Real Estate and Development Power Players

Brian Steinwurtzel, Co-CEO and Principal
Brian Steinwurtzel is co-CEO and principal of GFP Real Estate with a focus on new investments and development. Noteworthy recent projects include the redevelopment of the ~1 million square foot 7 Hanover Square into 50 Water and 100 Pearl Streets and the development of the 265,000 square foot Innolabs Life Science Building in Long Island City.

An active member of the community, Brian serves on the boards of Cooper Union, Columbia Business School’s Real Estate Advisory Board and Real Estate Circle, The Downtown Alliance, SoHo Broadway Initiative, the Center for Family Representation, and Selfhelp Community Services Inc. Brian received his Master of Business Administration degree from Columbia Business School and his Bachelor of Science degree in Business Administration from Washington University.

What is your favorite landmark in New York State? 
The Hudson River. I live in Hastings on Hudson which is on the Eastern bank of Hudson River. My home and most of the town have direct unobstructed views of the river and Palisades Park. The Hudson River and Palisades Park are protected from development. We are fortunate to see the land as it has been for centuries. Although I love the energy of New York City, the river is a calming influence and welcome respite from even the most chaotic days.

What has been your favorite development project and why?
The redevelopment of Guardian Life Insurance’s former headquarters at 7 Hanover Square into 100 Pearl Street and 50 Water Street was the largest project GFP and the Gural family had ever undertaken.  It brought together every department of the company which successfully demonstrated our combined capabilities. Despite the pandemic we were able to lease up and complete the ~1 million square foot project into the headquarters for NY Health + Hospitals, the NY SEC, Fred Alger Management and the NY Legal Assistance Group. I am extremely proud of the work our team did to reimagine the asset into one of the top buildings in the neighborhood.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
Commercial real estate owners as well as their tenants are trying to determine how people will work today and in the future. The pandemic has accelerated the evolution of how, when and where we work. That accelerated evolution (as well as a labor shortage) is forcing employers to provide more flexibility to their work force while also improving the environment (virtual or physical) where their employees work. For the foreseeable future the majority of firms will experiment with a hybrid split of in person and work from home.  Eventually firms will tweak that set up to ensure the success of their companies. That tweaking will continue as employers determine how much physical office space they need.

How did you become interested in architecture, real estate, or construction?
Years ago, I went to a family reunion that included family members tracing back five generations. At the reunion an elderly and distant cousin I had never met before pointed out that generation by generation most family members stretching back to my great-great-grandfather worked, invested, or developed real estate. I realized that my entire life I had looked at houses, buildings and land parcels as possible developments. After the reunion I attended Columbia Business School where I concentrated in real estate while working for my uncle and cousin at Newmark. The combined experiences reinforced the interests I’d felt for real estate since I was a child.

What is your favorite place you’ve ever lived?
Where I live now in Hastings-on-Hudson, NY.

Adam B. Gilbert is a litigation and trial attorney with decades of experience. He focuses on complex commercial litigation with an emphasis on commercial real estate disputes, including real estate valuation matters (ground lease and space lease rent re-sets in particular), partnership disputes, and complex commercial tenancy disputes. His experience as general counsel of a publicly traded commercial real estate and financial services company provides him with unique perspectives and insights that his clients value.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The current state of the market is unclear – and, at least in the short term, the hybrid work will remain in effect. The tech sector wants space and continues to either lease or purchase. In the long term, in my view, hybrid work will disappear. It was a response to the pandemic – but it is not sustainable where collaborative work is required.

Lloyd Goldman is the president of BLDG Management, an NYC-based private real estate investment and management company. Goldman is a founder of the company, joining a long family legacy of prominence in the real estate industry and gaining regard as one of the most powerful real estate investors in the city. He has been a major investment of a number of high profile New York real estate projects, including the redevelopment of the World Trade Center with business partner Larry Silverstein.

Ronald Greenberg is the chair of the Real Estate Litigation Group for Kramer Levin Naftalis & Frankel LLP, a prominent international legal firm. Greenberg is a lawyer with over 30 years of litigation experience, counseling prominent individuals and corporate clients including Fortune 500 companies, insurance carriers, and dot-coms. He has made dozens of successful appeals in the Commercial Division of the New York County Supreme Court. Prior to being selected as chair of the Real Estate Litigation Group in 2017, he had served as a litigation partner for Kramer Levin since 2005.

Daniel S. Hart is the current serving president of the American Institute of Architects. Prior to this role, Hart worked with the organization in numerous positions, including the Board Knowledge and Public Outreach Committees. Hart is the executive vice president of architecture of the A/E firm Parkill, where he also serves on the board. He was the founding president of Texas Tech University’s Design Leadership Alliance, where he was formerly an adjunct instructor of architectural engineering. Hart has had prominent leadership roles across a number of organizations, including serving as president of the Texas Society of Architects in 2011.

Toby Moskovits, Founder and CEO
Toby Moskovits is the founder and chief executive officer of Heritage Equity Partners, a real estate development firm focused on pioneering up and coming areas. Ms. Moskovits founded the company during the economic downturn in 2008. In her role, she has played a key role in developing the residential and commercial real estate markets in Williamsburg, Clinton Hill, and Bushwick. Prior to founding Heritage Equity Partners, Moskovits worked as a managing director at Cammeby’s Capital Group and as an analyst at Israel Seed Partners. She currently serves on a number of boards and councils, including a position on the Board of Directors with the Brooklyn Chamber of Commerce.

Michael Lichtenstein, President
Michael Lichtenstein is the President of Heritage Equity Partners, a role he has served in since the company’s founding in 2008. In this position, he leads a fully integrated development and construction platform. A zoning lawyer by training, Mr. Lichtenstein has over 20 years of experience in residential and commercial development and construction throughout New York, New Jersey, and Pennsylvania. He has been a pioneering developer in both Bedford Stuyvesant and Williamsburg, as well as Fishtown, Pennsylvania.

Dov Hertz oversees the investment policies, daily management, and strategic direction of DH Property Holdings, a leading developer of complex industrial distribution warehouses in dense, urban-core areas, with a specialty in multi-story facilities and more than four million square feet of space under development. Prior to the firm’s founding, Dov was the executive vice president of acquisitions of asset management at Extell Development Company, where he negotiated and supervised over $20 billion in acquisitions.

What is your favorite landmark in New York State?
Hertz has established himself as one of the industry’s most adept assemblage experts when it comes to commercial real estate transactions. Of particular note was the acquisition of the iconic Nordstrom Tower, a landmark residential skyscraper located along Billionaire’s Row in Midtown, Manhattan. He was a catalyst in the acquisition of the property for Extell, which went on to develop the monumental tower.

What has been your favorite development project and why?
DHPH is the last-mile fulfillment innovator credited for developing the first multi-story industrial building on the East Coast at 640 Columbia Street. The three-story, 336,350-square-foot logistics facility is located on a four-acre site in Red Hook, Brooklyn. Measuring up to 115 feet tall, the best-in-class logistics facility features 130-foot truck courts, 33 loading doors and 32-foot ceilings, and is located minutes from a population of more than 13.5 million customers.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
​​The New York Metro area is home to the largest concentration of e-commerce shoppers in the nation, which has continued to grow amid pandemic-promoted demand for rapid distribution solutions. DHPH’s cutting-edge strategy responds to retailer demand by developing Class-A industrial space in urban areas with space constraints. The limited supply of industrial-zoned land highlights the critical need for multi-story industrial developments capable of meeting the ever-growing demand.

How did you become interested in architecture, real estate, or construction?
New York City’s economy, politics, and culture are centered around its real estate. Throughout his entire career, Hertz has collaborated with the nation’s most prominent capital partners to advance New York’s growth and development. Early in his career, Dov was a commercial broker at Eastern Consolidated and a senior vice president at Everest Broadband Networks, where he negotiated over 250 million square feet of access deals across the nation.

What is your favorite place you’ve ever lived?
They don’t call it the greatest city in the world for nothing. New York has a vibrant culture that never stops developing. Hertz has lived and worked in the city for 40 years and has played a part in the city’s evolution through impactful projects.

Ralph Herzka is the chairman and chief executive officer of Meridian Capital Group. Mr. Herzka has been leading the real estate advisory firm since co-founding it in 1991. In addition to helping grow Meridian Capital from a small Brooklyn-based commercial mortgage brokerage to a national leader in real estate markets, he has recently helped expand the company’s New York City investment sales and retail leasing. Herzka is a dedicated philanthropist, and serves on numerous boards and councils including the Real Estate Board of New York.

Jay Cross, President
Jay Cross is president of The Howard Hughes Corporation, responsible for overseeing the company’s acclaimed portfolio of master planned communities and mixed-use developments. With decades of experience in the real estate industry, as well as with professional sports franchises, he has been responsible for the execution of large-scale, mixed-use projects across North America, which are proven catalysts for urban transformation and community development. Prior to joining The Howard Hughes Corporation, Mr. Cross served as president of Related Hudson Yards, leading the development efforts of Hudson Yards, the 28-acre megaproject on Manhattan’s west side. 

What is your favorite landmark in New York State?
Seagram Building.

What has been your favorite development project and why?
Hudson Yards.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
Little sad.

How did you become interested in architecture, real estate, or construction?
Watching while at university.

What is your favorite place you’ve ever lived?
New York.

David R. O’Reilly, CEO
David R. O’Reilly is the CEO of The Howard Hughes Corporation, responsible for driving the sustainable growth of the company’s assets and unlocking meaningful long-term value across the company’s portfolio. Under his leadership, the company has increased its liquidity and harnessed the significant momentum demonstrated within its planned communities to capitalize on value-creating opportunities. He previously served as the company’s president and as its CFO, the role in which he joined The Howard Hughes Corporation in 2016. Prior to this, Mr. O’Reilly served as the CFO of Parkway Properties, a New York Stock Exchange-traded real estate investment trust focused on office properties.

What is your favorite landmark in New York State?
The Seaport is certainly my favorite New York landmark. It’s one of the most iconic neighborhoods in Manhattan that, we at Howard Hughes, have had the opportunity to transform into a one-of-a-kind destination for local New Yorkers and tourists. There are few places in New York City where you can see the Statue of Liberty, Brooklyn Bridge, Empire State Building and World Trade Center all from one spot. Those who come to the Seaport can soak in these unparalleled views with premier fine dining or a concert on our Pier 17 Rooftop, delivering authentic experiences that are unmatched in other parts of the City.

What has been your favorite development project and why?
We have eight communities in our portfolio, so picking my favorite is like choosing between my children. If I had to pick, I would say The Woodlands, which is probably a biased answer since I live there. At nearly 50 years in the making, we have seen in real-time how our ability to stitch together the fabric of a community through thoughtful master planning positively impacts the lives of our residents, consumers and tenants.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
New York is in various stages of rebuilding. Office is making a comeback with higher leasing volumes but still remains below pre-pandemic levels. Retail went through a Darwin-like period where only the strong survived and those tenants who didn’t make it through to the other side were backfilled by higher-performing tenants. Impacts from COVID-19 are subsiding and folks are returning to the office – all of which are positives for New York real estate.

How did you become interested in architecture, real estate, or construction?
As a civil engineer graduate, my first job out of school was as a real estate developer. The tangible aspect of being able to see what you can create, how you can impact the way someone works and the way they live was so real. To have that ability to create positive change in people’s lives through development is something I was instantly drawn to.

What is your favorite place you’ve ever lived?
My favorite place is The Woodlands, which is where I live today, and I think a few more of our residents would agree with me as it was just voted the best place to live in America for the second year in a row by Niche.com. The Woodlands encompasses all the great qualities we strive to replicate in all of our other communities which include short commutes to work, best-in-class amenities, ample employment opportunities, and premier education offerings, allowing for the ultimate live, work, play environment.