{"id":107037,"date":"2026-01-21T11:28:11","date_gmt":"2026-01-21T11:28:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/107037\/"},"modified":"2026-01-21T11:28:11","modified_gmt":"2026-01-21T11:28:11","slug":"check-the-temperature-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/107037\/","title":{"rendered":"Check the Temperature \u2013 Commercial Observer"},"content":{"rendered":"

It might be fair to say that in January 2026, on the cusp of the Real Estate Board of New York<\/a>\u2019s annual banquet, the weather is blowing hot and cold.<\/p>\n

There was hotness \u2014 lots of hotness, in fact \u2014 when after years of fits and starts the New York City office market had an honest-to-goodness excellent year of leasing. Just a few weeks ago Colliers\u2019 Frank Wallach referred to the most recent data in the fourth quarter of 2025 as a \u201cwatershed moment<\/a>\u201d in the road to recovery, with the best figures since 2019.<\/p>\n

SEE ALSO: REBNY\u2019s 6-Year-Old Mid-Career Training Program Adds a Volunteer Requirement<\/a><\/p>\n

And it was not due to big, hulking leases that distort the whole view of the market, either, but to a healthy stream of more normal ones. (See Anna Staropoli\u2019s story<\/a>.)<\/p>\n

That\u2019s hot.<\/p>\n

Back in November, prices for homes in New York City were up 20.5 percent year-over-year from the previous November. And as for luxury homes? They were up an astounding 43.1 percent! Hotter still.<\/p>\n

But then there\u2019s the cold stuff.<\/p>\n

The same month that multimillion-dollar condos were flying off the shelf, Zorhan Mamdani was elected the first democratic socialist mayor on a broad platform of rent freezes. (Now, that\u2019s cold.)<\/p>\n

As a late Festivus gift, Mamdani likewise instituted \u201crental ripoff\u201d public hearings<\/a> to get New York City tenants in touch with their inner Frank Costanza in full \u201cairing of the grievances,\u201d leaving landlords as cringing, helpless Georges.<\/p>\n

And we haven\u2019t even mentioned the cold front heading up from Washington. Specifically, we\u2019re talking about the explosive news out of D.C. last week with Jerome Powell putting out a video revealing he is under criminal investigation \u2014 which the Federal Reserve chairman claims is an attempt to pressure him into cutting interest rates. (See Brian Pascus\u2019s story<\/a>.)<\/p>\n

How should REBNY be handling these many issues?<\/p>\n

When Commercial Observer sat down with James Whelan<\/a>, he seemed largely unfazed.<\/p>\n

Regarding the new mayor, REBNY\u2019s president sounded upbeat. \u201cHe\u2019s very personable and a very good listener,\u201d Whelan said of his first meeting with the mayor. Contact since then \u201chas been positive.\u201d<\/p>\n

And, while the rhetoric going into November was scathing between Mamdani and CRE, there are indisputable points of common interest.\u00a0<\/p>\n

\u201cNearly 50 percent of the locally gathered taxes in New York City come from real estate to pay for essential services,\u201d said Sandhya Espitia in Zoe Rosenberg\u2019s profile of REBNY\u2019s chief operating officer<\/a>. \u201cWe are New York City\u2019s No. 1 civic partner.\u201d<\/p>\n

The mayor has indicated that the city needs more housing, and the only way he\u2019ll be able to effect that would be to opt in commercial real estate. Mamdani has likewise bandied about ambitious new child care proposals, something that might give a boost to the already revived office market. (More people with child care means more reason to go into the office than working from home. But see Larry Getlen\u2019s story<\/a>.)<\/p>\n

Of course, the REBNY banquet this week is not merely about the industry\u2019s relationship with the local, state and federal governments \u2014 it\u2019s about the men and women in the industry, their needs, their achievements and their recognition. It\u2019s about the veterans who are being honored \u2014 Anita Laremont, David Karnovsky, Winston Fisher, Christine Quinn, Kevin Hoey, Jeff Gural, James Wacht and Camille McGratty (on the following slides) \u2014 and the next generation (see Amanda Schiavo\u2019s story about this year\u2019s crop of REBNY fellows<\/a>).<\/p>\n

So dress warm! Or light. Actually, we\u2019re not sure, either. \u2014Max Gross<\/p>\n

Winston Fisher
\nPartner at Fisher Brothers and CEO of Area15
\nThe Kenneth R. Gerrety Humanitarian Award<\/p>\n

The civic engagements (and political donations) of most real estate developers are often largely confined to organizations and politicians who will help get their projects approved.<\/p>\n

But not Winston Fisher. He joined Fisher Brothers in 2000, working through the ranks to become a partner, part of the third generation leading the Fisher family\u2019s commercial real estate ownership and development business, which was founded in 1915. Today, the company boasts a portfolio that spans nearly 9 million square feet across New York, Washington, D.C., Florida and Las Vegas.<\/p>\n

Under his leadership, the firm, which made its name in New York\u2019s Midtown office market, has managed to weather recent storms, such as the rise of remote work and the jingle-jangle of borrowing costs since the pandemic. Last year, the firm refinanced its marquee 50-story 1345 Sixth Avenue office building, valuing it at a healthy $1.4 billion and selling a minority stake to Blackstone. At the same time, Fisher the firm increased its own stake in the tower.<\/p>\n

In the world of philanthropy, Fisher has sat on countless boards, including as a life trustee of his alma mater, Syracuse University. In 2023, New York Gov. Kathy Hochul nominated Fisher to serve on the board of the Port Authority of New York and New Jersey, a nomination later confirmed by the New York Senate.<\/p>\n

While he certainly admits that he\u2019s lived a charmed life, Fisher has also observed the realities faced by those less fortunate.<\/p>\n

\u201cWith divorced parents, I had a chance to live in two different worlds,\u201d Fisher said. \u201cMy grandfather was an insurance salesman. He had gone to law school, but he had four kids and couldn\u2019t afford to be a lawyer and support his family. And my grandmother ran the food system for Maplewood, N.J.\u201d<\/p>\n

Fisher\u2019s own civic engagement has taken on quite an expansive view and focused on the demise of the middle class.<\/p>\n

\u201cIt\u2019s great to talk \u2014 I do a lot of it \u2014 but to be active is actually what makes a tangible difference,\u201d Fisher explained. \u201cI thought the signature political issue of our time was the decline of the middle class. That was a belief I had in 2014.\u201d<\/p>\n

Putting words into action in 2015, he co-founded the Middle Class Jobs Project with the Center for an Urban Future, a nonpartisan policy organization. The organization studies issues facing middle-class job growth in New York and advocates for practical solutions.<\/p>\n

In 2020, he also authored a book with former Kansas City, Mo., Mayor Sly James called The Opportunity Agenda: A Bold Democratic Plan to Grow the Middle Class. The book offers policy solutions to the Democratic Party to invigorate voters across the political spectrum.<\/p>\n

\u201cI\u2019m a capitalist,\u201d Fisher said. \u201cI don\u2019t want to pretend I\u2019m not, but I also think you need to have fair playing fields.\u201d<\/p>\n

He\u2019s tried to impart those values within his own organizations. He launched a workforce development program, which provides internships at Fisher Brothers for high-performing, underprivileged students in the City University of New York system.<\/p>\n

Family-run real estate companies \u201care anchored in New York. They are anchored in their community because they own physical assets and cannot be picked up,\u201d Fisher said. \u201cThey do care.\u201d \u2014Julia Echikson<\/p>\n

Jeffrey Gural
\nChairman at GFP Real Estate
\nThe Bernard H. Mendik Lifetime Leadership in Real Estate Award<\/p>\n

Jeff Gural has for decades been weaving a tapestry of his own in the Garment District and lower-key office markets, carrying on a tradition passed down from his father that remains the foundation of the commercial real estate dynasty.<\/p>\n

Continuously tending to properties in these areas of Manhattan has grown Gural\u2019s GFP Real Estate nicely. That includes major office-to-residential conversions like 25 Water Street or 100 Gold Street in the Financial District \u2014 never mind the firm\u2019s work with partners on reconfiguring the triangularly iconic Flatiron Building into condos.<\/p>\n

Now 83, Gural began working in 1972 in the family business, then known as Newmark Grubb, and he took control of the company in 1978. What would become known as GFP Real Estate focused on a \u201clegacy portfolio\u201d of Class B and C offices leased in part to nonprofit organizations and tech companies. Gural and partner Barry Gosin grew Newmark Grubb by aggressively buying up commercial and residential properties. The firm then merged with London-based real estate firm Knight Frank in 2006, creating Newmark Knight Frank, which is now known globally as simply Newmark after a 2011 acquisition by BGC Partners.<\/p>\n

In 2017, when Newmark split away completely, Gural became chairman of GFP Real Estate, closely guarding the family\u2019s legacy portfolio.<\/p>\n

Despite GFP Real Estate owning some premier buildings, its legacy portfolio continues to be the breadbasket of the family business, attracting tenants through multiple economic cycles and holding on to relevance regardless of what industries dominate.<\/p>\n

\u201cWe have one Plaza District building, 515 Madison Avenue, which does not appeal to the tech guys \u2014 they want to be where it\u2019s cool, and, luckily, SoHo, the Village, Tribeca, Chelsea are cool, so it\u2019s worked out well,\u201d Gural said. \u201cWhen COVID hit, we got crushed. \u2026 We had to come back from the depths of work from home, and I would say that our portfolio is in good shape.\u201d<\/p>\n

GFP recently refinanced two buildings in Manhattan and one in Jersey City, N.J. In 2022, it refinanced several more \u2014 before interest rates sharply increased \u2014 locking in good terms.<\/p>\n

\u201cI don\u2019t envision that we\u2019ll be giving any of the keys back, unlike bigger companies than us,\u201d Gural said. \u201cIn my business, we deal with mainly smaller tenants. We don\u2019t have tenants with 200,000, 300,000 square feet, and the key to success is not having too much debt. The debt you have should always have 30-year amortization, not interest-only. The only protection you have against rising interest rates is amortization.\u201d<\/p>\n

Having cash reserves has also been key to Gural\u2019s success, he said, especially through the last few years, with the expense of building out space for new tenants costing just as much as in Class A spaces. Plus, due to competition, GFP also has a number of concessions it needs to make to potential tenants to get space leased.<\/p>\n

\u201cThere are a lot of landlords who, when times were good, distributed all the money, had interest-only loans,\u201d Gural said. \u201cUnless the building value went up by 50 percent, which it probably didn\u2019t, you have no choice but to give the bank back the keys, sell it, or convert it.\u201d
\nGural, who owns two upstate New York farms where he breeds racehorses, is also looking to turn his privately owned \u201cracino\u201d called Meadowlands Racetrack in East Rutherford, N.J., into a full-fledged casino through a constitutional amendment with the state government.<\/p>\n

More than anything professionally, though, Gural hopes that later generations of his family will hang on to GFP\u2019s legacy office portfolio and maintain that baseline for the family business.<\/p>\n

\u201cMy goal is to make sure that the legacy buildings that we have will continue to cash-flow so that I\u2019ll be able to make distributions to the family,\u201d Gural said. \u201cI want to know that my children, grandchildren and my sisters \u2014 they\u2019re not going to be phenomenally wealthy, but they\u2019ll be able to live an upper middle-class lifestyle. \u2026 Two of my five grandchildren are working for me now.\u201d \u2014Mark Hallum<\/p>\n

Kevin Hoey
\nExecutive vice president at L&L Holding
\nGeorge M. Brooker Management Executive of the Year Award<\/p>\n

L&L Holding\u2019s Kevin Hoey understands the guts of New York City properties better than most. The executive vice president, who is REBNY\u2019s 2026 George M. Brooker Management Executive of the Year honoree, began his career in the trades.<\/p>\n

The Westchester County native started out as a plumber in the early 1980s, though he soon transitioned to electrical work \u2014 \u201cI noticed that they were wearing golf shirts,\u201d Hoey told Commercial Observer \u2014 and eventually became a card-carrying journeyman of his local electricians union. Although he ultimately went back to school to study facility and property management after the markets crashed later that decade, Hoey said his early experiences helped inform his management ethos.<\/p>\n

\u201cOne of the bedrock principles that I\u2019ve always worked with is always treat people like you want to be treated yourself, no matter who they are, what position, what task, whoever they may be in the industry,\u201d Hoey said. \u201cI\u2019ve also worked with the mantra: I usually don\u2019t ask people to do something that I (a) haven\u2019t already done myself, or (b) wouldn\u2019t do myself.\u201d<\/p>\n

The rewards of that mindset are self-evident. Hoey was picked up by Tishman Speyer in 1991 not long after graduating from Iona University, eventually overseeing management at iconic New York City properties such as Rockefeller Center and the Chrysler Building. It\u2019s a distinction Hoey shares with 2025 Brooker Award honoree Thomas Lloyd, who managed the same larger-than-life properties prior to Lloyd\u2019s current role at CBRE.<\/p>\n

Hoey left Tishman Speyer in 1999, jumping between similar roles at Witkoff Group, Capital Properties and Cushman & Wakefield throughout the 2000s and early 2010s. By early 2013, Hoey found himself as vice president of operations at L&L. Thirteen years later, Hoey oversees the firm\u2019s entire portfolio, including monumental assets such as 425 Park Avenue, Terminal Warehouse and TSX Broadway.<\/p>\n

After nearly 40 years in the industry, Hoey said that basic tenant demands have more or less stayed the same: strong locations, essential building systems, security, etc. What has changed, Hoey said, is office culture, particularly since the pandemic.<\/p>\n

\u201cThirty years ago, we never would have envisioned having an amenity space at a building like 425 Park Avenue being managed by Jean-Georges,\u201d Hoey said, referring to famed chef Jean-Georges Vongerichten. \u201cIt was unfathomable in the 1980s and `90s to think that there would ever be an Irish pub located somewhere in the middle of 270 Park Avenue, which is what J.P. Morgan Chase has done. \u2026 The focus on wellness was not even a thought 20 years ago, 30 years ago, and now it\u2019s commonplace. It\u2019s part of the dynamic of the industry now. Landlords need to provide that comfortable environment with amenity space or fitness centers, or whatever is trendy today, to attract the companies to move into the buildings, to take occupancy. If you don\u2019t have a quality amenity space, you don\u2019t get visited by brokers.\u201d<\/p>\n

Hoey, recipient of REBNY\u2019s 2024 John M. Griffin Community Service Award, also cares deeply about charitable work, particularly causes affecting children. Since the early 1990s, for example, he has been involved with the Torch Foundation, a nonprofit that provides free leadership and social-emotional intelligence workshops. At the end of the day, Hoey has always felt the pull to give back, he said.<\/p>\n

\u201cI took a moment [recently] and had what I would say was an aha moment,\u201d Hoey said. \u201cI realized, \u2018Oh, I\u2019ve just been trying to do the right thing in my career with the people that I work for, the teams that I work with.\u2019 And, wow, I guess I\u2019ve been doing something right, because REBNY has acknowledged it. It\u2019s an honor to have my career \u2014 of what I do, day to day, every day, five days a week \u2014 be recognized. It really is really the Oscar of my career.\u201d \u2014Nick Trombola<\/p>\n

David Karnovsky
\nPartner at Fried, Frank, Harris, Shriver & Jacobson
\nThe Harry B. Helmsley Distinguished New Yorker Award<\/p>\n

Hudson Yards didn\u2019t just spring up overnight into one of New York\u2019s busiest neighborhoods. There were a lot of cooks in that kitchen helping to deliver the vibrant area filled with luxury homes, parks, retail and Class A office space, and one of the talented \u201cchefs\u201d that helped make Hudson Yards happen was David Karnovsky, a partner in the land use practice at Fried, Frank, Harris, Shriver & Jacobson.<\/p>\n

Prior to joining the firm in 2014, Karnovsky spent decades advising mayors of New York \u2014 Ed Koch, Rudy Giuliani and Michael Bloomberg \u2014 on the legal implications of their major policy plans. A lot of what Karnovsky was advising on would touch on the real estate sector, and he eventually became interested in land use and the impact it had on shaping New York City.<\/p>\n

\u201cAfter working at City Hall for two deputy mayors during the Giuliani years, I became the general counsel to City Planning, which, of course, is the lead land use agency of the city,\u201d he said. \u201cFrom there, I got deeper into land use and worked on a whole variety of major projects, and the ones I enjoyed the most included Hudson Yards, the special West Chelsea district with the High Line, and the Columbia Manhattanville campus approval that allowed for this huge expansion of the Columbia footprint northward into Manhattanville for the purposes of academic science research.\u201d
\nAfter working at City Planning for 15 years and dealing with all of the heady issues of major land use from the public sector perspective, Karnovsky decided to apply those skills to the private sector.<\/p>\n

He moved to Fried Frank.<\/p>\n

\u201cI get to work on the other side of it, but, of course, it really is a collaborative relationship with the city to make these projects work,\u201d he said. \u201cSo I was able to work with my former colleagues in advancing a whole series of major projects for the private sector.\u201d<\/p>\n

Some of those projects included the new J.P. Morgan Chase headquarters at 270 Park Avenue, Tishman Speyer\u2019s The Spiral building at Hudson Yards, Howard Hughes\u2019 250 Water Street development, Extell\u2019s 50 West 66 Street, RXR\u2019s 175 Park Avenue, and Two Trees\u2019 River Ring plan in Williamsburg, Brooklyn.<\/p>\n

\u201cI find land use fascinating because it involves multiple layers of involvement by communities, local people, politicians and professionals like architects and designers,\u201d Karnovsky said. \u201cIt really goes to the whole question of what should New York look like, what should be fostered in New York City from the point of view of development. It has always touched me that the projects I work on are in my city, in my neighborhood, and I can see the visible, tangible results of what I\u2019ve worked on.\u201d<\/p>\n

Throughout his career, Karnovsky has cultivated a reputation for being thoughtful in his approach and offering solid and wise counsel. His experience and reputation led him to be named as a recipient of the 2026 Real Estate Board of New York\u2019s Harry B. Helmsley Distinguished New Yorker Award.
\nThis recognition was created in 1992 as a way to recognize REBNY members who have \u201ca lifetime of exceptional accomplishments in the profession and have made invaluable contributions to New York\u2019s civic welfare,\u201d according to the REBNY website.<\/p>\n

\u201cIt\u2019s really an honor, and especially gratifying to be recognized for long-term service involving New York City in one way or another, whether it\u2019s in the public sector or the private sector,\u201d Karnovsky said. \u201cTo me, it stands as a long-term career that focuses on New York City issues. I fell in love with these New York City issues when I was a much younger lawyer. So I\u2019m really appreciative of the recognition of the various things that I\u2019ve worked on from 1987 until today.\u201d \u2014 Amanda Schiavo<\/p>\n

Anita Laremont
\nPartner at Fried, Frank, Harris, Shriver & Jacobson
\nThe Harry B. Helmsley Distinguished New Yorker Award<\/p>\n

Throughout her decades of work on New York land use issues in both the public and private sectors, Fried Frank partner and former executive director of the New York City Department of City Planning (DCP) Anita Laremont has found her greatest solace in her Staten Island garden, where she and her husband grow \u201ceverything.\u201d<\/p>\n

After joking that the chief joy she finds in her garden is that \u201cno one talks back to you,\u201d Laremont notes that her time there actually bears key similarities to her decades-long work in real estate and land use.<\/p>\n

\u201cIt\u2019s somewhat akin to real estate in that you apply your effort, and there are tangible results,\u201d said Laremont. \u201cAnd, like real estate, it has lots of challenges, because Mother Nature does what Mother Nature wants. In gardening, you are always trying to make things nurtured and be able to thrive when Mother Nature throws you loops. So the challenges of that are really rewarding.\u201d<\/p>\n

Laremont, who attended law school at New York University, worked several public sector jobs. That included over 25 years at the state agency Empire State Development, the last 15 as senior vice president and legal and general counsel, before joining DCP, where she rose to the position of director.<\/p>\n

Her greatest public sector accomplishment was the implementation of the city\u2019s Mandatory Inclusionary Housing policy. \u201cThat was something we worked on from the outset of my getting [to DCP],\u201d said Laremont. \u201cIt basically says that whenever the city zones property for any private development, they must have a certain percentage of affordable housing. It was a way of addressing the very significant need for affordable housing. I\u2019m very proud of that.\u201d<\/p>\n

A partner at Fried Frank since 2022, Laremont helps some of the city\u2019s most prominent developers and institutions navigate the bureaucracy she was once part of.<\/p>\n

\u201cIt takes years from the point where a developer has a concept to actually getting the project built,\u201d said Laremont. \u201cMoving things through has been something I\u2019m proud of. I\u2019ve worked with clients like the Rudins and J.P. Morgan Chase on projects. We\u2019ve taken things from concept to getting them through City Planning approval, and now they\u2019re being started.\u201d<\/p>\n

Perhaps not surprising given the complexity of working with government, Laremont said her extensive public sector experience gives her just a slight advantage when it comes to navigating public bureaucracies.<\/p>\n

\u201cIt\u2019s still challenging,\u201d she said. \u201cMy experience gives me knowledge of where to go and maybe sometimes who to speak to. But you\u2019re still dealing with the bureaucracy, and it is not easy. Nothing about me being involved is a panacea. But I do have an ability to translate what a client needs to what the city\u2019s concerns are in a way that makes it maybe a little more likely that we\u2019ll get to a result.\u201d<\/p>\n

Whatever the challenges, after decades of deep involvement in land use issues, Laremont finds the practice of law in the field as fulfilling and rewarding as ever.<\/p>\n

\u201cMy job is taking something from the concept of an idea, and moving it forward through myriad challenges and issues to get to a place where you have something that is tangible in this world, and fairly permanent in the landscape,\u201d said Laremont. \u201cThat\u2019s one of the things I most like about real estate. It\u2019s a physical manifestation of effort that stays in the environment for a long time. Being able to work on things that make the city a more interesting, more contributing place for people to live and work is what keeps me doing this.\u201d \u2014Larry Getlen<\/p>\n

Camille McGratty
\nHead of Real Estate at the Hospital for Special Surgery
\nThe Young Real Estate Professional of the Year Award<\/p>\n

As Camille McGratty keeps progressing through her career in commercial real estate, the awards continue to arrive for the native New Yorker.<\/p>\n

Ten years ago, McGratty was selected by Commercial Observer as one of the \u201cNew Players of Commercial Real Estate and CRE Finance.\u201d At the time, she was only 29 years old and already a vice president at Silverstein Properties.<\/p>\n

This year, McGratty will be honored by REBNY for \u201coutstanding professional achievements and civic leadership as a rising star in the industry.\u201d She is currently the head of real estate at the Hospital for Special Surgery, the oldest and top-ranked orthopedic hospital in the U.S. that saw 200,000 patients come through its doors last year.<\/p>\n

\u201cI\u2019m very excited to be getting the award,\u201d McGratty told CO. \u201cI feel really honored to be included with such a great group of people who have won the award before I have.\u201d<\/p>\n

Previous winners of the REBNY rising star award include Cushman & Wakefield\u2019s Ron Lo Russo, Avison Young\u2019s James Nelson and SL Green\u2019s Laura Jackson.<\/p>\n

McGratty started her career in 2008 at what was then Savills Studley (now Savills), where she worked as a tenant rep broker, before she moved to Cushman & Wakefield and became the main conduit to health care giant Pfizer in the brokerage\u2019s corporate occupier and investor services group, primarily on the disposition of Pfizer\u2019s nearly 3 million-square-foot corporate campus in New York\u2019s Rockland County.<\/p>\n

But it was at Silverstein Properties, which she joined in 2013, where she made her mark over the nine years she served as vice president of leasing. That meant managing the tenancy of an office portfolio that spanned 11.5 million square feet of space.<\/p>\n

Major New York City buildings she\u2019s leased include 3 World Trade Center, 4 World Trade Center, 7 World Trade Center, 120 Broadway, 120 Wall Street, 1177 Avenue of the Americas, and 529 Fifth Avenue, as well as 1735 Market Street in Philadelphia.<\/p>\n

At HSS, which she joined in 2022, McGratty oversees and optimizes the hospital\u2019s entire CRE portfolio, with a focus on geographic expansion and long-term planning. While the hospital\u2019s flagship campus is at 535 East 70th Street in Manhattan, there are orthopedic and rheumatologic centers in New Jersey, Connecticut and Florida. A new campus will open this year in Long Island.<\/p>\n

Deals she\u2019s worked on include an expansion of the hospital\u2019s New York City East Side Campus via the Anna-Maria and Stephen Kellen Tower, a 12-story, 94,000-square-foot clinical center that will rise above FDR Drive and the East River, and leasing the bottom eight floors at 1520 First Avenue, a 30-story, 435,000-square-foot medical office tower in Manhattan.<\/p>\n

\u201cThe infrastructure requirements we have are highly specialized and require deep due diligence and site selection,\u201d said McGratty. \u201cI think that it\u2019s more complicated than a typical office leasing requirement would be.\u201d \u2014Brian Pascus<\/p>\n

Christine Quinn
\nPresident and CEO of WIN
\nThe John E. Zuccotti Public Service Award<\/p>\n

In her decade of leading WIN (formerly called Women in Need), Christine Quinn has guided the nonprofit through policy gains for housing programs while also gaining the support of New York City\u2019s real estate community.<\/p>\n

Quinn, a former New York City Council speaker, assumed leadership of WIN in November 2015 and has overseen the organization\u2019s expansion efforts with a sharp increase in shelters and permanent housing for homeless women and children. She also advocated to boost a key city housing voucher allowance to $2,500 from $1,500 and added more job placement programs to help women in need get back on their feet.<\/p>\n

\u201cWe\u2019ve developed an advocacy agenda that really tries to address what is making people homeless so we can eradicate that, and what do we need to do to make their time in shelter the most productive and effective as possible,\u201d Quinn said. \u201cThe way you end the homelessness crisis is by expanding the team working to end it and supporting homeless families, and that includes real estate, business and educational leaders. If everybody is articulating that this is an unacceptable situation and doing what they can in their unique position, we\u2019re going to get a lot of attention from the powers that be in the city and the state.\u201d<\/p>\n

WIN, which runs 16 shelters across New York City and over 450 supportive housing units, has received support from the Real Estate Board of New York (REBNY) and partnered with the trade organization to issue a 2024 report on improvements needed to the city\u2019s housing voucher program. Quinn said REBNY has helped to educate small- and medium-size landlords on how the voucher program can serve as a revenue stream for their properties.<\/p>\n

Prior to shepherding WIN, Quinn made history as New York City\u2019s first woman City Council speaker, a role she held from 2006 to 2013. After placing third in the Democratic mayoral primary in 2013, Quinn became a special adviser to then-New York Gov. Andrew Cuomo, focused on women\u2019s issues. She is currently vice chair of the New York State Democratic Party and serves on the Democratic National Committee.<\/p>\n

Quinn said the public service award being named in honor of the late John Zuccotti, a former New York City deputy mayor and Planning Commission chair during the financially tumultuous mid-1970s, makes the honor especially meaningful for her.\u00a0 Zuccotti \u2014 a real estate developer who chaired REBNY and who was once assistant to the secretary of Housing and Urban Development \u2014 is credited for being a leading advocate for rebuilding the World Trade Center site after the terrorist attacks of Sept. 11, 2001.<\/p>\n

\u201cJohn was the true definition of public service both when he was in government and when he was out of government,\u201d Quinn said. \u201cWe would not have come out of the fiscal crisis the way we did nor would we have come out of 9\/11, and we would not have seen downtown rebound the way it did, if it wasn\u2019t for John Zuccotti.\u201d \u2014Andrew Coen<\/p>\n

James R. Wacht
\nManaging principal at Lee & Associates
\nLouis Smadbeck Memorial Broker Recognition Award<\/p>\n

Despite the fact that he is on the Board of Governors for the Real Estate Board of New York, James Wacht missed the meeting where his name was put forth to receive the Louis Smadbeck Memorial Broker Recognition Award.<\/p>\n

As if it were a surprise party and he was the guest of honor, his colleagues seamlessly nominated and voted him in as Wacht quietly went about his day and got into the bathtub.<\/p>\n

It was only when he was asked to join a Zoom call \u2014 and, more consequently, turn on his camera \u2014 that he realized what was happening.<\/p>\n

\u201cI said, \u2018I\u2019m not turning on my camera,\u2019 \u201d Wacht recalled.<\/p>\n

Perhaps he should have expected something spectacular with a career as storied and successful as that of James Wacht.<\/p>\n

2026 marks Wacht\u2019s 45th year in commercial real estate. He began his career as an attorney with the Bachner, Tally, Mischer, Brinberg & Polevoy law firm until joining Sierra Realty as general counsel in 1989, before the firm would become Lee & Associates. It took about 11 years before Wacht was named president and principal owner.<\/p>\n

Lee & Associates is perhaps less showy than some of its rivals. There are, according to Wacht, roughly 80 offices around the country with some 1,750 employees \u2014 and these offices all inform each other what they\u2019re up to and help one another on deals. \u201cOne of the nice things about Lee is a lot of the people are entrepreneurial people and pass the hat around\u201d for investments, Wacht explained.<\/p>\n

Wacht works out of the firm\u2019s New York office, which has a headcount of about 50 people, but that doesn\u2019t limit it geographically. \u201cWe\u2019ve invested in a retail portfolio in Connecticut,\u201d said Wacht. \u201cWe\u2019ve done industrial deals around the country. We invested in an office property in Columbus, Ohio.\u201d<\/p>\n

In the last few years, the office has been growing its agency practice, picking up Todd Korren from Avison Young in April 2024 to be part of the four-person executive team, and looking to hire more.<\/p>\n

And, even if Wacht wasn\u2019t atop his perch at Lee & Associates, there\u2019s a pretty good case for bestowing real estate honors on him given his involvement in the development of Casa Belong\u00f3\u00a0 in East Harlem.<\/p>\n

Casa Belong\u00f3, for those who don\u2019t know, is the music and arts center with a 280-seat theater and jazz club attached to a 19-story affordable housing project at Park Avenue and East 118th Street designed by Diller Scofidio + Renfro. From his spot on the board of the Afro Latin Jazz Alliance, which Wacht has been involved in for some 18 years (he doesn\u2019t play an instrument but has loved the music since he was a college DJ), Wacht helped usher the project through many of its development and financing hurdles.<\/p>\n

\u201cIt was a very complicated deal and there were a lot of issues to get resolved,\u201d he said. \u201cBut when the deal got closed I was a little sad to stop.\u201d \u2014Max Gross<\/p>\n","protected":false},"excerpt":{"rendered":"It might be fair to say that in January 2026, on the cusp of the Real Estate Board…\n","protected":false},"author":2,"featured_media":107038,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9368,48366,48367,48368,48369,48370,48371,48372,9,24,55,54,56,48373],"class_list":["post-107037","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-slideshow","tag-anita-laremont","tag-camille-mcgratty","tag-christine-quinn","tag-david-karnovsky","tag-james-wacht","tag-jeff-gural","tag-kevin-hoey","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-winston-fisher"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/107037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=107037"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/107037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/107038"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=107037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=107037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=107037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}