A Special Edition from Sokol Media
FEBRUARY 2015
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One Plus One Makes Five
This expanded organization is now stronger than ever, leveraging 50 years of combined histories and achievements
The Urban Land Institute’s latest research reveals a surging real estate marketplace, while still taking nothing for granted
Herald Square Harkens
industry
Publisher’s Page Sometimes the numbers speak for themselves, even when they don’t quite add up on paper. Such is the case with the recent partnership of two women’s
combining 50 years of experience to now provide women in the real estate industry with a new and unmatched level of resources, education, and mentoring. “That’s why we believe, in this case, that president.
accomplished for 6,500 properties and over 1.5 million residential community and the planet are innumerable. So, whether by combining forces, turning the same age twice, or these cases, each of these numbers do add up. Lori Sokol, Ph.D. Founder & Publisher
“Inspiring Young Women and Girls to Lead the Future” Our Mission
At BALI we…
provide a skillsbased program in leadership and debate training, community building and civic engagement, governance, and advocacy, public policy, domestic and global issues to motivated students. focus on selfempowerment, emotional learning and social justice action. encourage students to excel and become advocates for their own education and communities
The Mission of The Bella Abzug Leadership Institute (BALI) is to inspire girls and young women to become effective, dynamic and visionary 21st century leaders as well as active and creative participants in civic, political, corporate and community life. BALI’s signature leadership and debate training coupled with our mentoring program, provides the skill set that instills confidence, and gives a strong voice to girls and young women from middle school to high school and college in the New York Tri-state “Women will run area.
the 21st Century… This is going to be the women’s century and young people are going to be its leaders.” -Bella Abzug, April 1997
Since our inception, we have trained
over 900 girls in the NY Tri- state area.
For more information about BALI, please visit us at www.abzuginstitute.org. The Bella Abzug Leadership Institute is a 501 (C) (3) Not- For Profit Corporation, all donations are tax deductible to the maximum extent allowed by law
TOP ORGANIZATION TO WATCH for 2015
Photo Howard Weschler
CREW NY
“We can now mentor more women in all levels of real estate.” “We are now in more diverse verticals and varied industry segments.” “We are now the largest professional real estate women’s organization in New York.” “We now have a larger presence at the national level.” heading this larger and more powerful organization dedicated to strengthening women throughout New York City’s real estate arena. 4 • www.sokolmediaonline.com
CREW CT President Beth Ann Harney, AREW President Erin Bond,
Top: March 2011 Leading Ladies panel: From Left: Andrea Olshan, NYCREW 2011 President Karen Dome, Helena Durst, Lisa H. Silverstein, NYcrew Director of Communications and panel moderator
Rossi, NYCREW Past President Karen Dome.
Top: Leading Ladies 2014: NYCREW Board Member Erin Beitz, Speaker Laurie Zucker, Moderator and NYCREW Board Member Faith Hope Consolo, Speakers Shari Goodstein Rossi, Archie Gottesman. Michael Aisner, Paul Magda. Bottom Right: NYCREW’s Women Greening NYC Panel 2014 and the Board: Esen Edip, NYCREW Board Member Theresa Garelli, Esq.,
NYCREW 2014 Board, from left: Director Beth Zafonte, Treasurer Nancy Wood, Director Erin Beitz, President Laura Walker, President Elect Christine Chipurnoi, Directors Faith Hope Consolo and Annemarie DiCola, Past President Shari Linnick, Director Theresa Garelli, Esq.
Consolo says. “CREW New York’s new critical mass will allow us to invite leaders from chapters all over the country to speak at our events, which will also help them network with our members here. The con nection between our chapters around the country will make us a stronger force not only within our indus
And now, CREW New York has even more to cel ebrate. Lyons and Chipurnoi recently announced that CREW National will hold its 2016 National Conven tion in New York City, which stands as a testament to the strength and potential growth of this new or ganization, both locally and nationally. “New York adds, with a smile, “Here, we have the best and the From Left: Erin Bond, Laura Walker, Christine Chipurnoi. Photos © www.onefinedayphotographers.com
C
changed its name to CREW Boston. With this name
the CREW name.
educational programs, networking, mentoring and other activities that support the professional development of women working in commercial real estate throughout the region. At the same time, the
with a national presence.
Three CREW Network presidents have come from CREW Bos
president and is currently serving on the CREW Network Board of
C
REW Network Foundation schol arships are intended to encourage women to pursue an education which will lead to a career in the commer cial real estate industry. Applications are
To date, CREW Network and its Founda tion have awarded 66 scholarships totaling With the help of its generous donors, the CREW Network Foundation Scholarship Endowment and its scholarship program
CREW Network Foundation scholarship
CREW Network Foundation / Prudential Real Estate Investors scholarship
CREW Network Foundation / Jane Ayers Wooley memorial scholarship *Funded by donations
CREW Network Foundation / Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative scholarship
Matched with a CREW Network
Network Convention & Marketplace
tioner;
and preserving and enhancing our current inventory of
“THE MAYOR’S CALL
long housing shortage. Without such bold initiatives, the preserve over the next decade, is bold. It will go a long way to keeping New York the greatest city in the world in which to live, work, and raise a family.
CUSHMAN & WAKEFIELD recently announced that it has advised sale of its headquarters building at
more expensive. Our industry stands ready to work with the Mayor and other stakeholders to put shovels in the ground and cranes in the sky to tackle this important goal.”
Society in the transaction. “We are extremely pleased to assist American Bible Society in a transac tion that is so important to their mission,” said Hwang, a Cushman &
AvalonBay Communities, Inc. “The 1865 Broadway property has The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society,” said ABS Board chairman, Nick Athens. “As we approach a third century of mission, we are laying the
footprint and meaningful scale almost never become available in Manhattan, let alone within a location with such a global presence. To complete a deal with AvalonBay just speaks volumes for the potential of this project.” ABS recently announced plans for a new global headquarters in cen
changing message of the Bible.”
from its current New York City and
by Helen Hwang, Nat Rockett, Steve Kohn, Karen Wiedenmann and Brian Szczapa, represented American Bible
team, led by Heather Sloan,Timothy
American Bible Society in selecting its new ministry site. In addition to
Discovery Center on the doorstep of “American Bible Society has a re markable Scripture collection of over said Heather Sloan, a Cushman & collection will now be just steps from where the Declaration of Indepen dence was signed, close to many other incredible museums and historical sites, continuing the transformation
honored to have assisted American Bible Society with its headquarters relocation.”
THE UNION SQUARE NEIGHBORHOOD
THE SUSTAINED PERFORMANCE of the U.S. commercial real estate industry is expected to continue in 2015, fueled by improving fundamentals and robust investor “Unlike previous reports and previous cycles, we are seeing sustained growth,” said Mitch Roschelle, partner, U.S. real es tate advisory practice leader, PwC. “In the past several years, we reported that real estate market participants’ main fears revolved around the uncertainty with the economy. Now, the trepidation in their eyes has more to do with the ability of the growing real estate markets to adapt to a series of mega trends impacting society and the global economy. These mega trends include accelerating urbanization, demographic shifts and the impact of distributive technological advance ments.” pointed to the continued rise of markets other than the larg est coastal cities as top choices for overall real estate pros ond, respectively, topped San Francisco as favorites for 2015;
Charlotte N.C., in seventh place, is rated higher than Seattle and Boston; and Nashville, ranked at 14, tops Manhattan. “Investors are looking closely at opportunities beyond the core markets. These cities are positioning themselves as ings, and recreational and cultural amenities,” Phillips said. PwC and ULI outline the top trends in real estate for 2015:
The urbanization of America has given life to cities that had no longer is it accepted that only the great coastal cities can be alive around the clock and on weekends. Downtown transformations have combined the key ingredients of hous cores, spurring investment and development and raising the quality of life for a roster of cities. Buyers have more markets
The millennials are an even larger cohort than their par
No form of real estate is exempt from the exponential expansion of technology. Interviewees see technological disruption as providing new business tools and environ ments, opening new business paths, and cycling forward as a source of user demand in an era when more tradi tional industries may be sluggish. Technology is pushing change in space use, locations, and demand levels at an accelerated pace. It is now the norm to anticipate, strat egize, and respond to new technologies before they are mainstream. Overall, the fear factor about technological disruption is easing, according to surveyed respondents.
●
viewed as an adaptation challenge, as retailers become ●
There is nothing new in seeing investors along the continuum from “core” to “opportunistic,” but the trend will be that such distinctions are heightened over time, and 2015 looks to be a year when this will be especially evident, interviewees note. The reason is that the concern about “event risk” is troubling the minds of more and
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considered to be the best prospect for increasing invest ment volume in 2015, according to the survey.
Competition is unrelenting, and the need to have a clear
expectations down to the service providers, the report states.
Emerging Trends 2014 alerted readers to the establish help plan sponsors and their participants achieve better investment outcomes through the use of institutional For all our vaunted technological innovations, the founda tion of our commerce is eroding around us. It’s not just
Housing seems to be putting the excesses of the bubble and the ensuing collapse behind it. The trend in residential real estate, according to interviewees, looks to be returning to the classic principles of supply and demand. As this major segment of the economy returns to textbook fundamentals,
appeal to the millennial generation, and the lower cost of doing business in Austin. The market was a top choice for and the number two ranked market for retail. Interviewees market is an example of “jobs chasing people.�
Emerging Trends interviews and survey does have a dark .side. Upcycles breed optimism, but excessive optimism can promote bad investment patterns. However, in most cycles, overbuilding and excess leverage would likely have already started building momentum by now. To the degree that
spot last year, according to surveyed participants, is due in the San Francisco market. The strong local economy and improved domestic and international travel have made San Francisco the number one choice for hotel investment in and the retail market number four.
Real estate investors continue to be willing to pay record prices for assets in the major markets due to the fact that
industry exposure to the technology and energy industries has also attracted investor interest. The results of the survey
only be found in a limited number of markets across the a measured amount of new risk in search of higher yields. Two strategies mentioned repeatedly with interviewees ments in the major markets or in markets close to a major metropolitan area, or looking for the best assets in markets
possibility that despite being ranked lower than Houston, the economic diversity could make the current growth rate tinues to be attractive to real estate investors because of its
strategies. respondents and their outlook for each market:
investment opportunity. Investors believe that the energy industry will continue to drive market growth and that will support real estate activity in 2015. Houston was ranked number one in both investment and development expecta tions for next year; housing market expectations are ranked number two.
Now in its 36th year, Emerging Trends inReal EstateÂŽ is one of the most highly regarded annual industry outlooks for the real estate and land use industry. It includes interviews and survey responses from more than 1,000 leading real estate experts, including inves tors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants. Visit www.uli.org
DISTRICTS FOR DESIGNERS
FAITH’S FASHION FOCUS:
Yes, technically Herald Square is the north part of the square between West 34th and West 35th Streets, Broadway and Sixth Avenue, named for the New York Herald newspaper that once was headquar
West 34th for some of the major national and international retailers here. Start with Bebe forward items for women and men at Express
ever, it became one of the most famous retail cores in the world, home to department stores such as Macy’s, Gimbel’s, E.J. Korvette and Stern’s. All but th
retail expand west from Fifth Avenue beyond the historic boundary of Seventh Avenue to the now
By Faith Hope Consolo and Sales Division
Strawberry even more options at Zumiez can check out casual and career wear at Banana Republic Who A.U. Aldo
Geox
Vince Camuto
Elliman
International and fashion for men, women
Heartland Brewery has Nick &
Sam Ash Music Stores Uniqlo
Zara
Stef ’s Forever 21 Fossil B&H Photo &
and shoes at Steve Madden Video
Bar & Grill th
from Lush
rd
on JC Penney, Aeropostale, Gamestop
Brendan’s Féile
Foley’s NY Tír na nÓg Bar & Grill
rd
rd
at Gap at Payless Shoe Source
Locker’s Hoops
th
th
Foot House of
Victoria’s Secret Desigual Strand Hotel
th
New York Golf Center th
Hyatt Place New th York Midtown South at Kay Jewelers Macy’s
the changes! Casual shoes are the order of the Crocs Swarovski Joe Fresh Lane Bryant
including Stella 34 Trattoria the Cellar Bar & Grill and Cucina & Co. Nuchas Wafels & Dinges
Footaction, another Simit + Smith
Hilton Garden Inn New York th Best Western Premier th Herald Square Radisson Martinique on Broadway nd Holiday Inn Express Manhattan Times Square th South Return and see the changes at one of the
Calendar of Events CREW New York SMPS-NY Client Panel: $100 Billion of Infrastructure in 5 Years – A Regional Perspective for Next Steps
SMPS-NY Leadership Lunch: The Optimistic Leader Using Happiness and Positivity to Propel Performance
SMPS-NY New Jersey Affiliate Client Panel: Higher Education and Real Estate Development in the Garden State
REBNY Lower Manhattan Office Building Luncheon 56 Beaver Street Contact: Desiree Jones
REBNY Residential Upper Manhattan Committee Presents: Harlem Open House Expo
The Secrets of Top Brokers and Industry Leaders SMPS Northeast Regional Conference Contact: Jay Perez
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
New York City’s residential buildings are the largest single
designed energy management strategies is not only envi
gases. In addition to these environmental costs, energy costs can comprise up to a third of a multifamily property’s
advisory subsidiary that guides clients on ways to reduce energy costs, consumption, and emissions that will result the challenge by pledging to reduce emissions by at least
have ranged from oil to gas conversions and cogeneration installations to mechanical control systems and lighting upgrades. Corporation to reward innovative resiliency measures. energy infrastructure capabilities that provide emergency power in the event of grid failure. from dangerous, heavy fuels to cleaner alternatives. innovative solutions.
FS Energy has found that improving op
members, building personnel and prop erty managers with information and so lutions for increasing sustainability and
es are proven measures to reduce energy Along these lines, the company regularly Residential Learning Center to educate building maintenance personnel on ways to keep operating systems and equipment sions have covered such key topics as
which has continued to grow bigger and more successful each year, is held in con junction with Earth Day to emphasize the company’s commitment to environmental Each year, the event features a distin experts who educate board members on topics such as incentives available to en tice buildings to reduce emissions and how
Three years ago, FirstService Residen for building personnel feature a supplier expo and seminar series on topics includ
lighting, pest extermination, tankless wa ter heaters, solar and wind solutions and
can deliver savings to a property,” says Wurtzel, “while reducing its environmen tal impact, increasing property values and
FS Energy’s innovative and analytical approach to energy improvement starts with taking baseline measurements, and the core of its success is a proprietary benchmarking database containing com
How Your Property Can Decrease Costs
5:30 – 8:30pm 622 3rd Avenue, 14th Fl. New York City
York Hill Housing
ENERGY REPORT CARD
Dear Board Member, FirstService Residential strives to provide solutions that reduce operating expenses, enhance property values, and deliver the quality of life residents deserve. As the largest residential property management company in North America, we believe it is our social responsibility to help our clients and their properties become more energy efficient. We undertake this very important goal through our affiliate, FS Energy. FS Energy is pleased to present your latest Energy Report Card. We have analyzed your building's energy data to determine your BERG score, estimated potential annual savings, and overall building performance to provide you with a breakdown of your property's energy efficiency. Your BERG score which can be found on the cover of this Report Card, is a one to ten rating that allows you to quickly gauge your building's efficiency relative to others. In addition to your BERG score, this Report Card includes the following charts: Annual savings opportunity Year-to-Year changes in energy use and energy cost Weather normalized energy consumption Carbon Emission Impact
prehensive historical data for nearly 1,000 buildings. Developed several
These visualizations will help identify how your building compares against the larger portfolio and see energy consumption by commodity over a period of time. This will allow the best decisions to be made on how to improve the building's efficiency. Sincerely,
ENERGY REPORT CARD
Dan Wurtzel President, FirstService Residential New York
Tal Eyal Executive Vice President, FirstService Residential New York
ESTIMATED POTENTIAL ANNUAL SAVINGS: $138,060 $0.45/sq ft
annual benchmarking of energy and water use for buildings over 50,000 data analysis to evaluate a property’s consumption compared to similar buildings.
$454/unit
Report Cards, which are issued annually to clients and feature a Building TOP-RATED BUILDINGS
YOUR BUILDING
$1.59/sq ft
$2.04/sq ft
$1,617/unit
$2,071/unit
and arms our clients with measured data and a roadmap so they can implement the right energy management strategies for their buildings,” Wurtzel explains.
Your building’s square footage: 309,204 Your building’s total units: 304
our clients successfully reduce emissions because we assume the social York Hill Housing | www.fsenergyservices.com | Page 2 of 8
BUILDING ENERGY RATING GUIDE (BERG) SCORE
every New York City resident, board member and building we serve.”
It’s a Window--NOT a Thermostat Tired of pa ying tto o heat an entire city? paying Heat-Timer controls help property owners effectively regulate boiler system output, so tenants stay comfortable and BTUs stay INSIDE the building where they belong.
Finetune Boiler Operation! Monitor space temperatures! Monitor water & oil usage!
Timer’s Int erne ol Plus, with HeatHeat-Timer’s Interne ernett Contr Control em (ICMS) and wireless System Management Syst space sensors, owners can remotely monitor their buildings 24/7. ICMS communicates with wireless space sensors, allowing owners/ operators to monitor space temperatures, water usage, oil tank levels so owners stop wasting fuel and water. Want to know EXACTLY how Heat-Timer can start saving you money? Contact us to schedule a FREE Boiler System Survey. E-mail us at FreeSur .com and a Systems reeSurvv e y@heat-timer y@heat-timer.com Specialist will contact you to schedule an appointment!
www.heat-timer.com
Continental Lighting Corp.
Jason Walker & The
Congratulates Esther on a wonderful achievement!
walkerteam@elliman.com
(212) 965 6090
Esther Muller
On Turning
“I
20
opened my school twenty years ago, with the encouragement of Lewis Rudin, to focus on furthering ethics and providing relevant and updated content to the real estate brokerage community,” says Esther Muller, co-founder of the Academy for Continuing Education (ACE). “Since then, I’ve seen the industry transformed and revolutionized for the better.”
“People sometimes forget that Esther Muller was in the retail business, and
the Real Estate Academy and both our efforts to bring women into the and blessings in my life —Faith Hope Consolo, Chairperson, Retail Leasing Division, Douglas Elliman
It therefore comes as no surprise that ACE is now embarking on its third decade of success, having graduated over 4500 students
second book ‘Success is the Destination’, following on the heels position of Professor and Director at the Graduate School of Busi issues in major media. Her depth of knowledge and experience has made her a legend with industry peers.
PROFESSIONAL DELIVERY WITH LUMINARIES But it doesn’t stop there. While real estate professionals can reg
industry practitioners that teach have made her school so popular.”
ACE REAL ESTATE CLASSES RENEW YOUR NY REAL ESTATE LICENSE Learn How to Become a Real Estate Agent Learn How to Get Your Broker’s License Renew Your License with Continuing Education Through Live Seminars Renew Your License with Continuing Education On-line Learn the Status of Your License
at ACE’s next continuing education empowerment 3-day conference New Jersey Real Estate Continuing Education New Jersey Appraisal Courses
FLORIDA LICENSING COURSES ONLINE! ACE has partnered with Career WebSchool to offer the following online real estate & appraisal courses: Florida Real Estate Licensing Courses Florida Appraisal Courses
Some of the industry’s leading experts include Amir Korangy, Barbara Corcoran, Barbara Fox, David Maundrell, David Schlamm, Diane Ramirez, Dottie Herman, Elizabeth Stribling, Eric Trump, Faith Hope Consolo, Frederick Peters, Gary Malin, Jerry Feeney, John Reinhardt, Kelly Mack, Leonard Steinberg, Richard Dickson, Richard Mack, Robert Knakal, Stefani Markowitz, Wendy Maitland, Wil liam Rudin, and many other notable guest lecturers.
ONLINE DELIVERY Understanding the need to remain current and build upon the advances of technology over the past two decades, ACE has strived to incorporate the latest delivery methods of its educational content. “I also busy schedules that brokers and sales agents are sub ject to,” Muller says. As a result, her school launched, continuing education courses. “With this innova tion, the school has successfully entered the world of virtual education,” Muller asserts. “I am thrilled to say that our courses may be completed anywhere
“Most of my teachers are practitioners, so they can talk about the business by having lived it, which makes a huge difference.”
By bringing top practitioners together
! S N O I T A L U T A CONGR
A Special Edition from Sokol Media
FEBRUARY 2015