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421a Replacement: New York's Next Developer Incentive Program

Lack of New Construction & Identifying the Impact

Kimberly Darga

Kimberly Darga

Deputy Commissioner for Development

NYC Department of Housing Preservation & Development

Jamie Smarr

Jamie Smarr

President

New York City Housing Partnership

Mark Willis

Mark Willis

Senior Policy Fellow

NYU Furman Center

Sergey Rybak

Sergey Rybak

Founder, Principal

Rybak Development

Yuri Geylik

Yuri Geylik

CEO

MGNY

Brett Gottlieb
Moderator

Brett Gottlieb

Partner

Herrick Feinstein

Sergey Rybak

Founder, Principal

Rybak Development

Sergey Rybak is the founder and principal of RYBAK Development. Since 2007, Sergey has been responsible for $1.6 billion assets under management — successfully completing a current total of 28 new ground-up developments and 1,600 residential units (condominiums and rentals) in the New York City area.

He has extensive experience in concrete foundations, concrete core and shell construction, and value-engineering. His proven track record with institutional lenders is recognized and validated by his ability to consistently deliver lucrative projects. His effective approach to controlling hard costs is executed by strategic property acquisition and an in-house development and construction management team. Sergey’s main objective for Rybak Development is to execute its property owners’ and partners’ real estate ambitions with efficiency and optimal profitability.

Yuri Geylik

CEO

MGNY

Yuri Geylik is the Chief Executive Officer and Director of Residential Incentives at MGNY Consulting - a leading property tax advisory firm.

Yuri pioneered MGNY’s trademark all-around system of qualifying large development projects for Affordable New York Housing program (also known as the “new 421-a”) by combining affordable housing marketing expertise with skilled navigation of the 35-year tax exemption qualification process. Yuri has represented developers of all sizes throughout the five boroughs in qualifying for tax exemptions and abatements, such as J-51, 421a, coop/condo abatement, not-for-profit exemption and others. He also oversees the Affordable Housing department responsible for managing the HPD lottery as well as marketing and lease-up for hundreds of income-restricted units.

Brett Gottlieb

Moderator

Herrick Feinstein

Brett J. Gottlieb is partner in Herrick's Real Estate Department where he represents real estate owners, lessees and developers in the application process for New York City’s real property tax incentives including 421-a, ICIP/ICAP and FRESH. Brett counsels clients regarding their property tax benefit applications with respect to project eligibility, benefit calculation, benefit planning and implementation of the exemption or abatement of real property tax in the City of New York.

For the Industrial Commercial Abatement Program (ICAP), Brett counsels owners, developers, architects and contractors on the ICAP Rules and Law pertaining to applications submitted to the New York City Department of Finance. Additionally, he advises on the Equal Employment Opportunity and Minority/Women Business Owned Enterprise (M/WBE) requirements included within Executive Order 50 of 1980, Executive Order 94 of 1986, Local Law 67 of 2008 and Local Law 102 of 2018 as they pertain to ICAP project before the Department of Small Business Services, Division of Labor Services.

Brett's experience with the 421-a Partial Tax Exemption Program and its successor Affordable New York (421-a(16)) includes counseling clients on project eligibility, rent stabilization, dwelling unit stacking, affordable unit proportionality, building measurement, benefit planning and calculation. Brett assists owners and managing agents with the submission of initial and annual rent registrations to the Division of Homes & Community Renewal (DHCR).

For the FRESH Program, he counsels clients on the tax incentive benefit, core application submission, benefit calculations and various program requirements and restrictions.

Brett also prepares attorney opinion letters including tax projections for ICAP, 421-a and FRESH. He also counsels lenders and purchasers as part of the due diligence and underwriting and underwriting requirements. He counsels both landlords and tenants with regards to property tax incentive clauses in leases.

Before joining Herrick, Brett was a partner at Tuchman, Weiss, Liebman & Lindemann, LLP.

Investment Outlook: Strategies to Offset Smaller Margins on Affordable Housing

Creative Financing Solutions

John Valladares

John Valladares

Managing Director, Affordable

Slate Property Group

Jorge Jorge

Jorge Jorge

President

Lisa Management

Kyle Kolesar

Kyle Kolesar

Senior Vice President

KeyBank

Bryan Dickson

Bryan Dickson

Senior Managing Director, Affordable Originations

NewPoint Real Estate Capital

Daniel Bernstein
Moderator

Daniel Bernstein

Member

Rosenberg & Estis, P.C.

Jorge Jorge

President

Lisa Management

Jorge has been with Lisa Management for over 10 years. Prior to becoming President in 2019, Jorge led the Leasing and Marketing department through many leasing cycles and four successful new development lease-ups. Under his tenure as President, Lisa Management was designated as a Property Manager for NYCHA’s PACT Round 8 Boulevard Houses, was recognized as one of the best small businesses to work for in New York City, and successfully completed the re-syndication of a 550-unit LIHTC preservation project.

Jorge has a bachelor’s degree in Finance and a master’s degree in Accounting from St. John’s University. He is a proud supporter and prior participant of the Coro Foundation’s Leadership New York Program.

Kyle Kolesar

Senior Vice President

KeyBank

Kyle Kolesar is a Senior Vice President and East Team Leader for Community Development

Lending. Kyle is currently based in NYC and oversees originations for the Affordable Housing team of

KeyBank Real Estate Capital focused on the Eastern Region. The group is responsible for originating

financing for affordable housing projects utilizing balance sheet debt and equity, agency commercial

mortgages through Fannie Mae, Freddie Mac, and FHA, Private Placements as well as delivering core

banking products to clients.

Kyle joined KeyBank Real Estate Capital in 2011 and in his time at Key has gained cross-disciplinary

experience in management, originations, underwriting, asset management and loan servicing as it

relates to Multifamily Real Estate Finance and the Affordable Housing industry.

Prior to joining Key, Kyle worked in a variety of environments in the real estate and housing field. Kyle

is a native of Northeast Ohio and earned a Bachelor of Science in Business Administration from The

University of Akron where he majored in Finance with a Real Estate Specialization. He currently serves

on the Board of Village Capital Corporation, a Cleveland-based nonprofit focused on providing

community development financing and capacity building in Northeast Ohio

Bryan Dickson

Senior Managing Director, Affordable Originations

NewPoint Real Estate Capital

Bryan Dickson is a Senior Managing Director on the NewPoint originations team; he specializes in affordable housing. He has over 20 years of experience in multifamily originations, underwriting and asset management. Dickson is based in Washington, D.C., and is responsible for affordable housing lending across NewPoint’s Fannie Mae, Freddie Mac, FHA/HUD and proprietary programs. Before joining NewPoint in 2021, he was a Director at Citi Community Capital for nine-plus years in the Mid-Atlantic office focused on affordable multifamily lending throughout the Mid-Atlantic region and beyond. Previously, Dickson spent 11 years at Freddie Mac, with seven of those years as a Producer in the Affordable Sales and Investments group. He has also held positions at Illinois Housing Development Authority and Berkshire Mortgage Finance, both in Chicago. Dickson has worked on many complicated and high-profile affordable housing transactions around the county throughout his career.

Dickson holds both a Bachelor of Business Administration in Marketing and an MBA in Real Estate Development from The George Washington University. He has held Series 53, 52 and 63 FINRA municipal securities licenses.

Daniel Bernstein

Moderator

Rosenberg & Estis, P.C.

Daniel M. Bernstein joined Rosenberg & Estis, P.C. in 2017 and is a Member and Leader of the firm’s Tax Incentives & Affordable Housing Department. Bernstein’s practice involves affordable housing and urban development issues in New York, obtaining property tax exemptions and abatements (485-x / ANNY for new development; 467-m / AHCC for commercial conversions; new and old 421-a including requests for extension of 421-a(16) Completion Date, ICAP/ICIP, 420-c, 420-a, J-51, Article XI, etc.), development rights bonuses and incentives / zoning requirements (Voluntary and Mandatory Inclusionary Housing, FRESH program, Zoning for Quality and Affordability) for New York City projects. Bernstein is experienced in the assessment and taxation of real property in New York, as well as acquisition, financing, leasing, Declarations of Condominium, and condominium offering plans. Bernstein also has extensive experience helping real estate developers obtain economic incentives for their residential, commercial, or mixed-use projects. Bernstein also performs diligence on such matters for lenders and purchasers of such NYC properties.

Prior to joining Rosenberg & Estis, Bernstein spent over a decade at two New York City real estate law firms representing some of the city’s major residential, commercial, and mixed-use real estate developers. Bernstein began his career working on immigration, healthcare, and public benefit issues at a major New York labor union and for New York not-for-profit organizations, where he handled litigation in U.S. District and Circuit Courts.

Good Cause Eviction & The Future of New York Housing Dynamics

Impact of Rent Control

Aaron Koffman

Aaron Koffman

President

Hudson Companies

Frank Monterisi

Frank Monterisi

EVP

Related

Pamela West

Pamela West

MD, Impact Investing

Nuveen

Christopher Albanese

Christopher Albanese

President

The Albanese Organization

Kara Schecter Rakowski

Kara Schecter Rakowski

Partner

Belkin, Burden, Goldman

Terry Baydala
Moderator

Terry Baydala

MD, Originations

Pembrook Capital

Aaron Koffman

President

Hudson Companies

Aaron Koffman leads Hudson's affordable housing pipeline and portfolio. Aaron relishes the challenge of putting Hudson's best feet forward on public and private competitions for development sites and building lasting partnerships with public, private and non-profit organizations. Aaron is continually inspired by his Hudson colleagues and loves working to bring transformative mixed-use developments like La Central, The Peninsula, BEC II and Greenpoint Hospital to reality. Aaron is a New York State Volunteer Firefighter who earned his Bachelor of Arts in Economics from UC Berkeley and his Master of City Planning from MIT. Aaron also serves on the NYC Waterfront Management Advisory Board as well as the Board of the NYU Furman Center, Coro New York, and the Center for Urban Pedagogy. He remains a diehard Los Angeles Lakers and Angels fan.

Pamela West

MD, Impact Investing

Nuveen

Real Estate: Affordable Housing Acquisitions, Asset Management, Dispositions and Portfolio Management

Kara Schecter Rakowski

Partner

Belkin, Burden, Goldman

Ms. Rakowski practices administrative law, with concentrations in representing property owners/buyers in rent regulation, development of rent regulated property, Certificates of Non-Harassment/NYC Pilot Program, Single Room Occupancy/Hotel Stabilization, NYC Loft Law and human rights. Ms. Rakowski represents property sellers, buyers and lenders in connection with rent regulatory due diligence and affordable housing issues. She has represented owners in numerous proceedings before the New York State Division of Housing & Community Renewal, New York City Department of Housing Preservation & Development, New York City Environmental Control Board, New York City Department of Buildings, New York City Commission on Human Rights, New York State Division of Human Rights, U.S. Department of Housing and Urban Development, and the New York State Public Service Commission. She has also represented owners in litigation challenging determinations made by these agencies. Ms. Rakowski has conducted numerous anti-discrimination training sessions for clients and their staff in connection with NYC and NYS human rights compliance. She has a broad knowledge of and has advised many owners regarding their compliance with city, state and federal lead-paint regulations and HEFPA.

Ms. Rakowski is a graduate of the Benjamin N. Cardozo School of Law. She is a member of the New York Bar and is admitted to practice in the Southern and Eastern District Courts of New York.

Ms. Rakowski is a member of the Advisory Board for CHIP. She has lectured at seminars for CHIP and REBNY, as well as private organizations on issues concerning rent stabilization and rent control, anti-harassment, Anti-discrimination and ADA/Fair Housing compliance, and rent regulatory due diligence, affordable housing, Certificates of No Harassment, and NYC Pilot Program. In addition, she is a contributing columnist for Mann Report Management, and has been quoted in articles in publications such as the NY Times and the Commercial Observer. Ms. Rakowski was named as one of the top 100 women attorneys in NYC in Crain’s 2018 Inaugural List. She has most recently been recognized as a 2023 Notable Woman of Law by Crain’s New York Business for her outstanding professional and civic achievements.

Terry Baydala

Moderator

Pembrook Capital

Mr. Baydala has 36 years of experience in commercial real estate industries, is located in New York, NY and is responsible for originations. Mr. Baydala was previously an Executive Vice President with Meridian Capital Group, LLC (“MCG”) where he launched an institutional advisory platform principally focused on buy and sell-side syndication advisory related to large commercial mortgage loans. Prior to joining MCG, Mr. Baydala was a Senior Vice President, Commercial Real Estate Banking, at Anglo Irish Bank where he established and managed Anglo’s North American Syndication Desk focusing on A-note, B-Note and mezzanine positions for domestic and international capital providers. Prior to Anglo Irish, Mr. Baydala was a Senior Vice President / Senior Investment Officer with Arbor Realty Trust, Inc. / Arbor Commercial Mortgage, LLC where he originated, structured and closed high yield mezzanine, preferred equity and senior debt transactions with nationally-based developers and owners. During his tenure at Arbor, Mr. Baydala also served as Chief Underwriter and Credit Committee Chair for Arbor’s Fannie Mae “DUS” and HUD multifamily lending programs. Mr. Baydala earned a B.B.A. in Finance and Accounting from St. Bonaventure University and is a designated member of the Counselors of Real Estate (“CRE”).

Designing and Building Mixed-Income & Equitable Communities

Managing Cost of Construction

Bryan Kelly

Bryan Kelly

President, Development

Gotham

Sherry Wang

Sherry Wang

Partner

Vistria Group

Jolie Andler Milstein

Jolie Andler Milstein

President & CEO

New York State Association for Affordable Housing

James Lloyd

James Lloyd

Director of Policy

New York State Association for Affordable Housing

Brian Loughlin

Brian Loughlin

Principal

Magnusson Architecture and Planning

Russell Kivler
Moderator

Russell Kivler

Partner

Hirschen Singer & Epstein

Bryan Kelly

President, Development

Gotham

Bryan Kelly joined Gotham in 2016 as Executive Vice President, Development, where he leads the Gotham Development division, including oversight of the acquisition process, entitlements and approvals, design, deal structuring, capital raising, marketing strategy and stabilization and refinancing.

Prior to Gotham, Bryan successfully led numerous development projects for Fisher Brothers, a private firm focused on investment, asset management and development for its real estate portfolio. As Project Executive, he oversaw more than $400,000,000 of development, including the condo conversion of 101 West 87th Street and the design and development of 225 East 39th Street, projects spanning luxury market rate homes, 80/20 affordability, amenities and retail spaces.

Bryan began his career as an Originations Manager at First Sterling Financial, a privately held firm specializing in tax credit syndications, focusing on the origination, structuring and underwriting of tax credit investments to create or preserve affordable housing, followed by time as a Senior Project Manager with Atlantic Development Group, a leading NYC developer of affordable and mixed‐income housing. During his tenure with Atlantic, he oversaw the planning or financing of more than 1,000 new affordable homes for New Yorkers.

Bryan holds a bachelor’s degree from Fordham University, College at Rose Hill and pursued Graduate Studies in Economics at the Fordham University Graduate School of Arts and Sciences. Bryan was a five‐year scholarship athlete and member of the Fordham University Baseball Team. He is also currently a member of the Advisory Board for the New York Housing Conference.

Sherry Wang

Partner

Vistria Group

Sherry Wang is a Partner at The Vistria Group in Real Estate. Prior to joining Vistria, Sherry was a managing director and co-head of the Urban Investment Group at Goldman Sachs. Under her leadership, UIG invested $12 billion in public-private partnerships to create equitable economic development across the United States. Prior to joining the Urban Investment Group, Sherry worked in the Investment Banking division at Goldman Sachs.

Sherry received a B.A. in Economics & Mathematics from Yale University, magna cum laude and Phi Beta Kappa. Sherry serves on the New York Advisory Board of Enterprise Community Partners, where she co-chairs the policy committee. She is on the Board of Directors of the Center for an Urban Future. She is a Salzburg Global Fellow and was recognized on the 2023 Power 100 list by Commercial Observer.

Jolie Andler Milstein

President & CEO

New York State Association for Affordable Housing

Jolie Milstein is President and Chief Executive Officer of the New York State Association for Affordable Housing (NYSAFAH), Executive Director of House New York Inc. and a Managing Member of Closing USA Affordable Housing, NYSAFAH’s joint venture title insurance company.

Jolie joined NYSAFAH from Praxis Housing, where she was responsible for creating the organization’s permanent supportive housing developments. Jolie’s background in economic development, business management, and finance includes tenure as Executive Director of the Ulster County Development Corporation, Senior Director for Economic Development at the New York City Partnership, Business Manager for Paperhouse Productions, and Commercial and Residential Mortgage Investment Banker at First Boston Corporation.

A licensed architect, Jolie holds a BA in Architecture from UC Berkeley, a Master of Architecture from UCLA and the Architecture Association and a Master of Public and Private Management from Yale University. She is also adjunct faculty at the Fordham University Real Estate Institute.

Russell Kivler

Moderator

Hirschen Singer & Epstein

Russell A. Kivler is a partner in the law firm of Hirschen Singer & Epstein LLP. He joined the firm in 2004 and became a partner in 2010. Mr. Kivler practices in the area of real estate, representing developers, owners and equity investors in connection with acquisitions and dispositions, financings, joint ventures, development and construction and commercial leasing. He has developed extensive experience in commercial and public finance, federal, state and local housing programs and tax incentives. Mr. Kivler regularly represents clients in large scale affordable housing and mixed use development projects that are financed with municipal bonds and tax credit equity.

Mr. Kivler is admitted to practice in New York and New Jersey and received his Bachelor of Arts degree cum laude in economics and business management, with a concentration in finance, in 1999 from Gettysburg College and his law degree magna cum laude in 2002 from American University, Washington College of Law.

Keynote with NYC HPD Commissioner

Adolfo Carrion
Keynote

Adolfo Carrion

Commissioner

NYC Department of Housing Preservation & Development

Anita Laremont
Moderator

Anita Laremont

Partner

Fried Frank

Anita Laremont

Moderator

Fried Frank

Anita Laremont advises clients on various land use, zoning, and development

matters.

Anita has worked with numerous large-scale economic development and land-use

projects in New York City and throughout the state.

Prior to joining Fried Frank, Anita was the Chair of the New York City Planning

Commission and Director of the Department of City Planning, having previously served

as its general counsel and executive director. She also served for many years as

general counsel of Empire State Development Corporation.

Anita received her JD from New York University School of Law in 1979 and her

BA, magna cum laude, from Mount Holyoke College in 1976. She is admitted to

practice in New York.

Why This Matters

What you'll learn:     

  • Get a better understanding for the current new affordable construction pipeline (or lack thereof) and what impact the expiration of 421a is having on New York City

  • Good Cause Eviction: Understand the true importance of this pivotal piece of legislation and how it impacts New York City and the real estate community.

  • Hear how experts are approaching getting affordable housing deals done with the current economic pressures with spreads and unpredictable cap rates.

  • Closer look at the capital stack for affordable housing financing and how debt is being sourced.

  • Better understand which boroughs are producing the most affordable units and which communities are in highest need for these units.

  • Hear from owners and industry experts on the importance of AMI and how this correlates with rent regulations.

How you'll do more business:

Enhance your business and network by hearing from New York City's top affordable housing developers, city officials, affordable housing advocates and lenders. Gain insight into the future of 421a, public-private partnerships, financing affordable deals and the impact of good cause eviction and rent control. 

Who attends: Developers, landlords, investors, lenders, banks, brokers, lawyers, accountants, city officials and consultants. 

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 New York Events Producer, Chris Picher at chris.picher@bisnow.com. 

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

2023 New York Affordable Housing Developments To Know

Venue

Ease Hospitality
605 Third Avenue
New York, NY 10158

Floor: 7th Floor

      
      
Get Directions

Agenda

Time Activity
12:00 PM
1:00 PM
Coffee, Breakfast & Networking
1:00 PM
1:20 PM
Keynote with NYC HPD Commissioner
1:20 PM
2:05 PM
421a Replacement: New York's Next Developer Incentive Program

1. New construction pipeline and what the lack of a 421a replacement means for the future of new units.
2. Closer look into how companies are looking at prioritizing affordable housing splits.

2:05 PM
2:50 PM
Investment Outlook: Strategies to Offset Smaller Margins on Affordable Housing

1. Creative financing solutions: debt, equity & low-income housing tax credits.
2. Finding value amidst choppy market conditions.

2:50 PM
3:05 PM
Coffee & Networking
3:05 PM
3:50 PM
Good Cause Eviction & The Future of New York Housing Dynamics

1. Impact that the Tenant Protection Act has on rent collection, rent control and good cause eviction.
2. Best practices to keep New York a city that builds accessible and affordable communities.

3:50 PM
4:35 PM
Designing and Building Mixed-Income & Equitable Communities

1. Managing the rising costs of construction & how to save money through efficient design and build strategies.
2. Difference between mixed-income and affordable housing developments. Experts discuss why this matters.

4:35 PM
4:45 PM
Networking