It’s no surprise that the real estate market in New York gives us each the opportunity to earn a great deal of money, but with great wealth comes even greater responsibility. The increased equity in property is more than just the sum of improvements made by the owners, but includes the added value the public has contributed as well, including tax incentives, new subway lines, community improvement projects and other neighborhood changes that take place over the course of an owner’s tenure. There is a “social appreciation” on property that the community is entitled to share in after a sale is made.

To this end, I am currently in the process of developing the New York Real Estate Fund (NYREF) – a vehicle for socially and environmentally conscious real estate professionals to give back to the communities they live and work in.

Here’s how it works -

• Real estate brokers pledge a percentage of their commissions on transactions (or sellers pledge a percentage of the equity earned on the sale of their property) to the fund.

• This tax-deductible contribution will then be used to support innovative community development and conservation projects in New York City and beyond.

• Participants will have the option to steer their donations to favorite causes, like education, community gardens, or homeless shelters, among others.

• Nonprofit organizations will submit proposals detailing how they will use the money they are requesting.

• A committee will then review the proposals and determine who the best candidates are to receive a NYREF grant.

Members of NYREF will become the preferred brokers for socially and environmentally conscious buyers and sellers in the New York market. Once the idea catches on it will be common for real estate transactions all over the city to include a component of giving back. The concept seems a logical extension of the “eco-friendly” lifestyle that many New Yorkers are now seeking. Common sense tells us that consumers are looking for new options in the marketplace to mirror their values.

To learn more about NYREF, please contact Chris Drury.

I look forward to going to The Real Deal New Development Forum every year to feel the pulse of the industry and see familiar faces from every facet of the vibrant New York City Development community. This year was no exception. As Director of Marketing for CORE Group Marketing I am put to the task of assembling teams with representatives from a multitude of professions within the development industry. These diverse components are a crucial factor in the overall success of a project and speak directly to the bottom line, achieving the highest price per square foot for the developer client. Representatives from the fields of law, architecture, finance, advertising, web design, building management, A/V products, public relations, media, concierge services and developers were in abundance and it was a pleasure to speak with them to truly appreciate all the effort that produces the Unites States’ most vibrant real estate economy. I look forward to seeing all of you next year with more great projects to work together on. In the meantime, I am curious to know which speaker you enjoyed most and which part of the event was most valuable to you?

Welcome to Core Talks. Get ready for some interesting dialogue about the fascinating world of real estate and everything connected to it. This will be an open forum to share our ideas, thoughts, opinions, happenings, and expertise. We welcome your input and comments. Let’s start talking……….

LEADING THE REVOLUTION – ONLINE

The world at large is flattening and our mechanisms of communication have evolved. Not since the Alexander Graham Bell era, more than 130 years ago, have we seen this extent of innovation. The internet has allowed pioneers to navigate through unchartered territories. Lockhart Steele is one of those pioneers. In a few short years he has created Curbed.com, which has become one of the leading industry (and non-industry) related blogs. Love it or hate it, you can’t ignore it. I sat down with Lockhart in West Soho and discussed his creation, opinions and vision.

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As marketing and selling evolves and campaigns to sell real estate become more sophisticated, there are some projects that miss the mark and detract from the value of the project, and there are others that over reach and help a project exceed its intrinsic market value.

Walking into Pandiscio Co. gives credence to the old saying “if you want to get something done, ask a busy man.” With 14 real estate projects under their belt in only four years, Pandiscio Co. is in the business of turning properties into valuable new brands (or reinvigorating old ones).

I sat down with founder Richard Pandiscio at his headquarters in the Meatpacking District to discuss his pioneering work in real estate branding.

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Trends in real estate, lifestyle, art, and fashion are largely expressed through the media. Print media has the power to communicate who we are as a community and culture. It helps guide our perception and influences our methods of marketing. It has the ability to educate consumers and shape ideas.

Jason Binn is the CEO and Founder of Niche Media. In a short 15 years, has made it one of the most prominent and powerful publishing companies in the United States. As such, he is a pioneer that has helped bring thousands of people together.

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The recent brisk real estate environment has seen many young developers enter the development arena, trying to make a statement (and a profit). Some have succeeded more than others. Some have a vision and a drive more powerful than others. Alex Sapir has impressed me as one who’s passionate drive, vision, and tolerance for risk will set him apart from the rest. As President of The Sapir Organization, he is currently developing downtown Manhattan’s two most iconic and largest projects. We met for lunch in Soho and enjoyed a conversation about a number of topics. I hope you find his ideas and story as compelling as I do:

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I am starting to see more people consciously aware of environmental issues worldwide. There are more hybrid cars on the road, and the stores I shop at have “environmentally friendly” products widely displayed. How does this translate into the way we buy and live inside our homes? Marketing companies and developers are starting to advertise the fact that their buildings may be “green” or LEED certified. I believe that this trend will grow. As technology evolves, green living will become more efficient and become both environmentally and economically preferable. But, there are shades of green and it is not simply black or white. I was fortunate to sit down with Ashok Gupta who is Senior Energy Economist with the Natural Resources Defense Council. He is actively involved in all aspects of green buildings on a daily basis and is incredibly insightful on this subject.

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The question we would all love to have the answer to is “where is the next hot neighborhood?” And, of course, I always hear my clients complaints that, “if only I had bought that site in Soho…or Tribeca… or the UWS… or Harlem… or Lower 5th… or the East Village…(you get the idea) before it got hot”. Over the past 15 years I have witnessed Manhattan’s luxury market shrink from many segmented luxury neighborhoods into almost one large luxury neighborhood. The Upper West Side has expanded to Midtown (thanks in large part to the Time Warner buildings). The delineation between Midtown and the Village (East and West) has been smudged, and everyone is watching to see how much luxury residential property can be absorbed in The Financial District. (I’ll discuss more of that in a future SO interview.)

What makes a neighborhood change? Something defining: a new Landmark… a slow expansion of a good neighborhood into a lesser neighborhood… a huge investment by a city agency… a new park… a change in zoning!

West Chelsea has a number of these elements.

In June, 2005, the City Council approved the Department of City Planning’s proposals for a zoning amendment affecting the West Chelsea area. This affected West 16th St to 30th St between Tenth and Eleventh Avenues. The Special West Chelsea District was created and provided opportunities for new residential and commercial development. Some of which is well underway. The high line park has started construction, after much deliberation, and will create a magnificent linear open park on the previous elevated rail line.

The bad news for a developer is… most of the developable land is already taken (Add West Chelsea to your list of complaints about where you should have bought.)

The good news for a condo buyer is… the neighborhood is in its infancy and is neighbored by prime Chelsea, the trendy meatpacking District, the Hudson River, and the High Line Park. Some of the most renowned architects in the world have started to help West Chelsea emerge as one of Manhattan’s most promising and desirable residential neighborhoods.

I was fortunate to talk with two of them: Annabelle Selldorf and Sara Lopergolo of Selldorf Architects.

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