Westchester & Fairfield State of the Market

Jeffrey H. Newman, senior vice president of Empire State Realty Trust and its affiliates, directs the leasing, marketing, operations and financial management of the Greater NY Metropolitan portfolio of Class-A, multi-tenanted office properties comprised of 1.8 million square feet within five different assets. Mr. Newman, age 57, joined Empire State Realty Trust (formerly Malkin Properties) in January of 1995, and has more than thirty-two years of commercial real estate experience. Before joining, Mr. Newman served as general counsel for Albert D. Phelps, Inc. at Merritt 7 Corporate Park. Previously, he was a vice president and general counsel for Collins Development Corporation (now Collins Enterprises) and, before that, an associate in the real estate department of the Manhattan office of the national law firm formerly known as Reavis & McGrath (now Fulbright & Jaworski). He has served for the last several years on the March of Dimes Fairfield County Real Estate Breakfast Awards Committee, and serves on the Boards of Directors of the Fairfield/Westchester Chapter of the Real Estate Finance Association (REFA), the Stamford Chamber of Commerce and the Stamford Partnership. Mr. Newman is also a past president of the New York City/Westchester and Fairfield Counties Chapter of the National Association of Industrial and Office Properties (NAIOP), and a past Executive Committee member of the Westchester Chapter of Building Owners and Managers Association (BOMA). He is a member of CoreNet, ULI, and REBNY, and has participated as a panelist or moderator at several real estate industry events, including programs and conferences sponsored by NAIOP, Bisnow, Real Estate Exchange, REFA, The Business Council of Westchester, RealShare, Westchester County Board of Realtors, Commercial Real Estate Division, and Westchester and Fairfield Chapters of BOMA. A cum laude graduate of the University of Pennsylvania and the law school at George Washington University, Mr. Newman is a member of the New York State and Connecticut bars, and formerly served on the Executive Committee to the Real Estate Section of the Connecticut bar. He served for several years as central Fairfield County captain for the University of Pennsylvania’s Secondary School Committee, and continues to serve as a participant in Penn’s Alumni Interview Program for Fairfield County. He is a licensed New York State real estate broker, and has also successfully completed several courses towards a master's degree in Real Estate Development and Investment at New York University. Mr. Newman and his family reside in Fairfield, Connecticut.

Jim Fagan brings over 35 years of experience to Cushman & Wakefield, where he serves as Senior Managing Director, Managing Principal for the firm’s Westchester County, New York and Fairfield County, Connecticut markets. Since joining Cushman & Wakefield in 2003, Jim has been responsible for the oversight of several hundred millions of dollars in transactions annually. Highly regarded as a leader in the commercial real estate industry, Jim has deep expertise in high-level real estate strategy and negotiation. His in-depth knowledge of the firm’s cutting-edge platform ensures that clients receive the full-range of available services, from Leasing, to Project & Development Services, to Consulting and Valuation & Advisory, while receiving the best client service in the industry. Jim is involved in the continued development of Cushman & Wakefield’s national and global platform. He sits on several internal advisory boards and was instrumental in the creation of the Cushman & Wakefield’s Future Leaders Program (CWFL), designed to develop and educate young brokerage professionals to meet the company’s highest standards. He has received numerous awards for running one of the firm’s most productive offices in the country. Prior to joining Cushman & Wakefield, Jim held senior brokerage and national management positions at CBRE, where he received numerous accolades and awards for outstanding performance. Jim speaks at numerous events and is frequently quoted as a real estate expert in newspapers and on the radio.

Matt Weilgus is Senior Vice President of Originations and General Counsel at Mag Mile Capital. Matt leverages his extensive network of owner/developers together with background as a commercial real estate attorney to provide value to Mag Mile Capital's clients. Prior to joining Mag Mile Capital, Matt served as General Counsel for Sanders Equities, a management company responsible for a privately-held portfolio of commercial real estate in the New York metropolitan area. In addition, Matt's background spans approximately 13 years of in-house counsel and law firm roles where he counseled a wide variety of clients - owners, lenders and tenants while executing financings, acquisitions, dispositions and leases across all asset classes. Matt obtained a B.A. in Political Science from the University of Michigan and a J.D. from New York Law School. The depth and breadth of Matt's experience and his network of industry contacts are a valued addition to the Mag Mile Capital team out of the New York office. Matt resides with his family in Westport, Connecticut.

William Saya is an audit partner with extensive accounting and auditing experience in various real estate and related industries and service companies including self-storage, parking, real estate investment companies, and professional service firms. In addition to providing GAAP and income tax basis auditing and financial reporting services, he advises on operations, internal controls, and the sales and acquisitions of businesses. Bill also advises his high net worth clients on both their business and personal wealth needs. Bill provides accounting and tax services to his clients, including cash flow analysis, tax projections, and special-purpose reports in addition to advising clients on structuring and reviewing various types of financing arrangements. He is experienced in guiding start-up and growing businesses on various accounting and tax issues. Bill reviews and evaluates leasing arrangements to realize cost savings, plans and supervises audits, and reviews internal controls to identify and mitigate risks. Previously, Bill was an audit partner and co-leader of the Real Estate Practice Group at Berdon LLP, which joined Citrin Cooperman in 2

Mr. Kinol currently serves as the Chief Investment Officer of Belpointe REIT. Mr. Kinol has been a Managing Director at Belpointe Capital LLC since 2011, which is Belpointe’s multifamily real estate division. Prior to Belpointe Capital, Mr. Kinol was the President of Stillwater Investment Management, a Stamford, Connecticut based real estate development company that built several infill apartment and condominium communities in the northeast with a concentration in Connecticut. Prior to Stillwater Investment Management, Mr. Kinol was the Senior Development Director for AvalonBay Communities, Inc. in the Connecticut region where he developed many infill apartment communities in Connecticut and consulted on infill developments across the United States. Mr. Kinol also worked for Citigroup Real Estate Capital Markets Group, in their CMBS department. Mr. Kinol holds a Master’s of Business Administration with a concentration in real estate and entrepreneurship from the University of Georgia and a Bachelor’s degree in management from Boston University.

Mr. Berg has been involved in real estate development for over 35 years. He joined the Cappelli Organization in 1999 as Executive Vice President and is a member of the in-house executive team responsible for the acquisition, approvals, development, management and marketing of the firm’s mixed-use, office, residential and retail developments. Prior to joining the Cappelli Organization, Mr. Berg was involved in corporate real estate development and construction as the Director of Market Development for AMF Bowling, Inc, Director of Development for Disney Development Company and Project Manager for Xerox Realty Corporation. During Mr. Berg’s career, he has been involved in all aspects of real estate development, management, leasing and construction, and several notable projects in which Mr. Berg was involved with include the White Plains City Center, a $700Million, 1.3Million square foot mixed-use project, the Ritz Carlton Hotel and Residences in White Plains, a $750Milllion, 950,000 square foot mixed-use hotel/condo/office project, Disney Studios Masterplan, a two million square foot office/sound stage/back of house project and two 1,000,000 square foot office parks for Xerox Realty Corporation. Mr. Berg is currently serving as the Chief Executive Officer of Fuller Development Company, the development arm of the Cappelli Organization. Mr. Berg holds a B.A. from Trinity College and an M.B.A. from Columbia University Graduate School of Business. Mr. Berg currently serves on the Board of Arts Westchester and the Stamford Downtown Special Services District. Mr. Berg previously served on the Board of Managers of The Ritz Carlton Westchester Tower 1 and Tower 2 as a Sponsor Representative and has also served on the Condominium Association Boards at Trump Tower at City Center and Trump Plaza New Rochelle.

Jose is a senior managing director and co-office head in the New Jersey office of JLL Capital Markets, Americas. He joins JLL as part of the HFF acquisition and is a member of the firm’s leadership committee. Jose specializes in investment advisory throughout New Jersey, New York and Connecticut and also oversees the day-to-day operations of the firm’s New Jersey office. During the course of his more than 25-year commercial real estate career, he’s been involved in more than $62 billion of office, industrial, retail, multifamily and land sales. Jose started at HFF in March 2010. Before that, he was the executive director of Cushman & Wakefield’s New York area investment sales group where he spent more than 17 years. He began his real estate career as a real estate analyst at PaineWebber, UBS, Inc.

Kevin Welsh joined Newmark’s Capital Markets division in 2017 as an executive managing director and has led the expansion of the company’s Tri-State capital markets platform and its transformation into a market leader. Since joining Newmark, Mr. Welsh has executed a number of record setting transactions including the sale of the Washington Street Portfolio in Hoboken, NJ and the Center of Excellence in Bridgewater, NJ, building upon the other record setting deals in his career. His proven track record in maximizing value driven through superior execution has been integral in driving business development. Mr. Welsh has successfully represented some of the nation’s top institutions in acquisitions and dispositions valued in excess of $6.5 billion over the last five years. Prior to joining Newmark, Mr. Welsh was as an Executive Vice President in the New York Institutional Group at CBRE where he was responsible for leading the New Jersey capital markets platform. At CBRE, Mr. Welsh was consistently recognized as one of the firm’s top producers nationally. Partial List of Sale Transactions Newport Tower, Jersey City, NJ - $377.5 MM (Office) Washington Street Portfolio, Hoboken, NJ - $204.0 MM (Retail/MF) 80 Park Place, Newark, NJ - $174.5 MM (Office) Two Riverfront Plaza, Newark, NJ - $165.0 MM (Office) Center of Excellence, Bridgewater, NJ - $152.0 MM (Life Science) 900/990 Stewart Avenue, Garden City, NY - $91.0 MM (Office) 698 Route 46, Teterboro, NJ - $81.0 MM (Industrial) Partial Client List Advance Realty Group Barings Asset Management Black Creek Group Blackstone Brookfield Federal Realty Trust Ivy Equities JP Morgan Nuveen Onyx Equities Rubenstein Partners SJP Properties The Hampshire Companies UBS Realty Advisors Professional Affiliations NAIOP Urban Land Institute (ULI) National Multifamily Housing Council (NMHC) International Council of Shopping Centers (ICSC) Mr. Welsh attended the University of Massachusetts, where he earned a Master of Science degree in sports and entertainment management, and the University of Bridgeport, where he earned a Bachelor of Arts degree in American studies, graduating cum laude.

Steve Kirn is a partner in RSM’s Stamford office and leads the Real Estate practice in Connecticut and Westchester. He has over 20 years of experience and has been involved in all facets of client service including audit, tax and financial consulting. Steve has significant experience serving both public and private clients in real estate, construction, manufacturing, wholesale, distribution and professional services firms. Steve is a CPA, licensed in Connecticut, New York, New Jersey, Massachusetts and Vermont. He is a member of the American Institute of Certified Public Accountants and the Connecticut Society of Certified Public Accountants. Steve earned a BS in accounting from Northeastern University, and completed a graduate-level CFO advisory program at the University of Minnesota’s Carlson School of Management.

Yvonne Ding is the Director of Real Estate at Common, the national leader in community-driven city living. Before joining Common this year, Yvonne spent 8 years in institutional sales at J.P. Morgan Asset Management and Toronto Dominion Asset Management. Originally from Toronto, Yvonne has been consulting clients on their global real estate portfolio since graduating from the Richard Ivey School of Business with a BA in Investment Management. Today, Yvonne works with real estate partners in the tri-state area to expand Common’s residential and technology platform, which currently spans six markets and 27 coliving homes across the U.S. In her spare time, she enjoys traveling and hiking upstate with her maltipoo.

Gene Pride began his investment real estate career in 1998 and currently leads the Multifamily division for Jeff Dunne’s New York Institutional Properties Group. Since 1998, the team has completed apartment transactions exceeding $9.22 Billion in value encompassing 49,000 units. Mr. Pride is responsible for the execution of multifamily sales in the greater New York metropolitan area including the New Jersey, New York and Connecticut markets. Drawing on his varied background, Mr. Pride regularly speaks on industry panels, writes for industry publications and has served in leadership positions for ICSC and NAIOP.

Russell Tepper serves as Mill Creek Residential’s Senior Managing Director for development activities in the Northeast region including New York, New Jersey, Connecticut and Pennsylvania. His duties include leading this regional division of Mill Creek for both ground-up and adaptive reuse developments, while furthering its objective to create tailored residential communities that cater to surrounding neighborhoods’ needs. Prior to joining Mill Creek in 2014, Mr. Tepper was Vice President of Development at Matrix Development Group, where he managed the company’s urban redevelopment portfolio, seeking out new acquisitions of residential and mixed-use properties throughout New Jersey and suburban Philadelphia. Throughout his career, he has been involved in the entitlement, development and construction of over 4,500 multifamily apartment homes and 5 million SF of commercial space. Mr. Tepper is licensed in the State of New Jersey and earned a Bachelors of Science in Business Administration with concentrations in finance and international business from the University of Delaware.

Jeff Dunne has 36 years of experience in the real estate investment banking business as an advisor and transactional agent for retail, office, apartments, industrial and new development projects. He leads a team of 15 people that focus on investment sales and equity raises to capitalize projects largely located within two hours of Manhattan. Jeff has closed in excess of $19 billion in over 300 investment transactions since 2007 and over $30 billion during his career.