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May 12, 2010
 
 
 
Monday (230 Park) #2 - le
 
BULLS, KITES &
GREEN ROOFS

 
If you're not buying right now, there are opportunities in development, redevelopment, and construction in NYC.
 
Extell Development president Gary Barnett
Addressing the Real Estate Lenders Association yesterday at Club 101, Extell Development prez Gary Barnett said some people thought Extell and Angelo, Gordon & Co. overpaid for their recent purchase of The Carlton House, which attracted heavy bidding-but this was an opportunity for redevelopment, including expansion of its retail. "There's potentially nice upside," Gary says. Lenders are finally not looking at you crazily when you ask for a construction loan, and he predicts that in the second half of the year, 50% of the banks will return to these loans and "condo" won't be a dirty word. Overall, NYC is now worth as much as the rest of the country put together, and we've rebounded more than expected-he's seeing good numbers in retail, hotels are coming back, and there's a particular resurgence in multifamily.
 
Mack-Cali (125 Broad) - i
 

Driving Faster
 
Jones Lang LaSalle New York Tri-State president Peter Riguardi
We then dropped by the University Club, where Jones Lang Tri-State prez Peter Riguardi addressed YM/WREA at its monthly luncheon, reminiscing about his 27 years in the brokerage business, starting from when he was a 19-year-old student at Iona. Last year, he closed $25M in commissions at the firm and says that although he's pleased with how things are going, he's by no means satisfied (paraphrasing Mario Andretti, he notes, if you're comfortable driving, you're not driving fast enough). JLL should head into retail by year's end, and he wants to grow NY into a $200M business by '14- it no longer wants to be known as just a Chicago firm.
 
Cushman & Wakefield’s Glenn Tolchin and David Berke, Centric Real Estate Advisors’Lindsay Ornstein, Time Equities’ Michael Rudder, Newmark Knight Frank’s Alison Coffey and Robin Fisher, Jones Lang LaSalle's Peter Riguardi, and Vornado’s Glen Weiss
Peter's very bullish about NY, and says Midtown's already improving. Large banks he's representing are feeling good about business and head counts, although they may not acquire more space, he adds. The next peak may surpass '05, he predicts, but we still have more supply than demand, which will have to work itself out before an uptick. Here, he joins YM/WREA's governors, clockwise from bottom left: Vornado's Glen Weiss, Cushman & Wakefield's Glenn Tolchin and David Berke, Centric Real Estate Advisors' Lindsay Ornstein, Time Equities' Michael Rudder, and Newmark Knight Frank's Alison Coffey and Robin Fisher.
 

Kites for a Cure
 
CB Richard Ellis' Mary Ann Tighe, David Hidalgo, Elliot Scarangello, Anthony Scarangello, Thorton Tomasetti's Tom Scarangello, and Great Ink Communications' Roxanne Donovan
On May 29, kites will again fly over Coopers Beach in Southampton, Long Island, where Uniting Against Lung Cancer will hold its fourth annual Kites for a Cure family fundraiser for lung cancer research. Many in the real estate industry have been affected by the disease- CB Richard Ellis' Mary Ann Tighe and Thornton Tomasetti's Tom Scarangello's sister (and Great Ink Communications' Roxanne Donovan's sister-in-law) Joan died in '01, while Rechler Equity Partners' Gregg Rechler, who's underwriting the event, lost his father two years ago. Gregg's company is the largest property owner on Long Island, and he hopes to use this home-grown event-which attracted 500 families last year-to raise enough money to fund the first research grant in Roger Rechler's name. Above is Mary Ann, husband David Hidalgo, Elliot and Anthony Scarangello, Tom, and Roxanne last year.
 
David Hidalgo, CB Richard Ellis' Mary Ann Tighe, and Southhampton, Long Island mayore Mark Epley
David and Mary Ann with Southampton mayor Mark Epley, who also lost his father to lung cancer. The ultimate vision is to have Kites for a Cure in every state, Roxanne tells us-this year, in addition to Southampton, one will be held in Deal, NJ in honor of Elliot Chalmé (father of Broad Street Development's Raymond Chalmé), as well as Massachusetts and Florida. It's a day of bringing families and communities together-the Scarangellos live in Southampton part time, while Roger Rechler was an important influence on Long Island's commercial real estate landscape. Learn more here.

GREEN SCENE
 
Eco Earth Design president Robert Schucker
Flying into JFK or Newark, your first thought may be about finishing the in-flight movie before landing, and not the expanse of empty roofs below-but these surfaces are strong candidates for green roofs, says Eco Earth Design president Robert Schucker of the sustainable building feature that has been widely embraced in Europe, but still has a long way to go in the US. Green roofs have plenty of benefits, he notes: They help with storm water runoff and block sunlight, which can extend the life of a roof's waterproof membrane for decades; it cools the ambient air, which saves HVAC costs; and creates an amenity space that can be used to market yourself as green and improve productivity of tenants.
 
A green roof
Rob's firm is working to educate building owners about the benefits of design and installation, which takes an entire team of professionals: a waterproofing expert, engineer, architect, and green roof specialist. Certain cities have already picked up on the trend, including Portland, Chicago, and DC, and Rob's been receiving more inquiries about installing the roofs in the Northeast. What surprised him is that there's not only interest from the commercial side, but residential as well. Rob was recently among a small group of people from around the country who earned Green Roof Professional accreditation from Green Roofs for Healthy Cities, an organization that promotes the sustainable feature throughout North America.

UPCOMING EVENTS
 
May 18 - NRC - Luncheon - Uday Shah and Richard Podos of Lance LLC. Noon. Info.
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