Dear BOMA New York Members,
As we continue to rebound from a two-year pandemic, a large part of the American workforce is still undecided about returning to the office. With that said, Q1 statistics in New York City indicate signs of continued improvement and forward progress.
> The first three months of 2022 represented the second strongest quarter of leasing activity in NYC during the pandemic and 67.5% higher year over year.
> Office acquisition volume throughout NYC totaled $6.6 billion, the strongest start to any year since 2015.
> According to Kastle, New York City occupancy rates, based on key fob swipes, have increased over 25 percentage points since December 2021.
> Since the start of the year, according to the Newmark Mobility Report, the amount of people commuting to New York City have increased, as well as has usage for public transportation (LIRR, MetroNorth, Subway, and Bus).
The pandemic accelerated underlying work trends that were already in motion. At this point, there is no question that if employees are to leave the comforts of their home office, they are looking for better amenities at the office to make it worth it. This presents a shift in tenant expectations and as a result a renewed focus on experience, wellness and tenant satisfaction. These metrics are not new to the CRE community, yet the strategies to achieve success in all three categories regularly evolve through time. Today is no different.
New smart building strategies are being developed, outdoor spaces are being reimagined and flexibility has become the new norm for workspace. While customized tenant solutions will help secure one deal at a time, the best ideas will be those that can be scaled across a portfolio.
Tenants are constantly competing in ways to attract and retain high-quality talent. It is the responsibility of building owners and managers to provide tenants with the real estate and infrastructure to compete. BOMA New York has its finger on the pulse of the CRE industry. As such, the following provides a look back since the onset of 2022 and a glance at a few highlights to look forward to in Q2 and beyond.
In February, Con Edison announced that they will increase rates for gas and electric service beginning in January of 2023, with proposed rate increases for 2024 and 2025. Energy conservation and carbon neutrality is the other topic du jour for CRE. The BOMA New York annual Energy Action Day is scheduled for May 5th at Club 101 and titled “Greening the Grid”. I look forward to the keynote address by Doreen Harris, President & CEO of NYSERDA. I encourage you to attend this event to learn more about how the state is going to significantly reduce greenhouse gas emissions from the production of electricity.
In March, the Biden Administration launched the “Clean Air in Buildings Challenge” a call to action for building owners to assess indoor air quality, improve ventilation and filtration, and reduce the risk of spreading dangerous airborne particles indoors. Fortunately, BOMA New York and many of its members are leading the IAQ conversation and exemplary for best practices.
I am proud to share that New York City captured more than 30% of the 2022 MAC Regional TOBY Awards. Join us in Albany on April 28th for the BOMA Middle Atlantic Conference as we celebrate excellence together. The 2022 MAC TOBY winners include:
Operating Office Building of the Year
(Over 1 Million SF)
10 Hudson Yards
Managed by Related Companies
Operating Office Building of the Year
(100,000 – 249,999 SF)
110 Greene Street (The SoHo Building)
Managed by SL Green Realty
Renovated Building of the Year
Managed by JLL
11 Madison Avenue
Managed by SL Green Realty
Regional Grand TOBY
11 Madison Avenue
Managed by SL Green Realty
MAC Regional Member of the Year
James R. Kleeman, RPA, BOMA Fellow
Port Authority of NY & NJ
As we look forward to an increase in commuting patterns and occupancy rates, we will likely also experience an uptick in building tours, LOIs and lease agreements. The FIRE and TAMI sectors lead the charge. According to Bloomberg, “Blackstone Inc. is exploring a large office expansion in Manhattan, seeking space for its growing workforce” Blackstone will be looking for an additional 400,000 SF of office space for a total of 1.5 million SF. Further, three of the country’s largest construction projects will deliver in New York City this year including 50 Hudson Yards, The Spiral and Morgan North.
From the Pinnacles to innovative programs for Emerging Leaders and scholarship opportunities for all members – BOMA New York is always present – adding value to our members and the collective industry.
In addition to the captivating Monthly Forums, a stellar curriculum for Green & Wellness, and the upcoming Energy Action Day, some other signature events to place on your calendar include the Annual Membership Event at 230 Fifth Avenue Rooftop on May 18th and the Golf Classic at Edgewood Country Club on June 13th.
Stay connected, get involved and be engaged.
BOMA New York
Q&A WITH SHARON HART, CPM, RPA
Account Director, Global Occupier Services
Cushman & Wakefield
BOMA New York
It is with a heavy heart that we inform you of the passing of BOMA New York’s Gentle Giant – John Tosloskie – after a long, hard-fought battle with a number of health issues.
He’s remembered for his endless dedication to BOMA New York. He was a member of the Membership Committee, the Board of Directors and upon his retirement from Con Edison, an Honorary Life Member.
Most notably he will be remembered as our “pastor” bestowing his inspirational and relevant invocations at the start of all our events, including our then held monthly luncheons, Annual Dinner Dance, Annual Golf Outing, Annual Pinnacle Awards and Holiday Luncheon.
John is also remembered for his “Wing Span of an Eagle” arm’s length Raffle Tickets sold at our Golf Outings!
John joined the Navy at age 17 as a seaman recruit and retired 21 years later as Lieutenant Commander. After leaving the Navy, he was promptly hired by Consolidated Edison, where he enjoyed a 20-year career. He retired as Director of Building Services.
John will be honored at a Celebration of Life Mass on Thursday, April 21st, 2022 at 11:15 a.m. at Church of the Presentation, 21 W. Saddle River Road, Upper Saddle River, NJ. In lieu of flowers, the family request that memorial contributions be made to St. Jude, linked HERE.
We are so grateful that his life was filled with love from so many. He will be sorely missed. Fair winds and following seas to LCDR (ret.) John J. Tosloskie.
As the first mandates under Local Law 97 approaches – which requires that buildings drastically reduce emissions of greenhouse gases over time – it is abundantly clear that “Greening the Grid” is a critical tool for buildings to comply with the law. In fact, a clean grid would assist in many commercial buildings meeting the relatively mild mandates that will commence in 2024, as well as the much stricter ones that go into place in 2030.
Getting renewable energy onto the grid is largely in the purview of the state, under the jurisdiction of a significant number of regulatory bodies and agencies. The job of coordinating these efforts, and all of the state players, has been for the most part handed over to the New York State Energy Research & Development Authority, or NYSERDA.
NYSERDA already has significant projects in the pipeline that will bring both clean hydropower from Quebec and solar and wind power from upstate New York directly into the City. They are also committed to and pushing major efforts to build ocean-based wind power onto the grid.
That is why the BOMA NY Energy Action Day this year will feature Doreen Harris, NYSERDA’s President and CEO, as the keynote speaker. If you want a full update on how the State is working to clean up the City’s and State’s energy, you should register for and attend the event, which will take place on May 5 at Club 101, beginning with breakfast at 8 AM.
A second major tool for complying with Local Law 97 mandates for many BOMA New York buildings will be “greening” Con Edison’s steam system. Con Edison has publicly committed to reducing emissions from its steam production over time, such that it will be carbon free by 2050. They have even released a long-range plan that outlines how they will achieve this task. BOMA New York has and will continue to work closely with Con Edison and our allies to help Con Edison in this mission.
Stephen Versace was recently promoted to Property Manager at The Durst Organization.
Stephen graduated with a Bachelor’s of Science Degree in Business Management from St. John’s University in January of 2001. While he always envisioned following in his father’s footsteps as a Commercial Property Manager, life had other plans for him, and you will see they did ultimately come full circle.
He joined the FDNY in January 2002 after the tragic events of September 11th. Unfortunately, due to an injury his career was cut short and he retired in October of 2010. After retirement, Stephen became a Construction Fire Safety Manager where he met Michael McDonnell who was the One World Trade Center Fire & Life Safety Director. Mike mentioned a position had opened as the Assistant FL/S Director and he thought Stephen might be a good addition to the security team. Stephen interviewed in early September 2014 and thankfully was selected for the job.
He started with the Durst Organization on 11/17/2014 as the One World Trade Center Assistant Fire & Life Safety Director. Eight months after starting this new chapter, he was promoted to the Property Management Team as an Assistant Manager. During his time at OWTC Stephen had the honor and privilege to work under and alongside some amazing people. His team was fortunate enough to win not one, but two Pinnacle Awards. One in 2017 for New Construction and the other in 2018 for Operating Building of the Year (Over 1 Million S/f).
“Through taking the utmost pride in my job, hard work and dedication I was recently promoted to Property Manager at 825 Third Ave. Although it is bitter sweet to leave One WTC, which I will always hold close to me, I am excited to start this next chapter in my career. This has been an amazing journey which would not have been possible without the love and support of my wife and kids. I’m excited to see where this new path brings me” stated Stephen.
Israel Yanez was recently promoted to Assistant Property Manager at The Durst Organization.
Israel started his career at The Durst Organization in July 2003 as a porter; 18 years old, straight out of high school. Two years later he was promoted to fire safety director at 733 3rd Avenue. In 2008 Israel graduated from CUNY John Jay with a B.A in Judicial Studies. 2008 was a tough year to graduate due to the housing market crash; which prompted him to look deeper into his future thanks to the guidance of the assistant chief engineer where he worked. He changed direction and obtained the refrigeration machine operators license in 2011. His first opportunity came in June 2013 when he became an engineer. 1133 6th Avenue had major construction plans lined up for 4 years which included a complete renovation of the engine room, mechanical fan rooms, generators, installation of a boiler plant, and the complete restacking of the tenant floors 2-45. A wealth of knowledge to be obtained which allowed him to gain promotion to Assistant Chief Engineer in 2017. Fast forward three years, he was promoted to Assistant Property Manager for One Bryant Park. Today, almost 19 years from when Israel began his career, he has the honor and privilege to join the World Trade Center Operations Team.
“There are people both in my personal and professional life who have left a huge impact in my career, I am forever thankful to them and a special Thank You to The Durst family and organization for all the years past and years to come” stated Israel.
Update & Get Featured - If you are a BOMA New York Member and have moved to a new location or changed employers, please contact Ami Shah firstname.lastname@example.org to update your Membership Record.
Edgewood Country Club
SAVE THE DATE
THE NEW HOME DEPOT PRO INSTITUTIONAL PROGRAM (X2):
Have you heard the news? The Home Depot Pro has added a new program exclusively for BOMA members! In addition to the Home Depot Pro rebate program you know and love, which offers members a 2% rebate on retail purchases, you now have a new option to get thousands of discounted cleaning, maintenance and repair products delivered right to you!
1. The Home Depot Pro Rebate Program
For Retail Purchases
BOMA members receive a 2% annual rebate on all qualifying in-store and homedepot.com pre-tax purchases of thousands of products you need to get the job done. Take advantage of volume pricing, enjoy exclusive offers and rewards, track purchases and instantly authorize employee in-store purchases with Text2Confirm Authorization. There’s no cost to enroll, and BOMA members have earned an average of $4 million+ in rebates each year. Minimum annual spend of $10,000 required to earn rebate.
Enroll Now! Be sure to use the program code BOMA when you register.
2. NEW: The Home Depot Pro Institutional Discount Program
For Wholesale Purchases
The Home Depot Pro Institutional, the wholesale distribution division of The Home Depot, offers the convenient delivery of more than 250,000 commercial products right to your door or local will-call pickup location! BOMA members benefit from a tiered discounted pricing program; free next-day delivery; house accounts with Pro credit line and customizable invoicing options; workflow approval functionality; and robust spend reporting and visibility.
Ready to start taking advantage of these new perks and savings opportunities?
Get Started Here!
JOIN A BOMA NEW YORK COMMITTEE:
One of the most valuable and exciting aspects of your BOMA New York membership is the opportunity to affect change via one of our numerous committees. Collaborate with top industry executives and lead by example. Jump start your career and JOIN A COMMITTEE TODAY.
GET AHEAD OF YOUR COMPETITION:
Showcase your brand to BOMA New York members and the commercial real estate industry leaders with our member engagement opportunities and grow your business in 2022! CLICK HERE
RECRUITING CRE PRESENTERS:
Are you a seasoned executive looking for ways to be promoted to BOMA New York members and thousands of CRE professionals? Would you like to heighten your market presence as in an industry influencer and be featured in the media?
Look no further and apply to present at a BOMA NY Monthly Forum; the signature monthly event held every third Thursday of the month. The Monthly Forum serves as a value-add information session for property managers, asset managers, and many CRE service professionals across New York City. Contact Becky Perez today at email@example.com.
H.R. 6921: SMALL BUSINESS ENERGY LOAN ENHANCEMENT ACT
The Small Business Administration (SBA) oversees the 504 Certified Development Company (504/CDC) loan program which provides loans to small businesses “that might not otherwise obtain financing on reasonable terms and conditions.”
In 2021, the average age of a commercial building in the United States was 53 years old.
To meet tenants' needs and expectations, the commercial real estate industry faces a growing demand for modern and more energy efficient buildings.
Costs associated with necessary renovation and retrofitting projects exceed the current available loan amount of $5.5 million.
H.R. 6921: Small Business Energy Loan Enhancement Act will expand the cap for 504/CDC loans from $5.5 million to $10 million.
BOMA International Asks that Members of Congress co-sponsor H.R. 6921: Small Business Energy Loan Enhancement Act.
BOMA ADVANCES KEY POLICY PRIORITIES ON CAPITOL HILL
At this year’s BOMA International National Issues Conference, BOMA/GLA joined advocates from across the country to meet with dozens of members of Congress to discuss issues impacting the commercial real estate industry. CLICK HERE FOR MORE INFO
BOMA established the Building Owners and Managers Institute (BOMI) in 1970 to fill a perceived gap in property management education, developing the well-respected Real Property Administrator (RPA), Facilities Management Administrator (FMA), Systems Maintenance Technician (SMT) and Systems Maintenance Administrator (SMA) programs, which have graduated thousands of career professionals over the years.
The following is the academic schedule through April 2022. Click to Register for any of the below events – HERE.
3-Week Accelerated Courses
April 21st – May 5th
Emerging Leaders are the future of the CRE industry. These events help shape and educate these exceptional individuals. Please have a look at some highlights over the last couple of months and other events to look forward to.
Emerging Leaders Building Tour – 390 Madison Avenue
Thank you Giannina Brancato, Rock Harding and the entire L&L Holding Company building management team for an amazing tour of 390 MADISON AVENUE – located in the heart of New York City’s midtown corridor.
The tour was followed by a cocktail hour in Lea Wine Bar, sponsored by TKE Group and represented by Kenny Peng and Michael Mancuso. Thank you.
Emerging Leaders Building Tour – One WTC
The Emerging Leaders Building Tour of One WTC was a highlight for all. The tour, led by BOMA NY Vice Chair Patrick Dolan (the Durst Organization
The tour concluded with a Q&A session, followed by a cocktail hour at Trinity Place (115 Broadway), courtesy of TK Elevator.
Emerging Leaders also participated on several webinars throughout the first quarter, which included topics such as:
> Energy Efficiency, presented by Roz Zeccardi and team at CRESA NY
> Vertical Transportation, presented by Robert Cuzzi and team at VDA
> Managing the New Regulator Environment with One Stop, presented by Stephen Rizzo and team at The Rizzo Group
> Local Law 97, presented by Christopher Cayten at CodeGreen Solutions
If you would like to present or sponsor an Emerging Leaders event, please contact Ami Shah at firstname.lastname@example.org.
Please join us in welcoming our new BOMA New York members.
If you are a BOMA New York Member and have moved to a new location or changed employers, please contact Ami Shah email@example.com to update your Membership Record.
If you have a candidate for membership, please contact Ami Shah, our Director of Membership and Special Events at firstname.lastname@example.org. And visit us at bomany.org for information on the difference a BOMA New York membership makes.