Real Estate and Development Power Players

Trevor Adler, Partner
Trevor Adler is a partner in Stroock’s Real Estate Group. He focuses his practice on complex leasing transactions, and has industry-leading expertise in negotiating leases, subleases, licenses, construction contracts and acquisition agreements for office, retail, co-working, non-profit and educational space in New York City and nationally on behalf of major landlords, tenants, purchasers and sellers. Trevor is a fellow of the American College of Real Estate Lawyers, the premier organization of U.S. real estate lawyers and was named to “40 Under 40” by City & State and a “One to Watch” by the New York Real Estate Journal.

What is your favorite landmark in New York State?
The Croton Aqueduct. For someone like me who enjoys understanding the inner workings of mechanical systems in NYC buildings, it is amazing to see how clean drinking water was first brought to NYC from 41 miles away.

What has been your favorite development project and why?
51 Astor Place. The building’s ultramodern construction and high-tech infrastructure lured blue chip tenants to an East Village neighborhood brimming with art, education and cultural vitality rather than an archetypal typical ‘corporate’ setting.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
In one word, resurgent. The commercial NYC market was hit hard by the pandemic and ensuing exodus from offices, but has since come back with a vengeance. Leasing activity has risen dramatically with the return of workers to offices, ending a prolonged period of ‘wait and see’.

How did you become interested in architecture, real estate, or construction?
Real estate is in my blood. My father and his side of my family have been involved in NYC real estate since my great-great-grandfather, Abraham Koeppel, immigrated to the US in 1870 and became a developer of residential properties in Brooklyn. I gained both an appreciation of, and a fascination with, the real estate industry through my family’s continued presence in the industry.

What is your favorite place you’ve ever lived?
Lincoln Square. Beginning in my final year of law school at Columbia University and for more than a dozen years afterwards, I loved living across the street from Lincoln Center. I lived there when I graduated from law school, when I got married, and when our first daughter was born.

Gregory Tannor is principal and executive managing director at commercial real estate brokerage Lee & Associates NYC. Greg has over two decades of experience in retail leasing, investment sales, industrial warehouse leasing and office leasing. He is an expert in identifying retail spaces for cannabis dispensaries, as well as advising property owners and tenants on how to navigate the new legislation. He is also part-owner of a retail dispensary in Massachusetts.

What is your favorite landmark in New York State?
My favorite New York landmark is the Flatiron Building. I find the architecture very impressive for the era the building was built. It stands as an amazing landmark in the city identifying the submarket of the Flatiron District leading into NoMad.

What has been your favorite development project and why?
My favorite development in the city is 860 Washington Street, a ground-up development in the heart of the Meatpacking District consisting of 120,000 square feet. I served as the agent on the building and loved watching the development grow along with landing key tenants to the projects including the global flagship for Tesla Motors.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
There’s plenty of activity on the streets of NYC. Significant downturns in the state and the economy led to opportunities for retailers to take advantage of the market. Restaurants and other dry use retailers have used this as a growth period to expand across the city. For me personally, key milestones happened during the pandemic including the passing of the MRTA bill in March 2021. As a real estate broker working in the cannabis space, this was monumental as the industry officially began to emerge into Manhattan and cannabis tenants began gobbling up real estate throughout the state. However, the impact of the pandemic was felt throughout the state with the closures of many beloved historic restaurants and retailers.

How did you become interested in architecture, real estate, or construction?
I developed a passion for the industry at a young age through watching my grandfather as a real estate investor. Unfortunately, he passed away when I was eight, but my father continued in his footsteps. One day when I was visiting home during college, my father’s phone rang and it was a broker on the other end. I started selling him on our sites and he said, “Come into my office and intern for me.” It all fell into place by accident, but it was the best accident.

What is your favorite place you’ve ever lived?
I haven’t lived outside of Manhattan except for Boston in college. I would like to live somewhere I can golf all year round.

K. Thomas Elghanayan, Co-founder, Chairman, and CEO
Tom is actively involved in overseeing acquisitions, finance, planning, residential leasing and marketing, and property management. He continues the Elghanayan family tradition of developing notable properties designed to stand the test of time. Tom earned his Master in Business Administration at Harvard University and his Bachelor of Arts at Yale University. During his more than 50 years in the real estate industry, he has been recognized for his forward-thinking approach, setting the standard for building style and quality, while paving the way into New York’s burgeoning neighborhoods.

Frederick Elghanayan, Co-founder, President, and COO
Fred leads the Construction Division, overseeing all new construction as well as renovations and capital improvements of the commercial and residential properties in TFC’s portfolio. He is also actively involved in the acquisition and development of future projects. A graduate of Cornell University School of Engineering, Fred dedicates himself to ensuring that every project exceeds industry standards for design, construction, and environmental considerations, while leading the way in quality and innovation. The hands-on approach Fred has fostered ensures that each project fulfills its commitment to excellence and integrity.

Will Thomas is the executive director of Open New York, an independent, grassroots, pro-housing nonprofit. Will has worked with Open New York as a housing advocate for four years — three of those on a volunteer basis, as part of the organization’s leadership — fighting for rezonings in high-opportunity neighborhoods across the city, including Kips Bay, Boerum Hill, Williamsburg, Prospect Heights, SoHo/NoHo and Gowanus, among others.

What is your favorite landmark in New York State?
The Dime Savings Bank in Downtown Brooklyn, which will ultimately serve as a base for the tallest building in Brooklyn — I think there’s something wonderfully elegant about how the building is able to embody both the past and future of Brooklyn. And as Downtown Brooklyn continues its ascent, I’m sure the Dime Savings Bank will stand out even more as a mark of its rich history.

What has been your favorite development project and why?
My favorite development currently is 28 Cottage Street in Jersey City. It’s a 20-story building, 20 minutes from the Financial District, where new market-rate studios go for $1800 a month — an incredible bargain compared to Brooklyn, Queens, or Manhattan. We need more of that! Still, 28 Cottage would be illegal to build anywhere in New York State, thanks to outdated density limits. (Parking mandates alone would render it doubly unbuildable outside Manhattan and LIC!)

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The pandemic and work-from-home policies clearly present a challenge to traditional office models, but I believe that office space will be rented out as the city continues its recovery, if not at the same price that it may have commanded pre-pandemic. In fact, this may just give younger companies the chance to grow more quickly than they could have before, and be good for New York in the long run.

How did you become interested in architecture, real estate, or construction?
When I first moved to New York, I moved into a one-bedroom tenement apartment in the East Village with two friends who shared a bunk bed — I had a windowless room to myself. So to say the very least, when I learned that New York’s zoning prohibits modern apartment buildings across so much of the city, I was a receptive audience.

What is your favorite place you’ve ever lived?
New York! And I’m not alone — we’re the most expensive place in the country precisely because so many people would love to live here. I just think that we should open our metaphorical doors, and build all the housing we need.

Eric Ulrich was appointed commissioner of the New York City Department of Buildings in May 2022 after serving as a senior advisor to Mayor Adams. Prior to joining the Adams administration, Ulrich represented District 32 in Queens on the New York City Council from 2009 to 2021, serving on the Committee on Housing and Buildings. In the aftermath of Superstorm Sandy, he coordinated a massive relief effort to help area residents rebuild their homes and businesses. He introduced and passed legislation to accelerate the rebuilding process using the best available flood maps and led the effort to create a special coastal risk district in the zoning resolution to provide a planning tool for signifying flood risk in the areas of the city most vulnerable to projected future tidal flooding. He also utilized the Council’s oversight authority to improve the operations of the Rapid Repairs and Built It Back programs. Ulrich attended St. Francis College in Brooklyn and Baruch College School of Public Affairs. He grew up in Ozone Park, Queens, and lives in Rockaway Park, Queens. He is the first member of his family to earn a college degree.

Daniel Vitulli is a partner in the New York office of Marcum Accountants and the national partner-in-charge of the Real Estate Group. Vitulli has over 20 years of diversified real estate experience and expertise in property types including retail, office, residential, hospitality, and industrial. Prior to joining Marcum Accounts, Mr. Vitulli was managing partner of Cornerstone Accounting Group LLP. He also has experience working in a “big 4” accounting firm in the New York Real Estate Audit and Business Assurance Services Group.

Michael J. Franco, President and CFO
Michael J. Franco became the president and chief financial officer of the Vornado Realty Trust in 2021. Prior to stepping into this position, Franco had served as co-head of Acquisitions and Capital Markets since 2010. Before joining Vornado Realty Trust, Franco spent 20 years at Morgan Stanley, playing an integral role in developing the Morgan Stanley Real Estate Funds. He currently serves as a trustee of the Urban Land Institute, and is involved in other private civic organizations. 

Steven Roth, CEO and Chairman of the Board
Steven Roth is the chief executive officer and chairman of the Board of the Vornado Realty Trust. Mr. Roth has been successfully leading this preeminent real estate management trust for over 30 years. A born and raised New Yorker, Mr. Roth is also the co-founder and managing general partner of Interstate Properties and the chairman and CEO of Alexander’s, Inc. In addition, he has served as a trustee of Dartmouth College and chaired their Finance Committee.

Jed is one of New York’s most innovative developers of vibrant, mixed-use communities. Under Jed’s leadership, Two Trees has grown to oversee a portfolio of more than four million square feet of commercial and residential real estate. Two Trees’ approach to urban development is evident at the Domino Sugar Factory redevelopment. Other key projects include Mercedes House, 300 Ashland and The Wythe Hotel. Jed also launched The David Prize, which gives $1 million per year to the city’s unrecognized entrepreneurs who are helping the city become a better, brighter place.

What is your favorite landmark in New York State?
Yankee Stadium, particularly this time of year.

What has been your favorite development project and why?
Developing Domino Park has been by far the most rewarding project of my professional life. We’ve had more than four million visitors to date and the park has become a treasure for neighbors and visitors alike.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
COVID was super hard for us, like most. March through June of 2020 was the worst. We lost a lot of tenants. Now everyone is vaccinated and it’s obviously stabilized. The residential market is on fire. We barely have an apartment in our portfolio.

How did you become interested in architecture, real estate, or construction?
David and Jane — my dad and mom. Two Trees is a family business and I grew up surrounded by it. It was basically all we talked about at night.

What is your favorite place you’ve ever lived?
I haven’t gone very far, I’m afraid. I grew up in Soho and now live just a couple of blocks from there.

Sarah Watson has worked in housing policy in both London and New York over her 20 year career. In London, she worked in the development and management of affordable housing, specializing in resident involvement in redevelopment projects and to improve property management. In New York, Sarah has worked at CHPC since 2007, starting as a policy analyst and currently the interim executive director. While working at the organization, Sarah has been involved in all the major initiatives that CHPC has helmed which have had substantial impact over housing and planning policy in the city.

What is your favorite landmark in New York State?
As an immigrant, the Statue of Liberty is always very moving.

What has been your favorite development project and why?
CHPC has been working on exciting projects. As part of a study on how London transformed its public housing by making residents decision-makers in all of the planning processes, we are about to release a toolkit titled “Participatory Property Management,” for resident-centered management following a PACT conversion. We have a new publication on how our zoning needs to be reformed as we face housing, climate, and equity crises.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The pandemic has exacerbated New York City’s homelessness and housing crisis. Our housing supply has failed to keep up with our job growth over the past several decades, or with demographic change that now means we need more housing options for single adults and for multi-generational households. We haven’t rezoned high-opportunity neighborhoods enough. Further, the city’s social safety net, which includes safe, dignified affordable housing, is clogged up with extensive paperwork and arbitrary requirements necessary to access social services, deterring people from asking for help and withholding assistance from New York’s unhoused population.

How did you become interested in architecture, real estate, or construction?
Citizens Housing and Planning Council has been influencing housing policy and the residential built environment for over 85 years. The longest standing housing civic group in the city, CHPC is a think tank committed to understanding New York’s most pressing housing and neighborhood needs and proposing innovative, forward-thinking solutions and practical public policies and programs. CHPC advocates for resident decision making, offers zoning resolution recommendations, advises on housing finance, and directly impacts the city’s housing policy.

What is your favorite place you’ve ever lived?
Windsor Terrace, Brooklyn 100%!