Real Estate and Development Power Players

Robert J. Ivanhoe is vice chair of Greenberg Traurig, senior chairman of the Global Real Estate Practice, and co-chair of the Real Estate Investment Trusts Practice. He has represented numerous nationally-recognized owner/developer and institutional lender/investor clients domestically and internationally for more than 30 years. He concentrates his practice in sophisticated real estate structures, financings, workouts, restructurings, acquisitions, and dispositions of all asset classes of real estate. Robert is actively involved in real estate industry current affairs and is regularly asked to write and lecture on industry topics.

What is your favorite landmark in New York State?
My favorite landmark is the Brooklyn Bridge. It is not only a great representation of the architecture of that time period, but even more so a great achievement in engineering and an expression of the great ambition of the American dream to achieve and unite the nation. It became the means of connecting Brooklyn and Manhattan and uniting the boroughs of New York City, enabling its future growth and importance. Today it remains as a great tribute to its visionary architects and engineers for everyone to see and enjoy.

What has been your favorite development project and why?
9/11 was one of the most chilling and memorable events of my lifetime. The redevelopment of the World Trade Center site not only demonstrates the strength and resilience of New Yorkers, but also serves as the centerpiece of a revitalized downtown New York City with great architecture, planning, transportation infrastructure and tourist attractions. It is vital to the continued growth and strength of New York City.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The pandemic has had many short-term and long-term effects on commercial real estate in New York. The initial flight from NYC in the early stages of the pandemic, causing a plunge in investment activities, capital flows, commercial and residential occupancy and hotel occupancy, was dramatic. The recovery from those factors has been sporadic, with the residential rental market resurging, condominium market strengthening in certain segments, office market recovering slowly with a definite trend toward a flight to quality, and the hotel and retail markets still struggling. One should expect the hotel market to improve gradually as the pandemic continues to recede but many unrelated secular trends may result in ongoing shifts in the retail sector and real estate market. 

How did you become interested in architecture, real estate, or construction?
I have always had a great interest in architecture. I even did some studying in architecture in college. That interest remains strong to this day and was clearly a major part of my pursuing a legal career in real estate with a focus on development projects. I always take an interest in the architecture of any project I am working on.

What is your favorite place you’ve ever lived?
Greenwich, Connecticut, where I have lived with my family for over 30 years.

Gary Jacob is the executive vice president of Glenwood Management Corporation, one of the premier luxury real estate companies in New York. Mr. Jacob is in charge of Glenwood’s site acquisitions and financing. Building on his long career, Mr. Jacob also serves as vice president of the Rent Stabilization Association, an executive vice president of the Associated Builders and Owners of New York, and co-chairman of the Housing Committee of the Real Estate Board of New York.

Suri Kasirer is a born New Yorker and advocate. She founded Kasirer in 1997 out of a studio apartment — and a lifelong commitment to championing people, progress, and policy in the city. Suri grew her business into the #1 lobbying firm in New York City, assembling and leading a team that has established an unparalleled record of success in the city on behalf of clients who are leaders in a wide range of industries, corporate to not-for-profit, education and culture, real estate to technology, hospitality to media to health care.

What is your favorite landmark in New York State?
City Hall, because we spend so much time there!

What has been your favorite development project and why?
One Vanderbilt. We were involved in it from beginning to end, which was so exciting, and the Summit is such a powerful addition to New York.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
It has made developers think more innovatively on how to create spaces that people want to be in . . . As the #1 firm in the city, we have experienced incredible growth over the past few years, and as we are coming out of the pandemic, it’s exciting to be back in person and be able to foster the creativity that is necessary for the important work that we do.

How did you become interested in architecture, real estate, or construction?
Through our not-for-profit work. One of the first projects we did was representing the American Craft Museum, which didn’t have room for their permanent collection in their space at the time. We helped them get government funding and create relationships in government. Their dream was to have a bigger building, and there was an RFP out for 2 Columbus Circle, which we applied for and helped them navigate the government processes on. It put us right in the middle of the real estate world and became an interesting challenge to work with these different groups and find them a solution.

What is your favorite place you’ve ever lived?
New York City, of course!

As chief housing officer, Jessica Katz oversees the Department of Housing Preservation and Development, the New York City Housing Authority, the Housing Development Corporation, the Mayor’s Office of Housing Recovery Operations, and the Mayor’s Office to Protect Tenants. Katz most recently served as executive director of the research nonprofit Citizens Housing and Planning Council, where she led a policy and research agenda on topics ranging from basement apartment conversions to equitable code enforcement to resident decision-making at NYCHA. Katz holds a BA in Urban Geography from McGill University and a Masters in City Planning from MIT.

What is your favorite landmark in New York State?
New York has so many incredible landmarks, and I have too many favorites to list, but the wide range of our landmarks is also part of what makes New York so special. From the architectural beauty completed by the incredible experience that is the Brooklyn Museum and its First Saturdays program to the Fearless Girl statue that is one of many commitments by New York to empower often overlooked voices, you can find inspiring landmarks, big and small, in every neighborhood.

What has been your favorite development project and why?
Development is a conduit to so many things, but I most love when it confronts our biggest issues. One of my favorite projects is the Haven Green development, which is planned for SoHo. Haven Green will be an affordable housing project for elderly New Yorkers, targeting LGBTQ+ seniors, in one of the most desirable places to live in America. Seniors, LGBTQ+ seniors in particular, face incredible financial pressure in New York City’s housing market – projects like Haven Green show our commitment to helping them age in place and with dignity.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
COVID was a shock to this industry like every other part of our society, but what came out of the pandemic has shown a new side of New York City. Initiatives likes the expansion of Open Streets and the legalization of Open Restaurants has revitalized communities, increased foot traffic for brick and mortar stores and helped New Yorkers reconnect to their neighborhoods once again.

How did you become interested in architecture, real estate, or construction?
Besides a childhood passion for maps and diving into cityscapes, I had a college internship at a supportive housing organization. From that moment, I was hooked. Housing our neighbors is the least we can do as a society. Everyone deserves to have a home, and it should be a place where they are safe and can afford to raise their family.

What is your favorite place you’ve ever lived?
More than 20 years ago I moved to New York City on a lark thinking I would only stay for a few years. Now there is no other place I could imagine living and raising a family. This city truly has a community for everyone, but we are also collectively one society that looks out for each other and takes pride in keeping New York City thriving!

New York State Senator Brian Kavanagh represents the 26th Senate District. He was first elected to the State Senate in 2017 after serving six terms in the State Assembly representing District 74. As chair of the Housing, Construction, and Community Development Committee, Mr. Kavanagh led the effort to enact the Housing Stability and Tenant Protection Act. In addition to his devotion to housing advocacy, Senator Kavanagh is also a fierce advocate for gun control. He founded and currently chairs the American State Legislators for Gun Violence Prevention, and co-chairs the New York State Legislators for Gun Violence Prevention.

Hope Knight is the president, CEO-designate, and acting commissioner of Empire State Development. Ms. Knight was previously the CEO of the Greater Jamaica Development Corporation before being nominated to this role by Governor Kathy Hochul. In 2015, she was nominated to the New York City Planning Commission by Mayor Bill de Blasio. She has over 20 years of experience in the private, public, and nonprofit sectors, including serving as the COO of the Upper Manhattan Empowerment Zone, and multiple vice president roles at Morgan Stanley.

Ann Korchak is the president of Small Property Owners of New York, a nonprofit organization focused on providing and maintaining decent housing and advocating for sound housing policies in New York City. In her role, she also is the primary spokesperson for the organization. Ms. Korchak is dedicated to putting pressure on government officials to make policies that benefit all New Yorkers, and leads the organization with the goal of achieving affordable, safe housing for all.

David Levinson, Chairman and CEO
David Levinson co-founded L&L Holding with Robert Lapidus in 2000. His responsibilities include the strategic direction of the company, development, acquisitions, marketing, and leasing. Mr. Levinson’s work at L&L has led to over a dozen awards of distinction in the areas of design and construction, as well as civic and environmental honors. He has served as a member of numerous boards over the past two decades, including those focused on art, education and civic engagement.

What is your favorite landmark in New York State?
Yankee Stadium.

What has been your favorite development project and why?
It’s hard to say. I love all my children equally. We have developed so many special and unique projects. I love them all, especially if they make me money.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
The current state is getting stronger and recovering from the disruption of the pandemic; however, we’re still in a period of experimentation for the “back to the office” work culture.

How did you become interested in architecture, real estate, or construction?
I worked my way through college renovating buildings, changing light bulbs and mopping floors, which I still do – I own Metropolitan Cleaning Company.

What is your favorite place you’ve ever lived?
On my boat in the Bahamas.

Robert Lapidus, President and Chief Investment Officer
Robert Lapidus co-founded L&L Holding in 2000. Mr. Lapidus’ primary areas of expertise include formulating real estate strategy, structuring joint ventures, acquisitions, dispositions, fundraising, and financing. Lapidus has arranged joint venture transactions with some of the most respected names in the industry. L&L acquired or developed over 10 million square feet of prime commercial and residential space in New York and Florida. He is actively involved in numerous charities and Boards of Directors.

What is your favorite landmark in New York State?
Statue of Liberty — the landmark’s historic significance of welcoming foreigners with a promise of hope and a better future still resonates to this day.

What has been your favorite development project and why?
425 Park Ave — we had the opportunity to bring a 21st century design to the grand boulevard of Park Avenue and to work with a world-class architect, Lord Norman Foster.

What is the current state of commercial real estate in New York? What impact has the pandemic had?
Commercial real estate in New York is generally on the rebound after an historic epidemic. The various asset classes were all impacted, but in very different ways. Covid accelerated many of the trends that began pre-pandemic, like the increased importance of amenities and wellness. Pre-pandemic, retail was having some difficulty as online shopping represented a greater percentage of dollars spent, and many brick-and-mortar retailers were struggling. Covid decimated retail and hospitality. Post-pandemic hospitality will recover in NYC, especially when business travel resumes. Retail faces more of a systematic threat as consumers have more options outside of traditional retail.

Pre-Covid, there were already many factors that separated commodity office buildings from specialized ones, and that bifurcation has been exacerbated by Covid as most tenants want to be in amenitized Class A assets that promote well-being and are an inducement for employees to come to the office. Most of these trends are here to stay, and commodity buildings will continue to suffer.

How did you become interested in architecture, real estate, or construction?
I was a real estate/corporate attorney and worked closely with many real estate and finance companies. I realized early on that I wanted to be on the other side of the negotiating table.

What is your favorite place you’ve ever lived?
Bridgehampton, NY is my “happy place!”