Continued Growth Amidst Crisis

Michael Dowling, GSS ’74, president and CEO of Northwell Health, was at the epicenter of the pandemic when New York state was hit hard last spring. Dowling said that despite the economic fallout, Northwell continues to occupy nearly 20 million square feet of real estate in the state. He added that the institution expects to continue to expand as it has for the past decade, which is at about $1 billion a year.

“Every month we expand and just to give you an idea, we hire between 150 and 200 employees every single week,” he said. “We have a very, very large footprint.”

Dowling said that regardless of the economic sector, the pandemic has accelerated changes that were already underway, mostly due to advances in technology.

“One of the issues for us right now is to figure out how many of our employees will forever be working remotely, will be part-time, or will be full-time,” he said.

He added that even with so many of its employees on the front line, more than 10,000 Northwell staffers continue to work remotely, which has actually increased productivity.

“Those people seem to be happier and the productivity has been enhanced,” said Dowling, who also served as a professor of social policy and assistant dean at the Graduate School of Social Service after he earned his degree. “That raises the question of what does that mean for the real estate side of my business.”

Manage for Today, Lead for Tomorrow

Dowling said though many employees will continue to work from home, it doesn’t mean he will pull back from constructing or leasing space. Rather, he said, the pandemic has provided him an opportunity to replace existing spaces with other functions, consider infrastructure upgrades, and, “obviously,” technology enhancements.

He said Northwell’s overall vision for new construction projects remains the same.

“It’s a temporary blip. You know, it was difficult and I don’t want to minimize it,” he said of the deadly pandemic. “But we will recover from this, … I don’t think it will be the same exactly. But I do think we will come back strong and I think New York will continue to be the city of dreams.”

He added that he expects to rent in Hudson Yards soon, which he described as temporarily “dormant” due to the crisis, though he predicted the site to be “flush” in three to five years.

“I’m always thinking five years away, seven years away,” he said. “You manage for today which will lead for tomorrow.”

Built-In Health Tech

He also predicted that consumers will come to expect certain technological advances they’ve become accustomed to during the pandemic, such as telemedicine, and new construction must accommodate that. They will also expect to be kept safe.

“We also have to build now to make sure that we’re completely adaptable for infection control, safety mechanisms—and that’s not just hospitals, by the way, that’s for all construction,” he said.

Jeffrey Levin, founder and chairman of Douglaston Development/Levine Builders/Clinton Management, reminded viewers that at the beginning of the pandemic people were concerned about touching contaminated surfaces. This led him to consider building projects with an eye toward utilizing technologies so that residents don’t necessarily have to push buttons or open doors.

“You can use your iPhone to call the elevator or open your apartment,” he said. “We’ve already moved over to electronic latches into apartments because people initially wanted that for the ease, but now it’s more for the concept of hygiene.”

Dowling said housing is part of health care.

“Good housing promotes good health,” he said. “I think you’re going to see more and more of an integration between health care delivery systems and housing development.”

Getting Back to the Office

Jennifer Stewart, global head of real estate for BNY Mellon, said that from a workforce perspective the past year was a major test of at-home technological capacity.

“The biggest beta test ever for the technology was when we all had to leave our offices and go work from home,” she said. “It was a tremendous effort, but you know what? We passed the test … And if there’s anything we’ve learned from using this technology, is that it’s made us all more forward-thinking.”

Yet, Stewart said that with vaccines making headway, she senses “a pent-up demand and energy” to get back to work in person, albeit with caution, “once the kids are back in school,” and safety at the office is assured.

“Being able to work in a hybrid way or virtually is an added bonus, it gives people flexibility, and it adds to wellness,” she said. “But at the same time, we’re social beings, so this idea of you can just work from home forever, well I don’t think that any industry, in any way, shape, or form believes that.”

James Nelson, principal and head of Tri-State Investment Sales Group at Avison Young, moderated the discussion that also included industry experts Chris Mills, president and CEO of Plaza Construction, and Marc Zuluaga, CEO at Steven Winter Associates.

“You know that kid on your block who was older than you and was great at sports, who had a great dog that he didn’t have to walk on a leash, who everybody wanted to be when they grew up? He wore that jacket,” says Gulotta, who grew up in Queens, “and that’s when I first came to know of Fordham.”

Gulotta went on to graduate from Fordham College at Lincoln Center in 1982 and, after two years, returned to Fordham for law school. Now a Manhattan real estate attorney with his own firm and the founding CEO of a data protection company, he shares his love of Fordham with others through teaching and mentorship.

Gulotta says he was drawn to real estate law because it allows him to work on a transaction with a client from start to finish. And it was particularly important for him to start his own firm because he wanted to create his own culture—a culture inspired by one he found within the Fordham community.

“I wanted to create my own soil, if you will, where I could blossom the most” and help employees and clients do the same, Gulotta says. “As a businessperson, I don’t want to take advantage of people. I want to invest in my employees and let them know I am loyal to them so they too could thrive. And I wanted to figure out what my clients were going to want before they asked for it.”

That’s what drove him to co-found Real Estate Data Shield in 2012. He had noticed a big compliance gap in the mortgage industry: Banks and other lenders regularly share consumers’ non-public personal information (Social Security numbers, tax records, etc.) with title companies, attorneys, and other third-party vendors—not all of whom adhere to the same strict laws when it comes to safeguarding consumers’ data.

His response wasn’t what one might expect. Instead of developing a technological solution, he helped create a compliance and information security training program specifically tailored to the real estate industry. “That’s because the single greatest risk factor in any kind of information security is the human,” he says. “Depending on the study you read, about 40% of all incidents can be traced back to human misfeasance or malfeasance.”

It’s what he’s best known for in the field, and it’s an insight he shares with his students at Fordham’s Real Estate Institute, where he teaches a course on legal concepts in real estate. The institute, founded in 2016, offers an M.S. and several graduate and professional certificate programs in real estate finance, development, and construction management. “I love working with the students,” he says. “For most of them, it’s their first Fordham experience. And I get to give them guidance and mentorship, to bridge the gaps and actually get down in the trenches and coach them in a personalized way, just as my Fordham professors coached me.”

He brings that same mindset to the Fordham Mentoring Program, where he has been volunteering for 10 years. Each year he is paired with a new mentee, but he’s also done training sessions for his fellow mentors. His biggest tip? “I tell them that before you start offering advice, listen. Really listen and understand who you’re working with, what their strengths and weaknesses are, what their aspirations are, and what they need from you” he says. “Build trust and be a good listener.”

He is proud to have played a small role in how the 15-year-old program has blossomed, growing from just a few dozen mentors in its first year to more than 200 today. Gulotta has been most impressed with the addition of new events like speed interviewing and social outings, where mentors and mentees can bond.

While he has remained connected to all of his previous mentees in some way, he has formed a particularly strong bond with his first: Brandon Brown, GABELLI ’10, who was recently promoted to director of pro scouting for the Philadelphia Eagles.

“Chris was like a sounding board for me,” Brown says of Gulotta’s role in helping him figure out his next steps when he realized he wouldn’t have a playing career in the NFL. “He was like, ‘Hey, can I help you think through that?’ He wasn’t pushing. That’s where I think the foundation for a long-term relationship was built for us.

“I don’t even consider him a mentor anymore,” Brown says. “I consider him a family friend who I lean on heavily for advice.”

Gulotta says he gets more out of working with each student than he ever anticipated.

“You know, there’s a counterintuitive reward from giving. You think if you give something, you have less, because you just gave something away,” he says. “But it actually comes back in spades.”

Fordham Five

What are you most passionate about?
In business, always focusing on being relevant and being known for doing it right.

In my family life as a husband, father, son, et cetera, I’m most passionate about understanding how to best support those I care most about—being mindful of giving them what they need, the way they need it, as much as possible.

And, on a very personal level, it’s two things. The first is staying calm enough, through all the stress and multitasking, so as to let those great realizations form or emerge and not rush into bad decisions. It’s the Xing Yi concept of “no mind,” erasing the cluttered blackboard that is our mind so these great ideas can present themselves. And the second is challenging myself physically, being willing to see and feel my limits and working to see those measures change, hopefully for the better.

What’s the best piece of advice you’ve ever received?
Actually, there are a few, but two are from Father John Adam, who taught me at Fordham: “Life doesn’t work if you don’t keep your promises.” And “The mind is like a parachute; if it’s not open, it doesn’t work.” I think he meant the first one just as much about yourself as about others. We all have rationalizations to get through the day, but if we really start lying to ourselves, life just doesn’t work. The second piece of advice was just very vivid and stuck with me. It reminds me to be as open-minded as possible.

What’s your favorite place in New York City? In the world?
In New York City, it would be either Central Park or Riverside Park. Both offer incredible views, allowing us New Yorkers the opportunity to find calm, run, bike, walk, visit with friends, and get some balance from all the stress we find in the other parts of NYC.

In the world, it would be a toss-up between Cathedral Brook, which is a remote ski trail at Belleayre Mountain in New York, and Northern Italy’s Val D’Aosta. It’s lined with former Roman forts (now museums and inns), has gorgeous, glacier-fed, fast-flowing rivers, and the Nebbiolo grape is happy there.

Of course, any mountain, beach, forest, greenway, or my living room with my family and pooches also works.

Name a book that has had a lasting influence on you.
This is the toughest question you’ve asked. At 21, in my senior year at FCLC, I took a course called Philosophy of the Absurd with Professor Bernadette Bucher, who was born and raised in France. She had actually studied under Jean Paul Sartre. Assigned readings included Albert Camus’ “The Myth of Sisyphus,” written during the Nazi occupation of France.

We all know the story of the Greek myth. Sisyphus had been naughty, and the gods had sentenced him to pushing a boulder up a hill, only to have it roll back down each day—an eternity of hopeless struggle. Yet Camus tells us that he envisions Sisyphus happy or content, for he has accepted his fate and his struggle. And in doing so, he rises above it and has ultimately found contentment.

Life throws a lot of curveballs at us, both good and bad. It’s tempting to give up or think we’re victims. Facing challenges—understanding that the sooner we start trying to tackle them, the better off we are—and then smiling at and accepting the course of our journey was my personal takeaway.

Who is the Fordham grad or professor you admire most?
This is the easiest question, but I cannot answer it without mentioning both the Fordham grad and professor I admire most.

The Fordham grad would be my very first mentee, Brandon Brown. Nearly 10 years ago, he was a young man on a football scholarship at Fordham. In his junior year, he realized that for various reasons the NFL draft wasn’t a likely possibility for him. It was a sad realization for a truly gifted athlete who worked tirelessly since he was 10 years old on his fitness, technique, and understanding of the game. Yet he pulled himself up by the bootstraps, accepted this new reality, improved his academics, attended law school, and found his way back to his true passion as a football scout for Boston College. Within two years he moved up to the NFL as a scout for the Indianapolis Colts and was later recruited by the Philadelphia Eagles, where he now plays an integral role for the 2018 Super Bowl champions as the director of pro scouting.

Most mentor-mentee stories involve the mentor inspiring the mentee. But thankfully, in this instance, Brandon’s constant pushing of that boulder up the hill has and continues to inspire me.

As for Fordham professors, both Father Adam and Professor Bernard Gilligan, one an actual Jesuit and the other a virtual Jesuit, demonstrated a level of care, kindness, and joy in their teaching craft by helping scores of Fordham students like myself learn how to think, how to question, how to articulate, and how to reason. They are the embodiment of what makes Fordham special for me and are the very reason that I mentored Brandon and scores of great young women and men—and will joyfully continue to do so.

“I never got the memo that said that if you’re a woman and you’re at the table, you should feel intimidated,” said Gilmartin, who served as moderator at an April 25 panel discussion organized by the Fordham Real Estate Institute. The event was part of the institute’s new breakfast series, called She Builds, which focuses on women in real estate.

A former CEO of Forest City Ratner companies, Gilmartin, FCRH ’86, GSAS ’90, spearheaded the development of several high-profile projects in New York City, including the Barclays Center, the New York Times Building, and the New York by Gehry residential tower. She was honored with the Real Estate Board of New York’s Bernard H. Mendik Lifetime Leadership Real Estate Award last year.

“My rule is to always be over-prepared and know your place—meaning if you’re at the table, [you should]make a contribution … that was a life rule that I practiced.”

The discussion featured four other iconic women in New York real estate: Kathy Donovan, managing director of the Real Estate Finance Group at UBS; Nikki Field, senior global advisor of the Field Team of Sotheby’s International Realty; Joan Sapinsley, former senior vice president of Resource Capital Corp. and Resource Real Estate; and Christina Smyth, owner and founder of Smyth Law PC.

“There are women exceling everywhere,” said Gilmartin. “It’s a question of the recognition.”

Rising to the Challenge

Panelists spoke about the challenges they’d faced in their high-power careers, where they often managed multimillion-dollar, if not multibillion-dollar, deals.

Donovan, a member of the executive advisory council at the Fordham Real Estate Institute and co-chair of its industry outreach committee, spoke about her experience working in commercial mortgage backed securities (CMBS) on the global scale, particularly in Europe.

“CMBS in Europe existed, but [it was]quite different than what I was aware of than back [in the states], so there were an enormous amount of challenges,” she said, explaining that the position found her traveling to the Netherlands, Spain, and several other European countries throughout her stint. “It was like I was literally going to 12 to 14 different jobs.”

The expansion was necessary to help the company evolve, she said.

“At the time, we did a billion dollars and a half of loans, which frankly today, is not actually that much, but it was enormous back then, and I was pounding the pavement and originating, which I had never done before.”

Gilmartin said one of the toughest things she ever had to do in her own career was take over for real estate pioneer Bruce Ratner when he stepped down as chief executive officer of Forest City Ratner Companies in 2013.

“I spent two years planning for my ascension and I project managed that ascension as I did any other project in my career,” said Gilmartin.

Field, who has accomplished more than $2 billion in sales at Sotheby’s, has been part of the No. 1 New York City sales team at Sotheby’s International Realty for the past 10 years. But her rise to the top in the luxury residential real estate market began with her excelling at a challenge to sell a medical office that none of the other realtors of her firm wanted to take on.

“One specialization led to another,” she said, sharing that since 2008, she has added emerging markets in Asia to Sotheby’s growing global business.

Breaking Away

Some of the women have made advancements in their careers by being their own boss.

Gilmartin, a special advisor to Fordham’s Real Estate Institute, co-founded the development firm L&L MAG. And Smyth, who has worked in luxury high-end sales and real estate management, is the founder of the full-service real estate law firm Smyth Law PC.

“It’s really allowed me a tremendous amount of freedom,” said Smyth.

Still, Sapinsley, a founding member of the advisory committee to the Women’s Initiative of the CRE Finance Council (CREFC), said getting more women into positions of leadership in commercial real estate should be at the top of every business’ agenda.

“I think if we can get more corporations feeling a sense of responsibility, it will start to snowball out,” she said.

Advocating for Women

In addition to seeking out mentors and offering support to other women in real estate, the panel said women must not shy away from the spotlight.

“We as women have to really be our own advocates,” said Smyth. “If you think you’re worthy of a raise, you need to speak up.”

Toward the end of the event, a male attendee asked what could be done to get more women in commercial real estate.

Gilmartin emphasized that men in the C-suite can level the playing field in real estate by recognizing the success of women and working with them to create more diversity in the boardroom.

“The fact is that I believe that women are very good at this Rubik’s cube called real estate development, which has a lot of disparate parts and a lot of complications and deep problem solving, which we can do,” she said. “I think it begins with women getting in places where they can impact the outcome, and men like yourself, asking that question.”

That was the consensus of a panel of experts who spoke on Jan. 24 at the Lincoln Center campus at “Tax Reform’s Impact on the Real Estate Market.” The event was hosted by the Fordham Real Estate Institute and the Real Estate Services Alliance and moderated by James Nelson, vice chairman at Cushman Wakefield.

Richard Shapiro, director of EisnerAmper, gave a brief breakdown of nearly 500 pages of new tax law passed by Congress in December. After hearing Shapiro’s summary panelist Stephen DeNardo, CEO of River Oak Investment, sounded a note of optimism.

“There are three things I don’t bet against: I don’t bet against the United States; I don’t bet against New York; and I don’t bet against Tom Brady,” said DeNardo. He said that no matter the fluctuations in the economy, the New York real estate market is the last to take a dive and the first to recover.

In addressing the new law, panelists wore no rose-tinted glasses. There was consensus that the commercial real estate market will benefit, as will most commercial businesses, from the new 21 percent tax rate down from 35 percent. But the residential market will take a hit in light of the $10,000 cap on property tax deductions.

“In the residential sector, there’s going to be a price correction. It’ll be a long, drawn out process as to what values will be,” said Jonathan Miller, CEO, Miller Samuel Inc. “The first-time buyers’ market is going to fall, and it’s going to take many CPAs and lawyers to navigate this.”

Limited Deductions = Limited Home Buying

Another area of concern is the itemized deductions that will be eliminated under the new law, said Mike Stattery, senior vice president of research at the Real Estate Board of New York. He said this would likely act as an additional “disincentive” to home buyers.

“Fortunately, we have governor (Andrew Cuomo). Not one to sit on the sidelines, he’s talked about trying to make changes to blunt the impact of [eliminating]SALT (State and Local Taxes) on New York State resident itemized deductions,” said Slattery.

Panelists expressed concern that if state and local governments overreach or overcharge to make up for lost federal revenue, retirees may move to low- or no-income tax states like Florida. Jimmy Hinton, managing director of research at HFF, said that corporations like Amazon are keeping a keen eye on state responses before they decide where to move their new headquarters.

“The states are in a greater position of power to do what they want in order to raise revenue,” said Hinton.

Hinton, who is based in Texas, said that some states and cities have benefited from the relocation of corporations, due to lower taxes. But municipalities like Dallas are going to slow down incentives because “they’re running of out of fire power,” with local taxes on the increase.

Local Distinctions

Miller agreed that the federal tax code will affect local taxes.

“Certainly there will be migration to low-tax states, but I think it’s overhyped,” he said, citing the New York region in particular. “The more prevalent competition will be between county locations, such as Fairfield (Connecticut) versus Westchester (New York).” Taxes in Fairfield are just 35 percent of what they are in Westchester, he said.

One thing panelists agreed on was that low- and moderate-income renters will take a hit.

“The new tax law takes away some of the incentive to build affordable housing,” said DeNardo.

Here too, though, state law could help buttress areas that the federal law may hurt, said Brad Klatt, co-founder, Roseland Property Company, Canoe Brook Partners.

“In almost all of the blue states, they don’t allow for large-scale development without the creation of affordable housing,” said Klatt. “But we may find less housing, period, because they’re tied at the hip. It’ll push rents up.”

New York City should weather the changes just fine, said Slattery.

“It’s not just about the tax environment here, it’s the work force, [and]the city’s assets are innumerable,” he said. “There may be a slowdown in sales prices, but when you’re at 80 miles an hour and then you go to 60 miles an hour, you feel it but you’re still going at 60.”

When the School of Professional and Continuing Studies launched the Fordham Real Estate Institute last year, Robert Morganstern, the institute’s director, said the institute would be offering professionals “solid instruction by people who work every day in the industry, imparting what they know.”

To that end, the institute will present a panel of leading residential real estate experts on March 15 from 8:00 a.m. to 10:15 a.m. at Fordham Law School, to discuss trends in the metropolitan region. Michael Stoler, managing director of Madison Realty Capital and president of New York Real Estate TV, will moderate the event.

“We’ll look at assisted living, transit oriented developments in places like New Rochelle and Yonkers, affordable housing in the outer boroughs, and market rate apartments in Manhattan,” said Stoler. “We’ll look at every aspect of the residential market.”

The panel will explore financing, tax incentives, and new opportunities in up and coming markets, such as areas where New York City’s ferry system has expanded.

“Everybody wants to know what’s happening in the world of residential real estate—from the working person to the retiree—and we’ll explore it all,” he said.

The speakers include:

• Jan Burman, president, The Engel Burman Group, Bristal Assisted Living
• Steven Dubb, principal, The Beechwood Organization
• Allen Goldman, president, SJP Residential Properties
• Jeffrey Levine, chairman & CEO, Douglaston Development/Levine Builders
• Laurent Morali, president, Kushner Companies
• Kenneth Pasternak, executive chairman, KABR Group
• Seth Pinsky, EVP, fund manager, Metro Emerging Markets & Public Affairs Director, RXR Realty
• Eran Polack, CEO, co-founder, HAP Investment Developers
• Benjamin Stacks, market manager, SVP, Capital One Bank.
• Joshua Zengen, managing principal, co-founder, Madison Realty Capital

The School of Professional and Continuing Studies (PCS) has launched the Fordham Real Estate Institute at Lincoln Center, designed for professionals and investors who want to boost their expertise to the next level.

“Lincoln Center is a such a classy and convenient destination,” said Robert Morgenstern, director of the new program. “To have Fordham as the school and Lincoln Center as the location, with quality faculty and programming that professionals want, is a perfect combination.”

Anthony Davidson, Ph.D., the dean of PCS, said the program is part of the expansion of the school. It offers online components that he plans to incorporate into other disciplines as well.

Davidson said Morgenstern will be working with faculty experts with years of experience in the real estate and construction industries in New York City, “one of the world’s most dynamic and sophisticated real estate markets.”

Students will be able to pursue a six-course certificate or take select courses in four tracks: Finance and Investment, Financial Modeling, Development, and Construction Project Management. Areas of study range from valuation and private equity to investment analysis and project management.

“These certificate programs present the core competencies and professional skills needed throughout the lifecycle of a property, from initial development through disposition” said Morgenstern. “Each phase of the process has its own specialized set of skills and requirements, and we strive to deliver those to the student using real world, practical applications.”

Morgenstern said that the certificate could appeal broadly—from owners and investors who want to learn how to converse with contractors working on their projects to construction tradespeople who want to move up in their career.

“We’ll be offering those professionals solid instruction by people who work every day in the industry, imparting what they know,” he said.

The Real Estate Finance and Investment track includes property financial analysis, valuation, debt finance, private equity and investment analysis.

Another track, Real Estate Financial Modeling, is a skill set that is in demand, he said.

“It’s about setting up spreadsheets, getting the inputs right, determining value, and finding an effective way to present that information” said Morgenstern. “These are critical skills.”

The Real Estate Development track starts at site selection and moves through market and feasibility analysis, finance, construction and asset stabilization.   

Lecturers are from the Tri-State area, so the New York market’s nuances will certainly come up in the classroom, said Morgenstern. Online courses retain equal weight toward the certificate, and the topics will be relevant and transferrable to national and international markets.

Finally, Construction Project Management will be geared toward the construction process— from scheduling and estimating to budgets, cost control, safety management, and quality control. This track may appeal to architects who have designed but now want to be more involved in construction management or the broader development phases of projects, said Morgenstern.

“The professional certificate programs are designed to help current and up-and-coming industry professionals move to the next level in their careers, and that is exactly what our school is all about,” said Dean Davidson.

With this in mind, a new collaboration spanning four schools across Fordham will revitalize the way real estate education is delivered at the University.

“Real estate is one of the largest industries in the city and in the country overall,” said Nestor Davidson, associate dean for academic affairs at the law school and co-director of the Fordham Urban Law Center.

“To be a successful real estate professional today, you have to be able to navigate multiple aspects—marketing, management, finance, law, policy. As a university, we’re well-suited to build that platform.”

Building that very platform is at the heart of FIRE, Davidson said. Its first objective has been to spotlight each school’s approach to substantive and pedagogical questions concerning real estate, and to examine how these approaches might formulate a holistic real estate education.

“This gets into questions of housing, of inequality, of what it means to be a city today,” Davidson said. “As the Jesuit university of New York City, Fordham has always been in the city and of the city… And, as a university, we have an obligation to engage with these questions.”

Second, FIRE has been reaching out to alumni from law, business, and the humanities who work in real estate to serve as resources and mentors for current Fordham students seeking careers in the industry.

The alumni will also benefit from the initiative, said Kevin Mirabile, DPS, clinical assistant professor of finance and business economics at the Gabelli School. Ultimately, the members of FIRE hope to establish executive education opportunities for working professionals.

These opportunities would be cross-disciplinary—much the same as the real estate industry itself.

“Once alumni graduate from their respective schools, the lines get blurred in terms of the actual work they do,” Mirabile said. “Often, a person in this field is called upon to have some legal knowledge, an understanding of urban economy, of accounting, and more.

“There’s a whole universe of people who go on to operate in a field outside of their original academic discipline or who need to manage people across disciplines. We think that’s an audience that would like to come back to Fordham for lifelong learning opportunities,” he said.

FIRE’s goals to offer continuing education and to align the University’s diverse real estate pedagogies are pertinent as the world becomes increasingly urbanized, said Rosemary Wakeman, PhD, director of the urban studies program. Real estate professionals will need to be prepared to grapple with these manifold challenges.

“It’s not just the number of people coming into cities, but what happens to the building and real estate industries under the pressures of housing demands, gentrification, commercial development,” Wakeman said.

“These are not just industry questions. These are also social and cultural questions, and they’re important ones for everyone involved… It’s an industry you have to deal with from a wide variety of lenses.” 

Good evening.

Thank you, Dean Mast, for the kind words. I would also like to thank you, Provost Freedman and Rose McSween for inviting me here tonight for this exciting milestone event for Fordham College.

This year marks the 30th year of my graduation from Fordham College of Arts and Sciences. Since that moment on I have been dabbling, exploring, and toiling in the field of real estate. During my undergraduate studies I had no understanding of the industry, no sense of its deep dimension, and certainly no inkling it could be the most exhilarating, challenging, and rewarding career path for me.

My serendipitous foray into real estate can be traced back to this fine institution and the political science department, where Dr. Bruce Berg suggested I apply for an NYC Urban Fellowship where between undergraduate and graduate work, a group of 20 would be chosen to experiment and experience public service. This highly competitive scholarship program was launched by then Mayor Koch as a recruitment tool to draw young and eager talent into public service before graduates flocked to the private sector.

With a wide, ambitious, and curious lens (compliments of Fordham), I opted for economic development. This is essentially real estate with public purpose. And so began my professional love affair with real estate. It has been in my veins ever since.

Today, this F.I.R.E. initiative is as important to our profession as it is to the school’s students. We are a country of cities, where for the first time ever in the history of the world, more people live in cities than not. The 21st century definition of livable cities is being crafted, honed, debated, and drawn up. In every city across the globe, with every large-scale development plan; every rezoning initiative; every new building design; every new infrastructure undertaking; every new commercial lending program; every bull run and every bear market, the business of real estate is at play.

What makes our field so captivating, so impactful and so meaningful is that real estate thrives at the intersection of so many subject matter experts–to launch a single project, the business will tap into every Zip Code from architects, engineers, planners, lenders, and insurers.

Real estate has critical relevance to both the public and private sectors–forging deeply complex partnerships that have the power to transform and improve the human condition in ways that are concrete, tangible, and impacted.

I think about how fortunate I was, thanks to Dr. Berg, to let real estate find me. I think often about how many young minds would be drawn to the field if they only knew… F.I.R.E.will ignite passion and purpose into the minds and hearts of Fordham students; it will tap into and unleash its formidable alumni base, and finally it will, in the true Jesuit tradition, bring enlightenment and understanding, ensuring that the level of play in our business is held to the highest possible standard.

Thank you again for allowing me to be a part of this exciting moment.

— MaryAnne Gilmartin