Michelle and her brother, Peter, founded Miter Construction.

The woman-owned firm is building its reputation upon the integrity honed by Alexander Wolf & Son during its century-old history. As Miter 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

Ariela and Associates International, 1359 Broadway Photo: Doug Lorber

Alexander Wolf and Son’s long-standing clients include: ›› ›› ›› ›› ››

Meadow Partners Jones Lang LaSalle Princeton Properties Tishman Speyer Cushman & Wakefield

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›› ›› ›› ›› ››

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

Construction develops, Michelle continues to integrate the many skills that have proven successful for Alexander 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 are well-represented.” “Further,” she says, “there are not enough women in the industry, so my goal is to encourage women to enter the field, since I have found it to be an extremely satisfying and rewarding career choice.”

Michelle grew up in New York City, always having a curiosity and affinity toward the ever changing Manhattan skyline. This penchant for urban development turned into a career filled with renovating the interiors of the buildings she had long admired. Michelle also has an innate appreciation for the tangible aspects of construction, an industry that runs in her blood. After graduating from Cornell University with a degree in economics, Michelle decided to join the family business to gain field experience in construction. The only female on most jobsites certainly proved a challenge, but Michelle saw this as an opportunity to distinguish herself. Through her ability to interact with all types of individuals with a wide range of personalities, coupled with her eagerness 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 performance. 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’ expectations, 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 her other skills and passion for event planning as the cochair of special events for CREW NY (Commercial Real Estate Women, New York), and her love for the city of New York has led her to the Board of the 100 Year Association, a nonprofit organization in which she has been 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.

Congratulations Michelle Bernstein on being selected as one of the Women to Watch in Real Estate 2015

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

Cushman & Wakefield, formerly Massey Knakal, is proud to honor Caroline Hannigan for being recognized as one of the 15 Women to Watch in Real Estate in 2015.

www.cushmanwakefield.com

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

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rin Beitz is a Director of Acquisitions for Carmel Partners, a multifamily owner-operator headquartered in San Francisco, California. She is responsible for acquisitions and dispositions in the Washington, DC, MSA. Ms. Beitz has been involved in commercial real estate for ten years, with a focus in the multifamily sector. She is a member of the National Multi Housing Council (NMHC), co-chair for Special Events of Commercial Real Estate Women (CREW) New York, and a past member of the Board of Directors for the New York chapter of CREW. Prior to joining Carmel Partners, Ms. Beitz held multiple positions in the Acquisitions group for Berkshire Property Advisors, and was involved in over $1.0 billion in acquisitions of multifamily real estate and note positions from 2004 to 2012. Before entering the commercial real estate industry, she spent four years as a professional stage manager, working with Blue Man Group, the Merrimack Repertory Theatre and the Asolo Theatre Company. Ms. Beitz received a Bachelor of Arts with High Honors in Theatre Arts from the University of Nebraska and a Certificate in Real Estate Finance from Boston University. She is a member of Phi Beta Kappa, Golden Key, Phi Eta Sigma and Alpha Lambda Delta academic honor societies.

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.

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CHRISTINE CHIPURNOI Wells Fargo Insurance Services USA, Inc. Our division provides an excellent vehicle for growth as the bank’s only insurance arm.

or over 25 years, Christine has been instrumental in developing, 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, construction, real estate, and retail. She is an active member of Wells Fargo National Real Estate & Construction and Hospitality Practice Groups.

Christine serves as the 2015 co-President of CREW New York, the largest organization for professional women in Commercial Real Estate in New York. The mission is to influence the success of women the commercial real estate industry by focusing on four key initiatives: Business Development, Industry Research, Leadership Development and Career Outreach. Christine also served as the President of the Insurance Brokers Association of New York (IBANY) from 2012-2014; in 2012 she became IBANY’s 1st Female President in over 115 years. IBANY represents the interests of New York’s leading insurance brokers by actively supporting legislation and political activities that are in the members’ common interest, fostering advocacy, professional development and networking opportunities. As Adjunct Faculty for the Practicing Law Institute, Christine speaks on a multitude of insurance related topics.

Christine earned her Master’s in Finance & Risk Management from Boston University and holds both the CPCU and RPLU Designations. She is licensed P&C and Life & Benefits broker in all states.

Christine is the recipient of many awards including The Real Estate Forum’s “2014 Women of Influence” Award; the prestigious “Helen M Garvin Outstanding Achiever Award” (2012) from the National Association of Insurance Women; The St. Francis Food Pantry’s “Woman of Valor” recipient (2012); NYCREW’s Avant Garde Award (2013), Pinnacle Award (2011) and The Wall Street Journal’s Vanguard Professionalism Award (2010). She has recently been nominated as a 2015 Risk and Insurance Power Broker of the Year.

She is an active in many Real Estate and Insurance related industry groups and a volunteer for several philanthropic organization including the Sanctuary for Families, the American Heart Association and the St. Francis Food Pantry.

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ZOYA GARGIULO Mohanty Gargiulo LLC 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.

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s. Gargiulo has over 16 years of experience in derivatives, structured debt products, and financing. As a partner at Mohanty Gargiulo LLC (“MG LLC”), a derivatives and capital markets advisory firm, she provides hedging advice to municipal and corporate entities. She brings to her clients extensive expertise acquired in her prior work at major investment banks and derivatives dealers, where she provided risk-management solutions to institutional investors, corporations, and municipal entities.

In 2008 Ms. Gargiulo joined her business partner, Seema Mohanty to launch an advisory firm focused on offering to issuers and borrowers best in class interest-rates, commodities and FX hedging solutions, as well as capital markets and finance structuring advice. Their goal was to leverage decades of experience at major Wall Street firms and enable informed decision-making. While many advisory firms are transaction focused, MG LLC takes a holistic approach by considering the clients’ objectives, risk tolerance, and market conditions. Since its inception, the firm has grown to become the advisor to the largest and most sophisticated issuers in the public finance space. After working with real-estate companies, Ms. Gargiulo realized that there is a tremendous opportunity to bring sophistication and dealer-side expertise in sourcing, negotiating and execution of loan-hedging transactions and focused on expanding that business.

Prior to joining MG LLC, as Co-Head of Tax-Exempt Investor Derivatives Marketing at UBS Ms. Gargiulo was responsible for the investor derivatives business and Tender Option Bond (TOB) program. Prior to UBS, Ms. Gargiulo was a Principal at Banc of America Securities where she launched investor derivatives business and third-party TOB program. She also focused on total return swaps, index-put bonds, and other direct-lending solutions for real-estate clients.

Ms. Gargiulo spent 8 years as derivatives marketer at JPMorgan where she was instrumental in building out the third-party TOB book and starting the tax-exempt direct lending business. She has worked on a wide array of derivatives products for institutional investors. As a derivatives marketer on the corporate derivatives desk she provided risk-management solutions to corporate clients. Prior to attending 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.

Ms. Gargiulo is a member of NYCREW, serving on the Programs Committee.

Ms. Gargiulo holds an MA in Philosophy from Sofia University and an MBA in finance from Columbia Business School.

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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.

omy Goldman, Founder and President of Gold Development, has more than 20 years of experience in real estate development and construction management. Her vast expertise ranges from developing mixed-use residential and commercial projects as large as a half million square feet to constructing trading floors, warehouse facilities, and affordable housing developments. Ms. Goldman was awarded “Developer of the Year” in 2009 by the Associated 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 powerful real estate company. Its most notable success at 48 Bond Street, an 11-story cond-op completed in Spring 2008, brought a new level of style and design to Manhattan’s most coveted downtown address.

Ms. Goldman consulted with L&M Development Partners on more than $250 million of residential and mixed-use development projects throughout the New York Metropolitan Area from 2003 to 2005. Before founding Gold Development, Ms. Goldman spent four years as the Senior Project Manager at IN:SITE Design Build Associates. During her tenure, she managed all aspects of commercial projects, from initial design phases to building completion. Prior to IN:SITE, she worked for the Shorenstein Company’s Bank of America Division.

Ms. Goldman spent the earlier part of her career devoted to developing and managing affordable housing developments, working for Telesis Corporation in Washington, D.C. and the Atlanta Neighborhood Development Partnership (ANDP).

Ms. Goldman received a Bachelor of Arts in International Relations from the University of Pennsylvania and continued her studies in Real Estate Development at the University of California at Berkeley. Ms. Goldman is a member of the Board of Directors of the Pratt Area Community Council (PACC – a community development organization serving Central Brooklyn) and the Citizens Housing Planning Council (CHPC).

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CAROLINE HANNIGAN Cushman & Wakefield

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.

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aroline is the Sales Team Manager for Partner, James Nelson, at Cushman & Wakefield, formerly Massey Knakal as of December 31, 2014, overseeing the day to day operations of his team which specializes in Greenwich Village, East Village and NoHo. Since starting her career at Massey Knakal in 2010, Caroline has been involved in the aggregate sale of over $1.3 billion in real estate sales in the New York metro area. Some of her most notable recent transactions include: 435 Tenth Avenue for $238 million, 200 East 11th Street for $57 million, 30 West 21st Street for $38.5 million, the TriStar Portfolio for $49.9 million, 100 Vandam Street for $27.5 million, 143-145 West 4th Street for $11.325 million, 555 West 25th for $27 million, 152-154 Leroy Street for $10.25 million, and 70 Bank Street for $13.8 million. In 2013, Caroline became a member of the Massey Knakal Charitable Foundation.

Caroline came to Massey Knakal from Cassidy Turley where she specialized in high end retail leasing. Prior to Cassidy Turley, Caroline was an associate at Okada & Company where she focused on investment sales and retail leasing in the Midtown and Downtown Manhattan markets.

A graduate of St. Lawrence University, the Westchester County native holds a Bachelor of Arts degree in Spanish and a Minor in Exercise Science and Nutrition. Caroline grew up in Westchester County, New York where she graduated from School of the Holy Child in Rye, New York. She was captain of her high school swim team and crew team, and rowed for the St. Lawrence University Varsity Crew Team for four years participating in the NCAA National Championship. In addition to being an avid athlete, Caroline was also a Spanish tutor at the HC Williams Senior High School, as well as a swim instructor for NYAHRC, a program that teaches and supports mentally and physically disabled children.

Currently, Caroline participates in Swim Across America, a cancer awareness, treatment, and research fundraiser; a swim she has been involved with since 2001. She resides in Bronxville, NY with her husband, Anthony.

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HEIDI LEARNER Savills Studley “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.”

eidi Learner serves as Savills Studley’s Chief Economist, developing real-time measures of supply and demand for commercial space in order to assist the firm’s clients in understanding the continually evolving economics of the real estate markets. She is based in Savills Studley’s New York City headquarters.

A former fixed income strategist and portfolio manager, Ms. Learner previously served as a Vice President with State Street Corporation creating quantitatively-based global fixed income trading strategies. While there, she created a proprietary flow-based trading model, which integrated investor behavior with measures of statistical unusualness, and which successfully forecast the direction of ten-year U.S. treasury yields.

Prior to her time at State Street, Ms. Learner was a Bond Portfolio Manager at MEAG New York Corporation where she directed interest rate trading for Munich Re’s $38 billion portfolio of assets. Ms. Learner, who began her career at Salomon Brothers, also worked as an Associate Director at Barclays Bank and as a Vice President at JPMorgan Chase.

A Chartered Financial Analyst, Ms. Learner has an in-depth background in macroeconomic analysis and forecasting and has authored a paper entitled “An Examination of Transparency in European Bond Markets” for the CFA Institute.

Ms. Learner currently serves as a board member with the American Friends of the Israel Philharmonic Orchestra, where she sits on the organization’s investment committee and finance committee.

Ms. Learner attended the University of Pennsylvania where she studied bioengineering and finance as part of the dual-degree Management and Technology program and earned a Master’s degree in Mathematical Finance from Columbia University.

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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.

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isa Lim knows New York and its real estate cycles. She is a native New Yorker, and has served as lead counsel on a number of 80/20 projects that have helped to revitalize and develop rezoned sections of New York City. Lisa has also been lead counsel on significant 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.

It’s this firsthand experience that makes Lisa so knowledgeable about unique real estate issues challenging New York City and State. The process of getting these complex deals done under pressing time frames, enabling projects with a public purpose to be financed, completed, and utilized, is what further drives Lisa.

Lisa has spent over 20 years representing borrowers, lenders, and government agencies in the structuring, negotiation, and closing of complex transactions in every asset class including mixed-use, multifamily, condominiums, hotels, schools, and commercial property. Her specialties include real estate finance and development, economic development and incentives, and affordable housing. She is a recognized thought leader, conducting many presentations on economic development and affordable housing issues, and continues to stay abreast of the rapidly changing laws and programs. Her concentration has primarily focused on deals that are public-private collaborations with an emphasis on tax exempt bonds, affordable 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 organizations, including the Fordham Law School Minority Mentorship Program, of which she is also the Co-Chair, and the United States District Court, Eastern District of New York, as a Pro Bono Mediator. Lisa lives in Tribeca, with her husband and two sons.

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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.

ane Lyons is Managing Partner of Rhodes Associates, a premier executive search and organizational consulting firm specializing in serving institutional, finance, banking and startup businesses across the global mortgage finance, commercial lending and real estate sectors. During her more than 25-year career, Jane has completed more than 700 search and consulting assignments, helping clients recruit their most successful executives. She has built a reputation for bringing relevant market knowledge and a direct, disciplined approach to help match clients’ business needs with deep insight on executive leaders who can thrive in a new environment.

Jane has partnered with her Rhodes Associates colleagues ‘brick by brick’ and ‘client by client’ to build one of the world’s foremost search practices serving global real estate markets. Rhodes is a member of IRC Global Executive Search Partners, a global professional alliance of retained executive search firms united in a commitment to provide the highest standards in management recruitment services. Rhodes will host the IRC Global Conference in Manhattan in 2015.

A tireless advocate for the recruitment of women leaders across the global real estate industry, Jane serves as 2015 Co-President of New York Commercial Real Estate Women of New York, having formerly served on the Executive Committee for the Association of Real Estate Women (AREW). The two groups merged in December 2014. She is a member of the Urban Land Institute, Pension Real Estate Association, Mortgage Bankers Association, Commercial Real Estate Finance Council, Cornell Real Estate Council and has a participated in the ULI YLG Mentor Program. She is a Career Mentor for the Zell/Lurie Real Estate Center at The Wharton School and volunteers and does community outreach as a Board member of the New York Junior League. Earlier in her career, Jane worked in marketing and sales for the Wharton Business School and CBS, Inc. Jane lives in Darien CT and has three children, Tripp, Charlotte and James. Jane’s son, Tripp, is an Associate Director at Eastern Consolidated, her daughter is employed by Steven Kamali Hospitality, her son James is a sophomore at Hobart College.

www.sokolmediaonline.com • 21

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MARIANNE MATHIEU Fidelity National Title Group

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 (FNTG), the nation’s largest title insurance provider. In this role, she works with title insurance agencies in both the commercial and residential sectors and is responsible for maximizing profitability and optimizing opportunities in technology, business relationships, market growth and operation improvements to ensure the long-term profitability of her customers. Along with an experienced team of FNTG title professionals, Marianne has supported her agents in notable New York transactions, including: 1047 Amsterdam Avenue, 55-75 West End Avenue, 10 and 60 Columbus Circle, and 150 East 42nd Street.

After graduating magna cum laude from Troy University, Marianne began her career with a prominent real estate firm in Atlanta, Georgia, later becoming Operations Manager at a title insurance/settlement agency responsible for 150 closings a month. She then joined a national underwriter as State Agency Auditor for Georgia and eastern Tennessee, followed by her promotion to Agency Business Advisor.

Since moving to New York in 2004, Marianne has embraced highprofile roles with several professional organizations and business associations. Currently, she is active on committees with Commercial Real Estate Women (CREW NY) and the American Land Title Association (ALTA). She has served in several capacities as an Officer of the New York State Land Title Association (NYSLTA), where she was Chair of the Title Insurance Section (2009 – 2010) and Treasurer (2010 – 2014) and is President-elect (2014 – 2015).

As a title insurance professional, Marianne has been recognized by ALTA, the industry’s national trade association, with the National Title Professional (NTP) designation. She is the first and, to date, only New Yorker to have received this recognition.

Outside of her professional activities, Marianne is an animal welfare advocate, and she serves as President of the Board of Directors of KittyKind, Inc., a non-profit, all volunteer, no-kill cat rescue and adoption group. She volunteers weekly at the adoption center and coordinates veterinary care for animals in need.

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.

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

sther began practicing real estate while teaching in Ridgefield, Connecticut, where she was approached by a developer who needed help educating his tenants on the advantages of home ownership. She was a natural, helping people empower themselves through ownership. “So, I began selling properties and felt that I was making a difference in people’s lives,” she says.

Soon she was working with major developers in Connecticut and had started her own firm to facilitate the conversion and sales of rental units to co-ops and condos. In 1980, looking at New York, she saw a vast untapped market for conversions, and expanded her operations to Manhattan. Esther became known as the “queen of sponsor apartments” as she was involved in converting dozens of buildings with thousands of units throughout the city. Included were such residential landmarks as the Ansonia, Leonori and Parc Vendome condominium.

Ms. Muller is a graduate of Brooklyn College and is a New York University (NYU) Certified Master Coach. She has held the position of Professor and Director at the Graduate School of Business at Touro College. In addition to her expertise in the real estate market, she is an acclaimed lecturer on entrepreneurship, real estate investing and is a fierce advocate of quality education. Her incisive thoughts and perceptive ideas have distinguished her as an authority and often quoted spokesperson on industry issues.

By bringing top practitioners together with a dynamic curriculum, she has been called a revolutionary, raising the bar for what agents expect in continuing education. Her goal is to bring together the knowledge and experience of the traditional real estate landscape with a fresh view on the application of technology.

Esther is recognized by industry peers as a legend. She has outstanding long-term relationships with real estate agents and management companies throughout New York - a major factor in her success. The majority of her business comes from referrals or repeat clients who value her expertise.

www.sokolmediaonline.com • 23

D

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.

24 • www.sokolmediaonline.com

ina Silberstein is an experienced real estate and construction professional with a diverse background including a BFA in Interior Design (Fashion Institute of Technology) and an MBA in Real Estate (Baruch College). Dina is a Project Manager at CBRE and is currently managing four (4) diverse projects including a renovation for Yamaha Artist Services, an office fit out for Specialist Staffing Solutions, a showroom relocation for The Worth Collection and an office relocation for Morningstar at Four World Trade Center.

Although Dina loved being an Interior Designer and the New York design and architecture industry, her passion laid in real estate development.

As a result, in December 2010, after earning her MBA, Dina left New York City to work abroad in Tel Aviv, Israel and transitioned her career from architecture to real estate development. While in Tel Aviv, Dina interned at Etz Hashaked Building and Development, which provided her with knowledge of the Israeli real estate industry and furthered her expertise of construction and project management.

Upon her return to New York City, Dina was ready to hit the ground running with her newly honed skills and landed a consultant position with the hotel development firm - GB Lodging. While with GB Lodging, Dina assisted with the offering memorandum/market research for the 5 Beekman Street hotel development project in Downtown Manhattan. The offering memorandum was then used to obtain debt and equity financing for the project.

Dina was then provided the opportunity to work for a company (The Mace Group) that was new to North America. During her time at The Mace Group, Dina was one of the Project Managers managing the Interior Fit-Out of the Port Authority Headquarters at Four World Trade Center.

In addition, Dina was one of the founding members of the New York Office and helped to spread Mace’s name throughout the New York real estate industry.

Dina currently serves as a Board Member and one of the Sponsorship Co-Chairs of CREW New York; is a member of UJA Federation of New York’s Young Real Estate & Allied Trades Division (REX) Committee; is a member of UJA Federation of New York’s Gen i Task Force, and is a board member of the Council of Young Jewish Presidents (CYJP). Dina is a Two-Time WX, Inc. (New York Women Executives in Real Estate) Scholarship Recipient, which she received while studying for her MBA at Baruch College, was recognized as one of Women Builders Council Outstanding Women of 2014 and was named one of the Jewish Week’s 36 under 36 for 2014.

In Dina’s spare time, she is an avid boxer, enjoys art museums, photography, theatre/Broadway shows and loves to travel around the world and experience new cultures.

M

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.

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 including 11 East 68th Street, 305 East 51st Street and 505 West 19th Street.

She touches all phases of the development process from acquisition and financing to design and construction to branding, marketing and selling.

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 member of the Association of Real Estate Women (AREW) since 2009 and has been a member of the AREW Board since 2012 as a co-chair of the Membership Committee. Ms. Thorn, and her husband Christian Thorn, reside in Manhattan.

www.sokolmediaonline.com • 25

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DANA TRULIS SiteCompli 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

ana Trulis is a Director of Sales at SiteCompli, providing clients with consultative compliance-monitoring technology solutions and expertise. Dana has been with SiteCompli since April 2014, and the company was recently named as an Inc. 500 fastest-growing company in the US and a Crain’s NYC Best Place to Work 2014. SiteCompli is an integral part of the day-to-day operations for real estate owners, managers and vendors in staying ahead of critical compliance data such as violations, inspections, fines and hearings from various NYC government agencies.

Dana’s team sources new business opportunities and works to save commercial, residential and institutional clients time, money, and headaches on managing their portfolio compliance, uncovering inefficiencies and opportunities for savings. SiteCompli services some of the largest and most influential real estate owners and managers in NYC, currently monitoring over 40,000 buildings in the five boroughs.

Prior to joining SiteCompli, Dana was a Vice President on the Transaction Management team at commercial real estate services firm Avison Young providing tenant representation and strategic and portfolio planning for clients. Previously, Dana joined the Corporate Services Group of commercial real estate services firm Grubb & Ellis, focusing on business development and account coordination, as the group provided real estate strategy and program execution in the New York market for clients with multi-market, global portfolios. For four years, Dana was a Sales Manager for Bravo Holiday Residences, a property management company, focusing on cultivating new business partnerships and portfolio account management.

Dana graduated with a Communications degree from Manhattan College, earning recognition on the Dean’s Honor List, Honors Enrichment Program and Lamda Pi Eta National Honor Society. Prior to entering the real estate world, Dana began her career in an editorial role for a regional, bimonthly magazine.

Dana has been on the Association of Real Estate Women’s (AREW) Board of Directors for the last three years. Additionally, for the past four years, Dana has spearheaded Spin for Hunger, the indoor cycling charity event benefiting St. Francis Food Pantries & Shelters, along with Honorary Chairs Rosanna Scotto and Ines Rosales, Co-Hosts of FOX News Good Day New York. She has been a member of numerous professional and charitable organizations, including REBNY, CoreNet, Baruch College’s Executives on Campus, GEMS Council of Daughters and NYCares.

Congratulations to

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

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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

By Faith Hope Consolo Chairman, Retail Leasing and Sales Division Prudential Douglas Elliman

Retail in 2015 is all about “down” – new complexes opening downtown, and even subterranean shopping! The greatest news this year will be the complete re-opening of Brookfield Place and the debut of the World Trade Center retail complex.

The teams leasing both projects have been careful to avoid too much duplication, with the result that Brookfield Place skews quite heavily to luxury and WTC a bit broader in price point. Just look at what shoppers will choose from at Brookfield: 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 (in 2016), Satya, Scoop NYC, Paul Smith, Theory,

Vilebrequin, Vince, and Ermenegildo Zegna.

The World Trade Center retailers will include: 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.

Continue to keep an eye on the Lower East Side, which will boast the Essex Crossing retail complex, anchored by a 14-screen Regal Cinemas, the first new theater in the city since 2001. The area already is seeing international retail, as Maison Kitsuné opens its second unit in the city at 5 Rivington Street in February.

Good news for bibliophiles includes the return of Rizzoli, which will open at 1133 Broadway this spring with many of the bookshelves, chandeliers www.sokolmediaonline.com • 9A

and furniture from its former location.

This NoMad location (as well as adjacent Flatiron) is yet another burgeoning neighborhood for shoppers!

Perhaps the most intriguing neighborhoods will be underground, as the city focuses on placing retail in some of our larger subway stations. Coming in September will be TurnStyle, the mall now under construction below the Columbus Circle subway station, featuring Madison Jewelers, Dylan’s Candy Bar, Bluwire Electronics, Magnolia Bakery and Specs New York among 30 planned retailers. This could be one of the most exciting projects in the city in years!

NEW DINING FOR 2015 Again, downtown will be a highlight with the offerings at Brookfield Place and the World Trade Center.

At WTC, options will include Eataly, the first U.S. outpost for Australia’s Jones the Grocer, Épicerie Boulud, Lore Wine & Spirits, La Colombe, Beer Table, Noble Tree Coffee, FIKA, Nunu Chocolates, Joe Coffee and Minamoto Kitchoan. Brookfield already is the 10A • www.sokolmediaonline.com

home to Hudson Eats, a dining terrace with fast-casual offerings from 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. Coming soon are Le District, Parm, Amada and L’Atelier de Joel Robuchon.

Other neighborhoods will see some changes, too. In Nolita, Torrisi Italian Specialties will reopen in a fine dining concept in the spring. Look for Rebelle, from some of the partners of Pearl & Ash, to debut at 218 Bowery. Yes, the Lower East Side is a major restaurant area, too, with new Keith McNally bistro Cherche Midi at 282 Bowery, and another pizza offering from Giulio Adriani inside Espoleta (334 Bowery). Major Food Group brings Dirty French at 180 Ludlow, offering classic French cuisine, with a modern twist.

Happy Ending, formerly a dance club, has been transformed into a retro-designed restaurant at 302 Broome Street, and offers Italian, French and Asian influenced fare.

Beer and red meat reign at Stanton Street Kitchen at 178 Stanton Street.

Asian restaurants continue to find opportunities in Astoria, Queens: The New York Food Court offers a variety of Asian cuisines, from Teriyaki to Szechuan to Guchun Private Kitchen at 133-35 Roosevelt Avenue. Others are going the niche route: Kung Fu Xiao Long Bao, which has a focus on Taiwanese specialties at 59-16 Main Street. Or go for, yes, dumplings at Dumpling Galaxy, with 100 different options at 42-35 Main Street. In Long Island City, Mu Ramen will open an eatery focused on dry aged beef.

NEW HOTELS Visitors looking to stay somewhere new soon will have the New York Edition Hotel from Marriott and Ian Schrager at 5 Madison Avenue, with a scheduled opening in April, yet another sign that Flatiron is the place to be! If you’d rather stay in Midtown, the Baccarat Hotel and Residences (20 West 53rd Street) will have spectacular views and probably the most central location in the city.

Happy Shopping!

Calendar of Events

FEBRUARY-APRIL 2015 FEBRUARY Wednesday, February 25 6:00 – 9:00 p.m.

CREW New York Mid-Winter Networking Cocktail Reception Celsius @ Bryant Park To register, visit www.crewny.org

Friday, February 27 12:30 – 1:30 SMPS-NY Leadership Lunch: The Optimistic Leader Using Happiness and Positivity to Propel Performance @ Superstructures 32 Avenue of the Americas To register, visit www.smpsny.org

MARCH Thursday, March 5 12:00pm - 2:00pm REBNY Lower Manhattan Office Building Luncheon @Delmonico’s 56 Beaver Street For Lower Manhattan Committee members and their guests Contact: Desiree Jones Email: djones@rebny.com Phone: 212-532-3100

Thursday, March 12 5:30pm - 7:00pm The Secrets of Top Brokers and Industry Leaders FREE Seminar for REBNY Members Only. Registration Required REBNY Mendik Education Center 570 Lexington Avenue Contact: Jay Perez Email: yperez@rebny.com

Monday, March 23 12:00pm - 2:00pm REBNY Commercial Real Estate Finance Luncheon Yale Club 50 Vanderbilt Avenue - 44th Street Contact: Desiree Jones Email: djones@rebny.com Phone: 212-532-3100

Tuesday, March 24 8:00 AM - 10:00 AM SMPS-NY Client Panel: $100 Billion of Infrastructure in 5 Years – A Regional Perspective for Next Steps General Assembly 902 Broadway, 4th Floor To register, visit www.smpsny.org

APRIIL Wednesday, April 8 8:00 AM - 10:30 AM SMPS-NY New Jersey Affiliate Client Panel: Higher Education and Real Estate Development in the Garden State Daikin Solutions Plaza 10 Exchange Place, 21st Floor Jersey City, NJ 07302 To register, visit www.smpsny.org

Saturday, April 18 9:30am - 3:00pm REBNY Residential Upper Manhattan Committee Presents: Harlem Open House Expo Corner Social Restaurant 321 Malcolm X Blvd.

To register, visit www.rebny.org

Wednesday, April 22 8:00 AM - 5:00 PM SMPS Northeast Regional Conference Park Plaza Hotel 50 Park Plaza at Arlington Street Boston, MA Visit www.smps.org for further information

Tuesday, April 28 5:30pm - 7:30pm Sales Broker’s Deal of the Year Cocktail Party REBNY Most Ingenious Deal of the Year Awards at the 70th Annual Cocktail Party @101 Club - 101 Park Avenue Contact: Desiree Jones djones@rebny.com

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.

2A • www.sokolmediaonline.com

owned real estate to a buyer and lease back the property as a tenant under a long-term lease arrangement with the buyer who becomes the landlord (see diagram below).

COMPANY

Sells Property

Becomes

TENANT

BUYER

Becomes

Leases Property

LANDLORD

Benefits of a Sale Leaseback

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 corporate real estate portfolios led to her appointment as Director of Investment Sales at Colliers International, where she won the company’s largest office investment sale. She also won top producer awards for three consecutive years, as well as recognition as one of Colliers’ top-40 worldwide producers.

“While at Colliers, I helped institutional funds invest in office and industrial assets, until I eventually bought my own portfolio,” 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 City office, and has turned it into one of the most successful of the company’s nine offices nationwide. From 2013 to 2014 she grew her team’s revenues by 1200%: a company record. In 2014, she grew her team to seven members and closed the company’s largest fee nationwide.

Stan Johnson Company consists of more than 150 real estate provessionals. Over its thirty years of operation, the firm has closed more than $18 billion in transaction volume nationwide, across all product types: retail, office, industrial, medical, and sale-leaseback transactions. Renshaw’s team mirrors this focus, selling property from all single tenant, net lease sectors, but her real specialty is sale leaseback.

who becomes their landlord. While many CFOs understand the value and importance of managing real estate on the books to support an enterprise’s short and long-term goals, they often don’t know that they can achieve a higher ROI reinvesting in the core business (e.g. 20-40%) versus real estate returns of 6-10%. Therefore, smart planning and appropriate consulting 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 or fail to improve financial stability with a purchase or sale. The process of a sale leaseback, in particular, can become chaotic if a company lacks expert guidance. That’s where Stan Johnson Company comes in.

“We not only help companies figure out ways to make more money,” Renshaw says. “We also help them save and grow people’s jobs.” For example, after coming out of the recession in 2012, American Forest Products, the largest supplier of wood to Home Depot, was told by the client that they’d have to increase supply, or lose Home Depot’s business altogether. AFP had to increase its credit revolvers in order to take on the increased sales “AFP asked SJC, ‘How do we do this? Refinancing the real estate won’t give us enough capital,’” Renshaw recalls. “SJC guided AFP through a portfolio of sale leaseback transactions, and provided the capital needed for the company’s expansion, while enabling its middle-market employees to keep their jobs.”

This is just one of the many examples of a successful sale leaseback deal. This type of transaction can also prove beneficial if a company wants to restructure ownership, pay off existing 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.

A company can utilize a sale leaseback for a number of reasons such as:

Expand the company

• Expand current building • Acquire another company • Add new sites / operations

Increase capacity

• Increase production • Increase inventory levels • Add new products

What is Net Sale Leaseback?

Reduce debt

• Pay-off existing debt • Consolidate debt • Avoid acquiring new debt

Restructure ownership

• Repurchase stock • Buy-out partners • Redistribute ownership

Most company CFOs understand the value and importance of managing real estate on the books to support an enterprise’s short and long-term goals. Companies can achieve a higher ROI reinvesting in the core business (e.g. 20-40%)www.sokolmediaonline.com versus real• 3A estate returns of 6-10%. Smart planning and appropriate

A net sale leaseback transaction allows a company to sell the real estate it occupies to a buyer, and lease back the property as a tenant under a long-term lease arrangement with the buyer—

Case Studies

American Forest Products (AFP)

Park Avenue Radiologists (PAR)

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.

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.

Business Benefits: AFP was able to generate capital needed to increase their capacity and maintain their #1 customer.

Sale Price: $21,750,000 Industry: Medical/ Radiology

Sale Price: $13,800,000 Industry: Wood Manufacturer & Distribution

Facility Type(s): Medical Office Condominium Location(s): Park Ave/61st St, Manhattan, NY Deal Structure: 20-year sale-leaseback to a private fund.

Facility Type(s): Manufacturing & Distribution Centers 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.

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.

Camille Renshaw, CCIM

David Bailey

John Rotunno

Scott Scurich

Director crenshaw@stanjohnsonco.com 646.778.5560

Associate Director dbailey@stanjohnsonco.com 646.841.0632

Associate Director jrotunno@stanjohnsonco.com 646.841.0637

Associate Director sscurich@stanjohnsonco.com 646.841.0640

Stan Johnson Company | New York Office 180 Madison Ave | Suite 2200 | New York, NY 10016 | P: 646.778.5560 | stanjohnsonco.com 4A • www.sokolmediaonline.com

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 business leaders follow an easy five-step process to ensure a sale leaseback is fully optimized:

1 Pick appropriate advisors Many companies may opt to work with local brokers who know what a sale leaseback is but lack an extensive buyer network or in-depth expertise in the process.

While the local broker can complete the transaction, the client may not reach the value they could have achieved if they’d worked with professionals who specialize in national sale leasebacks. Selecting the wrong attorney, broker, or financial advisors can result in serious missteps throughout the process. Less experienced advisors are prone to misprice assets relative to building values or offer rents that are too low or too high; they might also be less attentive than they should be at vital junctures in the deal.

Experienced advisors are sensitive to issues such as market conditions, changes in tax laws and/or accounting rules, the impact of less desirable locations, and marketing discretion. A selling company’s goals and projections must match appropriately with the lease terms drafted by the broker. Advisors must spend time un-

derstanding the company and its industry before being able to appropriately write up an market offering.

On average, the value of a building can be 100% to 150% more than a vacant site.

In addition, with sale leasebacks, sellers can obtain 100% of the fair market value of the real estate compared to the 50% to 70% they might obtain through conventional mortgage financing. For example, a radiology practice might receive a real estate appraisal of only $10,000,000, but the property could sell for $20,000,000 if a sale leaseback and its deal terms are appropriately structured to maximize value.

the company story and 2 Pitch demonstrate earning power To engage the sale leaseback market, sellers must demonstrate the true earning power of their company to prospective buyers. To accomplish this, CFOs must determine the company’s EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring or Rent Costs), which is the best indication of an enterprise’s financial performance and ongoing operations outside of real estate costs. (Often industry specific-metrics will be used. For example, car

washes typically pay rents that are 15% of gross revenues.)

the value of the 3 Determine real estate Business leaders must conduct a balancing act between market rent per square foot, market comparable sales, and the desired sales price. Some companies may opt for maximum dollar when entering into a sale leaseback, while others could be in a position to benefit more from a lower rent and reduced sale price. It is vital that the value of the real estate be accurately defined early in the process to ensure long-term benefit for both parties. One key factor in sale leaseback real estate valuation is the selling company’s credit. Low-risk credit can translate into a higher-priced sale with lower rent. A company must understand how much rent it wants to pay and how much capital must be obtained through the sale leaseback. Buyers in the sale leaseback market typically approach the purchase as an investment in the selling company, rather than in the real estate itself. Therefore, a seller with strong credit adds value to the property—whether it be investment-grade, rated credit or a smaller enterprise.

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 buyer market, more finite details can be finalized. Several lease instruments should be analyzed to ensure each clause and specification is designed with both the seller and buyer in mind. Business leaders must sign off on the lease structure being brought to market after taking into account several terms including: • Length of lease • Automatic renewal options • Annual rent escalations • Role of the consumer price index, if any • Buyback options • Insurance provisions, and • Dispute provisions.

6A • www.sokolmediaonline.com

the Offering 5 Market Effectively The property has been valued and lease terms ironed out. Now CEOs and CFOs must work collaboratively with sale leaseback advisors to create a real estate package that tells the story of the company and ensures that all potential buyers know as much as possible about the enterprise and its leaders, to encourage investment. Normal real estate packages focus on the physical property, while sale leaseback packages also include a business overview that centers on introducing the executives, reporting on that industry sector, and telling the company story and financial trajectory. The due diligence package is also more extensive than conventional asset sales, since it will include organizational structures, financial debt covenant requirements, and

union and pension obligations if any. Sale leaseback buyers prioritize a company’s credit, then the specific lease terms, and finally the real estate when placing a bid.

R

enshaw’s New York office has been so successful, in fact, that it has just expanded into a larger office, and is seeking to hire a number of new brokers.

“We are seeing so much activity that it feels like 2005 all over again,” Renshaw says. “It’s a great time to sell, and our office has already passed 2006 and 2007 numbers.

During the first quarter, I have pipelined over a dozen deals for roughly half a billion in sales, and our ongoing challenge will be trying to source more product to just keep up with the demand.My plan is to grow my group by 200% in revenues again this year.”

And, no doubt, she will.

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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CAMILLE RENSHAW

Stan Johnson Company