QuarterlyMetroNewYork

THE METROPOLITAN NEW YORK CHAPTER

METRO NY CHAPTER2015 OFFICERSPresidentSharon Y. Locatell, MAIAppraisers and Planners Inc.(212) 683-1201slocatell@appraiser-plan.com

First Vice PresidentJohn A. Katinos, MAICushman & Wakefield, Inc.(212) 841-5061john.a.katinos@cushwake.com

Second Vice PresidentAlice Palmisano, SRABrown Harris Stevens(212) 508-7331apalmisano@bhsusa.com

SecretaryWilliam P. McKenna, MAIM&T Bank(212) 350-5578wmckenna@mtb.com

TreasurerMichael P. Neal, MAIRegional Appraisal Associates(212) 610-2811mneal@regionalappr.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Fall 2015

Conference sponsors are listed on page 7

2

PRESIDENT’S MESSAGE

Dear Friends and Colleagues,

It’s really true; time flies when you’rehaving fun! It’s been a great andrewarding year so far, and I can’t believethat we’re already heading into the 4th

quarter of 2015. Our industry and City havebeen amazingly busy with recordscontinuing to be set and business brisk.Although Fall seems to be bringing somechanges to the market, it will be interestingto see how we end this year.

In the meantime, your board and Conniehave been diligently attending to Chapterbusiness and I’m happy to report that we aredoing great in all respects. Hats off to MarcNakleh who continues the trend of rallyingour benefactors to support the Chapter andits events with their generous sponsorships.We have had another record-breaking yearwith Sponsorships and we owe muchgratitude to Marc for his tireless efforts.

As is our annual tradition, begun by andcontinued with the support of BrianCorcoran, with the Counselors of Real Estateas co-sponsors, we began the year withMark Zandi’s always informative and funoverview of the regional and nationaleconomies. Mark never fails in making thisa highlight of the post-holiday season.

This event was quickly followed by our firstluncheon arranged by Program co-chair,Brian Corcoran, who did not disappoint.Brian interviewed Paul Massey (“GoodbyeGreen and White: Why Massey Knakal Soldto C&W”) on his timely and lucrative dealwith Cushman & Wakefield. Brian was ableto elicit all the juicy details on MasseyKnakal’s recent company sale.

Not to be outdone, Joel Leitner thenarranged for our 2nd luncheon (“Taking theCity by Storm”) an interview with JaredKushner. Joel, of course, couldn’t helphimself, and even got info on how the lovelyKushner couple, Jared and Ivanka, met. Ifonly the luncheon had happened postPresidential primary season, we might havegotten some really juicy details!

Program co-chair, Marilyn Weitzman, isworking on putting together our lastluncheon to be scheduled for November andI’m sure the speaker will be equally asinteresting. Thanks to all three ProgramChairs who have made our luncheons acontinued draw for chapter members.

Our June Outing was a beautiful evening onthe 63rd floor of One World Trade Centerwhere we heard from Robert Becker of theDurst Organization about the development,leasing and future for the iconic new tower.With Dan Sciannameo’s introduction, AlicePalmisano and Michael Neal put together agreat night of information and drinks. Theamazing sunset that we were fortunateenough to see as the storm cleared fromNew Jersey topped off a wonderful evening.We also continued our tradition of a jointChapter Yankees outing at the invite of theLong Island Chapter of the AppraisalInstitute in July.

Thanks also go out to Amanda Aaron forheading our Education Committee for asecond year in a row. She has done anotherfantastic job and thus far we have run 13classes and seminars, and have a full slate ofclasses and seminars scheduled for this Fall,so please be on the lookout for registrationdetails from Connie.

Our largest annual event, the SeptemberConference aka the Fall Conference as it fallson October 1st this year, is fully plannedthanks to the very hard work of theCommittee Chair, Theresa Nygard. Theresahas done a great job of lining up a stellarcast of speakers and participants for ourmost important yearly event. I’m happy toreport that the event, titled New York City’sChanging Economy, Who, What and Whereis TAMI? will be opened with remarks fromBrooklyn Borough President, Eric Adams.We will then have Jonathan Bowles,Executive Director of the Center for anUrban Future, as our opening speaker,followed by a panel of guests including;David Ehrenberg, Brooklyn Navy Yard;Andrew Kimball, Industry City; Jen Klein,Cornell Tech; Ben McGrath, Edward J.

Minskoff Equities; Michael Rudin, RudinManagement; Sacha Zarba, CBRE. Ourkeynote address will be delivered byKathryn Wylde, the CEO of Partnership forNew York City. Don’t forget to register!

Please mark your calendars for October20th when Theresa Nygard will be giving a½ day zoning seminar to be followed by acandidate cocktail hour. As if Theresa hasnot done enough work for the FallConference, she decided to put together anentire seminar for our Chapter’s benefit!This seminar will be a must-attend one asshe has already lined up an impressive panelof zoning experts. I’m sure this seminar willsell out so remember to register early!

John Katinos our incoming President for2016 has planned the Installation Dinner andHoliday Party for December 2nd. It will beheld at the beautiful Central ParkBoathouse. Save the date.

I had the pleasure of attending the RegionalMeeting in Dallas in late July where EricHaims was elected Region IV Third Director.I know our Chapter and Region will be wellserved by having a local representative onNational’s radar, and we should all bethankful for Eric’s willingness to continue togive his time. Congratulations and well-done Eric. There is more Haims family newsto report though. At the National Meeting inDallas, Jerry Haims was given the LifetimeAchievement Award. I know I don’t onlyspeak for myself when I say I can’t think ofa more worthy and honorable person tohave received this award. Jerry has been anMAI for 30 years, and for all of us who havehad the pleasure of either working with him,for him or even against him, he is alwayspleasant and truly professional. Jerry welook forward to the next 30 years!

In closing, I am ready to finish out my termwith the never-ending help of Connie ourExecutive Director. She continues to amazeme with her warmth, organizational skillsand attention to detail. Please take the timeto acknowledge her when you see her at ournext event. I wish all of you a healthy andprosperous finish to 2015.

President’s Message

Sharon Y. Locatell, MAI

Metro New York Chapter of the Appraisal Institute andCounselors of Real EstateJointly Host JanuaryEconomic Forecast

EVENTS

Guest speaker for this annual co-hosted event was MarkZandi, PhD, Chief Economist of Moody’s Analytics where hedirects economic research and co-founder of Economy.com,which was acquired by Moody’s Analytics in 2005.

Zandi’s overall projection for the 2015economy was one of optimism for a goodyear that would continue into 2016 where hepredicts we will be back up to fullemployment once again. Positive signsinclude reduction of individual debt, lowmortgage rates, increases in home sales andthe decline of mortgage delinquencies. Asfor New York City real estate, Zandi feels itwill continue to thrive as foreign investorscontinue to view the city as a safe haven.

March Luncheon: Goodbye Green & White: Why MasseyKnakal Sold to C&WThe March 11th luncheon explored the opportunities the Cushman &Wakefield acquisition of Massey Knakal presented to the two firms.

Brian Corcoran, Executive Vice President, Valuation  Advisory (left withChapter President Sharon Locatell, Appraisersand Planners) interviewed Paul J, Massey,President, NY Investment Sales, (right) both ofCushman & Wakefield. Massey who said hisformer firm “made every mistake in the bookbut learned a lot over 26 years”, cited that50% of Massey Knakal’s revenue came fromthe boroughs. That market presence benefitsC&W which has adopted Massey Knakal’sgeographic territorial system and can nowbring its global expertise into play in mid-levelmarkets where Massey believes there are“monster opportunities”.

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Brian Corcoran, MAI, SRA, Sharon Locatell, MAI, andPaul Massey

new MAI - Gene Lake, MAIwith Terry Tener, MAI

Martin Levine, MAI with newMAI, Jenny Greissle, MAI

new MAI – Mark Wigler, MAIwith Martin B. Levine, MAI

Theresa Nygard, MAI withnew MAI – Thomas Tener, MAI

Roman Rubinchik, MAI, AI-GRS with new AI-GRS,Robert Hedrick, MAI, AI-GRS

Tino Korologos, MAI with new SRA –Juan Rafael Rivera, SRA

Sharon Locatell, MAI, Mark Zandi, Ph.D.and Casey Kemper, CRE

4

EVENTS

Jared Kushner, the congenial CEO of Kushner Properties, arole he took on at the age of 27, giving up an intendedcareer as a prosecutor, shared his history in real estate aswell as recent acquisitions and market projections with the100 attendees.

His first acquisition as CEO, 666 Fifth Avenue for $1.8 billion,set a new record, a milestone he was unaware of, seeing theproperty’s value in the street front retail. Other acquisitionsinclude 200 Lafayette Street for $50 million in a jointventure; another joint venture in converting a building inJersey City into a mixed-use project; and the WatchtowerPortfolio in the “Tech Triangle” of Brooklyn purchased withRFR and Invesco for $375 million.

Kushner is currently focused on walk-ups, creative officespace, and retail.

Another big focus has been on so-called millennials. He seesdemand in areas such as Soho, FiDi, Jersey City andBrooklyn which have been attracting younger people.

Joel Leitner InterviewsJared Kushner at MayLuncheon 

Long Island and Metropolitan New York Chapters ofthe Appraisal Institute Host Social Outing to YankeeStadium on July 22nd

David Shlosh, MAI with newAI-GRS – Charles P. Cavanna,MAI, SRA, AI-GRS

Joel with guest speaker, Jared Kushner

New MAI – Jon DiPietra withJoel Leitner, MAI

Sharon at podium

5

EVENTS

More than 100 Chapter membersattended the Annual June Outingwhich this year was an exploration ofOne World Trade Center. RobertBecker, Vice President, One WorldTrade Center, The Durst Organization,served as presenter. The event washeld on the 63rd floor of the buildingwhich features amazing panoramicreviews. A cocktail reception followedthe reception.

Photos taken by Margaret Fox, FoxPhotography

June Outing Explores One World Trade Center

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to the 2015 MAIs and SRA

NEW MEMbERS

The Chapter wishes to acknowledge these professionals who through their hard work, discipline and expertise, have earned Appraisal Institute designations in 2015 (to date). Some are alsoacknowledged with photos in the newsletter upon receiving their certificates. On behalf of

the Chapter, congratulations to all and to the new Review Designees!

Jon DiPietra, MAI

John Farrell, MAI

Joseph Ferranti, MAI

Jenny Greissle, MAI

Janet Gutin, MAI

Ross Hoffman, MAI

Gene Lake, MAI

Sunita Mungol, SRA

Howard Newman, MAI

Carmela Quintos, MAI

Jamie Rich, MAI

Juan Rafael Rivera, SRA

Paul Sipala, MAI

Thomas Tener, MAI

Adam Wald, MAI

Mark Wigler, MAI

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Martin B. Levine, MAI and Steven J. Schleider, MAI

Aaron Valuation Butler Burgher GroupJDM Real Estate Co.

Patron Sponsors:

Friends

Supporter Sponsors:

OCTObER CONFERENCE

The Metropolitan New York Chapter would like to thank the following sponsors of this year’s Fall Conference:

Regional Appraisal Associates

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James britton Celebrates Halfa Century as Member 

Jerome Haims ReceivesNational LifetimeAchievement Award

Jerome Haims, MAI, SRA, CRE, MRICS, founder andpresident of real estate and appraisal consulting firmJerome Haims Realty, was awarded a Lifetime

Achievement Award at the Appraisal Institute’s annualmeeting in late July.

The Lifetime Achievement Award is presented to anAppraisal Institute professional who demonstrates highethical standards; has volunteered several years of serviceand has contributed to the Appraisal Institute on theinternational, national, region and/or chapter level; hasserved his or her community; and has contributed to theappraisal profession for at least 20 years.

Jerry Haims has been active in the AppraisalInstitute on the chapter, regional and national levels.He has served as president of the Metropolitan NewYork Chapter and twice has been awarded thechapter's “Person of the Year Award.” He served asa regional representative for the AppraisalInstitute’s Region IV for five years, and was chair ofthe national Bylaws Committee.

James Britton, MAI, is celebrating 50 years as a member of the Appraisal Institute. TheChapter congratulates Britton on his long- term commitment to our organization andfor achieving this exceptional professional milestone.

MEMbER MILESTONES

99

Two Chapter Members Attend 45th

Annual LDAC Meeting Andrew Sikiric, MAI of Jerome Haims Realty, Inc. and KeithStillman of CBRE, Inc. were selected to serve asrepresentatives from the Metropolitan New York Chapter ofthe Appraisal Institute by Chapter President, Sharon Locatell,MAI, and the Board of Directors to attend this year’sLeadership Development & Advisory Council (LDAC). TheLDAC conference occurred on May 20-22, 2015 inWashington, DC. This was Keith’s third and final year inattendance and Andrew’s second year. This year representedthe 45th annual meeting of the Council.

The purpose of LDAC is to assemble both designatedmembers and candidates for designation from variousAppraisal Institute chapters from around the country to meetin four different discussion groups to providerecommendations to both the Appraisal Institute’s StrategicPlanning Committee and the National Board of Directors onvarious discussion topics. This year’s discussion topics werethe following:

“Developing and Growing Your Business – Finding New Clients and Meeting Their Needs”

“Protecting the Integrity of the Appraisal Profession”“Appraising the Tough Ones – Difficult Properties

and Controversial Topics”

“Business Operations – Running a Business and Managing Employees”

LDAC also provided the attendees with the opportunity tolobby representatives of Congress and Senators concerningthe current burdensome regulatory environment forappraisers and proposed legislation associated with raisingthe appraisal requirement threshold.

Since the inception of the 114th Congress, multiple hearingshave been held in the House Financial Services Committeerelated to “regulatory burdens” on lenders, especiallycommunity banks. As appraisal is currently a part of the

House Financial Services Committee’s oversight plan,members of Congress were requested to review theregulatory burdens on appraisers. Appraisal remains one ofthe most highly regulated professions in the United States.Appraisers are regulated by the States, but also face Federaloversight as well as client overlays. Those who work inmultiple States are faced with regulatory obligations such asbackground checks for renewals, reciprocity licenses andtemporary practice permits. The Appraisal Institute requesteda hearing be scheduled for review of the regulatory burdenson appraisers.

Per the Economic Growth and Regulatory PaperworkReduction Act, the Federal Banking Agencies are reviewingwhether to raise the appraisal requirement threshold,which currently stands at $250,000 for residential loansand $1 million for business loans. This has been confirmedduring recent Senate Banking Committee hearings, as wellas outreach events hosted by the federal financialinstitution regulatory agencies. During the hearings, thosein favor of raising the threshold cited the need forregulatory relief for lenders in rural areas, a shortage ofappraisers in rural areas, as well as “increased cost ofappraisals” as reasons for supporting an increase. LDACmembers reminded the Senators that real estate appraisalsare an important element of basic risk managementpractices, protecting both property owners and taxpayers.Senators were requested to sign on to a letter to the federalfinancial institution regulatory agencies, urging them topromote sound lending by maintaining the currentappraisal requirement threshold.

Overall, the Appraisal Institute continues to make asignificant investment in its future by providing a venue foropen discussion in LDAC regarding issues that impact ourprofession and allow members from around the country toshare experiences and stories about appraising in differentmarkets.

1010

2015 EDUCATION SCHEDULE

The Metro NY Chapter of the Appraisal Institute

Upcoming Education Schedule SEPTEMbER/OCTObERSEPTEMbER 22 - OCTObER 2generaL aPPraiser income aPProach Part i (g-7) tuesdaYs & FridaYs - sePt. 22, 25, 29, oct. 2Location: association of the Bar of the city of nY, 42 W. 44th st., nY, nYtime: 9am-5pmcost: ai - $595 / Full - $625

OCTObER 13 - 23generaL aPPraiser income aPProach Part ii (g-7) oct. 13, 15, 21 & 23Location: association of the Bar of the city of nY, 42 W. 44th st., nY, nYtime: 9am-5pmcost: ai - $595 / Full - $625

NOVEMbERNOVEMbER 9 - 12generaL aPPraiser rePort Writing & case studiesLocation: association of the Bar of the city of nY, 42 W. 44th st., nY, nYtime: 9am-5pmcost: ai - $695 / Full - $725

DECEMbER

DECEMbER 147 hour usPaP uPdateLocation: association of the Bar of the city of nY, 42 W. 44th st., nY, nYtime: 9am-5pmcost: ai - $195 / Full - $215

Ruth Agnese Scholarship:metro nY chapter advanced candidates for the mai designation can apply now for the ruth agnese scholarship.

For details and to apply now go to:http://aimetrony.com/ruth-agnese-scholarship-apply-now/

REGISTRATION

to register For anY oF the courses or seminars,PLease contact the chaPter oFFice at:

866-966-3710 or via e-maiL at: metronyai@aol.com

aLL cLasses take PLace at: association of the Bar of the city of nY,42 W. 44th st., nYc (unless indicated)

online education:online education: Learn at your own pace anytime, anywhere.top-notch appraisal institute courses and seminars comestraight to your desktop with online education! Learn fromany computer anywhere, whenever you have time. it's easy,convenient and a great way to get the education you want.check out the current course listing now!

http://www.appraisalinstitute.org/education/online-education-view_programs.aspx

DECEMbER 15Business Practices & ethicsLocation: association of the Bar of the city of nY, 42 W. 44th st., nY, nYtime: 9am-5pmcost: ai - $195 / Full - $215

SEMINARS:OCTObER 20Zoning seminarcandidate cocktaiL eventLocation: club 101, 101 Park ave., nY, nYseminar: 2pm – 6pm followed by cocktails: 6pm – 7:30pmcost: $175special discount Price for candidates: $754 hours of ce credits are being applied for to the states ofnY, nJ and the appraisal institute

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EMPLOYMENT

METROPOLITAN VALUATIONSERVICES SEEKS CHIEF APPRAISERAND SENIOR APPRAISER: 

CHIEF APPRAISER – SVP highly visible position within our firm to manage thereview and quality control process. ideal candidateexhibits strong interpersonal skills and works wellwithin a large volume fee shop environment. six-figure salary plus benefit package, 401k and privateoffice. in confidence, contact martin B. Levine, maimlevine@mvsappraisal.com

SENIOR APPRAISER – TEAM LEADERFlex your entrepreneurial muscles here! opportunityto build your business and lead your group of staffappraisers as we promote and market your strongvaluation and report production skills. time to startexpanding your earnings with our platform andbusiness model. ideal candidate possesses the maidesignation, has a diversified valuation experienceand demonstrated progressive career trajectory.competitive compensation including benefitpackage and 401k. in confidence, contact martin B.Levine, mai mlevine@mvsappraisal.com

NEW YORK CITY AND METRO AREA -Work from YOUR HOME or OUROFFICE – flexible schedule. Full ORpart timecommercial appraiser wanted at establishedmanhattan based metro nY appraisal/consultationfirm to work with head mai. Fee split – commissionpotential. internship/trainee also available. tele-commuter a possibility. appraisal or some type ofpast real estate or office environment preferred.send resume/salary history in confidence to:appraise9mai@aol.com

State Certified Appraiser(s)new Jersey-based full-service real estate appraisalfirm seeking state certified appraiser(s) for new Yorkand/or new Jersey assignments. Predominantlytraditional property types (multi-family, warehouse,retail, mixed-use, etc.). Favorable fee-splitarrangements. also willing to train the rightapplicant. Please contact us via email atappraisalsnynj@gmail.com

Licensed Real Estate Appraisers NeededMarshall & Stevens has openings for mid-level andsenior level appraisers in their growing nY office.candidates should have 5+ years of appraisalexperience, and should be licensed in nY state.Please forward your resume and cover letter directlyto Patrick t. craig, managing director using thefollowing email address: ptcraig@marshall-stevens.com. For more information on marshall &stevens, please visit our website: www.marshall-stevens.com

Deutsche bank Seeks 2 VicePresidents for its New York Officedeutsche Bank is seeking two (2) vice Presidents forits new York office (60 Wall street). the positionsrequire highly motivated individuals with sufficientcredentials and experience to effectively support theBank’s real estate businesses in an advance realestate appraisal review and consulting capacity. For more information and to apply, visit our website at db.com/careers

Employment Opportunities

2015 SPONSORS

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Aaron ValuationColliers InternationalLeitner Group Inc.Massey Knakal Realty Services

New York Community BankNixon PeabodyRegional Appraisal Assocs.Wilrock Appraisal & Consulting, Inc

Albert Valuation Group NY, Inc.

Appraisers and Planners, Inc.

Avison Young

CBRE

Fried Frank

Jerome Haims Realty, Inc.

Joseph J. Blake & Associates

Goldstein,Rikon, Rikon & Houghton, P.C.

Landauer Valuation & Advisory

Pearson Partners, Inc.

The Weitzman Group, Inc.

Wm. Shubert & Co.

The Metropolitan New York Chapter of the Appraisal InstituteWould Like to Thank the 2015 Chapter Sponsors:

EDUCATION SPONSOR

GOLD LEVEL

SILVER LEVEL

SEMINAR SPONSOR

PLATINUM LEVEL

KTR Real Estate Advisors, LLC

Marshall & Stevens

MurrayHill Properties

Originators Group, LLC

PEARSON PARTNERS, INC.