QuarterlyMetroNewYork

THE METROPOLITAN NEW YORK CHAPTER

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METRO NY CHAPTER2013 OFFICERSPresidentEric B. Lewis, MAICushman & Wakefield, Inc.(212) 841-5964eric.lewis@cushwake.com

First Vice PresidentEric P. Haims, MAIJerome Haims Realty, Inc.(212) 687-0154ehaims@jeromehaimsrealty.com

Second Vice PresidentSharon Y. Locatell, MAIBrown Harris Stevens(212) 508-7255slocatell@bhsusa.com

SecretaryJohn A. Katinos, MAICushman & Wakefield, Inc.(212) 841-5061john.a.katinos@cushwake.com

TreasurerAlice Palmisano, SRABrown Harris Stevens(212) 508-7331apalmisano@bhsusa.com

Thursday, September 19th

Club 101, 101 Park Avenue at 40th Street

Sign-In/Breakfast: 8:00 – 9:00 AM

Panel Discussion/Pre-Luncheon Keynote Speaker: 9:00 AM - 12:30 PM

Luncheon and Keynote: 12:30 - 2:00 PM

Cost: $275 Candidates for Designation: $225To register, call 866.966.3710

Tel: 866.966.3710 E: metronyai@aol.com www.aimetrony.com

The Metropolitan New York Chapter of the Appraisal Institute Invites You to Attend

its Annual September Conference

New York City: World Capitalfor Real Estate Investment

Moderator:Brian Corcoran, Executive Vice President,Cushman & Wakefield, Inc.

Panelists:Pamela Liebman, President and CEO,The Corcoran Group

Adelaide Polsinelli, Senior Director,Eastern Consolidated

William Shanahan, Vice Chairman, CBRE

Gene Spiegelman, Vice Chairman,Cushman & Wakefield, Inc

Pre-Luncheon Keynote Speaker:Raymond W. Kelly, Commissioner,New York City Police Department

Keynote Speaker:Scott Rechler, CEO, RXR Realty

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President’s Message Eric B. Lewis, MAI

PRESIDENT’S MESSAGE

Dear Friends and Colleagues,

With an unusually busy Summer in our collective rear-view mirrors, we look towards the fourth quarter withexpectations for a strong finish to the year. This

newsletter is an opportunity to look back on what our chapterhas accomplished so far and what lies ahead for the rest of2013. I am happy to report that this has been a phenomenalyear to date, by virtually any measure.

I first want to thank our sponsors, without whom theChapter simply could not operate as effectively as it does.Thanks to the efforts of Eric Haims, our 2014 President and2013 Sponsorship Chair, as well as a rising economic tide, weare enjoying a near-record year for sponsorship which has putour chapter on secure financial footing and enabled us to holdoutstanding events, outings and courses.

On the education front, for the first half of the year thechapter has offered 7 courses towards licensing, 5 continuingeducation courses and 2 advanced courses towardsdesignation. The remaining schedule of courses for the yearare listed on page 7 of this newsletter.

Joel Leitner, our “Programs Quarterback” has done anoutstanding job of putting together a very well attended slateof events including the joint annual Economic Forecastmeeting held with the Counselors of Real Estate on January16th, the March 14th luncheon meeting with guest speaker,David Cheikin of Brookfield Office Properties, and the May 2ndluncheon meeting with David Von Spreckelsen of Toll BrothersCity Living. Going forward, we have a joint event scheduledwith AREW this October 1st (more on that later).

We have also had the privilege of welcoming several newMAIs to the fold. In addition to three that were announced at lastDecember’s installation dinner, a total of 9 additional designationshave been awarded to Alexander Braun, Sherif Elshoubri, DougGeddes, Mark Godfrey, Jeremy Kennedy, Yunsoo Kim, Betsy Mak,Roman Rubinchik and Didi Yep. This brings our 2013 total to 12new designated members in our chapter!

I’m happy to report that, thanks to Michael Neal, the NewYork Metropolitan Chapter of the Appraisal Institute now has apresence on Twitter. In a rapidly evolving technological world,having a social media platform is critical in connecting withyounger members of our chapter and will also play a central

role in keeping all members of the Chapter notified ofupcoming industry events. Additionally, we will provide linksto salient news articles and policies impacting our profession.Twitter is an interactive and extremely user-friendly platformthat will also allow us to embrace questions and feedback fromour members. I would ask those of you who have not done soyet, please join Twitter and follow us @MetroNYChapter.

Our marquis event, the September Conference, is shaping upto be one of the best yet. Keynote speakers Scott Rechler, CEOof RXR Realty and New York City Police Commissioner Ray Kellywill be joined by Who’s Who of NYC real estate professionals todiscuss what makes New York a world capital for real estateinvestment. With the pace of global capital flows increasing andNew York City’s place on the world stage, this conference will becritical 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 athttp://www.appraisalinstitute.org/education/metronewyork.aspx

Having attended a number of national meetings over thelast two years, I can tell you that our Chapter is looked to asthe model for holding meaningful and well-publicized events.Connie Puccio, our Chapter Administrator, and I often fieldcalls from other chapters, asking our advice on this topic.

All that said, our chapter, our profession and our communitysuffered a tremendous loss when Ruth Agnese passed away onher 51st birthday in April. Ruth was a past president of ourchapter and omni-present leader for the Appraisal Institute,among many, many other roles. She will be sorely missed. As achapter, we have decided to honor Ruth’s memory by namingour Chapter’s Person of the Year award after her and setting upa scholarship for a deserving candidate each year in her name.Additionally, we have assisted in the creation of a trust tobenefit her immediate surviving family members as they facecontinuing college tuition costs. We, as well as the NY realestate community at large, will have the opportunity to donateto this cause at the upcoming October event with AREW.

In closing, through all the highs and lows to date in 2013,we owe the Chapter Board Members and our active Chaptermembers and candidates a well-deserved “thank-you” for allthey have done to keep the Chapter at the “top of it’s game”throughout this very active year.

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EVENTS

Casey Kempter, Collegiate Asset Management, Chair, NY MetroChapter, Counselors of Real Estate; Anne Covell, Groton Analytics;Mark Zandi; Chapter President Eric Lewis, Cushman & Wakefield

With Richard Borges(center) are (L) StevenSchleider, MetropolitanValuation Services,who serves ascandidate guidancecommittee chair, and2013 Chapter presidentEric B. Lewis, Cushman& Wakefield

“Poised for Liftoff: 2013 Real Estate Economic Forecast”, ajoint meeting with the New York Metropolitan Chapter of the Counselors of Real Estate, featured Mark Zandi, chiefeconomist and co-founder of Moody’s Economy.com as guest speaker.

January Economic Forecast

With candidates for designation as the focus, the Chapterheld a networking cocktail reception in late February wherethey were able to meet the Chapter’s 2013 officers, board ofdirectors and national Appraisal Institute officers. RichardBorges II, 2013 president of the national Appraisal Institute,provided both information and encouragement with regardto obtaining an MAI or SRA designation. Among recentinitiatives toward achieving that goal, the Appraisal Institutehas set new timelines and is asking established, designatedappraisers to serve as advisors.

February NetworkingCocktail Reception

The Metro New York Chapter thanks these 2013 Conference sponsors for their support:

Patron Sponsors:JDM Real Estate Co.Aaron Valuation

R.D. Geronimo Ltd.Regional Appraisal Associates

Friends Sponsors:

Event Sponsor:

PEARSON PARTNERS, INC.WmShubert & Co.,InC

Supporters Sponsors: Media Sponsor:

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EVENTS

Eric Haims, Jerome Haims Realty; John Katinos, Cushman &Wakefield; Sharon Locatell, Brown Harris Stevens; DavidCheikin; Brian Corcoran, Cushman & Wakefield; AlicePalmisano, Brown Harris Stevens

Sharon Locatell,Brown Harris Stevensinterviewed DavidVon Spreckelsen (R,seated). Center:Chapter presidentEric Lewis, Cushman& Wakefield

2013 Chapter President Eric Lewis andMarc Nakleh, Cushman & Wakefield;Theresa Nygard, KTR Real EstateAdvisors; Alice Palmisano, Brown HarrisStevens Appraisal & Consulting; ArthurChiaramonte, Capital Appraisal Services.

June Outing: Boat TripAround Lower Manhattan

More than 100 Chapter members and guests tookadvantage of a beautiful mid-June evening with a boattrip around lower Manhattan including architecturalcommentary.

“Brookfield’s Rebirth of the World Financial Center and Developmentof Manhattan West” was the topic addressed at the March 14thluncheon by guest speaker David Cheikin, vice president, BrookfieldOffice Properties, U.S. Commercial Operations. Mr. Cheikin is theproject lead of Brookfield’s $250 million redevelopment of the WorldFinancial Center including the complete revitalization of its retail andwaterfront dining and entertainment areas.

Since 1987, Toll Brothers has been buildingcommunities in picturesque settingscombining luxury with convenience anddedicated to preserving the naturalenvironment. Then they decided to take onthe dense urban landscape and residentialdevelopment challenges of Manhattan andother boroughs. May luncheon guestspeaker David Von Spreckelsen, vicepresident, division president, Toll Brothers,spoke of his and the firm’s journey fromnew developer in town in 2004 tocurrently overseeing seven projects inaddition to completed projects totaling1,400 condo units and over $1 billion indevelopment costs.

For the first “Appraisers & The Market” special section of Real EstateWeekly, published in mid-March, members of the board were invitedto participate in a roundtable interview about the present and futureof the profession, how the industry is attracting new talent and theimportance of designations.

March Luncheon & Program: Brookfield Properties

May Luncheon & Program: Toll Brothers

March “Future of the Appraisal Profession”Interview Panel

The Metro NY Chapter thanks LandauerValuation & Advisory for sponsoring this event

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Ruth A. Agnese, one of the foremost, respected experts incommercial real estate valuationand analysis in New York City,died on Thursday, April 18th, her51st birthday, in New Haven, CT.

Talented, tireless, bigger thanlife and a born leader with styleand flair, Ruth was passionateabout her profession, helping toadvance the professional successof 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 YorkCity 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 ofthe Appraisal Institute in 2002, she also served as president ofthe Association of Real Estate Women (AREW) in 1999-2000.

At the Metropolitan New York Chapter of the AppraisalInstitute, 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 positionsover 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 andappraisal profession. In 2009, Ruth was named “Appraiser of the Year” by Associated Builders and Owners of GreaterNew York (ABOGNY).

“Ruth was a tireless champion for our profession and servedpassionately and continuously long after her presidency,” saidChapter 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 LeitnerGroup will be speaking at theOctober 1st joint luncheonwith AREW about an educational trust for Ruth Agnese’s daughter, Erica.

A Trust Box will be availablefor those who would like todonate. Donations in thename of The Erica Ruth Agnese Irrevocable EducationTrust can also be mailed incare 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.

Industry Mourns Loss of Ruth A. Agnese, MAIPresident, Appraisers and Planners

Cost Per Person: $100Registration: T: 866.966.3710 | E: metronyai@aol.com | W: aimetrony.com

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2013 Leadership Development and Advisory CouncilWashingon, D.C.

Yamil N. Arocho of Jerome Haims Realty, Inc. was selectedto serve as the representative from the Metropolitan NewYork Chapter of the Appraisal Institute by the ChapterPresident, 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 May21-23, 2013. Yamil had previously attended the LDAC council in 2011and 2012. This year represented the 45th annual meeting of theCouncil.

The purpose of LDAC is to assemble both associate anddesignated members from the various Appraisal Institute chaptersfrom around the country in order to meet in four different discussiongroups in order to provide recommendations to both the AppraisalInstitute’s Strategic Planning Committee and the National Board ofDirectors on various discussion topics. This year’s discussion topicswere the following:

• “Analyst or Consultant – Opportunities Beyond Point-In-TimeValuations 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)”

LDAC also provided the attendees with the ability to lobbyrepresentatives of Congress and Senators regarding the issues ofFinancial Institutions Examination Fairness Reform and ConservationTax Incentives. In regards to Financial Institutions ExaminationFairness Reform, LDAC members conveyed support for the FinancialInstitutions Examination Fairness Reform Act. However, the Billwould prohibit examiners from ordering new appraisals on

“performing loans,” which is inconsistent with existing policy andregulation. Agencies have correctly dealt with appraisal issues inthat appraisals are not required for certain subsequent transactions,like re-fis and workouts. Today, appraisals are generally onlyrequired if new money is involved and there is a material change inmarket conditions. Otherwise, an “evaluation” is allowed. However,the Agencies have always reserved the right to order new appraisalsto protect safety and soundness. LDAC members urged membersof the House to amend H.R. 1553 to make it consistent with federalregulations, allowing examiners to order new appraisals to protectsafety and soundness. The Appraisal Institute also supports theestablishment of federal bank regulatory policies relating to the useand definition of “liquidation value,” encouraging its use in loanworkouts, but prohibiting loans from being marked down toliquidation value.

In regards to Conservation Tax Incentives, LDAC members urged ourSenators to co-sponsor S. 526, the Rural Heritage Conservation ExtensionAct. The U.S. Tax Code supports conservation through a tax incentive fornon-cash charitable contributions and the incentive system relies onappraisals by qualified appraisers. The Appraisal Institute has led effortsto improve education and awareness on conservation valuation issues.

Yamil’s lobbying on Capitol Hill included visits to the offices ofNew York Congresswoman Carolyn Maloney, New YorkCongressman Jerrold Nadler, New York Senator Kristen Gillibrand,and New York Senator Charles Schumer.

In summary, LDAC is a great experience and we highlyrecommend it to the future leaders of our Chapter. The best thingabout LDAC is the ability to meet candidate and designatedmembers of the Appraisal Institute from around the country andshare 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 27 HOUR USPAP UPDATE COURSEWednesday, October 2nd – Location: Association of theBar of the City of NY, 42 W. 44th St., NY, NYTime: 9am-5pm – AI Price: $195 / Full Price: $225Instructor: Paula K. Konikoff, JD., MAI

OCTOBER 17-25GENERAL APPRAISER INCOME APPROACH PART IIOctober 17, 18, 24 & 25 – Location: Association of the Barof the City of NY, 42 W. 44th St., NY, NYTime: 9am-5pm – AI Price: $595 / Full Price: $625Instructors: Robert Smith, MAI and Fred DePascale, SRPA

NOVEMBER 4 &5ACE REqUIRED COURSE FOR YOUR APPRAISALINSTITUTE 5 YEAR CYCLEFUNDAMENTALS OF SEPARATING REAL PROPERTY, PERSONAL PROPERTY, AND INTANGIBLE BUSINESS ASSETSLocation: Association of the Bar of the City of NY, 42 W.44th St.Additional information to be sent out shortly

NOVEMBER 12-15GENERAL APPRAISER REPORT WRITING & CASE STUDIES COURSELocation: Association of the Bar of the City of NY, 42 W.44th St., NY, NY – Time: 9am-5pm — AI Price: $695 / FullPrice: $725Instructor: Dan Swango, MAI

DECEMBER 9BUSINESS PRACTICES & ETHICS COURSEMonday, December 9 – Location: Association of the Bar ofthe City of NY, 42 W. 44th St., NY, NY – Time: 9am-5pmAI Price: $195 / Full Price: $225Instructor: Robert Smith, MAI

REGISTRATION

TO REGISTER FOR ANY OF THE COURSES OR SEMINARS,PLEASE CONTACT THE CHAPTER OFFICE AT:

866-966-3710 OR VIA E-MAIL AT: metronyai@aol.com

ALL CLASSES TAKE PLACE AT: Association of the Bar of the City of NY,42 W. 44th St., NYC (Unless indicated)

Online Education:Online Education: Learn at your own pace anytime, anywhere.

Top-notch Appraisal Institute courses and seminars come

straight to your desktop with online education! Learn from

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

SAVE THE DATE!Holiday Party & Installation DinnerWednesday, December 11th

at Robert, Atop the Museum of Arts & Design2 Columbus Circle

2013 SPONSORS

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Aaron ValuationAppraisers and Planners Inc.Capital Appraisal ServicesColliers International

Leitner Group Inc.Massey Knakal Realty ServicesNew York Community BankRegional Appraisal Assocs.Wilrock Appraisal & Consulting, Inc

Albert Valuation Group NY, Inc.

AVISON YOUNG

Brown Harris Stevens

CB Richard Ellis, Inc.

Jerome Haims Realty, Inc.

Joseph J. Blake & Associates

Landauer Valuation & Advisory

Pearson Partners, Inc.

Originators Group, LLC

The Weitzman Group, Inc.

Wm. Shubert & Co.

The Metropolitan New York Chapter of the Appraisal InstituteWould Like to Thank the 2013 Chapter Sponsors:EDUCATION SPONSOR

GOLD LEVEL

SILVER LEVEL

SEMINAR SPONSOR

PLATINUM LEVEL

KTR Real Estate Advisors, LLC

Goldstein, Rikon, Rikon & Houghton, P.C.

MurrayHill Properties

Pearson Partners, Inc.