Queens State of the Market

Seth Pinsky serves as Executive Vice President and Investment Manager of the RXR Metropolitan Emerging Market Strategy . In this role, Pinsky is leading RXR’s efforts to invest in “emerging opportunities” in New York City and the surrounding Tri-State region, focusing on asset classes and geographic regions that have historically been characterized by underinvestment, but that have significant growth potential due to planned or in-place infrastructure and other relevant characteristics. Prior to joining RXR, Pinsky served as Director of Mayor Bloomberg’s Special Initiative for Rebuilding and Resiliency, which developed a $20 billion plan to help neighborhoods stricken by Hurricane Sandy to rebuild smarter and stronger and to protect critical citywide systems and infrastructure from the likely impacts of climate change in coming decades. Pinsky also served as President of the New York City Economic Development Corporation (NYCEDC), a position to which he was appointed by Mayor Michael Bloomberg in 2008, after joining the agency in 2003 as a vice president. During his tenure, NYCEDC became an international leader in the field of economic development, focusing both on transforming the city’s underlying economy and investing in its critical infrastructure. While at NYCEDC, Pinsky served as a lead negotiator on behalf of New York City for projects ranging from Yankee Stadium and Citifield, to the World Trade Center, to the acquisition of Hunters Point South in Queens, the largest middle-income housing development in the City since Starrett City. Among the initiatives advanced by NYCEDC under Pinsky’s leadership were the redevelopment of Willets Point in Queens, Coney Island in Brooklyn, the Homeport in Staten Island, and the Kingsbridge Armory in the Bronx, as well as the creation of a major new bioscience research park on City-owned land, north of Bellevue Hospital. Under Pinsky, NYCEDC also managed the construction of the first two phases of the High Line in Manhattan, launched a new East River Ferry service connecting Brooklyn, Queens and Manhattan and announced and advanced plans for the world’s largest observation wheel in St. George in Staten Island. In the area of economic modernization, under Pinsky, NYCEDC created the Center for Economic Transformation (CET), which, in addition to launching a network of business incubators across the City that, at the time of Pinsky’s departure, housed more than 600 companies, developed and oversaw the Bloomberg Administration’s international Applied Sciences NYC competition. The Applied Sciences competition will result in a significant expansion of Columbia University’s engineering school, as well as the creation of a new engineering institute in Downtown Brooklyn led by NYU that will include CUNY, Carnegie Mellon University and others. It will also result in the creation of a $2 billion engineering campus on Roosevelt Island, being developed by Cornell University and the Technion-Israel Institute of Technology. Prior to joining the NYCEDC, Pinsky was an associate at the law firm of Cleary Gottlieb, Steen & Hamilton in the Real Estate practice and a financial analyst at James D. Wolfensohn Inc. He is a graduate of Columbia College, where he majored in Ancient History, and of Harvard Law School, and is an Adjunct Senior Research Scholar at Columbia’s School of International and Public Affairs. Pinsky lives in Brooklyn with his wife, Angela and their children, Theo and Amelia.

David Brause is a member of the Brause family of real estate investors and the president of New York City-based family-run firm Brause Realty. He joined the family firm established by his grandfather, Jack Brause, of which his father Louis is president, in 1995. Since 2005, Brause has served as chairman of the Long Island City Business Improvement District. From 1992 to 1994, he worked as a financial analyst at Goldman Sachs, the investment bank. The Young Men’s/Women’s Real Estate Association of New York honored him as its 2010 Young Man of the Year. In 1992, Brause received a BS from The University of Pennsylvania’s Wharton School of Business, where he concentrated in finance. He married Cheryl Vigder in 1996. -MK

Elizabeth Lusskin is the President of the LIC Partnership and Executive Director of the LIC Business Improvement District. In this role, she promotes economic development across the vibrant Long Island City industrial, commercial, residential and cultural arts mixed-use community. She is the Co-Chair of the Sunnyside Yard Master Plan Steering Committee, was Co-Chair of the Amazon Community Advisory Committee Project Plan Committee and is a Member of the Western Queens Tech Task Force, among other roles. Prior to LIC, she served as the Chief of Staff and Vice President of Strategic Initiatives at the Polytechnic Institute of NYU. Through her former consulting practice, Elizabeth Lusskin Consulting LLC, she advised public, private for-profit and non-profit clients on economic and community development, organizational management and strategic planning. Elizabeth has served as Deputy Commissioner of NYC SBS, General Counsel to the Downtown Alliance and Legislative Counsel at NYS Office of Federal Affairs. She is a graduate of Yale University and NYU School of Law.

A sought after voice in Queens real estate, Eric Benaim’s entry into real estate began in 2001, after a successful career as owner of a live event production and marketing firm. Initially concentrating on Manhattan luxury sales, Eric later recognized the untapped opportunity in his own beloved borough, and turned his focus exclusively to Long Island City. The result was the sale of 50 residences in 2006 alone. In the midst of 2008’s severe economic crisis, Eric instinctively decided the time was right to launch Modern Spaces, permanently changing the perception and value of real estate in LIC. In just 10 years, Eric’s insightful and personal approach resulted in the swift expansion of Modern Spaces, including opening additional offices in Astoria where 100 agents work, capturing a 70% market share in Long Island City. In 2019, Modern Spaces crossed the river to capture 10% of the burgeoning market share over the next three years, in Jersey City. He is responsible for successfully completing over $7B in sales and is currently responsible for overseeing over $4B in real estate, which translates to over 8000 units. Eric was the first person to be recognized as a 40 Under 40 Rising Star in both Queens and Brooklyn by Mayor Michael Bloomberg, and Brooklyn Borough President, Marty Markowitz, respectively. Eric has been the recipient of the 2018 Community Impact Award by the LIC Partnership, as well as the Community Hero award by the Long Island City YMCA. Eric is a member of REBNY, and serves on the Advisory Board of Mount Sinai Hospital, as well as the Board of Directors for the Long Island City Partnership. In 2016 the City and State Award honored him for Corporate Social Responsibility. Eric is consistently called upon to speak at a diverse array of events and is frequently featured, quoted, interviewed and profiled in prominent outlets including CNN, Fox Business, The New York Times, The Wall Street Journal, CRAIN’S, The Real Deal, CNBC, and NY1. Eric is an art collector and avid supporter of the arts. As the informal ‘Mayor of LIC,’ it is his passion for building a prosperous community that informs Modern Spaces ‘unparalleled perspective. He currently resides in Long Island City with his wife Stephanie and son Greyson.

Patricia Dunphy is a senior vice president at Rockrose Development, a real estate development and management firm in New York. Dunphy has been with the company since 1983. Over the last 40 years, Rockrose has acquired, built or repositioned 3.3 million square feet of office space, 1 million square feet of retail space, and more than 11,000 residential units in New York and Washington, D.C. with a total approximate value of over $6 billion. Dunphy has been involved in a number of major development projects for the firm, including bringing the first Whole Foods to Manhattan in 2001 at the Chelsea Mercantile.

Mr. Zegen co-founded Madison Realty Capital in 2004 and is responsible for overseeing the origination and structuring of all of MRC's investment activities, as well as raising institutional capital and portfolio management. Since MRC's inception, Mr. Zegen has closed real estate transactions totaling in excess of $11 billion. At the firm, Mr. Zegen serves on several investment committees related to both the debt and equity platforms. Prior to founding MRC, he founded and was president of Alpine Commercial Capital, a mortgage advisory firm that successfully closed over $500 million in real estate financings. Prior to forming Alpine, Mr. Zegen was an investment banker in Salomon Smith Barney's financial sponsors/private equity group where he focused on leveraged buyouts, equity and debt financings, mergers and acquisitions and private placement transactions. He is a co-founder and board member of The New York Private Equity Network ("NYPEN"). Mr. Zegen graduated cum laude from Brandeis University with a Bachelor of Arts degree in economics.

Daren is the Managing Partner of HCP and has over 20 years of real estate experience and a diverse background as a real estate broker, telecommunications entrepreneur and as a real estate investor & developer. Prior to HCP, he was the Senior Vice President and Principal of Metropolitan Realty Associates where he was responsible for acquisitions and development projects. Prior to MRA, Mr. Hornig managed all investment and development activities in the Northeastern United States for SAXA and directed all acquisitions, developments, sales & marketing initiatives. He was also previously the President and CEO of The Quest Group, a New York based real estate services firm. Mr. Hornig is a 1989 graduate of the University of Maryland, College Park with a Bachelors degree in Business Marketing. He is married with twins and resides in Roslyn, New York.

Lisa Knee is a Tax Partner with over 20 years of experience. Her expertise covers a range of real estate transactions and situations, including acquisitions, refinancing, like-kind exchanges, joint venture agreements, and structuring tax rehabilitation credits for a variety of clients, such as leading real estate owners, operators, investors, family offices, and developers, as well as hospitality companies, world-renowned restaurant groups, and financial service firms. She has also consulted with large boutique hotel groups on their acquisitions, dispositions, partner buy-outs, property renovations and rebuilds. As an advisor, Lisa assists high net worth individuals and family/owner-managed business clients with preserving and enhancing business and family net worth. She also provides business succession planning services for multigenerational families, including analyzing and updating estate plans, reviewing wills and trusts, and developing liquidity strategies. Lisa has worked on a variety of highly complex transactions for clients, including domestic and international tax structuring for portfolio companies, management companies, and individual owners. Her legal background has also made her adept in mitigating tax issues and providing expert litigation services involving partnership disputes. Lisa graduated from Boston University with a B.S. degree, with a concentration in Accounting. She received a J.D. cum laude from Brooklyn Law School where she was a research editor for the International Journal of Law; and a Master of Law degree in Taxation from New York University Law School. She is a member of the American Institute of Certified Public Accountants (AICPA) and New York State Society of Certified Public Accountants (NYSSCPA) as well as the New York State Bar Association (NYSBA), Nassau County Bar Association (NCBA), Commercial Real Estate Women New York (CREW New York) and Long Island Real Estate Group (LIREG). In addition, Lisa is frequently featured and quoted in various business publications, providing insight on tax and tax planning topics. She has also co-authored various articles for the Nassau Lawyer and moderated various real estate industry events. - See more at: http://www.eisneramper.com/professional-directory-Lisa-knee.aspx#sthash.l3zGABVG.dpuf

Daniel Wechsler is a Director in the Investment Sales Division of Ariel Property Advisors. In addition to originating and executing exclusive listing sales, he is responsible for leading business development and networking initiatives throughout the Queens submarket. Mr. Wechsler has experience evaluating and marketing a variety of property types including multifamily, mixed-use, commercial and development sites. His market insights have been featured on NY1 and in publications including the Mann Report, Commercial Observer and The New York Daily News. Prior to joining the firm, Mr. Wechsler was Vice President of Gibraltar Management Co., Inc., one of the country’s leading corporate, commercial and residential real estate development and management firms. During his 10 years at Gibraltar, Mr. Wechsler successfully negotiated and restructured leases with national, regional and local retailers and managed over 30 commercial properties throughout the country. He also possesses extensive knowledge of real estate development from his time with The Jenco Group, a Washington D.C. based developer. Mr. Wechsler earned a B.S. in business administration with a concentration in finance, from George Washington University in Washington, D.C. Mr. Wechsler currently lives on the Upper West Side of Manhattan with his wife and two daughters. He can be reached at 212.544.9500 ext. 44 or via email at dwechsler@arielpa.com.

Mitchell Rutter is founding partner and CEO of Essex Capital Partners, Ltd, a New York based privately held real estate investment and development firm focusing on New York City, Washington, DC, and the eastern seaboard of the United States. Mr. Rutter oversees a portfolio of asset categories including, office, retail and residential buildings. Notable transactions include: acquisition of the New York headquarters of the telecom company Global Crossing from Goldman Sachs; the re-development of the Aetna Building; the development of Two Dag Hammarskjold Plaza, an office condominium for foreign missions to the United Nations; and the acquisition of 500 Tenth Avenue, a 600,000 square foot Hudson Yards development site. This summer, Essex will complete its most recent ground up residential rental apartment project, The Mill, in Ridgewood, Queens. A graduate of New York University and New York University School of Law, Mr. Rutter began his career as a real estate attorney at the law firm Simpson Thacher & Bartlett. He is a member of the following boards: Atlantic Bank, the Hudson Yards Hell’s Kitchen Business Improvement District, the New York University Schack Institute of Real Estate, the Furman Center for Real Estate and Urban Policy at New York University School of Law, and The School of Foreign Service at Georgetown University.

Mr. Carillo has successfully negotiated over $1.5 billion dollars in real estate sales transactions. Representing Purchasers and Sellers, including foreign investors, he has worked on a wide variety of property types, building his reputation on closing complex transactions. Mr. Carillo takes a strategic approach to marketing properties, relying on his financial acumen and unparalleled market knowledge to consistently achieve benchmark pricing proven through his impeccable track record. In addition, Mr. Carillo has transacted some of the most difficult and notable deals in New York City, often selling deals that others could not. Mr. Carillo’s disciplined approach and deal making savvy enable him to creatively structure deals. Relationship driven, Mr. Carillo prides himself on clear, cogent and actionable client communications and has access to a vast network of Real Estate experts including attorneys, tax specialists, environmental experts, and estate planners. Among his career highlights, Mr. Carillo arranged the $225 million sale of a large East Harlem portfolio, a transaction involving 48 buildings, 1,141 residential units, and 58 commercial spaces. He achieved benchmark pricing for this portfolio sale and simultaneously helped a first time buyer— a UK Institutional Investor — enter the New York real estate market. This year Mr. Carillo closed the Kings portfolio for $236 million which consists of 15 buildings - 1,434 units across 1.5 million square feet located in central Brooklyn & Staten Island. These two mega-deals stand out as two of the most noteworthy transactions completed by Eastern Consolidated in its 34 year history. Originally from Argentina, Mr. Carillo is a graduate of The Catholic University of Lima with a degree in Political Science. He is fluent in Spanish and Italian. Mr. Carillo is a member of the Real Estate Board of New York (REBNY).