hotels articles

These boxes are presented to clients in initial meetings with architects. Taylor Box, Warren, R.I., won the National Paperbox Association rigid box best of show award for its Mandarin Boston Pre-Sales Box last spring.

Magnets are embedded in the slipcase and folder board under the wrap to create a clean-looking and smooth closure. The red tassel pull and debossed pattern help make an elegant presentation. The interior is offset printed with exterior blind deboss.

In February 2003, Signature Impressions, a print brokerage firm, was working with a designer in Boston on this project and needed to find a custom box manufacturer to assist with finalizing the design and manufacturing the boxes, says Julie Phillips, Taylor Box marketing manager.

Signature Impressions approached Taylor Box with its original structure in mind. Taylor Box worked with the firm to design a box that would run on Taylor’s equipment by changing the style of the box from a two-panel hinged lid to a three-panel hinged lid (with one panel covering the entire back of the box). The box went into production in May 2003. It holds architectural drawings and a brochure of the real estate.
The slipcase is a two-piece board, one-piece wrap made on a slipcase line. The folder is wrapped on a case maker and tipped by hand. The outer wrap is a Strathmore grandee Ivory 80 pound text. The inside liner is printed red and gold on a coated text. The box is embossed on the entire face of the box and there is a magnetic closure. A steel plate and magnet are embedded in the box to create a flush surface.

This was a challenging box to convert because of the embedded magnets and steel plates, and because of the heavy debossing required on the entire front panel of the box, Phillips says.

The customer wanted the box to make an amazing statement about the value of the architectural real estate, according to Taylor Box. It was an elegant take-home piece after the client reviewed the real estate.

Because input for this article was being assembled prior to Hurricanes Katrina and Rita, we will look at this class of business from a “before and after” viewpoint.

In the last few years, the apartment and condominium market has been reasonably stable. The property rate spike that hit the market after 9/11 tapered off, and new construction in this class reached an all-time high.

Before the hurricanes

Metro Insurance Services’ niche market is primarily the nonstandard apartment business, says Steven Gross, chairman and CEO. “Nonstandard to us is the best of the worst. This includes risks that have been rejected by the standard market due to age, loss experience, subsidies and other reasons.”

According to Gross, rates have continued to soften in the property and casualty areas of the apartment and condo business. “More standard carriers appear to be offering coverage for the best risks; however, it still appears that a large portion of the apartment class still goes to the alternative markets, including RPGs and surplus lines. Condos continue to be written in standard markets. Property rates have dropped at least 50% since 2003, when rates appear to have peaked. In my estimation,” he continues, “property rates are now at levels that they were prior to 9/11 and appear to be stabilizing. I don’t think that business is profitable at these rates and that they will be sustained for very long.”

Underwriters do appear to be a little more disciplined in terms of underwriting criteria and risk selection than in previous softening markets, observes Gross; however, it is still very early in the cycle and the jury is still out on that issue.”Loss control is still of the utmost importance to this class of business,” Gross observes. “The insured still must be cooperative in responding to loss control recommendations and have interest in upgrading properties on a regular basis. Life safety is of critical importance to the underwriting of apartment and condo business. Obtaining certificates of insurance from independent contractors is essential. This practice helps mitigate numbers of losses through subrogation where the owner has hired a contractor to be responsible for certain areas of their property. Examples are elevator contractors, snow removal, paving and plumbing contractors.”

Willis Programs offers ResortGuard^sup SM^, a specialized program for this class of business. According to Linda O’Der, senior vice president and program director of marketing and compliance, property pricing is stabilizing but GL rates continue to rise in order to build toward profitability of that line. Nonprofit D&O capacity, as well as following form umbrella coverage that will drop down over the D&O is readily available.

The American Resort Development Association (ARDA) reports that interval ownership is the fastest growing form of vacation ownership in North America, says O’Der. “This growth is driving the industry toward different and more complex and diverse forms, therefore creating tough risks.”

O’Der says that the trend is toward larger timeshare companies managing many properties in order to offer their customers more vacation choices. These trends create opportunities for the agents and brokers who are able to understand the various structures timeshare companies present.

After the hurricanes

A large percentage of the property on the Mississippi and Alabama coasts was made up of condos, interval ownership/timeshares, and resort-based condos, so this class of business will contribute significantly to the total loss figures. Property loss projections are astronomical. “Guesstimates” place them between $35 billion to $60 billion. It will probably be mid-year before any credible figure will be established.

The condo and apartment sector had been extremely soft in the recent years leading up to Hurricanes Katrina and Rita, mainly owing to the fact that the additional surplus in the industry spawned increased competition among insurers, according to Michael Sillat of WKF&C Agency. “As in any transition from a softening market to a hardening market, it creates opportunities for E&S carriers,” Sillat says. “The traditional carriers begin to unload some of the business and reduce capacity. This, in most cases, is the scenario in a hard market. Simply put, the carriers that stay within their business plan may well be poised to take advantage of a hardening market while those that do not will take steps backwards. Unfortunately for us in the insurance industry, we have never had a ‘normal’ market; it’s either soft or hard.”

Sillat does not see an immediate dramatic impact on pricing but did see accounts renewed with no rate reduction. “As we get closer to the renewal season on the Catastrophic Treaties, expect the high costs of reinsurance to be passed down into primary carriers, thus forcing insurers to increase rates tremendously.”

Sillat foresees that owners will probably have to come to terms with increases in their cost of insurance in the near future as reinsurers pass down rate increases they are faced with post-Katrina. “Unfortunately,” he warns, “this will be compounded by the already significantly increased fuel prices. Owners in turn will probably seek reimbursement of these aforementioned increases in costs by passing them down to tenants via increased rents. Let’s hope for their sakes it is a mild winter. Ironically enough, once again the public will likely blame the ‘greedy’ insurance companies.”

Bob de la Fuente, director of Florida development for Leviev Boymelgreen, announced that a $46 million construction loan has been secured for Vitri, a cutting-edge, mixed-use condominium being developed at 541 West Ave. in South Beach, Fla.

Mellon United National Bank of Miami approved the loan, which closed on December 28 2005. Groundbreaking is scheduled for later this year.

When completed, Vitri will be comprised of 66 double-height residences, ground-floor retail and restaurant space. The innovative, avant-garde design has won the project two American Institute of Architects awards, with the architectural firm of Touzet Studio at the helm. Features will include open-plan layouts with 19-foot ceilings, open-tread stairs and floor-to-ceiling windows; Italian kitchens and private balconies.

From Aventura to South Beach, Miami-Dade’s luxury condominiums are becoming ever more numerous, spectacular and opulent, with prices and sales keeping pace. “They are more luxurious and selling at unprecedented prices,” says Michael Cannon, managing director of Integra Realty Resources-AREEA South Florida.

As the adage goes, “They’re not making any more land”–especially with a beautiful water view! South Florida’s finest developers have their “sites set” on waterfront properties on or near the ocean.

THE PENINSULA

In the heart of Aventura, along the Intracoastal Waterway, the twin towers of The Peninsula offer expansive living rooms, gourmet kitchens, a media room, oversized private terraces and a private elevator entrance for each residence. Units start at 3,150 square feet and increase to the penthouse size of 6,900 square feet. In its design of the 223-unit complex, Boca Developers adopted the concepts of “living large,” with ultra-spacious interiors, an Asian-style spa and an on-site cafe. The development was designed by Cohen Freedman & Encinos Associates of Miami Beach.

The Peninsula’s first phase on a 12-acre site should be ready in May 2003. “Judging by the enthusiasm of prospective buyers, we are anticipating a sellout before April 2003,” said Michael Neumann, vice president of sales for International Sales Group, the exclusive listing broker. Prices range from the US$600,000s to $2.9 million. HAMPTONS SOUTH

Also in Aventura, Hamptons South was designed for 21st century living, featuring Siematic European kitchen cabinets and a separate media room pre-wired for cable TV, high-speed Internet and satellite connections. The 28-story project with 220 units is being built on the last available parcel on Country Club Drive. Nearly two-thirds of the homes have been sold, says Jack Paget of International Sales Group, which is also marketing the property for Boca Developers.

Hampton South’s luxury coupled with International Sales Group’s aggressive marketing has resulted in many sales, especially from Latin America. “Buyers here represent a mix of local professionals, active empty-nesters and second-home purchasers from South America,” Paget said.

LA PERLA

A little farther south, in Sunny Isles, Richard Lamondin’s Cornerstone Premier Communities is developing La Perla, a 42-story glass structure with 326 condominiums starting at $400,000. Says Philip Spiegelman, president of International Sales Group, the project’s broker, “At this price point, La Perla has no competition in the market place.”

The units at La Perla range from 1,000 square feet to 3,100 square feet and feature private terraces overlooking the ocean. Each residence has designer finishes and floor-to-ceiling glass. Those features, a formal lobby, and amenities such as a beachfront pool, fitness center, business center and club room, helped boost sales. “We took reservation deposits for over 200 residences in just three weeks, based purely on word of mouth,” Lamondin said. “That’s definitely a new record.” In fact, 76% of the units have been sold.

BELLINI ON THE OCEAN

In Bal Harbour, Miami developer Martin Z. Margulies is creating Bellini on the Ocean, a 24-story property with 200 feet of magnificent ocean frontage and some of the best views in Miami-Dade County. The “boutique” condominium development offers a unique intimate lifestyle perfect for the very rich and famous.

Each unit features a high-speed elevator and panoramic views of the ocean. The centerpiece of Bellini on the Ocean is its private fitness center spa and cafe, designed and managed by SpaVida. The 82 units range from $1 million to $6 million, with up to 7,200 square feet of living space. Construction is to be complete in April 2004.

6000 INDIAN CREEK

On Miami Beach, BSG Development Corp. is building 6000 Indian Creek on the northernmost portion of “Millionaire Row.” This 42-unit condominium high-rise should break ground in early 2003. The 25-story development has a dramatic design that features a glass-enclosed oval-shaped tower. Prices start in the low $500,000s.

Ronald Bloomberg, a principal with BSG Development, said 6000 Indian Creek features cutting-edge design, quality finishes and high-end appliances. “The kitchen is one of the most important rooms in any home and perhaps one of the most striking features in our project.” 6000 Indian Creek integrates “tall wall” cabinets with side-by-side oven and a hidden microwave. “The cabinetry and appliances are so extraordinary that people who used to dine out every night are going to rediscover the joys of cooking at home,” said Jose Suarez, another principal.

THE WAVERLY AT SOUTH BEACH

Along West Avenue two blocks from Lincoln Road between Biscayne Bay and the Atlantic Ocean, The Waverly at South Beach was designed by famed architectural firm Arquitectonica. The 35-story tower boasts 14 spacious floor plans with private balconies and panoramic views of downtown Miami and the Atlantic Ocean. Over 150 of the project’s 399 one- and two bedroom units have been sold since July 14, 2002, says the project’s owner and developer, Athena Karlton SOBE, LLC. Prices range from $250,000 to $500,000. This is an opportunity buy at preconstruction prices without a wait.

The Federation of New York Housing Cooperatives and Condominiums (Federation) is sponsoring a seminar on the latest innovations in security strategy and implementation affecting the cooperative and condominium community on Feb. 27 at the New York Marriott Brooklyn, 333 Adams St. in Brooklyn, from 6:30 to 9:30 p.m., announces Gregory J. Carlson, executive director.

Albert F. Pennisi, Federation president and senior partner at Pennisi Daniels & Norelli, LLP will moderate a stellar panel of experts including Howard Schechter, partner in the law firm Schechter & Brucker, PC; Alan Bender, courtesy of Lockman Security Systems; Bob DiMartini, Secure Resources and Communications and Glen Kotowski, general manager at North Shore Towers.

The seminar will focus on recommended methods of security, high-tech surveillance, strategies specific to residential housing, legal issues and the latest technology and techniques in the security industry. The panelists are all recognized experts in their respective fields with a great deal of important information to dispense. Schechter is an attorney specializing in the real estate industry for more than 30 years; Bender is a surveillance and integrated access control systems specialist; DiMartini runs a private uniformed security service firm and Kotowski, is a retired NYPD deputy inspector and currently manager at North Shore Towers, a luxury cooperative in Queens.The seminar is free for Federation members, $30 for Council of New York Cooperatives (CNYC) and Council of Cooperatives and Condominiums (CCC) members and $50 for non-affiliated attendees. A dinner buffet and refreshments, underwritten by the panelists, will be served. For more information and to make reservations call the Federation at 718-760-7540.

The Federation of New York Housing Cooperatives and Condominiums (Federation) will celebrate its 50th anniversary on April 10 at Terrace on the Park, Flushing Meadows, Queens, at 7 p.m., announces Gregory J. Carlson, executive director of the Federation.

This year’s award recipients include Gifford Miller, New York City Council Speaker, Legislator of the Year; Ivan C. Lafayette, New York State Assemblyman, Friend of Co-ops and Condos; Frank Padavan, New York State Senator, Lifetime Achievement; Cooper Square Realty, Management Company of the Year; Delkap Management, Management Company Honorable Mention; Midboro Management, Management Company Honorable Mention; Jay Fingerman, AKAM Associates, Manager of the Year; Glen Kotowski, Charles H. Greenthal & Co., Manager of the Year; and David Lipson, Century Operating Corp., Manager of the Year.

In keeping with tradition, the annual Charles and Eva Rappaport awards for distinguished service by a board member, awards voted on by the Federation membership, will be announced at the event. “This is truly an auspicious occasion,” says Carlson. “The evening will give us an opportunity to reflect on our past accomplishments, celebrate our fitting that Tim be recognized by his current successes, and chart a course peers and honored with his own award. for our future effectiveness.”

In addition to the award recipients, assignment for this client and this award public officials and members of every recognizes his efforts. This also reflects facet of the real estate industry are expected to attend the festivities. The program will include an array of distinguished speakers and veteran members of the association that will pay tribute to the federation’s 50 years of service and dedication to the cooperative philosophy.

A commemorative journal replete with vintage photographs, memorabilia and anecdotes will be presented to every guest. For further information or to purchase tickets and reserve advertising space call 718-760-7540 or visit www.fnyhc.coop.

This year the Federation of New York Housing Cooperatives and Condominiums celebrates its 50th anniversary as a membership organization dedicated to the education and preservation of cooperatives and condominiums in the five boroughs, Long Island, Westchester and New York State.

The organization holds seminars and educational meetings, monitors court decisions and local, state and federal legislation and publishes a newsletter reporting on issues relevant to the cooperative and condominium community.

The Federation of New York Housing Cooperatives and Condominiums (Federation) sponsored a seminar on the latest innovations in security strategy and implementation affecting the cooperative and condominium community on Feb.27 at the New York Marriott Brooklyn, announces Gregory J. Carlson, executive director.

Albert F. Pennisi, Federation president and senior partner at Pennisi Daniels & Norelli, LLP moderated a stellar panel of experts including Howard Schechter, partner in the law firm Schechter & Brucker, PC; Alan Bender, courtesy of Lockman Security Systems; Bob DiMartini, Secure Resources and Communications; Gus Dibiasi, Impact Real Estate Management and Glen Kotowski, general manager at North Shore Towers, a Charles E Greenthal property.

Dozens of concerned board members and residents from multi-family cooperatives and condominiums attended the seminar despite predictions of a threatening snowstorm, underscoring just how important security is to those that attended. The constant theme, stressed by all the speakers was be prepared, be observant and be waxy of suspicious activities and packages.

Bender, a systems specialist from Lockman Security Systems, explained that an all-inclusive, effective electronic security system is comprised of three parts: locks, CCTV (closed-circuit television) and alarms. He advised, as budgeting allows, buildings may install one, two or all three of these security devices as finances permit.

Dibiasi, vice president of operations for Impact Real Estate Management Corp, described basic preventive security measures that should be in place in every multi-family building. These protocols include: alarm all basement, side and roof doors; keep buildings and pathways properly lit; keep shrubbery trimmed so that intruders cannot use it as camouflage; program elevators not to access basement levels during off hours; create a policy that all package and delivery services not be allowed past the doorman or lobby area; guests must be identified by the resident they are visiting, and do a criminal background check on all new residents and employees.

DiMartini, chief security officer for Secure Resources and Communications, LLC, a retired detective and the most decorated officer in the history of the New York Police Department, described what to look for when interviewing a security company. He advised to check a firm’s client list and get recommendations, make sure the company and its employees are New York State-certified, do a thorough criminal background check on the owners and every security officer that works on your property

Kotowski, a retired deputy inspector who spent 22 years with the NYPD and is now manager of the luxury cooperative North Shore Towers, warned of the delicate balance between implementing security procedures and offending or impinging on the rights and freedoms of residents. He recommended communicating with residents and encouraging them to be alert and observant.

Schechter, a senior partner with the law firm Schechter & Brucker, PC, is well-versed in the issues affecting cooperatives and condominiums. He warned that to deny a prospective buyer of an apartment based on discrimination is in violation of the law.

Having spearheaded numerous major real estate developments in New York, Boston and elsewhere over the course of a distinguished 30-year real estate career, Robert Siegel has embarked on his crowning achievement.

He is setting a new standard for connoisseur living at The Hubert, a 16-story condominium now rising at 7 Hubert Street in historic TriBeCa.

Less than six months after sales began, The Hubert–a $100 million project–is a manifest success.

Buyers have embraced Siegel’s vision. And years of patience, creativity and steadfast determination are bearing fruit. Remarkably, with 12 months to completion, more than half of the residences at The Hubert have already been sold.

When the partnership headed by Siegel purchased the property in 2000 from The Hubert’s original developer, the deal included development plans that had already been approved by the City’s Landmarks Preservation Commission–a demanding and lengthy process.

For most developers, this would have been serendipitous. But Siegel, dissatisfied with the first design concept, opted to re-approach the Commission and reopen the process so he could execute his bold vision. He wanted bigger, more luxurious units with higher ceilings and larger windows to provide spectacular views and natural light. He envisioned outdoor terraces and gardens. He preferred large, elegant maisonettes and townhouses to ground floor commercial space.

Siegel engaged noted interior designer, Alan Wanzenberg, to enhance and revamp the interior, reducing the number of residences from 67 to 33, creating spacious individualized residences–40 per cent of which have their own outdoor areas. The exterior redesign by architects BKSK, ingeniously reflecting the landmark character of the neighborhood, was enthusiastically endorsed by the Commission. Construction began earlier this year.

Siegel credits his drive and focus to his great-grandfather, Abraham Siegel, whose original business success came as the country’s largest manufacturer of private-label cigars.

His family later invested in and acquired significant parcels of commercial property in Midtown the Upper East Side of Manhattan–purchases that planted the seeds for generations to come. Yet Siegel’s path into the family business was somewhat circuitous. After graduating from Bucknell University, he attended St. John’s Law School and later taught elementary school in the South Bronx, a challenging and rewarding experience where he could help make a difference in children’s lives.

Real estate, however, was in his blood, and soon became his exclusive passion. Rather than family ties, his foray into the industry came through a highly coveted summer broker’s internship offered by the Real Estate Board of New York, for which he applied and was accepted.

That led to a full time position at I. Wharton & Co. where he learned and perfected the craft of real estate finance and development. He was involved in the development and marketing of an extraordinary range of residential and commercial properties.

In the early 1970’s, he brought his strong background to Gotham Construction and helped the company expand its development activities. His tenure at Gotham produced pioneering projects, including 808 Broadway, the first cond-op building in New York, as well as Key West and the Westmont on Columbus Avenue, two of the city’s first 80-20 projects.

After completing a series of successful developments, Siegel in 1990 launched Ghent Realty Services, a real estate consulting firm. For more than a decade the firm has been involved with scores of important projects, including the Manhattan School of Music’s $60 million dormitory and performance center at 122nd Street and Broadway.

Siegel’s extensive professional experience, unwavering commitment to quality and attention to detail, are reflected in all aspects of The Hubert.

Its 33 beautifully designed residences include two mansion-width townhouses with private garages, three sprawling maisonettes, and 28 dazzling lofts, including a two-story, five-bedroom penthouse, with a private, 360 degree terrace. There are 22 individualized residential layouts offering choice and ideal living environments.

As construction progresses, Robert Siegel continues to oversee development and focus intensively on the details of his craft to insure that his unique vision for this new landmark is fully implemented.

Interchange Bank is financing the development of The Moorings at Edgewater, 14 luxury town homes and four condominiums on River Rd. Pictured (l-r.) are Pat ARnold, executive vice president and chief lending officer, Interchange Bank; Tony Rinaldi, Moorings Development LLC; and Bob Cusick, vice president and construction loan officer, Interchange Bank

Gregory J. Carlson, executive director of the Federation of New York Housing Cooperatives and Condominiums and president of Carlson Realty, Inc. received the “2003 Management Company of the Year” award from the New York division of Registered in Apartment Management (RAM), the educational arm of the National Association of Home Builders (NAHB).

The award was presented by Nicholas LaPorte, Jr., executive director of Associated Builders and Owners of Greater New York (ABO), the New York affiliate of NAHB, on June 10, 2003 at the 22nd RAM Awards Cocktail Reception at the Jacob K. Javits Convention Center following the first day of the Buildings NY tradeshow, an ABO sponsored event.

Mr. Carlson is the on-site manager of Fairview at Forest Hills, one of the premier properties in the Forest Hills section of Queens. The 14-story, 450-unit residential tower is situated on five park-like acres with an outdoor swimming pool and recreation center.

In addition to his duties at Fairview, Mr. Carlson is a highly sought after management consultant offering professional assistance, training and expertise to self-managed buildings and independent management companies on every aspect of running a property. A 25-year veteran of the real estate industry, Mr. Carlson’s extensive knowledge of city, state and federal regulations, requirements and statutes, ensures Carlson Realty clients are not only in compliance, but able to exercise every advantage afforded by the government.

His professional credentials include Advanced RAM, nyarm (new york accredited realty manager), HCCP (Housing Credit Certified Professional) and RCM (Registered Cooperative Manager).

“Carlson Realty is an example of the best our industry has to offer in property management and consulting services,” says Mr. LaPorte. “Greg’s combination of responsible fiscal oversight, superb supervisory skills, tactful tenant relations and an extraordinary knowledge of legislative issues and current industry trends is unequaled in the real estate community.”