May - BMAR

REALTOR
George Bookis, GRI, President • Vol. XXV, No. 5 • MAY 2009 • NUNZIO DEL GRECO RCE, Chief Executive Officer
Realtors® See Buyers
Returning to Market
continued on page 11
(Left to right) Matthew Engel, President-Elect; Nunzio Del Greco, Chief Executive Officer; Michael Bloomberg, Mayor of
the City of New York; William Schur, Banquet Chairman; George Bookis, 2009 President.
85th ANNUAL REALTOR BANQUET HELD
“Hundreds of members and professionals from throughout the Greater New York area attended the
85th Annual Realtor Banquet Celebration and networking event sponsored by the Bronx-Manhattan
North Association of Realtors. Elected officials, high ranking officers of banks, corporations and
successful real estate companies were present at the 85th Annual Banquet,” according to George
Bookis, 2009 President. Networking was enhanced for the 2009 Banquet by New York City Mayor
Michael Bloomberg and Key Note Speaker, the new Bronx Borough President Ruben Diaz, Jr., the
honorees and prominent guests in attendance. According to Nunzio Del Greco, Chief Executive
Officer, “prior Guest Speakers have included: former Mayor Rudolph Giuliani; former first lady
and United States Senator for New York State Hillary Clinton; Congressman Charles Schumer
now Senator; Dominic Chianese “Uncle Junior” of the Sopranos; NYC Comptroller William
C. Thompson; NYC Police Commissioner Raymond M. Kelly; Governor Nelson Rockefeller;
United States Senator Jacob Javitz; Mayor John Lindsay; Secretary of State Hon. Randy Daniels;
United States Attorney General Robert Kennedy; Bronx Borough President Adolfo Carrion; Sandy
Treadwell, Secretary of State for New York; and others”.
According to the Banquet
Chairperson, Billy Schur,
“the Annual Banquet is one
of the best means of meeting
some of the most successful
professionals in the real estate
industry.” Presentations were
made to the Banquet Honorees
which
included:
Kathy
Zamechansky, Realtor of the
Year Award, KZA Friedland
Realty Consulting Services;
Richard Guarino, Realtor
Associate of the Year, Extreme
Realty LLC; Michael Berr,
Affiliate Member of the Year
What’s Inside
Historically high housing
affordability and low mortgage
interest rates, combined with
buyer opportunities in the
distressed sales market, have
increased home sales in many
areas of the country.
“There has never been a
better time to buy,” said National
Association of Realtors® Chief
Economist Lawrence Yun, who
presented NAR’s economic
outlook today at the Economic
Issues and Residential Real
Estate
Business
Trends
Forum. Yun commented on
a convergence of favorable
buying
conditions
while
emphasizing how important it is
for home buyers to stay within
their budgets.
“Housing affordability is at
an all-time high, mortgage rates
are historically low, and interest
rates are the lowest they’ve been
since the days of Eisenhower,”
said Yun.
The forum was part of the
weeklong Realtors® Midyear
Legislative Meetings & Trade
Expo </wps/wcm/myconnect/
RO-Content/ro/meetings_and_
expo/2009_midyear_live>
.
During a national real estate
summit here earlier in the week,
Shaun Donovan, U.S. Secretary
of the Department of Housing
and
Urban
Development,
announced that the Federal
Housing Administration is
going to permit its lenders to
allow qualified home buyers to
use the $8,000 tax credit as a
downpayment.
“Now that buyers will
8th Annual Real Estate Trade Show
& Cocktail Par ty.............................................................12
74th Annual Golf & Tennis Outing
Reser vation Form............................................................5
2009 Leadership ...............................................................2
Additional MLS Listing Oppor tunities..................................14
Advantage Adver tising.......................................................14
Association Mission Statement .........................................13
Banquet Photos............................................................... 8-9
Benefits of the Bronx-Manhattan MLS...................................6
Calendar of Events .............................................................3
Camp Good Days & Special Times Contributors.....................6
CEO Repor t .......................................................................2
Commercial Real Estate Hur t By Credit Crunch
and Weak Economy..........................................................7
Free Legal Hotline.............................................................13
Instructors Wanted............................................................13
Join Us Membership Promotion............................................4
MLS Premium Internet Search Engines.................................7
Newsletter Product & Ser vice Providers................................6
President’s Message . ........................................................3
continued on page 4
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE OFFICERS
GEORGE BOOKIS, GRI
President
MATTHEW ENGEL, CPM
President-Elect
NUNZIO DEL GRECO, RCE
Chief Executive Officer
CHRISTINA TAYLOR
V.P. Bronx Residential Div.
RICHARD GUARINO
V.P. Manhattan Residential Div.
MATTHEW SCHMELZER
V.P. Owner‑Management Div.
KATHY ZAMECHANSKY
V.P. Commercial-Industrial Div.
DANIELLE ERICKSON NOAK
Treasurer
HATEMA NEZAJ
Secretary
ELIOT J. CHERSON, ESQ.
Counsel to the Board
GOVERNORS
FRANK BARBIERI
SHAUN BELLE
BARBARA ANN BENSON
PETER BOURBEAU
VINCENT BUCCIERI
KENNETH CODER, CPA
JAMES K. COLEMAN
JOSEPH W. COLONEL
FLOYD E. COOPER
VASCO DA SILVA
ELLEN FELD, GRI
WANDA FORDEN
JEFFREY GAULT
RICHARD GILIOTTI
RAM GUPTA
JOAN KUZNIAR, GRI
ANTHONY MORMILE
EUGENE REISMAN, ESQ.
HALE RICKMAN
SHIMON SHKURY
RANDOLPH J. SILVERSTEIN
JAMES SLATTERY
SONNY VATAJ
ARNOLD WALDMAN
EARL H. WASHINGTON
STEphen WOLINETZ
SENIOR COUNCIL
MARK F. ENGEL, CPM
SANDRA ERICKSON
JOEL T. FISHMAN
VIRGINIA M. GALLAGHER
PERRY GAULT
SUSAN E. GOLDY, CIPS, GRI
JACQUELINE KYLE KALL
BARRY H. LEVITES, CPM
JOSEPH F. LIMONGELLI
MICHAEL SCHMELZER, GRI
WILLIAM SCHUR
ERIC A. STERLING, IFA, ASA, GAA
JOSEPH A. VILLANI
CEO REPORT
2009 Leadership
Nunzio Del Greco RCE, Chief Executive Officer
“
Commercial Property
Listings Now
Featured on
Realtor.com
”
The National Association of Realtors® recently announced that a new
resource for commercial brokers and investors is now available on the
REALTOR.com®. This is a major development since commercial listings
were not featured on this #1 internet site for real estate listings. It was
an issue that I was advocating for over 10 years since the New York
metropolitan region has extensive commercial, retail and multi-family
properties. We are not just a city of single family homes. I guess it took
this market to make it happen. Whatever the reason, it is great news for
commercial brokers, investors and Realtor members.
Information for display on Commercial Property Search, the commercial
property listing destination on REALTOR.com®, comes from affiliated
Commercial Information Exchanges, Commercial Multiple Listing Services,
including the Bronx-Manhattan North Association of Realtors MLS and
commercial firms throughout the United States, as well as manually entered
listings. “The Commercial Property Search provides new content to the
REALTOR.com® site. This content is designed to provide national exposure
for commercial real estate and investment property listings to consumers,
real estate investors, and industry professionals,” said Bob Goldberg, NAR
senior vice president of marketing & business development and commercial.
“Visitors can search commercial property listings available for sale or
for lease. The new sharing of commercial listings will provide national
exposure to commercial real estate and investment properties and further
increase value for consumers and members,” Goldberg added.
“For the first time multiple listing information about commercial real
estate can not only be shared through MLSs and CIEs but can be available
for search by investors,” said Robert Toothaker, CPM, Chair of Realtors®
Commercial Alliance committee. Toothaker, a commercial broker with
CB Richard Ellis in South Bend, Ind., was enthusiastic about several
features of the new system. “In many ways commercial real estate is the
framework for the national economy especially in these difficult economic
times. Therefore, it is important that we have a system like this which
provides maximum exposure of property listings to potential buyers,”
Toothaker said.
More information about Commercial Property Search on REALTOR.
com® is available at http://commercial.realtor.com.
The current real estate market and large inventory of available properties
including commercial listings will benefit Realtor Multiple Listing
Services. Now that commercial listings are featured on www.Realtor.
PAGE • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
continued on page 10
“
Our 85th Annual
Banquet was
a resounding
success
Dear Colleagues
”
Your leadership attended the mid year National Association of Realtors’
meetings in Washington DC recently and I am pleased to report that the
problems you all have been facing over the past few months are being
tackled head on; on the National level and on the State-wide level.
From the difficulty of dealing with the banks and investors on short
sales to loosening up the availability of credit; from the lack of jumbo
mortgage financing to skewed appraisals due to foreclosure sales; from
the increasing vacancy rates in commercial properties to the impact of
the Government’s Energy Efficiency initiatives.
Dr. Lawrence Yun, NAR’s chief economist, presented data that
suggested that though the rest of this year would most likely experience
a continuing downward trend, the second half of 2010 would likely be
a ‘leveling off’ period as we ‘overshoot’ the correction we are currently
going through. Credit has loosened up a little and sales activity has
increased in units sold though prices continue to decline.
Looking forward, the major issues confronting us include: Stabilizing
the commercial real estate market and ensuring sufficient credit is available;
Making the Residential market sound; Preserving the deductibility of
mortgage interest; Energy efficiencies in residential & commercial
buildings; Health care coverage for small businesses and those who are
self employed.
On a more local level, NYSAR has approved funding of up to
$150,000 to be spent on a billboard campaign over the next 4 months,
June-September, advertising the $8,000 tax credit available to 1st time
home buyers. This has been met with unrivaled enthusiasm, and we are
all looking forward to it’s implementation.
Our 85th Banquet was a resounding success, notwithstanding the state
of the economy. We were very fortunate to have as featured speakers
both New York City Mayor Michael Bloomberg and Bronx Borough
President Ruben Diaz. Our sincere thanks to Billy Schur, Chair of the
Banquet committee, Nunzio Del Greco and his staff for such a successful
evening.
Our next event coming up is the golf & tennis outing which will be held
on June 29th at the Flushing Meadows Country Club. Tickets for this event
are limited but continue to be available. I recommend those interested in
joining us for a great day of sport, fun and networking call 718-892-3000
to make the necessary arrangements.
As always I welcome any comments and suggestions via email at
info@bmar.org
President’s Message
CALENDAR
OF EVENTS
George Bookis, GRI, 2009 President
MAY 11-16, 2009
NAR Business Meetings
Washington, D.C.
MAY 19, 2009
New Member Welcome Seminar/
Code of Ethics
(3 hours CE Credits)
BMAR Board Room
9:30 AM – 1:00 PM
MAY 21, 2009
Board of Governors Meeting
BMAR Board Room
9:30 AM – 10:30 AM
JUNE 9, 2009
NYSAR’S Annual Lobby Day
Legislative Building
Albany, NY
9:00 AM – 5:00 PM
JUNE 18, 2009
Board of Governors Meeting
BMAR Board Room
9:30 AM – 10:30 AM
JUNE 29, 2009
74th Annual Golf & Tennis Outing
Fresh Meadow Country Club
Lake Success, New York
SEPTEMBER 13-16, 2009
NYSAR Business Meetings
The Saratoga Hilton Hotel
Saratoga Springs, New York
SEPTEMBER 22, 2009
New Member Welcome Seminar/
Code of Ethics
(3 hours CE Credits)
BMAR Board Room
9:30 AM – 1:00 PM
SEPTEMBER 24, 2009
Board of Governors Meeting
BMAR Board Room
9:30 AM – 4:00 PM
OCTOBER 28, 2009
8th Annual Real Estate Trade Show
Location To Be Announced
10:00 AM – 4:00 PM
OCTOBER 28, 2009
Board of Governors Lunch Meeting
12:00 PM- 1:30 PM
NOVEMBER 11-16, 2009
NAR Annual Convention
San Diego, California
NOVEMBER 17, 2009
New Member Welcome Seminar/
Code of Ethics
(3 hours CE Credits)
BMAR Board Room
9:30 AM – 1:00 PM
NOVEMBER 19, 2009
Board of Governors Meeting
BMAR Board Room
9:30 AM – 10:30 AM
DECEMBER 3, 2009
25th Annual Holiday Party
Marina del Rey Caterers
DECEMBER 17, 2009
Board of Governors Meeting
BMAR Board Room
9:30 AM – 10:30 AM
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE 85th Annual Realtor Banquet Held
continued from front cover
Award, Goodhart National Gorman
Agency, Inc.; Michael Kesselman,
Institutional Member of the Year Award,
Meridian Capital Group LLC.; and Dr.
Elias Karmon, Distinguished Service
Award, Posthumously.
George Bookis, 2009 President added
“the Annual Banquet also recognizes
members for their years of service to the
organization. They are: 40 Year Member
Awards: Floyd Cooper, Cooper Group
& Associates, Inc.; and Jacqueline
Kall, Port of Kall Realty LLC: 35 Year
Member Awards: Richard Goodman,
Goodman Management Co., Inc.;
and Eric Sterling, Sterling Appraisals
Associates, Inc.: 30 Year Member
Award: Eugene Reisman, Novick,
Edelstein, Reisman, Lubell, Wasserman,
& Leventhal, P.C.: and 25 Year Member
Award: Nicholas Chimienti, Chimienti
Realty Corp.”
The
Major
Sponsors
were:
Entertainment, Extreme Realty LLC;
Favors, McCall’s Bronxwood Funeral
Home; Photography, Goodhart National
Gorman Agency, Inc.; Program &
Seating, Goodhart National Gorman
Agency, Inc.; Awards & Honoree
Plaques, Meridian Capital Group LLC;
Dais Flowers & Arrangements, Metro
Property Group LLC; and Valet Parking,
Meridian Capital Group LLC.
Many companies purchased one or
more tables for the popular networking
event. The hosts of reserved tables
included: Bajraktari Group LLC; Capital
One Bank; Community Preservation
Corp. / Galaxy General Contracting;
Extreme Realty LLC; Flushing Savings
Bank; Goodhart National Gorman
Agency, Inc.; Goodman Management
Co., Inc.; Houlihan Parnes Realtors,
Inc.; HUB International Northeast Ltd. /
Hess Corp.; Hudson Valley Bank / New
York National Bank; Hutchinson Metro
Center; Judicial Title Insurance Agency
LLC; Langsam Property Services
Corp.; McCall’s Bronxwood Funeral
Home; Milbrook Properties Ltd.; NAI
Friedland Realty; Novick, Edelstein,
Lubell, Reisman, Wasserman, &
Advertise your listings directly to millions of buyers through
our MLS to over 20 premium internet search engines.
continued on page 10
PAGE • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
74th ANNUAL GOLF & TENNIS OUTING
Honoring Ram Gupta, Chatam Management Co., Inc.
JUNE 29, 2009 Fresh Meadow Country Club, Lake Success, New York
The BRONX-MANHATTAN NORTH ASSOCIATION OF REALTORS, INC. cordially invites
you and your business associates to the 2009 Golf & Tennis Outing which features a
comprehensive full day of activities including: Prize Drawings; Golf Tournament; a Tennis
Tournament; sports memorabilia silent auction; networking opportunities; and much
more…….
LIMITED RESERVATIONS FOR GOLF & TENNIS PROGRAMS
Payment Required with Reservation
The 2009 Golf & Tennis Outing provides a unique opportunity for all professionals directly
or indirectly active in the real estate industry to renew old friendships or establish new
contacts for more business.
Take advantage of the Early Reservations Discount for reservations received with payment
on or before May 22, 2009. Use the convenient form below.
--------------------------------------------------------------------------------------------------------------------74th ANNUAL GOLF & TENNIS OUTING RESERVATION FORM
*Payment Required With Reservations*
I will attend the 2009 Outing on June 29, 2009, Fresh Meadow Country Club
*See Attached for the Names of My Guests*
NAME
ADDRESS
TELEPHONE
CHARGE MY VISA
CARD #
EXPIRATION DATE
COMPANY
BILLING ZIP
DATE
MASTERCARD CARD
DISCOVER
AMEX
SIGNATURE
*CVN
*CVN is the last 3 or 4 digits off of the back of the card used.
TICKET PRICE FOR RESERVATIONS RECEIVED BEFORE MAY 22, 2009
RESERVATIONS BY MEMBERS
RESERVATIONS BY NON-MEMBERS
Send___foursome for Golf $2,300
Send tickets for Golf Program at $600 ea.
Send tickets for Tennis Program at $300 ea.
Send tickets for Full Dinner Program at $200 ea.
Send
Send
Send
tickets to Golf Program at $750 ea.
tickets to Tennis Program at $400 ea.
tickets for Full Dinner Program at $300 ea.
AFTER May 22, 2009, RESERVATIONS ARE:
MEMBERS
NON-MEMBERS
$700 each for Golf Programs, $400 each for
$800 each for Golf Programs, $500 each for
Tennis Program, $250 each for Dinner Program
Tennis Program, $300 each for Dinner Program
NO CANCELLATIONS AFTER JUNE 1, 2009
2009Golf&TennisOutingReservationForm
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE SUPPORT CAMP GOOD DAYS & SPECIAL TIMES CONTRIBUTORS AS OF APRIL 13, 2009
Costanza, Jerry...........................Langsam Property Services Corp....................................................Sponsor
Del Greco, Nunzio & Lana........BMAR.............................................................................................Benefactor
Edelstein, Scott..........................Novick, Edelstein, Lubell, Reisman, Wasserman, & Leventhal......Benefactor
Fiederlein, David & Barbara......D.F. Consultants..............................................................................Benefactor
Guare, John................................Sean’s Construction of NY Inc........................................................Benefactor
Gupta, Ram................................Chatam Management Co., Inc.........................................................Benefactor
Hernandez, Linda.......................Langsam Property Services Corp....................................................Benefactor
Hille, Cliff & Carol....................Langsam Property Services Corp....................................................Benefactor
Ingerman, Phylis........................Langsam Property Services.............................................................Patron
Laub, Michael............................Realty Group...................................................................................Benefactor
Lewis, Brian...............................Langsam Property Services.............................................................Benefactor
Recht, Morton............................Langsam Property Services.............................................................Sponsor
Reisman, Eugene........................Novick, Edelstein, Lubell, Reisman, Wasserman, & Leventhal......Benefactor
Schall, Janine......................................................................................................................................Patron
Yaron, Doron..............................D.D.D.Y. Painting............................................................................Benefactor
*Contributors to Camp Good Days are recognized in the BMAR Professional Edge (SPONSORS $1-$49; PATRONS $50-$99; BENEFACTORS $100 & OVER)
BMAR Camp Good Days 2009 Fundraiser...
Yes, I’d like to help Camp Good Days
Name of Contributor ________________________________________________________________
Company ________________________________________________________________________
Address __________________________________________________________________________
Telephone _______________________________________________________________________
Amount of Contribution $ ____________________________________________________________
SEND YOUR DONATION TO: BRONX‑MANHATTAN North
ASSOCIATION OF REALTORS, INC.
1867 Williamsbridge Road, Bronx, NY 10461‑6298
** PLEASE MAKE CHECKS PAYABLE TO: CAMP GOOD DAYS **
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• No charge to member agents for unlimited MLS access 24
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• Realtors can choose to pay MLS dues annually, quarterly or
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PAGE • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
MULTIPLE LISTING SERVICE (MLS)
Bronx-Manhattan North
Association Of Realtors......................(718) 892-3000
PRINTING
Beehive Press..........................................(718) 654-1200
TENANT FRAUD SURVEILLANCE
Digital Parts, Inc.....................................(877) 374-4300
TITLE INSURANCE
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Commercial Real Estate Hurt
by Credit Crunch and Weak Economy
The general economic downturn, complicated by a severe credit crunch in commercial
real estate, is dampening commercial real estate activity. In addition, a forward-looking
index shows the forecast for commercial real estate sectors will remain weak for the
remainder of the year, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said commercial real estate has been hit by a
double whammy. “Significant job losses have reduced the demand for commercial space,
while a lack of credit has stalled transactions and refinancing activity,” he said. “It is
critical for the Federal Reserve to increase liquidity by purchasing commercial mortgagebacked securities. Because commercial real estate always lags an overall economic
recovery, it will take some time for the commercial real estate market to rebound.”
The Commercial Leading Indicator for Brokerage Activity1 fell 4.8 percent to an
index of 103.5 in the first quarter from a downwardly revised reading of 108.7 in the
fourth quarter, and is 12.9 percent below the 118.8 recorded in the first quarter of 2008.
NAR’s track of the commercial leading indicator dates back to 1990.
The weakening index means commercial real estate activity, as measured by net
absorption and the completion of new commercial buildings, can be expected to decline
over the next six to nine months.
The Society of Industrial and Office Realtors®, in its SIOR Commercial Real
Estate Index, a separate attitudinal survey of more than 600 local market experts,2 also
indicates a lower level of business activity in upcoming quarters. More than 90 percent of
respondents believe it is a tenant’s market, with many tenants benefiting from moderate
to deep discounts in office and industrial rental rates, as well as landlord concessions.
The SIOR index has declined for nine straight quarters and stood at 42.3 in the first
quarter, well below the 100 point criteria that represents a balanced marketplace.
Realtors® Commercial Alliance Committee chair Robert Toothaker said data for
commercial mortgage-backed securities are very telling. “We went from $230 billion in
CMBS issued in 2007 to only $12 billion in 2008,” he said. “Thus far in 2009 the number
is essentially zero – liquidity in commercial credit is crucial to prevent damage to the
broader economy. We need better policies and progress in accounting rules to facilitate
lending.”
Overall, commercial vacancy rates are rising and rents are softening, according to
NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.3 The NAR forecast for four
major commercial sectors analyzes quarterly data in the office, industrial, retail and
multifamily markets. Historic data were provided by Torto Wheaton Research.
The gross domestic product is expected to contract 2.9 percent this year, then grow 1.4
percent in 2010. Similarly, the consumer price index is forecast to decline 0.8 percent in
2009 before rising 1.7 percent next year.
The unemployment rate is projected to average 9.5 percent this year and 10.2 percent
in 2010. Inflation-adjusted disposable income is likely to grow 1.3 percent in 2009 and
1.1 percent next year.
“Although we expect the economy to begin to stabilize later this year, unemployment
will probably peak at about 10.5 percent around the end of 2009,” Yun said. “The job
picture should gradually improve as 2010 progresses, but the fundamentals in commercial
real estate won’t stabilize until somewhat later and will depend on the Fed’s actions.”
Office Market
The office sector is suffering the most from job losses, which continue to reduce
demand for space. Vacancy rates are projected to increase to 16.1 percent in 2009 from
13.4 percent last year, and rise to 20.4 percent in 2010.
Annual rent in the office sector is forecast to fall 7.2 percent this year and 0.8 percent
in 2010 after a 0.4 percent decline last year. In 57 markets tracked, net absorption of
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this is a very exciting development
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significant benefit for current and
new members. For more information
email: info@bmar.org
continued on page 10
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE 85th Annual Banquet
REALTOR
(Left to right) Kittie Dearie, Dearie Mortgage Group, Inc.;
Kristine Wolf; New York Real Estate Journal; Jacqueline
Kyle Kall, Port of Kall Realty Ltd.; Sandra Erickson,
Sandra Erickson Real Estate; and Kathy Zameckansky,
Realtor of the Year.
(Left to right) Nunzio Del Greco, CEO; Matthew Engel,
President- Elect; Hon. Ruben Diaz Jr, Bronx Borough
President; and William Schur, Banquet Chairman.
(Left to right) Matthew Engel, President-Elect; Nunzio Del Greco,
CEO; Daniel Hartnett, NYSAR President; Kathy Zamechansky,
Realtor of the Year; William Schur, Schur Management Co., Ltd.;
and George Bookis, 2009 President.
(Left to right) Matthew Engel, President-Elect; Nunzio Del
Greco, CEO; Richard Guarino, Realtor Associate of the
Year; Daneil Hartnett, NYSAR President; William Schur,
Banquet Chairman; and George Bookis, 2009 President.
(Left to right) Matthew Engel, President-Elect; Nunzio Del
Greco, CEO; Michael Kesselman, Institutional Member
of the Year; Mark F. Engel, Past President; and William
Schur, Banquet Chairman.
(Left to right) Nunzio Del Greco, CEO; Robert Rosenberg,
Rosenberg Diamond Development Corp,; Michael Berr,
Affiliate Member of the Year; and William Schur, Banquet
Chairman.
(Left to right) Christina Taylor, V.P. Bronx Residential Division; Nunzio Del Greco,
CEO; James Alston, Community Leadership Award; Jacqueline Kall, 40 Year
Member; Eliezer Rodriguez, Project Club Clemente; Kathy Zamechansky; Realtor
of the Year; Floyd Cooper, 40 Year Member; Matthew Engel, President-Elect;
Eugene Reisman; 30 Year Member; Richard Guarino, Realtor Associate of the
Year; Michael Kesselman, Institutional Member of the Year; Richard Goodman,
35 Year Member; and Michael Berr, Affiliate Member of the Year.
(Left to right) Matthew Engel, President-Elect; Jason
Lieberman, DEC Copiers; Steve Hertz, Rappaport,
Hertz, Cherson, & Rosenthal, P.C.; Scott Silberman, SMS
Engineering PC; and Nunzio Del Greco, CEO.
(Left to right) Mark F. Engel, Langsam Property Services Corp.;
David Diamond, Rosenberg Diamond Development Corp.; Robert
Rosenberg, Rosenberg Diamond Development Corp.; and Nunzio
Del Greco, CEO.
Guest of NAI Friedland Realty Services.
PAGE • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
(Left to right) Hale Rickman, Jerome Associates LLC; Anna
Rickman Jerome Environmental Services LLC; Anthony
Mormile, Hudson Valley Bank; and George Bookis, 2009
President.
(Left to right) Perry Gault, Perry Gault Management Co.;
Kristine Wolf, New York Real Estate Journal; and Nunzio
Del Greco, CEO.
(Left to right) Charles Wasserman, Novick, Edelstein,
Lubell, Reisman, Wasserman, & Leventhal, P.C.; Mark
F. Engel, Lagsam Property Services Corp.; and Nunzio
Del Greco, CEO.
(Left to right) Shaun Lyons, Hess Corp.; Scott Lenzi,
OCS Chemical Engineering; William Schur, Banquet
Chairman; Jim Slattery, Hess Corp.; and Matt Engel,
President Elect.
(Left to right) Isabel Gastaliturris, Membership Assistant; Nunzio Del Greco, Chief Executive Officer; Janine
Schall, Marketing Assistant; Barbara Ann Benson, Better Homes &Gardens Rand Realty; and Monica Ghiotti,
Bookkeeper.
(Left to right) Juan Mateo, Trayax Realty; Harley
Friedman, SG2 Properties; Matthew Schmelzer, V.P.
Owner-Management; and Alex Guerrero, Tryax Realty
Management, Inc.
(Left to right) Ken Coder, CPA; Stephen Wolinetz, Wolinetz
Management LLC; George Bookis, 2009 President; and
Richard Guarino, Realtor Associate of the Year.
(Left to right) Jacqueline Kyle Kall, Port of Kall Realty Ltd.;
Susan Goldy, Susan Goldy Inc.; and Virginia Gallagher,
V.M.G. Management Corp.
(Left to right) Francis Korzekwinski, Flushing Savings
Bank; Anthony Simeone, Ridgewood Savings Bank; and
Michael Carrieri, Coratolo & Carrieri Associates, LLC.
85th Annual Banquet
(Left to right) Jim Slattery, Hess Corp.; Matthew Engel,
President-Elect; Nunzio Del Greco, CEO; and Joseph
Mawad, Tekniverse, Inc.
REALTOR
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE Commerical Real Estate Hurt by Credit Crunch
and Weak Economy...........continued from page 7
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85th Annual Realtor Banquet Held
continued from page 4
Leventhal, P.C.; Perry Gault Mgmt. Co. /
Chatam Mgmt. Co.; Ramon Velez, CPM;
Rappaport, Hertz, Cherson, & Rosenthal,
P.C.; Rent Stabilization Association;
Ridgewood Savings Bank; Rosenberg
Diamond Development Corp.; Sandra
Erickson Real Estate; Schur Management
Co., Ltd.; Smith Buss Jacobs; Sterling
Appraisals Associates, Inc.; Tekniverse
Inc.; and Tryax Realty Management,
Inc.
Commerical Property Listings Now..........
continued from page 2
com, MLS is without question the best
way for all commercial and residential
brokerage companies to close more
deals and be competitive. Of course,
Realtor and MLS membership is a prerequisite. MLS membership includes
free unlimited listings featured on www.
Realtor.com and other internet sites; no
“Network for Success is the slogan
which best describes this organization
and is reinforced with each event,”
according to Nunzio Del Greco. The
next major networking event is the 74th
Annual Golf & Tennis Outing scheduled
for June 29, 2009 at the elegant Fresh
Meadow Country Club, Lake Success,
New York. For more information on the
next networking event or the wide range
of programs and services call (718) 8923000, (212) 242-4343 or email: Info@
bmar.org.
charge for the first 15 MLS member
agents with unlimited access 24 hours
per day. BMAR Realtor Associate dues
are also the lowest in the metropolitan
region. Realtor.com continues to be
the #1 internet site with millions of
visitors worldwide. The featuring of
commercial listings on Realtor.com
makes membership in BMAR even
more important.
PAGE 10 • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
office space, which includes the leasing of
new space coming on the market as well
as space in existing properties, is seen as a
negative 81.7 million square feet in 2009
and a negative 115.0 million next year.
Industrial Market
The global economic slowdown is
affecting the industrial sector, which
had benefited from a demand for exports
before the recent slump. Vacancy rates in
the industrial sector are estimated to rise to
11.9 percent in 2009 and 12.6 percent next
year, compared with 10.4 percent in 2008.
Annual rent is likely to fall 3.4 percent
this year and 4.0 percent in 2010, after
declining 0.8 percent in 2008. Net
absorption of industrial space in 58 markets
tracked should be a negative 51.0 million
square feet this year, then a positive 23.2
million in 2010. Many obsolete structures
remain on the market because construction
in recent years was designed to meet
customized needs of industrial clients.
Retail Market
With consumers reluctant to spend
much in the current economy, the retail
vacancy rate will probably rise to 12.1
percent this year and 15.8 percent in 2010
from 9.7 percent in 2008. Average retail
rent is expected to fall 2.1 percent in 2009
and 1.5 percent next year; it declined 2.0
percent in 2008. Net absorption of retail
space in 53 tracked markets will likely be a
negative 38.6 million square feet this year
and a negative 44.2 million in 2010.
Multifamily Market
The apartment rental market –
multifamily housing – has been doing
better than other commercial sectors, but a
gain in home sales during the second half of
this year will modify demand. Multifamily
vacancy rates are forecast to rise to 6.8
percent in 2009 and 6.7 percent next year
from 5.7 percent in 2008.
Average rent should grow 1.5 percent
this year and 2.5 percent in 2010, following
a 2.9 percent gain in 2008. Multifamily net
absorption is projected at 133,000 units in
59 tracked metro areas in 2009 and 89,700
next year.
The COMMERCIAL REAL ESTATE
OUTLOOK is published by the NAR
Research Division for the commercial
community. NAR’s Commercial Division,
continued on page 15
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Realtors® See Buyers Returning to Market
continued from front cover
be able to use the $8,000 tax credit as a
downpayment, we should see additional
buyers enter the market,” said Yun.
While he doesn’t anticipate an immediate
pickup in the coming months, Yun believes
early summer will be a critical indicator
of how home buyers are responding to
the $8,000 tax credit. “The home buying
process takes time,” said Yun. “This
summer will gauge the success of the firsttime home buyer tax credit.”
Evidence of recovery is already
demonstrated in California, where home
sales are rising much faster than anticipated;
some areas in the state are seeing a 70 to
80 percent increase in sales. Yun attributes
this extraordinary surge to buyers who may
have been sitting on the fence but are now
taking advantage of the great opportunities
for fear of being left out of current deals in
the market.
According to Yun, many first-time
buyers are attracted to deeply discounted
and distressed home prices. Nationally,
about half of all recent transactions have
been distressed sales. Fifteen to 20 percent
have been short sales and 30 to 35 percent
have been foreclosures. Yun says while
these statistics are unfortunate the situation
along with current home buying incentives
have created an impressive window of
opportunity for potential home buyers.
“The stimulus and falling inventory
levels will help stabilize prices,” said Yun.
“My projection is home sales will be 10 to
20 percent higher the second half of this
year than last year and we will come out of
this recession in 2010.”
The National Association of Realtors®,
“The Voice for Real Estate,” is America’s
largest trade association, representing 1.2
million members involved in all aspects of
the residential and commercial real estate
industries.
PATRONIZE THE
ADVERTISERS
IN THIS NEWSLETTER!
*Tell them that you saw their “ad” in
the BMAR Newsletter
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE 11
8th
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Trade Show
& Cocktail Party
October 28, 2009
SAVE THE DATE
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For more information
email: info@bmar.org
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PAGE 12 • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
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The Bronx-Manhattan North Association of Realtors strives to sponsor
meaningful programs and services which enhance the member’s
ability to conduct their business in a competent and ethical manner,
to promote cooperation and networking among its members, and to
promote the public’s right to use and transfer real estate property.
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INSTRUCTORS WANTED
The Real Estate Institute of the Bronx-Manhattan North Association of
Realtors is expanding its Education program and is interested in hiring
qualified instructors to teach real estate courses.
Resumes should be forwarded with a cover letter to Nunzio Del Greco,
Chief Executive Officer at the Board Office.
In addition to an hourly rate of compensation, instructors are also eligible
for 2 hours of continuing education credit for license renewal for each
hour of instruction.
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE 13
ADDITIONAL MLS
LISTING OPPORTUNITIES
Non-member MLS Realtors
can submit listings into the system
for the first time. This is an
outstanding opportunity if you are
not a member of the MLS but want
to get your listings on Realtor.com
and get maximum exposure for
your exclusive property listing. A
processing of $250 per listing charge
is required.
Appraisers are extended a
special introductory membership of
$1,200 for the first year. Affiliate
membership dues $350 plus a one
time $50 application fee is required
for processing. For more information
call (212) 242-4343, (718) 892-3000
or email: info@bmar.org.
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PAGE 14 • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
— Printer of This Newsletter —
3742 boston road
bronx, ny 10469
•••••••••••••••••
718-654-1200
Fax: 718-653-4272
info@beehivepress.com
Special Discount to BMAR members
Commerical Real Estate Hurt by Credit Crunch
and Weak Economy...........continued from page 10
PATRONIZE THE
ADVERTISERS
IN THIS NEWSLETTER!
*Tell them that you saw their
“ad” in the BMAR Newsletter
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formed in 1990, provides targeted
products and services to meet the needs of
the commercial market and constituency
within NAR. The NAR commercial
components include commercial members;
commercial committees, subcommittees
and forums; commercial real estate boards
and structures; and the NAR commercial
affiliate organizations – CCIM Institute,
Institute of Real Estate Management,
Realtors® Land Institute, Society of
Industrial and Office Realtors®, and
Counselors of Real Estate. More than
81,000 NAR and institute affiliate members
offer commercial brokerage services.
###
1
NAR’s commercial leading indicator
is a tool to assess market behavior in the
major commercial real estate sectors. That
index incorporates 13 variables that reflect
future commercial real estate activity,
weighted appropriately to produce a single
indicator of future market performance,
and is designed to provide early signals
of turning points between expansions and
slowdowns in commercial real estate.
The 13 series in the index are industrial
production, the NAREIT (National
Association of Real Estate Investment
Trust) price index, NCREIF (National
Council of Real Estate Investment
Fiduciaries) total return, personal income
minus transfer payments, jobs in financial
activities, jobs in professional business
service, jobs in temporary help, jobs in
retail trade, jobs in wholesale trade, initial
claims for unemployment insurance,
manufacturers’ durable goods shipment,
wholesale merchant sales, and retail sales
and food service.
NAR reviewed a wide variety of
indicators, examined the relationships of
indicators that demonstrated a historical
impact on commercial real estate, and
modeled a forward-looking index based
on historic trends. Although individual
indicators sometimes move in opposite
directions, together they offer a better
indication of future market activity.
Quarterly data for 13 selected
series were reviewed back through the
first quarter of 1990. The modeling
demonstrated a change in commercial
brokerage activity that could be seen
two quarters later as measured by net
absorption in the industrial and office
sectors, and the completion of new
commercial buildings as measured by the
value of building construction put-in-place
of office, warehouse, retail and lodging
structures. An index of 100 is defined as
the level of commercial real estate market
activity during the first quarter of 1990,
the first period to be analyzed.
2
The SIOR Commercial Real Estate
Index, conducted by SIOR and analyzed
by NAR Research, is a diffusion index
based on market conditions as viewed by
local SIOR experts. For more information,
contact Richard Hollander, SIOR, at
202/449-8200.
3
Publication of additional analysis,
including metropolitan data, will be
posted under Economists’ Commentary in
the Research area of Realtor.org in coming
weeks.
Visit www.bmar.org • REALTOR PROFESSIONAL EDGE • MAY 2009 • PAGE 15
REALTOR ®
An Official Publication Of The
Bronx-Manhattan N.
Association of Realtors, Inc.
1867 Williamsbridge Road
Bronx, NY 10461-6298
718.892.3000
212.242.4343
Nunzio Del Greco RCE.... Editor &
Chief Executive Officer
Make your reservations
74th Annual
Golf Outing
June 29, 2009
Use the reservation form on page 5
For more information
contact Janine Schall at:
j.schall@bmar.org
(718) 892-3000 or (212) 242-4343
Visit us at www.bmar.org
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PAGE 16 • MAY 2009 • REALTOR PROFESSIONAL EDGE • Visit www.bmar.org
(800) 945-WASH (914) 966-0677 Fax: (914) 966-0953