PWC forum highlights women's role in real estate market.

"We scour the market looking for places where others are afraid to venture. We're often pioneers. Every day you don't know what might jeopardize a deal. You just have to believe in the project, take a risk and continue to plow forward," said Tracey Appelbaum, director of development for AvalonBay Communities and one of four speakers at "Meet the Women Developers," a breakfast forum recently presented by Professional Women in Construction (PWC) at The Yale Club in Manhattan and sponsored by Metal Works of NY, Inc.

Her observations apply to the three other panelists as well: Christina Cox, executive director and founder of The National Museum of Catholic Art and History; Mary Galbally, director of real estate development with Housing & Services, Inc., a non-profit corporation that develops affordable housing units; and Carole Taylor, president of Wings Point Associates, a development team. "These women are all pioneers," said PWC President Lenore Janis in remarks following the program. "They have chosen to enter one of the most treacherous and competitive areas in the industry and a field long considered off limits for women."

The nearly 200 guests included strong participation from members of Financial Women's International, the Association of Real Estate Women (AREW) and Commercial Real Estate Women (CREW), as well as owners of construction companies and other businesses eager to learn of work opportunities with the developers.

The morning meeting was kicked off by an enthusiastic introduction from Manhattan Borough President Virginia Fields, who told the group that "there is tremendous growth in construction and development in Manhattan, particularly in the northern section. This is a time to grow and share." She invited all to call her office and "be a part of this booming work."

Lois Weiss, contributing editor to Real Estate Weekly and the panel's moderator, noted "Until now, few women have been involved from the production side; few are willing to go to the bank. These few have succeeded, and the diversity of their projects is astounding."

Mary Galbally, director of real estate development for Housing & Services, Inc., seeks funding from a variety of sources including government, corporations and private donations for affordable housing projects. The firm, founded in 1987 by Claire Haaga, who remains the president, was created "to develop affordable housing for vulnerable populations." It has since developed 1,400 units for various groups including the mentally ill, formerly homeless persons, victims of domestic violence and extremely low income seniors and families. The firm has a satellite office in Dade County, Florida.

"My job is to identify the site, put together financing and develop community support," said Galbally, noting that the latter is vital to the project's success. "The community must realize that affordable housing benefits everybody."

The Kenmore Hotel at 23rd Street and Lexington, a former welfare hotel and haven for drug dealers, was seized by the Justice Department in 1996. Housing & Services raised $33 million from corporations, banks, the city and state, and 300 Section A certificates to rehabilitate and double the size of the 620-unit hovels to create 325 units. The work was accomplished while 250 tenants, many of them seniors, remained on the premises.

Highbridge Woodycrest in The Bronx, a residence for individuals and families with AIDS, received bond issues from New York State. Private loans and grants have funded the rehabilitation of the Cecil Hotel in Harlem, which now provides 99 units of single room occupancy for the formerly homeless, some of whom have AIDS. A portion of the hotel which housed Minton' s Playhouse during the Bee-bop era of the 1930's and 40's is being renovated into a jazz club. "The goal is to have every project we develop become a community asset," explained Galbally.

Appelbaum's firm, while specializing in market rate rentals is proud to have an affordable component within several of its projects. The firm, which began as a $500 million company five years ago, is now a $3.5 billion firm. Though its housing to date has been in the Northeast, it plans to expand across the nation.

AvalonBay's successful complexes reflect a trend toward urbanization in the suburbs. Westchester County projects, including Avalon Willow in Mamaroneck, The Avalon in Bronxville, and a building in the works as part of the revitalization of downtown New Rochelle, feature close proximity to the train stations and high commuter populations. The Bronxville building includes both long-term renters and temporary residents, such as Newy York Yankee players. Appelbaum notes that rentals of approximately $270 per square foot are far lower than Manhattan prices of $400 and up.

Projects under construction include a 270-unit, 25-story high-rise with office space and excellent view in Jersey City, and Queens West, a 32-story building with a 10,000 square-foot clubhouse.

"We've been very successful, but I have to be out there pushing deadlines, kicking, screaming and dodging 'bullets' every day," said Appelbaum.

Ten years ago, when Christina Cox was a single parent working as a marketing representative with Dyansen Art Gallery, the idea of creating the world's first Catholic museum ("I wondered why no one had ever built one") was a dream she mused about during frequent visits to Saint Patrick's Cathedral. Today she is the executive director and founder of The National Museum of Catholic Art and History, which is scheduled to open in September 2000. Cox, whose first great success was to receive Pope John Paul II's personal blessing in Rome, recalled "When he held his hand on my head and made the sign of the cross, I knew that this was what I had to do."

Her first task was to create a team. "My instructions from Rome were to build a Board of Trustees," said Cox. Her current Board includes two "very supportive" architects, Arthur Rosenblatt and Nick Koutsomitis; Brian O'Dwyer, an attorney; Alfred E. Smith, who runs the foremost Catholic charity in New York; and William Fugazy of Fugazy International. When she met Edward Malloy, president of the Building and Trades Council of Greater New York, she remembered the words of a priest who once told her "If it weren't for the men who work in labor, we wouldn't have beautiful churches." Malloy is now the Museum's chairman of the Board. Frank Ross, chairman of HRH Construction, is doing the construction, together with John Hennessy and Jack Donohoe of Syska and Hennessy, a major engineering firm. Christina Walker is director of development.

Cox and her team began their work in donated office space in the Olympic Towers, then moved to Rockefeller Center in offices funded by a partially donated lease from Jerry Speyer of Tishman Speyer and a $50,000 donation from Donald Trump. They continued to seek a permanent home for the museum until Father Peter Rofrano referred Cox to a former parochial school that was badly in need of rehabilitation in East Harlem. It is next to the Shrine of Our Lady of Mount Carmel, once a place of feasts and a site of miracles that attracted crowds of 50,000.

The 40,000 square-foot building is being renovated on a $3.5 million budget. Funding continues to come from fund-raisers, from Malloy's success in obtaining a donation of $600,000 from labor sources, and from the help of such supporters as Frank Pelligrino, owner of Rao's Restaurant which, thanks to Cox's diligent efforts, now has a "museum table" that brings in donations ranging from $1,000 to $10,000 a night. The Board is also aware of the Upper Manhattan Empowerment Zone, a $300 million public fund to develop the area between 96th and 125th streets. East River Plaza is being built across the street, which will be the largest mall in Manhattan, with a Home Depot and Cosco and parking for 1,200 cars.

"We are happy to rebuild a part of history and be a part of a neighborhood," said Cox.

In 1972, Carole Taylor renovated a brownstone purchased by her and her husband in the Park Slope section of Brooklyn. She followed this with more renovations in Brooklyn, before buying 4.5 acres in the Hamptons and forming a partnership with Annie Bliss and Tom Ickovic, architects and designers.

Further encouraged by her success, Taylor and her team raised $500,000 from private investors to purchase an estate in Vermont overlooking Lake Champlain. The redeveloped inn and restaurant was dubbed Wings Point. Next, she turned "a rundown restaurant and much neglected cottages" with a marina in East Hampton into a waterfront restaurant, yacht club and 12 luxury apartments called Wings Point-East Hampton. It was selected one of the "10 Best in the World" by Boating Magazine for four consecutive years.

Taylor's current and most daunting project is Pier A at Battery Park, a landmark building built in 1886. Since the Pier has witnessed the launching of the Lusitania, and landings by Admiral Byrd, Amelia Earhart and Charles Lindbergh, Taylor focused on its history more than any other developer bidding for the project. Her idea worked, and her firm was selected for the project 10 years ago.

Financing has and will come from the State of New York for a Visitor's Center Museum; IDA bonds (granted to "tourism" areas); an $8 million HUD guarantee, since 50 percent of all jobs will go to low and moderate income people; a 20 percent investment tax credit due to the historic restoration; and tenants.

Navigating through the various bureaucratic roadblocks also required great skill, including getting an exclusion, with the help of Senator Daniel P. Moynihan, from a federal law decreeing that the government can take over the waterways and piers in times of need. The Landmarks Commission, Department of Environmental Protection, the Army Corps of Engineers, the Fish & Wildlife Commission and numerous other agencies also needed to grant permits and endorsements.

Pier A will feature a ground floor restaurant with a $2.5 million deck for outdoor dining, a 6,000 square-foot Visitor's Center Museum, and a two-story banquet facility which will host harbor cruises and parties. A new Ritz Carlton Hotel will be a neighbor, as is Robert Wagner Park, the Holocaust Museum and Battery Park City. The ground-breaking was attended by Andrew Cuomo of HUD, New York State Parks Commissioner Bernadette Castro, and New York City Parks Commissioner Henry Stern.

PWC's upcoming events include "Meet the Real Estate Industry," a networking event to be held on Thursday, February 17, from 5:30 to 8 p.m. at La Maganette at 50th Street and Third Avenue, and "Westchester Connection: Meet the Construction Users" on Thursday, February 24th from 5:30 to 7:30 p.m. at the Ramada Plaza Hotel in New Rochelle, NY.