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Investment & Development Outlook: Deal Flow & Top Multifamily Clusters

Identifying Top Neighborhoods & Upcoming Development Pipeline

Michael Sommer

Michael Sommer

Chief Development Officer

Kushner

Levi Kelman

Levi Kelman

CEO

Blue Onyx Companies

Scott Fishbone

Scott Fishbone

VP

AvalonBay

David Wolfe

David Wolfe

Co-Managing Partner

Skoloff & Wolfe

Tom Didio Jr.

Tom Didio Jr.

Senior Managing Director

JLL Capital Markets

Chris Murphy
Moderator

Chris Murphy

Partner

Murphy, Schiller & Wilkes

Michael Sommer

Chief Development Officer

Kushner

Michael Sommer is Chief Development Officer at Kushner. In this role, Sommer oversees development and construction efforts throughout the Kushner portfolio. During his 25 years of real estate experience, Sommer has developed in excess of 8 million square feet of residential, retail and office assets. Most notably, Sommer has managed the development of 4,000+ residential units in New Jersey.

Prior to Kushner, Sommer was Senior Vice President of Development and Construction at Cedar Realty Trust, a NYSE listed retail REIT with a portfolio spanning from Washington, D.C. to Boston. Before Cedar, Sommer was Executive Vice President of Development at Edison Properties where he led the redevelopment of the award winning Ironside Newark in Newark, New Jersey. Sommer also served as Managing Director of Development at Advance Realty after having started his career at Premier Development.

Sommer earned an MBA from the Leonard N. Stern School of Business at New York University and a Bachelor of Arts degree in Economics and Business from Lafayette College.

David Wolfe

Co-Managing Partner

Skoloff & Wolfe

Mr. Wolfe is the Co-Managing Partner in the Property Tax Department at Skoloff &

Wolfe, PC, where he focuses his practice on representing taxpayers in significant real estate tax appeals and property tax related matters. He has extensive experience in all types of property tax appeals, including hotel, multi-family, retail, office, and industrial properties. Mr. Wolfe frequently counsels clients on the property tax implications of the development, acquisition, and disposition of significant assets. He also counsels clients with respect to property tax exemptions and PILOT agreements.

Mr. Wolfe serves on the Board of the National Association of Property Tax Attorneys (NAPTA) and as the Co-Chair of the Real Property Tax Practice Committee of the New Jersey State Bar Association. Mr. Wolfe has been featured or quoted in a wide variety of local and national publications, including Forbes.com, GlobeSt.com, Marketwatch.com, The Washington Post, The Wall Street Journal, Law.com, Law360.com, The New York Law Journal, and Commerce Magazine.

Mr. Wolfe has a track record of obtaining significant assessment reductions on behalf

of his clients.

Examples of those assessment reductions include:

• Reduced hotel assessment from $188 million to $131million;

• Reduced multi-family assessment from $116 million to $67 million;

• Reduced office assessment from $115.5 million to $90million;

• Reduced supermarket anchored center from $66.9 million to $46 million;

• Reduced nursing home assessment from $36 million to $10.1million;

• Reduced big box retail assessment from $21.3 million to $13.4 million;

• Reduced office assessment from $27.8 million to $6.5million.

Mr. Wolfe began his career as an associate at the law firm of Davis Polk and

Wardwell in New York. While at Davis Polk, he focused his practice on regulatory

investigations, securities litigation and banking disputes.

Mr. Wolfe is a member of the American Bar Association House of Delegates and is

the Co-Chair of the ABA’s Diversity & Inclusion 360 Presidential Commission. As a

young lawyer, Mr. Wolfe served as the Chair of the ABA Young Lawyers Division, the

ABA’s largest entity with more than 130,000 members.

Mr. Wolfe received his J.D. from New York University School of Law, and graduated

from Cornell University with distinction in all subjects.

Tom Didio Jr.

Senior Managing Director

JLL Capital Markets

Tom is a Senior Managing Director in the New Jersey office of JLL Capital Markets, Americas. Mr. Didio

has been in the commercial real estate industry for nearly 10 years, including 2 years as Vice

President with CBRE Capital Markets Debt & Structured Finance’s New Jersey office, 4 years

in an underwriting / origination role with Freddie Mac Multifamily and 4 years with a NY

private equity family office specializing in sourcing, underwriting, structuring and financing

commercial real estate transactions. During his career, Mr. Didio has executed in excess of 100

transactions totaling more than $2.0 billion in volume throughout the United States, with a

strong focus on the NY/NJ/CT Tri-State area. Mr. Didio obtained his Masters of Science in Real

Estate Finance from New York University shortly after his undergraduate studies at Tufts

University.

Chris Murphy

Moderator

Murphy, Schiller & Wilkes

Chris J. Murphy is a partner at Murphy Schiller & Wilkes LLP, a boutique law firm specializing in

commercial real estate and development. A partner in the firm, Chris leads the Land Use,

Zoning and Redevelopment, and Tax Credits and Incentives practice groups.

As the leader of the firm’s Land Use, Zoning and Redevelopment practice, Chris has been

involved in transformational development projects throughout New Jersey, and regularly

represents some of the largest institutional developers in connection with obtaining approvals

for industrial, mixed-use, multifamily, retail, and commercial projects before local, county, and

state boards and agencies.

In addition, Chris leads the firm’s Tax Credits and Incentives practice, where he has helped

clients procure over $500M in tax credits and incentives offered through the New Jersey

Economic Development Authority (NJEDA) and other state and local government agencies.

Chris is the co-author of the Financial Incentives Chapter of Commercial Real Estate

Transactions in New Jersey (2019, 4 th Edition), published by the New Jersey Institute for

Continuing Legal Education, a division of the New Jersey State Bar Association. His insight on

the topic of real estate development has been featured in both regional and national

publications, including NJBIZ, Real Estate NJ, and The Wall Street Journal.

Chris received his law degree from Rutgers Law School, and a master’s degree from the

Rutgers University School of Management and Labor Relations. He received his undergraduate

degree, summa cum laude, from Kean University.

An avid competitor, Chris competed professionally in both ice hockey and boxing prior to

starting his career as an attorney.

Building & Innovating Multifamily with Creative Design Strategies

Amenities, Unit Size & Successful Building Types

Ralph Zucker

Ralph Zucker

CEO & Founder

Inspired by Somerset Development

Diogo Santos

Diogo Santos

SVP, Development

Russo Development

Paula Pangilinan

Paula Pangilinan

VP

Onyx Equities

Kevin Griffin

Kevin Griffin

VP, BLDGS

JRM Construction

Dave Minno

Dave Minno

Principal

Minno Wasko Architects

Michael Bruno
Moderator

Michael Bruno

Shareholder & Co-Chair of the Real Estate and Redevel

Giordano Halleran & Ciesla

Ralph Zucker

CEO & Founder

Inspired by Somerset Development

Ralph Zucker is CEO & Founder of Somerset Development, one of the New York Metropolitan region’s foremost pioneers of New Urbanism and Traditional Neighborhood Design development. Throughout his career, Zucker has worked hands-on in every facet of the building and development process, and has demonstrated a commitment to working with municipalities to create innovative communities based on the principles of New Urbanism.

Zucker is perhaps best known for Bell Works, the two-million-square-foot redevelopment of the former Bell Labs property in Holmdel, N.J., where he and the Somerset Development team successfully transformed the iconic Saarinen-designed research facility into a “metroburb,” a term that Somerset coined to describe the suburban building’s revival into a blossoming, downtown-style ecosystem of technology, traditional office, retail, dining and hospitality.

Today, Zucker and his team are in the midst of redeveloping The Ameritech Center in Hoffman Estates, Illinois, originally built as the former AT&T research facility, into Bell Works Chicagoland. The 1.65-million square foot building, which has already welcomed retail and office tenants, is quickly transforming into another successful metroburb.

Under Zucker’s leadership, Somerset and its projects have earned numerous industry awards and recognition for their contributions to furthering responsible development practices, including the New Jersey Future Smart Growth Award for Wesmont Station, Somerset's 70-acre transit-oriented mixed-use redevelopment located in Wood-Ridge, N.J., where Somerset partnered with NJ TRANSIT to build a brand new train station that provides access to Manhattan.

Kevin Griffin

VP, BLDGS

JRM Construction

Kevin Griffin is the VP of JRM’s BLDGS arm, where he is responsible for the successful execution of all JRM’s large-scale projects. With over 20 years of professional experience in the industry, Kevin has managed projects totaling more than $2 billion and 3.5 million square feet throughout the Tri-State Area, including residential, commercial, hospitality, retail, and mixed-use projects. Kevin’s experience includes budgeting, pre-construction planning, value engineering, coordination and management, contract negotiations, logistics planning, budget/schedule development and execution, supplier and subcontractor selection, management, and compliance.

Dave Minno

Principal

Minno Wasko Architects

Mr. Minno is President and a Principal in MINNO & WASKO Architects and Planners. Mr.Minno specializes in private sector, large mixed-use redevelopment including TOD’s and projects that have significant residential components. Many of his projects reflect client relationships that span more than fifteen years, including Roseland Properties, RXR, The Bozzuto Group and Mill Creek Residential. MINNO & WASKO currently are working on sustainable, redevelopment projects in the following cities: Jersey City, Hoboken, Stamford, Morristown, Somerville, Park Ridge, Asbury Park, Bayonne and Harrison. Most of these commissions were obtained by partnering with

project developers and competing for RFP based sites. Mr. Minno has deep experience in obtaining regulatory approvals for large scale development and becomes involved in the architectural design of a project at the early stages of a concept. MINNO & WASKO offer their clients, quality design, cost-effective detailing and timely services. The firm has a staff of over 85 professionals, who are experienced in all forms of residential and light-frame commercial construction with offices in Lambertville and Newark, New Jersey. Mr. Minno has his Masters of Architecture degree from the University of Pennsylvania and a Masters of Business Administration from the Wharton School. He is active in many professional

groups including the Urban Land Institute and The Congress for New Urbanism. He has volunteered his professional services to Habitat for Humanity.

Michael Bruno

Moderator

Giordano Halleran & Ciesla

Mike, chair of Giordano, Halleran & Ciesla's Redevelopment practice area and co-chair of our Real Estate practice area, focuses his practice area on real estate transactions and approvals with an emphasis on redevelopment, planned residential development, affordable housing, and mixed use development. Mike represents and counsels companies and developers in every phase of real estate acquisitions, financing and development including redevelopment agreements and long and short term financial agreements and other state, regional and local agency financing programs available in connection with various types of development. His experience includes both inner city and suburban redevelopment projects and commercial and residential projects including mixed use projects, transit villages, affordable housing and planned communities. He has experience with long term tax exemptions and state economic incentive programs. He appears on land use matters before municipal and county planning boards and state agencies. Mike also represents lenders and banks on both mortgage and asset backed loans. He has closed hundreds of commercial real estate and financing transactions.

Mutually Beneficial Developments for Residents & CRE: Partnerships, Zoning & Incentives

Incentives, Economic Development & Joint Partnerships

Robert Pears

Robert Pears

Vice President, Development

Brookfield Properties

Annisia Cialone

Annisia Cialone

Director

Department of HEDC, City of Jersey City

Jorge Santos

Jorge Santos

Chief of Real Estate

New Jersey Economic Development Authority

Jonathan Sternesky

Jonathan Sternesky

Director, Policy and External Affairs

NJ Housing and Mortgage Finance Agency

Amelia Rideau
Moderator

Amelia Rideau

Chief Legal Officer

Genesis Companies

Annisia Cialone

Director

Department of HEDC, City of Jersey City

Annisia Cialone serves as the Director of the Department of Housing, Economic Development and Commerce (HEDC) for The City of Jersey City. The Department includes the Divisions of Economic Development, City Planning, Construction Code, Zoning, Community Development, Affordable Housing, Housing Preservation, and Commerce. Prior to her appointment as the Director of HEDC, she served as the Director of the Division of City Planning.

Prior to joining the City of Jersey City in March of 2017, she was a Senior Associate at Perkins Eastman. She has expertise in the management and design of large-scale urban design and strategic master planning projects for both public and private clients.

Annisia holds a Bachelor of Architecture from The Cooper Union and a Master of Architecture in Urban Design from Harvard University’s Graduate School of Design.

Jonathan Sternesky

Director, Policy and External Affairs

NJ Housing and Mortgage Finance Agency

Dr. Jonathan Sternesky has been with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) since November 2018. As Director of Policy and External Affairs, Jonathan’s responsibilities include providing data and policy analysis to inform policymakers, developing new programs to further the Agency’s mission, and ensuring public and stakeholder knowledge of Agency accomplishments and programs. During his tenure at NJHMFA, the Agency has seen historic investments in affordable housing production, the creation of a permanent funding source for special needs housing, and the passage of landmark legislation. Prior to this role, Jonathan worked for the Township of East Brunswick, as their Economic Development Officer, and prior to that, as Legislative Director to a member of the New Jersey General Assembly, where he developed and assisted in the advancement of legislation addressing issues in criminal justice, healthcare, housing and higher education.

In addition to his work in developing and implementing public policy, Dr. Sternesky is an adjunct professor at his local community college and serves on his hometown’s Zoning Board of Adjustment. He has a B.A. from Kean University, an MPA from Seton Hall University, and a Doctorate in Public Administration from West Chester University.

Why This Matters

What You'll Learn:

  • Development and investment activity is experiencing a bit of a slow down. Owners, investors and brokers will weigh in on the impending tax increases to commercial real estate properties that could impact the longterm viability of investing in multifamily assets.

  • Hear about the most in demand multifamily assets and which towns are providing the greatest return on investment.

  • Better understand how contractors and designers are prioritizing the mixed-use development approach with these buildings.

  • Hear which new public-private partnerships are the expediting the approval and delivery process for developments.  

  • Closer look at data and trends around multifamily demand and what this means for the future of rent growth in New Jersey. 

How you'll do more business:

Hear from developers, investors, city officials, architects, engineers and contractors on the future of the housing dynamics in New Jersey. There is continued conjecture surrounding the impending tax increases on commercial real estate properties. Find out how this might change which town and cities will be in highest demand to accommodate  population growth and increased development. 

Who attends:

Investors, owners, developers, lenders, brokers, lawyers, city officials, housing advocates, consultants, architects, contractors, engineers, property managers and more! 

Why should you attend:

Bisnow events bring together the biggest power players in the industry to identify opportunities, build your network, and expand your business. With the largest audience of commercial real estate professionals in the world, no one knows how to help your business more than us.

For questions, recommendations, comments, or press inquiries please email our Northeast Events Director, Chris Picher at chris.picher@bisnow.com. 

To request disability-related accommodations, please contact ellie.boyle@bisnow.com no later than seven business days prior to the event.

Featured 2023 New Jersey Multifamily Projects

Venue

DoubleTree Newark Penn Station
1048 Raymond Blvd,
Newark, New Jersey, 07102

Ballroom Name/Floor: Garden State Ballroom / Lower Lobby

 

0-2 Hrs: $18
2-3 Hrs - $20
3-4 Hrs - $22
4 hrs - $28

 
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Agenda

Time Activity
12:00 PM
1:15 PM
Coffee, Breakfast & Networking
1:15 PM
2:00 PM
Investment & Development Outlook: Deal Flow & Top Multifamily Clusters

1. Deal flow, investor confidence and capital markets outlook
2. Development pipeline: assessing demand and top multifamily clusters.

2:00 PM
2:45 PM
Building & Innovating Multifamily with Creative Design Strategies

1. Developers, builders and designers discuss innovative solutions to overcoming multifamily hurdles.
2. Hear about which types of building types, unit sizes and amenity spaces are generating the most demand.

2:45 PM
3:30 PM
Mutually Beneficial Developments for Residents & CRE: Partnerships, Zoning & Incentives

1. Local New Jersey taxes are increasing drastically in some cities. Learn how this impacts the longterm viability of multifamily in New Jersey.
2. Understand what solutions can be made to overcome the rising costs and taxes.

3:30 PM
3:45 PM
Networking