Foundation continues to fulfill needs of brokerage community.New York's real estate market is so hot that it has not only borne numerous megadeals in recent months--including Blackstone's $23 billion acquisition of Equity Office and the $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village--but it has also created industry-wide celebrities out of some of the City's top-performing brokers. The high profile brokers behind these megadeals constitute just a small percentage of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's brokerage community, yet typically negotiate the highest volume and value of lease deals, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jerry L. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , president of the Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Foundation of New York, a charitable organization This article is about charitable organizations. For other uses of the word charity, see Charity. A charitable organization (also known as a charity) is an organization with charitable purposes only. funded solely by real estate professionals and benefiting real estate professionals in financial need. Most other brokers, he says, face a shortage of inventory, high demand for scarce space, and more competition for fewer lease deals than ever before. "It's not uncommon for formerly successful brokers, even in the current market, to be suffering from some sort of financial hardship," says Cohen. "The bottom line is that 20 percent of New York's brokers make 80 percent of the megadeals. In the brokerage community at large there remains an ongoing need for financial aid that would only increase if there were a downturn in the market, which the new broker generation has yet to witness. "In addition, there is continued growth in the number of real estate brokers entering the industry. While the Foundation receives applications based on very divergent di·ver·gent adj. 1. Drawing apart from a common point; diverging. 2. Departing from convention. 3. Differing from another: a divergent opinion. 4. hardships, the need is always there." Licensed real estate brokers who have been in the business for at least three years can submit an application for financial aid, according to Patricia C. Frank, executive director of the Foundation, and the process is highly confidential. "We have made it a cornerstone of our work and philosophy to protect the privacy of the Foundation's beneficiaries, who are all assigned confidential case numbers. Oftentimes of·ten·times also oft·times adv. Frequently; repeatedly. Adv. 1. oftentimes - many times at short intervals; "we often met over a cup of coffee" frequently, oft, often, ofttimes , only one person working at the Foundation knows the identity of those we help, and our records are kept top-secret," she says. "Some of the Foundation's most compelling stories are never told because of our commitment to keep all financial aid cases confidential," adds Cohen. The Realty Foundation of New York raises funds from its annual luncheon and the dues of its 75 members. It has awarded financial aid in excess of $100,000 annually, and educational scholarships in excess of $200,000 annually. Each application for financial aid is carefully screened by the Foundation's review committee, and must meet two basic criteria: first, that the professional has a demonstrative LEGACY, DEMONSTRATIVE. A demonstrative legacy is a bequest of a certain sum of money; intended for the legatee at all events, with a fund particularly referred to for its payment; so that if the estate be not the testator's property at his death, the legacy will not fail: but be payable record of success in the industry, and second, that he or she has true financial hardship. The Foundation's educational scholarship program, according to Frank, is based on the financial need of the student and family and is available to employees and the children of employees of member firms of the Foundation. An outside financial consultant and the Foundation's scholarship committee review each application. The Realty Foundation of New York will hold its 53rd Annual luncheon on April 5 from 12:00 to 2:00 p.m. at the Grand Ballroom of the Waldorf Astoria, and will honor two of the City's top-performing brokers, Tara Stacom, vice chairman at Cushman & Wakefield, and Darcy Stacom, vice chairman and partner in the Investment Properties Institutional Group (IPIG IPIG iOpus Private Internet Gateway IPIG Ill Protocol Implementors Group ) at CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. . Tara Stacom and Darcy Stacom will be honored for more than their excellent contributions to commercial real estate in New York, according to Cohen. "They will be honored because they exemplify ex·em·pli·fy tr.v. ex·em·pli·fied, ex·em·pli·fy·ing, ex·em·pli·fies 1. a. To illustrate by example: exemplify an argument. b. the industry's shift from a once male-dominated one to an industry in which there are more and more highly successful female leaders." "Tara and Darcy are, and will continue to be, excellent mentors to the next generation of brokers and real estate professionals," Cohen adds. The Realty Foundation of New York was founded in 1954 by a group of passionate real estate professionals that were concerned about the financial risks the brokerage community faced. Today, the Realty Foundation has a board of directors led by chairman Larry Silverstein Larry A. Silverstein (born 1932 in Bedford-Stuyvesant in Brooklyn, New York) is an American billionaire real estate investor and operator and the head of Silverstein Properties, a real estate development group. and president Jerry L. Cohen. The foundation's membership is 75-strong, and includes many of the real estate community's most prominent members. Since its inception, the foundation has disbursed over $2.4 million in financial aid and over $2.8 million in scholarship awards. For information on purchasing tickets to the event or on advertising in the Foundation's Journal, please call Patricia C. Frank at (212) 697-3943. |
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