Bronx State of the Market

Marricka Scott-McFadden, MPA was appointed and has served as the Deputy Bronx Borough President, since January 2018. In this capacity she works directly with stakeholders across the borough, city and state in an effort to continue to implement a positive agenda for the advancement of the more than 1.4 million people who like her, are proud to call the Bronx their home. With more than 20 years in public service, Marricka served as Chief of Staff for more than a decade to the current New York State Assembly Speaker, Carl E. Heastie. In this role she managed the day to day operations, of Mr. Heastie's office and managed his legislative and policy schemas. During this tenure she served as his direct advisor and through hard work, strategic and invocative planning, Marricka, played an integral role in the Assemblyman's election to Chair of the Bronx Democratic Committee in 2008, a position he held and relinquished after his historic appointment as Speaker of the New York State Assembly in February, 2015. Ms. Scott-McFadden, MPA received her bachelor's degree from CUNY's Herbert H. Lehman College and her Master's Degree in Public Affairs and Administration from Metropolitan College of New York, where she is currently and Adjunct Professor. She was named one of the City Hall News's "40 Under 40 Rising Stars in Politics and City & state 2016 list of the Bronx Most Influential Persons. She is an active volunteer at many soup kitchens and food pantries around the borough and is a member of the illustrious Alpha Kappa Sorority, Incorporated. Marricka has a strong interest in exploring the Continent of Africa and traveling in general. When she is not serving the borough or volunteering, she is using her leisure time during her personal travels to add to her global commitment of paying her good fortune forward. On her recent trip to West Africa, Marricka used her time to form a Woman's Coalition and donated reusable feminine hygiene products, in an effort to promote health and fight against female taboos that exist throughout the world. This fight is both near and dear to her heart. Marricka has also worked in conjunction with the Anglican Church to volunteer at a South African orphanage, where she spent time serving the needs of the children who live at the orphanage. Many of the children were orphaned by parents who lost their lives to the AIDS crisis in South Africa. Ms. Scott-McFadden, MPA is a mother of a thriving teenage son; a proud resident of the Northeast Bronx and enjoys serving her beloved community.

Robert S. Nelson, a long-time owner and operator of apartment buildings across New York City, serves as the President of New York-based Nelson Management Group, Ltd. He is also one of the founding partners of the real estate investment firm, Global One Investments, LLC. During his 30 year career, Mr. Nelson has owned and managed more than 8,000 units of multifamily housing. He also has widespread experience in the field of real estate development and ground up construction, with his most recent work on the construction of two new mixed-income towers located along Story Ave encompassing 435 units of housing in the Soundview section of the Bronx. In his tenure, Mr. Nelson formed the Global One Real Estate Fund in 2008, that purchased $210M of property and most recently launched Global One Real Estate Fund II targeting $450M. The fund primarily seeks to invest in additional apartment buildings to add to its portfolio. Mr. Nelson oversees the day-to-day management and asset management functions of over $600 million worth of multifamily properties owned by the firm and its affiliates. In one of his acquisitions, Mr. Nelson won praise for spearheading a Mitchell-Lama apartment building conversion at a 309 unit Upper West Side property, known as Cathedral Parkway Towers, by devising a complex deal the New York Times called “unique in the annals of the housing program.” The New York Times said he had brought about a “singularly happy resolution to more than 25 years of feuding” between landlord and tenants. The state housing commissioner praised Mr. Nelson’s buyout scenario as “a new model to preserve affordable housing.” In addition to Cathedral Parkway Towers, other notable properties under the Nelson umbrella include the Lafayette Boynton complex in the Bronx, Atlantic Plaza Towers in Brooklyn, The Promenade Apartments in Marble Hill, and 275 South Street located downtown in Manhattan’s emerging Two Bridges neighborhood. Mr. Nelson holds a Bachelor of Science in Business Administration from Boston University. He serves on the Board of Directors of the Rent Stabilization Association (RSA) and the New York State Association for Affordable Housing (NYSAF AH), two highly influential New York City-based landlord groups. He also holds the designation Registered Apartment Manager (RAM) from the National Association of Home Builders. Mr. Nelson’s hands-on commitment to the communities in which he works has earned him extensive industry recognition. In particular, he was voted “2005 Developer of the Year” by the Association of Builders and Owners of Greater New York City (ABO).

Mark Stagg founded RYTY Construction in 1998 and to date has built over 3,000 units of affordable housing. RYTY Construction is responsible for the development of over 3.2 million square feet of real estate construction in the Northeast Bronx, with a portfolio value exceeding $800 million in real estate development. RYTY Construction stresses high-quality, brick construction, designed to blend into the existing community architecture. Mr. Stagg’s mission is to provide practical and quality affordable housing on a timely basis, utilizing state-of-the-art building techniques and practices. Mr. Stagg has two decades of affordable housing and market rate building experience. Today, Mr. Stagg presides over a rental management company, Five Stars Management, which operates 3,000 occupied units, all owned and built by Mr. Stagg. Mr. Stagg plans to increase the number of units to 4000 by the end of 2020, with a focus on creating much needed affordable housing in the Bronx. Mr. Stagg believes that giving back to the community should be his highest priority. Whether it is funding after-school programs, Christmas Toy drives, Turkey giveaways, or most recently back-to-school supplies giveaways, Mr. Stagg believes it is his responsibility to continue to improve the neighborhoods and communities he builds. He is most proud of the upcoming Stagg Family Center to be completed in 2019.

Winthrop Jay Wharton is the Executive Director of Development and Investment at BFC Partners where he is responsible for the company's new development projects and the pursuit of new business opportunities. He is responsible for managing all aspects of development including evaluating new investment opportunities, project budgeting, debt/equity transactions, design management, construction management, procurement, and execution of joint venture deals. Win has a diverse experience having overseen the development of a broad range of real estate assets from complex mixed use development, retail shopping centers, to affordable housing projects. He joined BFC in March 2008 from Atlantic Holding Company, a private real estate partnership, where he served as a Development Associate and was responsible for all operations, development, leasing, marketing and management for projects in the North East. Win holds a dual degree in Business Management and History from Lynchburg College and a Masters in Real Estate Finance from NYU. He was named executive of the month by the New York Real Estate Journal. He's a member of the Urban Land Institute, The America Real Estate and Urban Economics Association, and Young Leaders Council of the New York Housing Conference. He enjoys outdoor activities such as sailing, fishing, mountain climbing, snowboarding and played soccer in college.

Amit Doshi recently joined Meridian Investment Sales as a Senior Executive Managing Director to head the mid-market multifamily investment sales sector. Prior to joining Meridian, Mr. Doshi spent 30 years as a partner at a boutique investment sales firm, spearheading a tight knit team of 20 investment sales brokers. To date, Mr. Doshi has sold over 1,500 investment properties whose market value is in billions, making him one of the most prolific and consistent producers in New York City investment arena in the last three decades. His experience consists of selling more than 55 million square feet comprising of 63,500 apartments, 2,850 retail and commercial spaces as well as several land development properties in NYC and its boroughs. Mr. Doshi has achieved an average of 40 deals per year throughout his career, including 57 deals in 2005. In 2007, he set the mark even higher, by selling a multifamily portfolio for a single family comprising of 108 buildings for a record price of $295,000,000. From multifamily properties to land assemblages, he has gained a strong foothold by mastering the vagaries associated with rent stabilization, regulatory agreements, complex leaseholds, ground leases and zoning laws.

Seth Glasser is one of the top producing multifamily agents in Marcus & Millichap’s Manhattan office. He spends the majority of his time selling the team's exclusive listings on the Upper West Side and Upper Manhattan. Seth’s most distinguished transactions include the sale of a 19 building, 300 unit portfolio in Harlem, a 100 foot wide elevator building on West 125th Street and a large elevator building near Yeshiva University just hours before a foreclosure auction. Other notable transactions include the shares of a C-Corporation on 107th Street, a development site on West 83rd Street, as well as a 12 story trophy asset on West 82nd Street. Often after a transaction is completed, many of his client have come back to Seth for guidance to complete a 1031 Exchange into another multifamily property or most often into single tenant net leased deals across the country. Seth’s diversified experience in selling apartment buildings with HAP contracts, regulatory agreements, tax credits and SRO’s has enabled him to develop a skill set necessary to navigate the constantly evolving New York City housing regulation system. He has been able to maximize value for his clients during uncertain economic times by sourcing capital from across the city, the nation and overseas. Private individuals, institutional funds, syndicators, foreign investors as well as non-profit organizations continue to look to Seth for guidance that leads to financially rewarding results. Since joining Marcus and Millichap in 2009, Seth has been awarded Marcus & Millichap’s Rookie of the Year, Rising Star, and has received multiple sales recognition awards including the firms National Achievement Award. He was honored as one of Commercial Observer’s 30 Under 30 and has been quoted in The Real Deal, The New York Times, The Commercial Observer, and Real Estate Weekly. Seth graduated with a dual degree in Economics and Finance from Muhlenberg College. Outside the office, Seth enjoys hiking and playing basketball. He is involved in several charities and affiliations including WWF, ASPCA, YJP and AIPAC. He is originally from Long Island and currently resides in the Flatiron District. Defining Attributes: - Multiple National Sales Recognition Awards - Selected For Commercial Observer’s Top Thirty Under Thirty Award - Marcus & Millichap’s Manhattan Office Rookie Of The Year - Pace Setter Award - Specialization in Mixed-Use And Multifamily Investment Sales In Manhattan

Cecilia Kushner is the Executive Vice President for Planning, Development and Transportation at the New York City Economic Development Corporation where she leads large multidisciplinary teams to deliver on some of the most ambitious and complex urban planning and development projects in New York City. As part of her role, Cecilia oversees $1 billion of active projects geared towards delivering infrastructure and amenities and improving quality of life for New Yorkers across the five Boroughs. With 15 years of experience in urban planning, development and resiliency in New York City, London and Paris, Cecilia has dedicated her career to executing significant initiatives that seek to improve global cities. Prior to joining the NYCEDC in May 2015, Cecilia served as the Deputy Director for Climate Resilience at the New York City Department of City Planning where she formulated and advocated for some of the first resiliency land use policies to adapt the 520 miles of New York City coastline. She has also previously served as Director of Special Initiatives at NYCDCP, where her responsibilities included managing all external speaking engagements for the Commissioner and leading change management strategies to revamp the agency’s processes. Other past positions include serving as the NYCDCP lead project manager for the Coney Island rezoning, policy advisor for English Heritage, the leading historic preservation organization in the UK, and urban planner for the City of Paris. Cecilia received her bachelor’s degree from La Sorbonne and holds a master’s degree in Historic Preservation from The Bartlett School of Planning at University College London, and a master’s degree in City Planning from Hunter College, where she has taught planning as an adjunct. She lives in Brooklyn with her husband John and her children Louis and Eva.

Daniel Parker is a Managing Director on the Hodges Ward Elliott (“HWE”) New York commercial investment sales team. Mr. Parker has spent over a decade working in both principal and advisory roles in the New York City commercial real estate market. Prior to joining HWE, Mr. Parker was a Vice President at The Related Companies, where he led a management team overseeing a 2,700 unit multifamily portfolio in New York City. Prior to working for Related, Mr. Parker worked in the Savills Studley Capital Transactions Group, working on a team that closed in excess of $2.2 billion in commercial real estate transactions including residential, office, retail and land. Mr. Parker started his real estate career working as a multifamily asset manager, overseeing 45 rent-regulated properties with 1,600 apartments and 78 retail spaces located in New York City for Prana Investments. In addition to New York City office, retail and land transactions, Mr. Parker brokers multifamily properties in Manhattan, Queens, Brooklyn and the Bronx. Mr. Parker has represented institutional clients that include Related, Rockpoint, Carlyle, KBS, Westbrook and Normandy, as well as a number of private families and investors. Mr. Parker recently brokered the sale of a $71 million workforce housing portfolio on behalf of Related to a partnership between Taconic Investment Partners and Clarion Partners. Other notable multifamily sales include the record-breaking $140 million sale of a 38 walk-up properties with nearly 1,000 units in the Bronx, 316 Bergen in Brooklyn, the Madison Belvedere at 10 East 29th Street in Manhattan, 442 Lorimer, 184 Havemeyer, 164 Havemeyer, the leasehold at 300 East 46th Street, and 111 Kent Avenue. In 2005, the New York City Teaching Fellows program selected Mr. Parker for a one year public school assignment as a full-time English as a Second Language (ESL) teacher in Washington Heights at PS 5. From 2001-2003, Mr. Parker lived in Mexico City, where he offered service through his church and became fluent in Spanish. Mr. Parker is an Eagle Scout and remains an avid photographer, camper and hiker. He regularly spends time with his family at Candlewood Lake in New Milford, CT to enjoy the outdoors and water sports. Mr. Parker received his Bachelor of Arts in Journalism from the University of Utah and an MBA in Finance and Economics from the Leonard N. Stern School of Business at New York University.

Richard Torres is one of the founding members of R.A.S. Equity Partners LLC & Remedial Property Management Incorporated. Mr. Torres is a Real Estate Investment Sales Broker focused on the sale of development, multifamily, retail and residential properties throughout New York City. Prior to R.A.S. Equity Partners LLC Mr. Torres held a position as a Real Estate Director of Investment Sales for Besen & Associate., where he sold and listed over $100 million dollars’ worth of real estate transactions. Mr. Torres is a Broker for the Bronx Public Administrations Office of the Supreme Court and also works closely with court appointed Receivers and Note Holders in managing distressed asset properties. In conjunction with Remedial Property Management Solutions, Inc., he and his team offers a full service effort by preparing the assets for full market sale. His residential sales and rental background have helped him develop relationships that have continued to produce business in the residential Market throughout the years and allowing the opening of the R.A.S. residential division. Other related experience include, commercial leasing, R.E. Broker property evaluation. With close to two decades of real estate sales and property management experience, Mr. Torres has developed close relationships with reputable developers, landlords, lenders, elected officials, attorneys and city agencies. He has worked with court appointed receivership buildings, H.D.F.C. buildings and private ownership assets. His qualifications also include working with HPD, DOB, ECB and D.H.C.R. and the removal of building wide violations, in addition Mr. Torres has worked closely with L&T court proceedings. With his motto of "Bridging the Gap between Landlords & Tenants", he has successfully mediated severe legal building issues with landlords, tenants and city/nonprofit agencies to bring peaceful and safe relationships in tenancy building’s. Born and raised in the Bronx he has a passion for positive progress and equal housing opportunities for everyone, along with helping landlords maximize a buildings potential for the better of the neighborhoods which they reside in. A native New Yorker, Mr. Torres is a graduate of the Touro College. Mr. Torres is a family man with four children and enjoys quality time with his family.

Bret helps shape and execute complex projects that revitalize neighborhoods, drive economic growth, and support economic opportunity. With experience in the public and private sectors, Bret focuses on market and economic analysis and partnership development to support transformative projects and align private, public, and community interests. In the Bronx, where he is HR&A's market leader, Bret has led investment strategies totaling more than $200 million for the Bronx Civic Center and Lower Concourse districts of the South Bronx on behalf of Empire State Development and NYCEDC, supported numerous private development projects, and led studies to support the restoration of Orchard Beach, modernization of the Hunts Point market, and creation of the Bronx Private Industry Council to prepare young people for the jobs of the future. Prior to joining HR&A, Bret was a senior aide to a New York City Council Member and previously a community journalist in the Bronx. He holds an M.B.A. from Cornell University and a B.A. from New York University. He is a proud Bronx native.

Andrea Himmel serves as Principal and Chief Investment Officer at leading Manhattan-based commercial real estate owner/developer Himmel + Meringoff Properties. In this key role, Andrea is working to expand the company’s $2 billion NYC portfolio of Outer Borough industrial warehouses and secondary office buildings in Manhattan. Prior to joining Himmel + Meringoff in 2018, Andrea held a number of key positions with several well-known commercial real estate firms, including Brookfield Properties. As a graduate of the University of Pennsylvania’s esteemed Wharton School, Andrea earned her Bachelor of Science (BS) in Real Estate Finance. During her tenure at Wharton, she was also chosen to be part of the Joseph Wharton Scholar Honors Program. Himmel + Meringoff Properties is a privately held New York real estate investment company with a commitment to the long-term ownership and hands-on operation and management of one of the largest privately-owned portfolios of secondary office buildings in Manhattan and a growing portfolio of industrial warehouses located in the boroughs of New York City. The company acquires opportunistic commercial real estate properties with significant value-add potential.

Jessica Sherman is Senior Vice President, Affordable Development at Douglaston Development. Ms. Sherman joined the company in 2016 as a Project Manager and brings more than 5 years of project management experience. Prior to joining Douglaston Development, Ms. Sherman worked as a Leadership Fellow at the Port Authority of New York and New Jersey, focusing on regional infrastructure management and development. She was also previously a Senior Product Manager at Amazon. Ms. Sherman is a Board Member of the Public Housing Community Fund, Committee Member of SheBuilds, and serves on the Executive Board of the Citizens Housing and Planning Council. Ms. Sherman holds her M.B.A. from Columbia Business School, an M.Sc. in Social Policy from the University of Oxford, and a B.A. from the University of Pennsylvania.

Jonathan Squires is a Director in the New York Middle Markets Investment Sales Group of Cushman & Wakefield, where he focuses on the Bronx. Jonathan has worked in the Bronx and Upper Manhattan since 2001. Previously, he specialized in acquisitions and commercial leasing for the family office of Bradford N. Swett (now known as BNS Real Estate). He also founded Squires & Company, Inc. and has worked as asset manager, broker and consultant for family firms, partnerships, institutions as well as the supreme court of New York State. Throughout his career Jonathan has been involved in thousands of various real estate transactions. His clients appreciate his thorough understanding of many different aspects of real estate from a variety of perspectives. Jonathan has also been used as a source in the New York Times, Commercial Observer, The Real Deal, Real Estate Weekly, Mann Report, The New York Post and BizNow. Jonathan grew up in Boulder, Colorado, but currently resides in a townhouse he renovated in Harlem with his wife and daughter (and their dog and cat). In his spare time he is an avid reader and sometimes makes it on to the golf links.

Michael started Crown in 2008 to create a vertically integrated architecture firm that solved many of the inefficiencies he saw between ownership, 3rd party professional services and city agencies. Crown’s success has been grounded in Michael’s unparalleled knowledge of building code, zoning, and the inner-workings of municipal agencies, while remaining committed to the creativity, design, and style of each project. Michael has advised and negotiated on behalf of many of New York’s most active developers on over three million square feet of development transactions, and put together the assemblage - discovering an additional 200,000 sq ft of unrecognized air rights for a total of 1,000,000 developable sq ft - for what will be Denver, CO largest tower. Michael has used Crown’s engine to service his own affordable development projects in the Bronx, from which he is originally from. In 2018 Crown partnered with Top100 global design firm Scott Brownrigg, forming SB+C Architecture, D.P.C. to represent the Americas. Specific to the Metro NYC market, land costs and complicated zoning are starting to restrict development opportunities and tighten profit margins. SB+C Architecture provides US developers with highly attractive integrated design services that will fast track the development and renovation cycle. Combining Crown’s vast local knowledge of zoning, code compliance and expediting with the multi-sector design skills, robust history and infrastructure of the global award-winning architectural practice that is Scott Brownrigg. Prior to starting Crown, Michael worked at M. Moser Associates, a global firm with 12 offices worldwide and 4,500 completed projects to date. He was quickly promoted to Director of New York which oversaw all operations in the Americas and helped close many acclaimed projects. This position marked the youngest promotion to Director in the company’s history. Prior to working at M. Moser Associates, Michael worked at AEC Engineering, a design/build engineering firm, where he learned the inner workings of the New York City development industry and assumed the number two position in the firm. In this role, Michael was active in every aspect of the field: Design, Engineering, Municipal Legalization and On-Site Construction Management. Michael was a Presidential Academic Achievement Award Winner under President Clinton and graduated from Wentworth Institute of Technology with a Bachelor of Science degree in Architectural Engineering and Civil Engineering. Michael is involved in the ACE Mentoring Program, where he was once a mentee and scholarship recipient, for the advancement of high school students looking to enter architecture, engineering and construction. Michael was recently a Director for BOOM!Health, where he advised on their real estate assets and was monumental in the nonprofit being acquired by a larger national nonprofit. Remaining active at his alma mater, he is a Corporator at the Wentworth Corporation, guiding, advising and advancing the Institute, alumnus inductee of World Association for Cooperative Education’s (WACE) Hall of Fame, and is the youngest person ever to endow a scholarship, the Crown Scholarship for undergraduates in the architecture program, and was awarded Wentworth’s Alumni Association’s 2015 Young Alumni Award. Michael also enjoys teaching REBNY and NYU real estate courses.