Fall - Appraisal Institute Metro NY

MetroNewYork
FALL 2013
Quarterly
THE METROPOLITAN NEW YORK CHAPTER
METRO NY CHAPTER
2013 OFFICERS
President
Eric B. Lewis, MAI
Cushman & Wakefield, Inc.
(212) 841-5964
[email protected]
First Vice President
Eric P. Haims, MAI
Jerome Haims Realty, Inc.
(212) 687-0154
[email protected]
Second Vice President
Sharon Y. Locatell, MAI
Brown Harris Stevens
(212) 508-7255
[email protected]
Secretary
John A. Katinos, MAI
Cushman & Wakefield, Inc.
(212) 841-5061
[email protected]
Treasurer
Alice Palmisano, SRA
Brown Harris Stevens
(212) 508-7331
[email protected]
The Metropolitan New York Chapter of the
Appraisal Institute Invites You to Attend
its Annual September Conference
New York City: World Capital
for Real Estate Investment
Thursday, September 19th
Club 101, 101 Park Avenue at 40th Street
Moderator:
Brian Corcoran, Executive Vice President,
Cushman & Wakefield, Inc.
Panelists:
Sign-In/Breakfast: 8:00 – 9:00 AM
Pamela Liebman, President and CEO,
The Corcoran Group
Panel Discussion/
Pre-Luncheon Keynote Speaker:
9:00 AM - 12:30 PM
Adelaide Polsinelli, Senior Director,
Eastern Consolidated
Luncheon and Keynote:
12:30 - 2:00 PM
Gene Spiegelman, Vice Chairman,
Cushman & Wakefield, Inc
Cost: $275
Candidates for Designation: $225
To register, call 866.966.3710
Tel: 866.966.3710
E: [email protected]
www.aimetrony.com
William Shanahan, Vice Chairman, CBRE
Pre-Luncheon
Keynote Speaker:
Raymond W. Kelly, Commissioner,
New York City Police Department
Keynote Speaker:
Scott Rechler, CEO, RXR Realty
PRESIDENT’S MESSAGE
President’s Message
Eric B. Lewis, MAI
Dear Friends and Colleagues,
ith an unusually busy Summer in our collective rearview mirrors, we look towards the fourth quarter with
expectations for a strong finish to the year. This
newsletter is an opportunity to look back on what our chapter
has accomplished so far and what lies ahead for the rest of
2013. I am happy to report that this has been a phenomenal
year to date, by virtually any measure.
W
role in keeping all members of the Chapter notified of
upcoming industry events. Additionally, we will provide links
to salient news articles and policies impacting our profession.
Twitter is an interactive and extremely user-friendly platform
that will also allow us to embrace questions and feedback from
our members. I would ask those of you who have not done so
yet, please join Twitter and follow us @MetroNYChapter.
I first want to thank our sponsors, without whom the
Chapter simply could not operate as effectively as it does.
Thanks to the efforts of Eric Haims, our 2014 President and
2013 Sponsorship Chair, as well as a rising economic tide, we
are enjoying a near-record year for sponsorship which has put
our chapter on secure financial footing and enabled us to hold
outstanding events, outings and courses.
Our marquis event, the September Conference, is shaping up
to be one of the best yet. Keynote speakers Scott Rechler, CEO
of RXR Realty and New York City Police Commissioner Ray Kelly
will be joined by Who’s Who of NYC real estate professionals to
discuss what makes New York a world capital for real estate
investment. With the pace of global capital flows increasing and
New York City’s place on the world stage, this conference will be
critical to understanding one of the major drivers of this market.
The conference will take place the morning of Thursday,
September 19 and you can register at
http://www.appraisalinstitute.org/education/metronewyork.aspx
On the education front, for the first half of the year the
chapter has offered 7 courses towards licensing, 5 continuing
education courses and 2 advanced courses towards
designation. The remaining schedule of courses for the year
are listed on page 7 of this newsletter.
Having attended a number of national meetings over the
last two years, I can tell you that our Chapter is looked to as
the model for holding meaningful and well-publicized events.
Connie Puccio, our Chapter Administrator, and I often field
calls from other chapters, asking our advice on this topic.
Joel Leitner, our “Programs Quarterback” has done an
outstanding job of putting together a very well attended slate
of events including the joint annual Economic Forecast
meeting held with the Counselors of Real Estate on January
16th, the March 14th luncheon meeting with guest speaker,
David Cheikin of Brookfield Office Properties, and the May 2nd
luncheon meeting with David Von Spreckelsen of Toll Brothers
City Living. Going forward, we have a joint event scheduled
with AREW this October 1st (more on that later).
We have also had the privilege of welcoming several new
MAIs to the fold. In addition to three that were announced at last
December’s installation dinner, a total of 9 additional designations
have been awarded to Alexander Braun, Sherif Elshoubri, Doug
Geddes, Mark Godfrey, Jeremy Kennedy, Yunsoo Kim, Betsy Mak,
Roman Rubinchik and Didi Yep. This brings our 2013 total to 12
new designated members in our chapter!
All that said, our chapter, our profession and our community
suffered a tremendous loss when Ruth Agnese passed away on
her 51st birthday in April. Ruth was a past president of our
chapter and omni-present leader for the Appraisal Institute,
among many, many other roles. She will be sorely missed. As a
chapter, we have decided to honor Ruth’s memory by naming
our Chapter’s Person of the Year award after her and setting up
a scholarship for a deserving candidate each year in her name.
Additionally, we have assisted in the creation of a trust to
benefit her immediate surviving family members as they face
continuing college tuition costs. We, as well as the NY real
estate community at large, will have the opportunity to donate
to this cause at the upcoming October event with AREW.
I’m happy to report that, thanks to Michael Neal, the New
York Metropolitan Chapter of the Appraisal Institute now has a
presence on Twitter. In a rapidly evolving technological world,
having a social media platform is critical in connecting with
younger members of our chapter and will also play a central
In closing, through all the highs and lows to date in 2013,
we owe the Chapter Board Members and our active Chapter
members and candidates a well-deserved “thank-you” for all
they have done to keep the Chapter at the “top of it’s game”
throughout this very active year.
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EVENTS
January Economic Forecast February Networking
“Poised for Liftoff: 2013 Real Estate Economic Forecast”, a
Cocktail Reception
joint meeting with the New York Metropolitan Chapter of
With candidates for designation as the focus, the Chapter
held a networking cocktail reception in late February where
they were able to meet the Chapter’s 2013 officers, board of
directors and national Appraisal Institute officers. Richard
Borges II, 2013 president of the national Appraisal Institute,
provided both information and encouragement with regard
to obtaining an MAI or SRA designation. Among recent
initiatives toward achieving that goal, the Appraisal Institute
has set new timelines and is asking established, designated
appraisers to serve as advisors.
the Counselors of Real Estate, featured Mark Zandi, chief
economist and co-founder of Moody’s Economy.com as
guest speaker.
With Richard Borges
(center) are (L) Steven
Schleider, Metropolitan
Valuation Services,
who serves as
candidate guidance
committee chair, and
2013 Chapter president
Eric B. Lewis, Cushman
& Wakefield
Casey Kempter, Collegiate Asset Management, Chair, NY Metro
Chapter, Counselors of Real Estate; Anne Covell, Groton Analytics;
Mark Zandi; Chapter President Eric Lewis, Cushman & Wakefield
The Metro New York Chapter
thanks these 2013 Conference
sponsors for their support:
Event Sponsor:
Supporters Sponsors:
Patron Sponsors:
Media Sponsor:
Friends Sponsors:
JDM Real Estate Co.
Aaron Valuation
PEARSON PARTNERS, INC.
WmShubert & Co.,InC
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R.D. Geronimo Ltd.
Regional Appraisal Associates
EVENTS
June Outing: Boat Trip
Around Lower Manhattan
March Luncheon & Program:
Brookfield Properties
“Brookfield’s Rebirth of the World Financial Center and Development
of Manhattan West” was the topic addressed at the March 14th
luncheon by guest speaker David Cheikin, vice president, Brookfield
Office Properties, U.S. Commercial Operations. Mr. Cheikin is the
project lead of Brookfield’s $250 million redevelopment of the World
Financial Center including the complete revitalization of its retail and
waterfront dining and entertainment areas.
The Metro NY Chapter thanks Landauer
Valuation & Advisory for sponsoring
this event
More than 100 Chapter members and guests took
advantage of a beautiful mid-June evening with a boat
trip around lower Manhattan including architectural
commentary.
Eric Haims, Jerome Haims Realty; John Katinos, Cushman &
Wakefield; Sharon Locatell, Brown Harris Stevens; David
Cheikin; Brian Corcoran, Cushman & Wakefield; Alice
Palmisano, Brown Harris Stevens
March “Future of the Appraisal Profession”
Interview Panel
For the first “Appraisers & The Market” special section of Real Estate
Weekly, published in mid-March, members of the board were invited
to participate in a roundtable interview about the present and future
of the profession, how the industry is attracting new talent and the
importance of designations.
2013 Chapter President Eric Lewis and
Marc Nakleh, Cushman & Wakefield;
Theresa Nygard, KTR Real Estate
Advisors; Alice Palmisano, Brown Harris
Stevens Appraisal & Consulting; Arthur
Chiaramonte, Capital Appraisal Services.
May Luncheon & Program: Toll Brothers
Sharon Locatell,
Brown Harris Stevens
interviewed David
Von Spreckelsen (R,
seated). Center:
Chapter president
Eric Lewis, Cushman
& Wakefield
Since 1987, Toll Brothers has been building
communities in picturesque settings
combining luxury with convenience and
dedicated to preserving the natural
environment. Then they decided to take on
the dense urban landscape and residential
development challenges of Manhattan and
other boroughs. May luncheon guest
speaker David Von Spreckelsen, vice
president, division president, Toll Brothers,
spoke of his and the firm’s journey from
new developer in town in 2004 to
currently overseeing seven projects in
addition to completed projects totaling
1,400 condo units and over $1 billion in
development costs.
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Industry Mourns Loss of Ruth A. Agnese, MAI
President, Appraisers and Planners
Ruth A. Agnese, one of the
foremost, respected experts in
commercial real estate valuation
and analysis in New York City,
died on Thursday, April 18th, her
51st birthday, in New Haven, CT.
Talented, tireless, bigger than
life and a born leader with style
and flair, Ruth was passionate
about her profession, helping to
advance the professional success
of women in real estate and
making a positive difference in the greater community.
Ruth was president of Appraisers and Planners, Inc. where
she worked for 33 years. She was involved in major New York
City commercial projects valued in excess of a billion dollars.
Notable assignments included the World Trade Center site,
GM Building, Empire State Building and Solow Building,
among others.
A past president of the Metropolitan New York Chapter of
the Appraisal Institute in 2002, she also served as president of
the Association of Real Estate Women (AREW) in 1999-2000.
At the Metropolitan New York Chapter of the Appraisal
Institute, she was a member of the 2013 board of directors.
She previously served as a regional representative to the
national Appraisal Institute and in many other board positions
over the past 20 years. She was a recipient of the Chapter’s
“Person of the Year” award, given annually to a member
who has made outstanding contributions to the Chapter and
appraisal profession. In 2009, Ruth was named “Appraiser
of the Year” by Associated Builders and Owners of Greater
New York (ABOGNY).
“Ruth was a tireless champion for our profession and served
passionately and continuously long after her presidency,” said
Chapter president
Eric B. Lewis. “We have lost a very bright light, a strong,
clear voice, an extraordinary person, and dear friend.”
Joel Leitner of The Leitner
Group will be speaking at the
October 1st joint luncheon
with AREW about an
educational trust for Ruth
Agnese’s daughter, Erica.
A Trust Box will be available
for those who would like to
donate. Donations in the
name of The Erica Ruth
Agnese Irrevocable Education
Trust can also be mailed in
care of the Trustee: Joel Leitner,
MAI, Leitner Group Inc.,
79 Madison Avenue, 8th Fl.,
New York, New York 10016.
To register for the
October 1st luncheon
or for any questions,
please contact the chapter
office at 866-966-3710.
Cost Per Person: $100
Registration: T: 866.966.3710 | E: [email protected] | W: aimetrony.com
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2013 Leadership Development and Advisory Council
Washingon, D.C.
“performing loans,” which is inconsistent with existing policy and
regulation. Agencies have correctly dealt with appraisal issues in
that appraisals are not required for certain subsequent transactions,
like re-fis and workouts. Today, appraisals are generally only
required if new money is involved and there is a material change in
market conditions. Otherwise, an “evaluation” is allowed. However,
the Agencies have always reserved the right to order new appraisals
to protect safety and soundness. LDAC members urged members
of the House to amend H.R. 1553 to make it consistent with federal
regulations, allowing examiners to order new appraisals to protect
safety and soundness. The Appraisal Institute also supports the
establishment of federal bank regulatory policies relating to the use
and definition of “liquidation value,” encouraging its use in loan
workouts, but prohibiting loans from being marked down to
liquidation value.
amil N. Arocho of Jerome Haims Realty, Inc. was selected
to serve as the representative from the Metropolitan New
York Chapter of the Appraisal Institute by the Chapter
President, Eric B. Lewis, MAI and the Board of Directors to
attend this year’s Leadership Development & Advisory Council
(LDAC) held by the Appraisal Institute in Washington, DC on May
21-23, 2013. Yamil had previously attended the LDAC council in 2011
and 2012. This year represented the 45th annual meeting of the
Council.
Y
The purpose of LDAC is to assemble both associate and
designated members from the various Appraisal Institute chapters
from around the country in order to meet in four different discussion
groups in order to provide recommendations to both the Appraisal
Institute’s Strategic Planning Committee and the National Board of
Directors on various discussion topics. This year’s discussion topics
were the following:
In regards to Conservation Tax Incentives, LDAC members urged our
Senators to co-sponsor S. 526, the Rural Heritage Conservation Extension
Act. The U.S. Tax Code supports conservation through a tax incentive for
non-cash charitable contributions and the incentive system relies on
appraisals by qualified appraisers. The Appraisal Institute has led efforts
to improve education and awareness on conservation valuation issues.
• “Analyst or Consultant – Opportunities Beyond Point-In-Time
Valuations and Forms”
• “Evolve Beyond General and Residential Valuation Distinctions”
• “Achieving Peer Level Acceptance with other Professions (CPA,
CFA, MBA Analyst, etc.)”
• “Updating the AI Value Proposition (Establishing a New
Partnership and Era with Members)”
Yamil’s lobbying on Capitol Hill included visits to the offices of
New York Congresswoman Carolyn Maloney, New York
Congressman Jerrold Nadler, New York Senator Kristen Gillibrand,
and New York Senator Charles Schumer.
LDAC also provided the attendees with the ability to lobby
representatives of Congress and Senators regarding the issues of
Financial Institutions Examination Fairness Reform and Conservation
Tax Incentives. In regards to Financial Institutions Examination
Fairness Reform, LDAC members conveyed support for the Financial
Institutions Examination Fairness Reform Act. However, the Bill
would prohibit examiners from ordering new appraisals on
In summary, LDAC is a great experience and we highly
recommend it to the future leaders of our Chapter. The best thing
about LDAC is the ability to meet candidate and designated
members of the Appraisal Institute from around the country and
share experiences and stories about appraising in our market.
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EDUCATION SCHEDULE
The Metro NY Chapter of the Appraisal Institute
Upcoming Education Schedule
OCTOBER 2
REGISTRATION
7 HOUR USPAP UPDATE COURSE
Wednesday, October 2nd – Location: Association of the
Bar of the City of NY, 42 W. 44th St., NY, NY
Time: 9am-5pm – AI Price: $195 / Full Price: $225
Instructor: Paula K. Konikoff, JD., MAI
866-966-3710 OR VIA E-MAIL AT: [email protected]
OCTOBER 17-25
ALL CLASSES TAKE PLACE AT:
GENERAL APPRAISER INCOME
APPROACH PART II
Association of the Bar of the City of NY,
42 W. 44th St., NYC (Unless indicated)
October 17, 18, 24 & 25 – Location: Association of the Bar
of the City of NY, 42 W. 44th St., NY, NY
Time: 9am-5pm – AI Price: $595 / Full Price: $625
Instructors: Robert Smith, MAI and Fred DePascale, SRPA
Online Education:
TO REGISTER FOR ANY OF THE COURSES OR SEMINARS,
PLEASE CONTACT THE CHAPTER OFFICE AT:
Online Education: Learn at your own pace anytime, anywhere.
Top-notch Appraisal Institute courses and seminars come
NOVEMBER 4 &5
straight to your desktop with online education! Learn from
ACE REqUIRED COURSE FOR YOUR APPRAISAL
INSTITUTE 5 YEAR CYCLE
FUNDAMENTALS OF SEPARATING REAL
PROPERTY, PERSONAL PROPERTY, AND
INTANGIBLE BUSINESS ASSETS
any computer anywhere, whenever you have time. It's easy,
convenient and a great way to get the education you want.
Check out the current course listing now!
http://www.appraisalinstitute.org/education/online-education-view_programs.aspx
Location: Association of the Bar of the City of NY, 42 W.
44th St.
Additional information to be sent out shortly
NOVEMBER 12-15
GENERAL APPRAISER REPORT WRITING
& CASE STUDIES COURSE
SAVE THE DATE!
Location: Association of the Bar of the City of NY, 42 W.
44th St., NY, NY – Time: 9am-5pm — AI Price: $695 / Full
Price: $725
Instructor: Dan Swango, MAI
Holiday Party & Installation Dinner
Wednesday, December 11th
DECEMBER 9
at Robert,
Atop the Museum
of Arts & Design
2 Columbus Circle
BUSINESS PRACTICES & ETHICS COURSE
Monday, December 9 – Location: Association of the Bar of
the City of NY, 42 W. 44th St., NY, NY – Time: 9am-5pm
AI Price: $195 / Full Price: $225
Instructor: Robert Smith, MAI
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2013 SPONSORS
The Metropolitan New York Chapter of the Appraisal Institute
Would Like to Thank the 2013 Chapter Sponsors:
EDUCATION SPONSOR
SEMINAR SPONSOR
PLATINUM LEVEL
MurrayHill Properties
KTR Real Estate Advisors, LLC
Goldstein, Rikon,
Rikon & Houghton, P.C.
GOLD LEVEL
Albert Valuation Group NY, Inc.
Landauer Valuation
& Advisory
AVISON YOUNG
Pearson Partners, Inc.
Pearson Partners, Inc.
Brown Harris Stevens
Originators Group, LLC
CB Richard Ellis, Inc.
The Weitzman Group, Inc.
Jerome Haims
Realty, Inc.
Wm. Shubert & Co.
Joseph J. Blake & Associates
SILVER LEVEL
Leitner Group Inc.
Massey Knakal Realty Services
New York Community Bank
Regional Appraisal Assocs.
Wilrock Appraisal & Consulting, Inc
Aaron Valuation
Appraisers and Planners Inc.
Capital Appraisal Services
Colliers International
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