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October 1, 2009 
 
       
 
Monday Properties
 
LAST NIGHT’S SCHMOOZE;
AFFORDABLE HOUSING

Big shoutout to our sponsor The Advance Group, provider of commercial moving, office furniture installation, distribution, storage, document management, and employee relocation services. See related story below.

 
Thanks to everyone who joined Bisnow and the National Realty Club last night for our packed Happy Hour and Schmooze at Van Diemens Bar in Murray Hill—over 300 of you responded, but we lost count at the front door. (An hour-long open bar can do that.)
 
Ackman-Ziff’s Shawn Rosenthal, Stein Farkas & Schwartz’s Jeffrey Schwartz, and teacher Nicole Whitman at Bisnow Schmooze

Attendees were optimistic, and it wasn't just the free beer: Ackman-Ziff’s Shawn Rosenthal tells us that the market is improving on the commercial debt side and he sees a pick-up in loan sales. Joining him are Stein Farkas & Schwartz’s Jeffrey Schwartz (who used his “Get Out of Bisnow Quote” card by agreeing with Shawn), and teacher Nicole Whitman (sister of Buchbinder & Warren’s Gabe Whitman)

 
Real Data Management’s JJ Acosta, Cornerstone Accounting Group’s Harry Dublinsky, The Quest Organization’s Michael Rosenblatt, RDM’s Casey Crow, and Legacy Builders’ Harry Zapiti

Real Data Management’s JJ Acosta, Cornerstone Accounting Group’s Harry Dublinsky, The Quest Organization’s Michael Rosenblatt, RDM’s Casey Crow, and Legacy Builders’ Harry Zapiti. Michael, who specializes in executive searches for real estate and financial services, reports a slow-but-sure hiring upswing as employers gain more confidence and upgrade their staff. It's mostly happening on the commercial side.

 
HD Commercial Real Estate’s Brian Di Spaltro, Synergy Realty’s Anat Yaron and Joan Salwen Fields, and LOMO’s Louis Moskowitz at Bisnow Schmooze

HD Commercial Real Estate’s Brian Di Spaltro, Synergy Realty’s Anat Yaron and Joan Salwen Fields, and LOMO’s Louis Moskowitz. Anat recently joined Synergy to cover office leasing, building sales, and commercial condos and co-ops (three which they’re marketing: 129 W. 27th, 545 W. 45th, and 141 W. 25th). Meanwhile, Louis has been keeping busy on the REO side, which is doing well, he says, especially in Southeast multifamily.

 
Crowd Shot from Bisnow Drinks & Schmooze

Here’s to you!


AFFORDABLE CHALLENGES

 
Jon Sheiner, legislative council to the Committee on Ways & Means for Congressman Charles Rangel at Reznick Event

Earlier, we dropped by the Marriott Marquis with the 400 others for The Reznick Group’s event on financing and strategies for affordable housing. We snapped keynote Jon Sheiner, legislative council to the Committee on Ways & Means for Congressman Charles Rangel. He notes that the all-consuming issue of healthcare is going to change how things are done politically. It’s taking precedent over everything, including housing, and will have an enormous impact on the relationship between the White House and Congress. He’s not going to sugarcoat issues, he says, because then we won’t go home to work harder and make changes.

 
nyhomes’ Priscilla Almodovar, NYC HDC’s Marc Jahr, NYC HPD’s Rafael Cestero, NYS DHCR’s Deborah VanAmerongen, and Bingham McCutchen’s Kenneth Lore at Reznick Affordable Housing event

We turned to the panel of nyhomes’ Priscilla Almodovar, NYC HDC’s Marc Jahr, NYC HPD’s Rafael Cestero, NYS DHCR’s Deborah VanAmerongen, and Bingham McCutchen’s Kenneth Lore for an update on city and state agencies. Deborah notes that DHCR has not shut the door on affordable housing, although it’s changing the way it does business; in three months, it awarded $190M in tax credits, and she says the other agencies helped salvage deals. Rafael feels we’re lucky we have four government agencies who get along in this challenging time. Despite politics and finances, NYC’s still on track to build 165k units by ’14.

 
Reznick founder David Reznick, BoA’s Kim McLaughlin, Wachovia’s Rachel Grossman, Jones Day’s Steven Koppel, Bingham McCutchen’s Martin Siroka, and Nixon Peabody’s John Kelly

Walking us through the complexities of financing, the 80/20 housing program, and Mitchell-Lama housing were Reznick founder David Reznick, BoA’s Kim McLaughlin, Wachovia’s Rachel Grossman, Jones Day’s Steven Koppel, Bingham McCutchen’s Martin Siroka, and Nixon Peabody’s John Kelly. Rachel notes that general financing is harder, but not impossible, to get—lenders are just being pickier. The future of affordable housing is positive, Steven asserts; we’re just going back to where things started.


Coffee Break
 
David Schechtman of Eastern Consolidated at Starbucks

Look who we ran into this morning at the Lex and 40th Starbucks: our friend David Schechtman of Eastern Consolidated. David works with lenders, servicers, and their counsel by bringing fresh equity to imperiled deals and handles the disposition of loans and real estate all over the tri-state. And he's busy. So much so he was getting a Venti Skim Chai instead of lunch because he was due at 2PM today on Long Island, tomorrow morning at 10 in Boston, on a panel back in NYC Monday morning, then off to Texas later in the week. We assume he gets a Venti only because there’s nothing larger.


Meet Our Sponsor: The Advance Group
 
Advance Group Founder Jim Molloy

Getting ready to move? The Advance Group Founder Jim Molloy tells us the company has created “Visible Advantages,” a ten-point program that clients see at work while the firm executes a moving plan. It’s part of the "Best Final Cost System" which enables clients to make decisions that will result in the lowest final project cost. The Advance Group team has 500 years of collective experience and offices in Old Bethpage, Maspeth, New York City, and Edison, NJ.


UPCOMING EVENTS
 

October 01 - Distinctly DISTRICT - 6pm - Sunset cocktail party with the Urban Marketing team on the roof of DISTRICT. Tour penthouse residences and amenity spaces. Raffle for membership in Classic Car Club. Location: 111 Fulton St.

October 05 - Encouraging Foreign Investment - Noon - Chaim Katzap and his Beijing staff reveal opportunities available through EB5, which encourages and develops capital generating projects. $125 at the door. Location: Williams Club, 24 East 39th Street.

October 20 - Mortgage Finance and Joint Venture Opportunities - Noon - Real Estate Finance has undergone its most evolutionary change over the past two years. What's been the institutional and private equity markets response? Location: Williams Club 24 East 39th St.

October 21 - 21st Residential Deal of the Year Awards and Charity Gala - 6:30-10:00pm - Location: 230 Fifth, 230 Fifth Avenue

November 03 - REBNY's Breakfast Club - Residential - 9:30-11:00am - Registration Required. Members Only. Location: Mendik Education Center, 570 Lexington Avenue.

November 04 - Annual REBNY Benefit Fair - 10am-1pm - Members Only. Location: Mendik Education Center, 570 Lexington Avenue.

November 04 - Residential Rental Cocktail Party - 6:00-9:00pm - Registration Required. Location: Opia, 130 East 57th Street.

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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. ? 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.


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