POSTINGS

GivinG Thanks
To scan the papers and business websites, youd assume the economyand, perhaps, the real estate industry in generalwas approaching a quagmire, what with employment rates still lower than expected and leasing sluggish. Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industrys biggest names what they were thankful for this year, and their answers were far more positive than expected. Below, a sampling of the responses, as told to Commercial Observer reporters Al Barbarino and Billy Gray. Houshang Ahmadi, President, Alavi Foundation, majority owner of 650 Fifth Avenue I am grateful for my good health and that of my family. I am particularly thankful that our flagship property, 650 Fifth Avenue, continues to generate enough revenue to allow the Alavi Foundation to continue its mission, which includes supporting groups and programs that promote religious tolerance and engage in disaster relief efforts. Morris Betesh, Director, Capital Services, Massey Knakal Realty Services I am thankful for having loyal clients and of course low interest rates! Morris Betesh, Director Sam Chandan, PhD, President/CEO, Chandan Economics The economy has continued to grow albeit at a frustratingly slow pacein spite of buffeting from exceptionally strong headwinds. Across a range of sectors, more people are employed and more spaces are filled. It might have gone the other way except for our collective resolve. Haim Chera, Principal, Crown Acquisitions In addition to my family, I am thankful for the opportunity to partner with people I can learn from, grow with, and be proud to name as true friends. Faith Hope Consolo, Chairwoman, Retail Group, Prudential Douglas Elliman Real Estate In what has been both an extraordinary year, both wonderful and terrible, for our city, I remain grateful for health and the love and support of my friends and colleagues, many of whom are in the real estate community. We are family in all the ways that matter, and once again our special group of owners developers and brokers rose to the occasion and demonstrated their willingness and ability to help others. George Constantin, Founder/CEO, Heritage Realty Services I am very grateful that I am a part of the greater real estate family that cares about our communities in so many ways. Last week with the help from our tenants we cooked and fed over 120 people in Grace Churchs soup kitchen. Tomorrow, Kids Korner, a philanthropic institution that serves poor children throughout Westchester County, is honoring me with their WJCS Corporate Hero Award for providing them with free housing until their fire damaged offices are rebuilt. Ehud Elizur, President, PBC, USA Real Estate We are extremely thankful that our hard work and investment at 452 Fifth Avenue is paying off. Over the past two years, weve been implementing a two phase project involving the upgrading of mission critical systems in the building. Phase 1 included the upgrading of two out of the three existing high-capacity standby generators. Phase 2 includes adding a fourth Generator to increase standby generator capacity for the tower tenants. Hurricane Sandy caught us with Phase 1 complete and Phase 2 nearing completion. During the greatest storm New York City has ever experienced and the loss of the ConEd grid the upgraded existing back-up generators allowed our connected tenants to continue with their operations without any disruptions. John Goldman, Managing Director, Halstead Property After 47 years of being active in the business as an attorney, investor, developer, broker and executive I am grateful that I am still active in the industry, working for a fine organization and having the opportunity to share my experience with others. Im gratified that Ive been able to grow the commercial division at Halstead over the last year. David Greene, President Brokerage Services, Murray Hill Properties I am thankful that we have a pro-business mayor in Mayor Bloomberg. Business is the heartbeat of the greatest city in the world and we hope that whoever becomes the next mayor in 2013, he or she follows Mayor Bloombergs path. Robert Knakal, Chairman, Massey Knakal Realty Services I am thankful that in 2010 congress agreed to simply kick the can down the road rather than deciding to make tough decisions. This made the looming capital gains tax increases an even more prominent factor in this years commercial sales market, leading to what will be a record year for many of us who sell buildings for a living. Good for this year, probably bad for next year. You cant have everything! Nicholas Lettire, President, Lettire Construction This is a good time to give thanks that my family and I got through Sandy reasonably well. I am also grateful that an increasing number of people in the real estate industry are starting to turn their attention to green construction and sustainability, because if theres one thing that Sandy should have taught us, its that the environment is fragile and we need to take care of it. Anthony Malkin, President, Malkin Holdings Im grateful for the brokers who bring us tenants, the tenants who pay us rent, and our team who makes everything work.

Adam Mermelstein, Managing Member, Treetop Development This year I am thankful for continued low interest rates, a rising market which helped Treetop Development sell a Newark, NJ building for over $100,000 per unit, and, finally, the reentrance of Treetop into the Manhattan market by purchasing over 500 units. Edward Mermelstein, Managing Partner, Rheem Bell & Mermelstein In connection to my observation of whats happening in all the areas devastated by Hurricane Sandy, I can say that Im very thankful for the hard working volunteers from all over the tri-state area that are rebuilding the city. Jonathan Miller, President/CEO, Miller Samuel, Inc. Im very thankful that my family made it through Sandy safely and our 7-story backyard tree fell away from the house. Im also thankful parts of NYC metro have benefitted from the influx of international buyers picking up the slack from domestic purchasers who are still challenged by our weak economy. Joseph Moinian, CEO, the Moinian Group I am grateful for my families: my family at home who make my life so rich and meaningful; and my family at The Moinian Group who work so hard to take care of our residents and tenants, especially in the wake of all the damage done by Hurricane Sandy. I am surrounded by extraordinary people and for that I am thankful. Stuart Saft, Partner, Holland & Knight I am thankful that, after Dewey & LeBoeuf collapsed, I wound up at Holland & Knight, which US News & World Report just designated as having the Best Real Estate Practice in the United States. I am also thankful that, notwithstanding the softness of the global and US economy, the New York Real Estate market is stronger than ever and that financing is again available for real estate investments. Matthew Van Buren, Tristate President, CBRE I am thankful that New York City has pulled together in so many ways to help our fellow citizens struck by Sandy. From the devastated residential and commercial areas of The Rockaways, Brooklyn and Staten Island, to the damage done to the Financial District in Downtown, we are seeing great efforts from individuals and groups to get homes and businesses up and running again.

16|NOVEMBER 20, 2012|THE COMMERCIAL OBSERVER