BUILDING & REALTY NEWSVOL 7 NO 2 SERVING WESTCHESTER AND THE MID-HUDSON REGION MARCH / APRIL 2008

By HERB ROSEsee page 2

THEHANLEYREPORT

By JEFF HANLEY

see page 2

CO-OPCONDOCORNER

Think of �The WholeDeal��It�s The OnlyWay to Go!

Another Spring HasQuicklyCome Around!

Reviewing Access to aCo-op�s or Condo�sBooks and RecordsBy KENNETH J. FINGER, CARL L. FINGER

and DANIEL S. FINGERsee page 5

IndustryMeeting toExamineEnergy IssuesBy Jeff Hanley, IMPACT Editor

WHITE PLAINS��The Region�s En-ergy Needs, Part One!� is the topic ofthe May 8 General Membership Meet-ing of the Building and Realty Institute(BRI), association officials announcedlast week.

The meeting, scheduled for a 6:30p.m. start, will be at the Crowne PlazaHotel in White Plains.

Froydis Cameron of Shell Oil Corpo-ration will be one of the featured speak-ers, BRI officials said. Cameron will givea presentation on the proposedBroadwater LNG (Liquid Natural Gas)project that involves Long IslandSound. The project was originally de-signed to augment the region�s energy

WASHINGTON, D.C.�The deepeningslump in the nation�s housing marketshas seriously eroded consumer senti-ment and pushed the economy into amild recession.

David Seiders, chief economist forthe National Association of Home Build-ers (NAHB), issued that recent assess-ment in a report from the association.

�The worse than anticipated housingdownturn, combined with a systematicweakening of the labor market and rap-idly rising energy and food prices hastaken a heavy toll on American con-sumers,� he said.

�It�s now clear that we have enteredwhat we anticipate will be a mild reces-sion, running through the first half of thisyear, and there are substantial down-side risks to this economic scenario.�

NAHB Economist: A “Mild Recession” ExistsBy Jeff Hanley, IMPACT Editor

Needed ActionSeiders stressed that, to guard

against a longer and deeper downturn,Congress should take immediate stepsto stimulate the economy through ac-tions specifically targeted at improvingthe ailing housing market.

Those actions, he said, include atemporary home buyer tax credit, mod-ernization of the Federal Housing Ad-ministration and oversight reform for thehousing-related government spon-sored enterprises.

�Stopping the downward trend inhousing prices is a key to bolsteringconsumer confidence, as well as mort-gage credit quality, and a temporaryhome buyer tax credit is the best way todo that,� Seiders said.

The report noted that, due to the on-going erosion in the housing financemarkets and buyer demand, Seidershas adjusted NAHB�s official housingforecast to indicate continuing down-ward movement in housing startsthrough the end of 2008. That move-ment, he said, will push the decline forthe year to 30 percent.

A month ago, the report added,Seiders expected housing starts to bot-tom out in the third quarter, with a 27percent decline for 2008.

�This change in our forecast indicatesthat, barring immediate action by Con-gress to stimulate housing and theeconomy, the housing sector will continueto be a serious drag on economic growth

AOAC Continues to Prepare forThe Upcoming “Guidelines Season”By Jeff Hanley, IMPACT Editor

Continued on page 3

Continued on page 3

WHITE PLAINS � The Apartment Own-ers Advisory Council (AOAC) is con-tinuing its preparations for the realtyindustry�s testimony on rent guidelineincreases for rental apartment buildingsaffected by the Emergency Tenant Pro-tection Act (ETPA).

The AOAC sponsored an Apr. 24membership meeting as �a strategysession� that allowed members to voicetheir input on how the realty industryshould prepare for the upcoming public

hearings and deliberations of theWestchester County Rent GuidelinesBoard.

The dates of the board�s public hear-ings are June 10 (Mount Vernon); June11 (Yonkers); and June 17 (WhitePlains). The locations and times of thehearings have not been announced.

The board�s deliberations in WhitePlains are scheduled for June 19 andJune 26 (if necessary). The times and

locations have yet to be determined.

A Chance to Participate�Members who wanted to voice sug-

gestions on how we should prepare forthe realty industry�s testimony beforethe guidelines board had the chance todo just that at our Apr. 24 meeting,� saidJerry Houlihan, AOAC chairman.

�And, of course, we will continue to

ADDRESSING KEY ISSUES � The Mar. 13 General Membership Meeting of theBuilding and Realty Institute (BRI) addressed tax and marketing issues for busi-nesses. Pictured at the conference are, first row, from left to right, Ken Nilsen,president, BRI; Suzanne Cortese, BRI member and speaker; and Andrea Wagner,BRI member and speaker. Pictured in the second row, from left to right, are KenFinger, chief counsel, BRI; Albert Annunziata, executive director, BRI; MichaelDardano, BRI member and speaker; and Joseph Insalaco (speaker), 1031 Invest-ment Services LLC. More than 60 building and realty industry members attendedthe program at the Crowne Plaza Hotel in White Plains.

Photo by B

arbara Hansen

Continued on page 3

PAGE 2 - IMPACT - MARCH / APRIL 2008

THE HANLEYREPORT

CO-OPCONDOCORNERBY HERB ROSE

Publisher: ALBERT ANNUNZIATAExecutive Editor: JEFFREY R. HANLEYEditorial Assistants:PEGGIE MACDOUGALL, JANE GILLArt Director: BART D’ANDREAAdvertising Consultant: HARRIET K. LERNERPhotographic Consultant: BARBARA HANSENContributors: CARL FINGER, DAN FINGER, KEN FINGER,ALEX ROBERTS, HERB ROSEProduction: MEADOW ART & DESIGN, FAIR LAWN, N.J.

BUILDING &REALTY NEWS

Published By The Builders Institute/Building and Realty Institute.Subscription, $20 Per Year, Included In Membership Dues.

©2008, By The Builders Institute/Building and Realty Institute.All Rights Reserved. No Part Of This Publication May Be Reproduced In Any Form Or By Any

Means Without The Written Permission From The Publisher.Entered As Periodical Matter At

Post Office, White Plains, NY 10610USPS 259-900

IMPACT (USPS 259-900) Is Published Monthly For $20 Per Year By The Builders Institute/Buildingand Realty Institute, 80 Business Park Drive, Suite 309, Armonk, NY, 10504.Periodicals Postage Pending At Armonk, NY.POSTMASTER: Send Address Changes To IMPACT, 80 Business Park Drive,Suite 309, Armonk, NY 10504.

80 Business Park Drive, Suite 309,Armonk, N.Y. 10504.

(914) 273-0730www.BuildersInstitute.org

By Jeff HanleyIMPACT Editor/Associate Director,Building and Realty Institute (BRI)

NEW YORK�Samantha J. re-cently closed on an attractive,one-bedroom apartment onthe upper West Side of Man-hattan that she had purchasedfrom an estate.

Her motivation was to �fix-up� the place and live there.Her initial viewing of the unitdidn�t raise any red flags aboutthe apartment�s condition, butafter the closing many prob-lems, aside from redecorating,became prominent.

The flooring in the livingroom was warped, the toiletdidn�t work, and the refrigeratorwas missing! Without lookingback at the lack of due dili-gence, these and other prob-lems screamed out for a solu-tion. Logically, repairing the toi-let should have been the firstpriority, but our charmingyoung lady addressed every-thing at once. She orderedflooring, furniture, hired an un-licensed plumber and fell intoan inevitable pit!

After six weeks, she had apile of flooring, a non-workingbathroom and an adversarialrelationship with the building�ssuperintendent. Plumbing wascritical, since the in- bathroomvalves did not work in the 50-year old building and all waterto the building needed to beshut off to install the new com-mode.

Think of “The Whole Deal”—It’s The Only Way to Go!

The superintendent, whowould not answer her calls, atone point insisted that hisplumber be engaged to do thework and threw in the fact thatour intrepid young damsel hadno board permission to do al-terations and/or repairs.

Important PointsFoolishly, our new co-op

owner felt she could fight withthe super and win (not easily).Ultimately, certain conclusionscan be drawn from this esca-pade.

1) Have a knowledgeable in-spection conducted beforeyour purchase.

2) Get permits and/or per-mission to do work after youbuy your unit.

3) Make friends with the su-per.

4) Buy �The Whole Job� �the finished installation of floor-ing, a working bathroom from aqualified plumber, or perhaps acomplete renovation from ageneral contractor.

An Example for BoardsSamantha�s experience is

much like what many co-op andcondo buildings have livedthrough. For protection andprudent management, anengineer�s or architect�s speci-fications for boiler replacement,roof repair, brick pointing or

what have you is an absolutenecessity.

Two or $3,000 dollars in feesto scope out a major project isa small price to pay for accu-rate information. Thus armed,all the contractor estimates willbe based on the same require-ments.

Aside from having a base-line to estimate costs, havingspecific requirements in handwill help guarantee that the jobwill actually get done. Tales ofdisappointments with largecapital projects abound withbuildings who believed theybought certain work and some-thing else or nothing was done.

Lurking in the back of manyprojects is a requirement thatrenovations or alterations needto conform to current regula-tions of building codes andother new specifications. It hasnot been unheard for contrac-tors to leave out conformingwork in order to keep the quo-tation low.

Rewards and penalties arean expeditious method of get-ting a project done. A bonusper day for early completionbefore a mutually agreedcompletion date is highly moti-vating. A penalty of the samedaily rate for late completionwill also work. The World TradeCenter contractor, Larry Silver-stein, collected a substantialpenalty from the Port Authorityfor late preparation of the build-

ing site. Now, Silverstein mustcomplete his end of the projectin five years.

A careful assessment of re-hab and/or alteration contractswith professional input can savevast amounts of money in thecompletion of these projects.And, as a final thought, buy �thewhole deal!� You as the con-sumer are protected only whenthe finished product is usable bythe uninitiated.

Herb�s Hints1) Are you charging enough

to cover the cost of admissions

The superintendent, who would not

answer her calls, at one point

insisted that his plumber be

engaged to do the work and threw

in the fact that our intrepid young

damsel had no board permission to

do alterations and/or repairs.

applications (a $ 500 mini-mum)?

(2) Are you charging enoughfor closings and stock trans-fers? (a 750 minimum)?

Editor�s Note: Herb Rose is aco-op and condo consultant tomany buildings in the New Yorkmetropolitan area. He is also amember of the board of direc-tors of the Cooperative andCondominium Advisory Coun-cil (CCAC).

Rose can be reached athrose47563@aol.com. TheCCAC is at (914) 273-0730.

ARMONK�The sudden startof another spring is a subtle re-minder of how quickly time isgoing by.

Most people would probablyagree that the time betweenthe changing of the seasonsseems to be getting shorterand shorter.

Martin Ginsburg, the princi-pal of Ginsburg DevelopmentCompanies (GDC), probablyshares in that thinking. GDC,one of the region�s leadingbuilders, is marking its 45th an-niversary this year.

It�s probably a good bet thatGinsburg - a past president ofthe Building and Realty Insti-tute (BRI) - is amazed at howquickly time has passed sincethe formation of his well-knownfirm. A profile on GDC and itsnoteworthy achievements is

Another Spring Has QuicklyCome Around!

one of the features of this issueof IMPACT.

Other articles of interest in-clude:� A report on a team of veteran

building and realty industrymembers forming SMR, aconsulting firm focused on as-sisting financial institutionsand developers with workoutsof non-performing properties.

� An analysis in Counsels� Cor-ner on the rights of sharehold-ers and owners to review thebooks and records of their re-spective co-op and condoboards. Finger and Finger,chief counsel to the BRI,wrote the article.

� A Page One report on how theApartment Owners AdvisoryCouncil (AOAC) of the BRI iscontinuing to prepare for theupcoming public hearings

and deliberations of the West-chester County Rent Guide-lines Board.

� An update by Maria Miller ofVerizon on �Future Communi-cations Technology� for multifamily buildings.

� A report in Co-op and CondoCorner on how boards shouldconsider all factors involved inimportant decisions affectingtheir respective buildings.Herb Rose authored the re-port.

� An analysis in Tech Talk fromAndrea Wagner on the impor-tance of updating web sites.Those are just a few of the

interesting reports in thismonth�s edition. Enjoy the is-sue � and the spring, because,as the saying stresses, �it willbe gone before you know it!�

PAGE 3 - IMPACT - MARCH / APRIL 2008

until the beginning of 2009,� hesaid.

Seiders added that thestimulus bill recently passed inthe Senate and the HouseWays and Means Committeeare welcome steps in the rightdirection.

�This is one instance whereprompt and appropriate effortsby the nation�s lawmakerscould make make a significantdifference in limiting the depthand duration of the economicdownturn,� he said.

The Local ScenarioThe Westchester and Mid-

Hudson Region is feeling theeffects of the downturn, ac-cording to studies by the Build-ing and Realty Institute ofWestchester and the Mid-Hudson Region (BRI).

Albert Annunziata, executivedirector of the BRI, noted thatthe region�s housing markethas definitely cooled.

�Our members havestressed that conditions have

changed noticeably when com-pared to a year ago,� he said.�We also have the continuingproblem of restrictive andnegative land use regulationson the local and state level,which continue to thwart the de-velopment of much-neededhousing units in our region.�

Annunziata noted that, ac-cording to a report by theMcGraw-Hill Construction Re-search and Analytics Depart-ment, contracts for new, addi-tion and major alterationprojects in the residential mar-ket from January throughMarch are down, in value, by14 percent in WestchesterCounty. The study compareddata to the same period in2007.

Annunziata added that theBRI analysis showed thatneighboring Dutchess Countyexperienced a 27 percent de-cline, with Putnam at the virtualsame level as 2007 (21 majorprojects, compared to 22 lastyear).

NAHB Economist: A “MildRecession” ExistsContinued from page 1

AOAC Continues to Prepare for theUpcoming “Guidelines Season”Continued from page 1

needs, BRI spokesmen added.The meeting is the first of two

consecutive conferences thatthe BRI has scheduled to ad-dress energy issues affectingthe Westchester and Mid-Hudson Region. The secondmeeting, entitled �Con Edi-son�Its Role in WestchesterCounty� and �An Assessmentof Electrical Energy Needs inWestchester County,� is sched-uled for June 12.

�These meetings will exam-ine the energy issues that af-fect us all,� said Albert Annun-ziata, executive director of theBRI. �It�s become clear that astime goes on, these energysituations have to be ad-dressed for the good of our re-gion. We are facing a serioussituation regarding our region�sability to find the energysources that it needs.�

The BRI has been address-ing energy issues as part of analliance of major Westchester

County business groups.The coalition, known as The

Westchester Business Alliance,released a major report on theregion�s energy needs on Jan.31. The alliance is composed ofthe BRI, the Business Council ofWestchester, the ConstructionIndustry Council (CIC) and theWestchester County Board ofRealtors (WCBR). The group iscontinuing its efforts to publicizethe report and stress the energyneeds and issues of the region.

The May 8 and June 12 meet-ings of the BRI are open to allmembers of the association.The conferences are also opento non-members. For reserva-tions and further information,call the BRI offices at (914) 273-0730.

The BRI is a building, realtyand construction industry mem-bership organization. The asso-ciation, based in Armonk, hasmore than 1,700 members in 14counties of New York state.

Meeting to Examine Energy IssuesContinued from page 1

accept input from our mem-bers,� Houlihan added. �Wedefinitely will use their sugges-tions and experiences as weprepare for the hearings andthe deliberations.�

The guidelines board, whichis composed of nine members,is the entity that annually ruleson increases for lease renew-als. The board�s decision willaffect rent adjustments for oneor two-year leases which beginbetween Oct. 1, 2008 and Sep.30, 2009.

A Critical FactorHoulihan added that testi-

mony and attendance fromAOAC members at the publichearings and deliberations of

the guidelines board is vital tothe industry.

�Each year, we highlight thefact that it is extremely impor-tant that owners and managerstestify on the continuing in-creases in costs that the realtysector is facing,� Houlihan said.�We urge our members to at-tend and to offer their individualstruggles with their day-to-daycosts to the guidelines board.We can�t emphasize it enough� we need the AOAC membersto help us. In turn, that will helpus help our members.�

AOAC members will receiveupdates on the efforts of theassociation as it continues toprepare for the hearings anddeliberations, Houlihan added.

A CCAC MEMBERSHIP MEETING � The Cooperative and Condominium Advisory Council(CCAC) of the Building and Realty Institute (BRI) sponsored a Mar. 20 membership meeting. Thethemes of the conference were �How Boards Can Deal With Major Capital Improvements!� and�How to Generate Additional Sources of Revenue!� Pictured at the meeting are, from left toright, Vincent Mutarelli, Capital One Bank and a BRI member; Doug Bottner, Capital One Bank,speaker; Jay Mendel, BRI member and speaker; and Herb Rose, BRI member and speaker. Morethan 55 CCAC members attended the event at the Crowne Plaza Hotel in White Plains.

EXAMINING IMPORTANT TOPICS FOR THE MULTI FAMILY SECTOR� �An Update on HeatingIssues Affecting Multi Family Buildings�; �Insurance for the Shareholders in Your Co-op � WhyIt�s Important!�; �An Update on Recycling Issues for Multi Family Buildings�; and �An Updateon NYSERDA Programs� were the topics of the Jan. 24 membership meeting of the Coopera-tive and Condominium Advisory Council (CCAC). Pictured at the conference are, from left toright, Bob Morabito, Westchester County; Patrice Courtney Strong, NYSERDA; Bruce Berger,Westchester County; Jeff Foster, BRI member; Art DiCaro, BRI member; and Herb Rose, BRImember. All those pictured were speakers. More than 50 CCAC members participated in the pro-gram at the Crowne Plaza Hotel in White Plains.

A LOOK AT THE NEW YORK CITY WATERSHED � David Warne, assistant commissioner, water-shed protection and planning for the New York City Department of Environmental Protection(DEP), was the speaker at the Apr. 10 General Membership Meeting of the Building and RealtyInstitute (BRI). Warne delivered a presentation on the New York City Watershed to more than 50members of the BRI. The conference was at the Crowne Plaza Hotel in White Plains.

Photos by B

arbara Hansen

PAGE 4 - IMPACT - MARCH / APRIL 2008

There is a perfectly legalway to defer capital gains taxand reduce your overall taxburden that may be better thananything you have previouslyheard about.

Those of us who own highlyappreciated assets, such ashomes, commercial real estateand businesses, are often re-luctant to sell that asset be-cause of the capital gains taxand depreciation recapturecosts associated with the sale.

Repeated StatementsHow many times have you

heard, or made the followingcomments?

*�If I sell my property I amgoing to get killed with taxes!�

*�It would be better to let mykids inherit my assets atstepped-up value when I passaway!�

Sound too familiar? These arequestions we hear daily in myprofession. Also, most peopledon�t realize estate taxes are al-most 50 percent, above varyingexemptions, and that non-spou-sal �step-up� values are set tocap at $1.3M in 2010!

Examining The IssuesThere is a smart, functional,

and legal way to address theseissues. The answer may laywith a powerful tax and estate

planning tool called the De-ferred Sales Trust.�

If you own a business or realestate with a large amount ofgain and are not selling yourproperty because of capitalgains taxes, or can�t find suit-

the tax code, which allow theseller of the property to defercapital gains taxes due at thetime of sale over a period oftime, even beyond your life-time.

Deferring taxes, legally, isnot new. Some commonlyused tax deferral examples are1031 Exchanges and Install-ment Sales.

TypesVarious types of trusts are

used by millions of Americansto protect and transfer assetsto their heirs outside of probateand to minimize and evenavoid selling their assets to payestate taxes.

There is no maximum to thesize of value of the transaction.The DST� can also be usedwith any kind of entity, i.e., LLC,S or C election corporations, aswell as individuals who ownreal estate, rental properties,vacation homes, commercialproperties, hotels, land, indus-trial complexes, retail develop-ments, and raw land, to namea few.

What Are Capital GainsTaxes?

A Capital Gain scenario isthe profit we are taxed on whenwe sell an asset. It is calculatedby subtracting what you paidfor the asset from the net sell-ing price.

The current rate for an asset

owned for one year or longer is15 percent for Federal taxes.Most states charge 5 percentto 10 percent on top of that (CAis 9.3 percent), making the totaltax run as high as 25 percent.

If there was depreciationtaken on the asset, the costbasis is lowered by thatamount, thus increasing thetaxable gain!

Even with your primary resi-dence, factoring in your tax ex-emption of $250,000 each forhusband and wife, you may stillhave a hefty tax surprise whenyou sell your property.

That isn�t the end of the storyfor the total tax effect though.Capital gain is added to thetaxpayer�s adjusted gross in-come (AGI). This may raise the�floor� above which one cantake a number of itemized de-ductions and affect AlternativeMinimum Tax.

This could result in a largedecrease or total loss of thosedeductions. This makes the ef-fective, but hidden capital gainrate much larger than thestated federal and state rates.

How Does the DeferredSales Trust� Work?The process starts with a

property owner, �grantor,�transferring ownership of theproperty to a dedicated trustset up for them.

The transfer is not a gift. Theowners of the trust are the

heirs of the �grantor,� probablytheir children.

Next, the trust �pays� thegrantor for the property. Thepayment isn�t in cash, but witha special payment contractcalled an �installment con-tract�. It is strictly a private ar-rangement between the trustand the grantor. The term ofpayment can be for life or astated term.

The payments may beginimmediately or they may bedeferred for some period ofmonths or years.

The trust then sells the prop-erty. There are zero taxes to theTrust on the sale since the Trust�purchased� the property forwhat it sold it for to a third party.

The grantor is not taxed onthe sale since he has not yetreceived any cash for the sale.Often grantors will choose de-ferral because they have otherincome and don�t need thepayments right away. Ofcourse, the payments may be-gin immediately.

A ChoiceDeferral is strictly an option.

It is important to understandthat payment of the CapitalGains Tax to the IRS is donewith an �easy installment plan�as the grantor receives thepayments.

Part of the payment received

Strategic Management of Tax Liabilities for Owners �There Are Several �Ways Out!�By Curtis A. Wyatt, MBA, BCE/Board Certified EstatePlanner/Senior Trust Advisor, Estate Planning Team

Even with yourprimaryresidence,factoring inyour taxexemption of$250,000 eachfor husbandand wife, youmay still have ahefty taxsurprise whenyou sell yourproperty.

able, qualified, property ex-changes, then you may want toconsider a Deferred SalesTrust,� (�DST��).

The DST� is a legal method,combining several sections in Continued on page 5

PAGE 5 - IMPACT - MARCH / APRIL 2008

COUNSEL’SCORNERBy: Kenneth J. Finger,

Carl L. Finger andDaniel S. Finger,

Finger & Finger, Chief Counsel,Building & Realty Institute (BRI)

WHITE PLAINS�One of thequestions that we are fre-quently asked by our clients,whether they be a cooperativeboard, a condominium boardor a managing agent, is to whatextent does the shareholder orunit owner have in the right toexamine the co-op�s orcondo�s books and records.

In view of the difference inthe laws covering a co-op anda condo, there are multiple an-swers to what appears to be asimple inquiry.

Co-opsWith a cooperative, gener-

ally most cooperatives are sub-ject to the Business Corpora-tion Law (�BCL�) (some coop-eratives known as �213s� wereformed under the CooperativeCorporations Law and weresubject also to federal regula-tions and laws under �modeldocuments� and also �Mitchell-Lama� cooperatives are sub-ject to other state laws).

Where the CooperativeCorporation�s Law does not ap-ply, the BCL is generally lookedto for statutory authority.

A corporation is required tokeep books and records, min-utes of shareholder, board andexecutive committee meetingsand a record of the sharehold-ers (BCL §624 and similarly inthe Not For Profit CorporationLaw Section 621). While ashareholder is given the right toreview the minutes of thecorporation�s meetings, i.e.,Annual and Board meetings,and to, under appropriate cir-cumstances to take excerpts ofsame, the shareholder canalso get names and addressesof shareholders.

The KeysHowever, the BCL Section

642(c) establishes that theshareholder may not examinethe records above referenced ifthe shareholder refuses to signan affidavit that the inspectionof the records is not desired fora purpose other than the busi-ness or interest of the corpora-tion.

Thus, this right of inspectionis subject to the requirementthat the inspection must be ingood faith and for an appropri-ate reason and purpose. TheBoard of Directors has theright, before an inspection isgranted, to require an affidavitas to the purpose and an in-spection may be denied uponthe shareholder�s refusal to fur-nish to the cooperative thatsuch inspection �is not desiredfor a purpose which is in the in-terest of a business or objectother than the business of the

corporation and that he has notwithin five years sold or offeredfor sale any list of shareholdersof any corporation of any typeor kind.�

The shareholder�s recourse,under such circumstances, ifhe disagrees with a refusal tomake the records available, isto make application to the Su-preme Court of New York Statefor such information. Addition-ally, the shareholder has theright, upon written demand, toa copy of the annual balancesheet and the profit and lossstatement for the preceding fis-cal year.

Other FactorsIn addition to the statutory

rights above, the common law,which precedes the statutoryauthority, remains in effect. Thecommon law right of inspectionof the books and records of thecorporation is not diminishedby the statutes, but rather ex-pands those rights. However,the enforcement of the com-mon law right, by court action,allows the court to permitgreater or lesser right of in-spection as may be necessaryunder the circumstances of agiven situation.

As with the statutory right ofexamination, the common lawright permits an investigationinto the reason the inspectionis sought. The courts have re-quired a legitimate reason foran inspection before granting

same.To the extent that the court

may apply the various corpo-rate rationale, under the com-mon law, to the context of acondominium unit owner seek-ing to inspect records, presum-ably the requirement of a bonafide reason for the inspectionwould similarly apply, althoughthere is no statutory authorityspecifically authorizing in acondominium such an affidavitas the Business CorporationLaw. The purpose may be gen-eralized or specific dependingupon the records sought.

Based on the within, a partyseeking to inspect the booksand records of the corporationshould be required to state withprecision the books andrecords sought for the inspec-tion and reason that same aresought for inspection.

The Board may review theinformation and determinewhether the reason is a goodfaith basis and act accordingly.

CondosSection 339-w of the Real

Property Law provides that:�The manager or board ofmanagers, as the case maybe, shall keep detailed, accu-rate records, in chronologicalorder, of the receipts and ex-penditures arising from the op-eration of the property. Suchrecords and the vouchers au-thorizing the payments shall beavailable for examination by

the unit owners at convenienthours of weekdays. A writtenreport summarizing such re-ceipt and expenditures shall berendered by the board of man-agers to all unit owners atlease once annually.�

Real Property Law Sec. 339-w thus requires a board ofmanagers to keep records ofreceipts and expenditures,which �shall be available forexamination by unit owners.�However, there is no provisionin the Condominium Act autho-rizing an inspection of a list ofunit holders. This is in contrastto Business Corporation LawSec. 624 (which is applicableto cooperative corporations),which permits any shareholderto examine the �record ofshareholders and to make ex-tracts there from for any pur-pose reasonably related tosuch person�s interest as ashareholder.�

While privacy of the unitowners may be a desirablegoal, with condominiums weare dealing with owners whoseinterest therein is a publicrecord as the deeds to their

Reviewing Access to a Co-op’sOr Condo’s Books and Records

is tax free return of basis, partis return of gain which is taxedat capital gain rates, and part isinterest. There is no interest orpenalty on these deferred pay-ments of the tax.

On top of that the tax pay-ments will be made with depre-ciated dollars. The tax dollarswill be worth far less than theyare today due to inflation. If in-vested properly, the money inthe trust could grow at agreater rate than that of infla-tion and even the distributionrate. The interest rate in thenote to you is dictated by theIRS to be a competitive rate,i.e., 6 percent to 10 percent.

Another MethodWhile we have primarily fo-

cused on the capital gain tax,the amount of gain due tostraight line depreciation isalso deferred with a DST�.But if you have taken acceler-ated depreciation in excessover straight line, this amountis not deferrable.

There is substantial flexibility

in investing the trust�s funds.The money may be invested insecurities, real estate, or evenin a new or existing business.

The primary requirement ofthe trust�s investment objectiveis simply to produce the cashflow necessary for the annualpayments to the grantor.

The BenefitsThere are significant ben-

efits for the property which thegrantor transfers to the trust:

1. Whatever is left in theTrust at the time of thegrantor�s death will pass to thebeneficiaries completely free ofestate and gift taxes.

2. This arrangement doesnot trigger any gift tax conse-quences no matter how muchtrust assets are worth.

3. Trust assets will not needto go through probate when thegrantor dies.

More PositivesThe deferral of Capital Gains

Taxes can produce a dramaticincrease in the growth of trust

taining the list from the publicrecords.

Moreover, since the most upto date and accurate list of per-sons entitled to vote will nor-mally be that maintained by theboard, delivery of that list mayavoid controversy should therebe a conflict between the pub-lic records and the informationmaintained by the board.

Lastly, a unit owner�s desireto communicate reasons foropposing, for example, a pro-posed by-law amendment totheir fellow unit owners is a suf-ficient bona fide reason for ob-taining the list.

The statutory authority forunit owner review of condo-minium records ends with theright to review receipts, expendi-tures, and vouchers authorizingsuch payments at convenienthours of the weekdays. How-ever, Courts have applied cor-porate law to condominiums onoccasion with reference to theinspection of various records ofthe condominium.

Courts have both upheld therights of unit owners to viewunit owner lists and denied that

assets. That is not the onlybenefit:

1. The trust can make a cashsale. It is not forced to make aninstallment sale to the outsidebuyer in order to spread out thecapital gain tax. This is an ad-vantage because you neverknow whether the outsidebuyer will make all the pay-ments on an installment sale.

2. The DST� paymentamount and term is designedfor what you want per yourneeds and objectives.

3. The formal mechanics ofthe trust provide the disciplinethat some find helpful in provid-ing for their own retirement.

4. The DST� works equallywell for single or married grant-ors.

Nothing is given away tocharity as happens with thecompeting strategy known as aCharitable Remainder Trust.

The DST� allows all the prin-cipal and accrued interest to bepaid to the grantor. In mostcases, the DST� yields morebottom-line dollars to the prop-

erty seller than the CharitableRemainder Trust.

The DST� may generatesubstantially more wealth overthe long run than a taxed sale.Depending on your circum-stance, it may be superior to aCharitable Remainder Trust,installment sale, private annu-ity, or like-kind property ex-change in many respects.

Frequently AskedQuestions

Q: How can I know theamount of my payments fromthe trust?

A: The payments are whatyou, the grantor, desire. De-pending on your income goalsand other objectives, theamount and length of term areyour choice.Q: What happens if I livelonger or die sooner than mylife expectancy?

A: Payments continue forthe term that you have chosen.The term can be extended. Af-ter your death (or the surviving

Strategic Management of Tax LiabilitiesContinued from page 4

�The Board may review theinformation and determine whetherthe reason is a good faith basis, andact accordingly.�

units are normally recorded(RPL Sec. 339-s) and they aresubject to individual real prop-erty taxation (RPL Sec. 339-y),the records with respect towhich are also public.

CommunicationWhile unit owners could thus

obtain the requested informa-tion from public records, thereis no valid reason why theboard should not furnish a unitowner this information andavoid the owner having to incurthe time and expense of ob-

unit owners have a right to viewunit owner lists. In contrast,board members have beenheld to have unequivocal rightsto view all corporate records.Editor�s Note: The authorsare attorneys with Fingerand Finger, A ProfessionalCorporation. The firm isbased in White Plains. Ken-neth J. Finger is chief coun-sel to the Building and Re-alty Institute of Westchesterand the Mid-Hudson Region(BRI).

Continued on page 8

PAGE 6 - IMPACT - MARCH / APRIL 2008

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NEW ROCHELLE�As part ofan ongoing program to restorebuilding facades in the centralbusiness district of downtownNew Rochelle, The Commu-nity Preservation Corporation(CPC) recently closed on twofacade loans totaling $114,695for two properties.

The announcement was re-cently made by CPC spokes-men.

CPC is providing $79,695 fora property at 398 North Av-enue, just outside the NewRochelle Business Improve-ment District (BID) area. Theproperty, which was built in1922, is a two-story, 9,000-square-foot commercial build-ing with seven stores and twooffices. Improvements will in-clude the replacement of allwindows, a new front entrancedoor, pointing and steamcleaning of the entire exterior,and new exterior lighting andsecurity cameras.

Another CPC loan of$35,000 was used to restorethe façade of a Mexican res-taurant at 581 Main Street.Built in 1896, the building in-cludes the 2,200-square-footrestaurant and 2,000 squarefeet of residential space.

The façade improvementprogram, which was devel-oped by CPC for the NewRochelle BID, provides prop-erty owners with loans of amaximum of $100,000 at an in-

terest rate of three percentover a 10-year term, spokes-men said.

The program has made asignificant impact on the revi-talization of downtown NewRochelle with the restoration ofhistoric facades of key down-town properties, including TheCurtain Shop, Diamond Glassand Talners Fine Jewelry, CPCofficials added.

�CPC is pleased to continueits partnership with the NewRochelle BID in helping to re-store these important and his-toric downtown buildings. NewRochelle is enjoying an un-precedented revival in its cen-tral business district. We�reproud to play a role in this on-going success story with ourfaçade improvement program,�said Sadie McKeown, regionaldirector of CPC�s Hudson Val-ley office.

More information on the pro-gram can be obtained by call-ing McKeown at (914) 747-2570, ext. 227, CPC said.

CPC is a not-for-profit mort-gage lender that finances resi-dential multi-family develop-ment throughout New York,New Jersey and Connecticut.Since its founding in 1974, thecompany has invested morethan $6 billion in more than144,000 units of housing inNew York and New Jersey,spokesmen said.

Building Facades in NewRochelle To Get New Life,CPC Announces

AN EXPERIENCED TEAM: The partners of SMR have more than 130years of combined experience in the residential real estate field.Seated, from left, are Don Smolev and Anthony Miceli. Standing,from left, are Gregg Smolev, Douglas Smolev and William Riehl.

VALHALLA� A team of vet-eran real estate professionalshas announced the formationof SMR, a new, full-serviceconsulting firm focused on as-sisting financial institutions anddevelopers with workouts ofnon-performing properties.

The partners of the SMRteam�Anthony Miceli, DonSmolev, William Riehl, GreggSmolev and Douglas Smolev�have more than 130 yearscombined experience in theresidential real estate field.

�In today�s difficult real estatemarket, there is a growing de-mand for professionals with theexperience and expertise tohelp turn around troubled prop-erties. This has taken on a newurgency in the wake of the sub-prime mortgage crisis,� saidDon Smolev.

Help for Developersand Land Owners

In addition to assisting onworkouts of non-performingproperties, SMR also helps de-velopers and land owners whohave to build their projects inorder to keep their approvals inplace, or, if they don�t build,lending institutions may termi-nate agreements and loans.

�We also have investorsavailable who are interested in

purchasing land or partiallybuilt developments at realisticprices,� said Smolev, whofounded Marcon Group, one ofthe Northeast�s most success-ful residential sales and mar-keting firms.

Anthony Miceli said: �Welooked at the market and sawthat nobody else with our capa-bilities was offering this kind ofservice. Nobody has a teamwith this level of expertise andunderstanding of the market.This is the perfect time for ourkind of firm.�

Miceli, who owns A. Miceli &Associates of Carmel, hasmore than 30 years experiencein real estate development aschief executive officer of a ma-jor developer.

Valuable ExperienceSMR�s construction and

project management servicesare built on decades of experi-ence of building thousands ofhomes in hundreds of commu-nities, company officials said.

�We have managed the con-struction of every type of resi-dential development, fromhigh-end estate homes to mid-rises and townhome communi-ties,� said Riehl, who formerlyserved as vice president andchief construction officer of a

major developer and currentlyheads his own constructionmanagement firm, W. Riehl &Associates of Rye Brook.

Douglas Smolev, who hasworked in on-site sales andmarketing for major real estateprojects for the past 20 years,said SMR offers developersand financial institutions thesales and marketing servicesnecessary to jump start atroubled development.

�We know the region�s hous-ing market and know what buy-ers are looking for in terms ofdesign, floor plans and fea-tures. More importantly, weknow what they�re willing topay in today�s market,� he said.

Gregg Smolev, who hasworked in the housing industry

Case Study:Firm Launched to Assist Developers, InstitutionsWithWorkouts of Troubled Real Estate Projects

since 1989, specializing in salesand marketing, added: �We un-derstand the power of effectivemarketing, especially in terms of

maximizing a project�s exposureon the Internet, which is becom-ing a dominant force in real es-tate sales.�

PAGE 7 - IMPACT - MARCH / APRIL 2008

ARMONK�Verizon FTTP canwire your apartment building,co-op or condominium, bring-ing the best future communica-tions technology to residentsand owners.

Verizon can �future proof�your property�s communica-tions infrastructure and add tothe profit potential of your build-ing, at no cost to you.

What is FTTP?FTTP is an acronym for Fiber

to the Premises, which de-scribes the build-out method forthe new Verizon network cur-rently being deployed in Verizonservice areas nationwide.

This network will provide

Verizon FIOS, voice (tele-phone), video (television) andbroadband Internet services allover a �hair-thin strand� ofdedicated fiber-optic cable, in-stalled all the way to the homeor business of each of our cus-tomers.

Fiber-optic systems useglass fiber and laser-gener-ated pulses of light to transmitvoice, data and video signalsat speeds and capacities farexceeding most of today�s cop-per and coaxial cable systems.

This dedicated fiber link toeach customer�s home hasenormous bandwidth, allowingVerizon to provide your resi-dents with all the above ser-vices at unparalleled speeds

Helping Buildings Enjoy the Best of FutureCommunications Technology

and reliability. This powerful,new network will make it pos-sible for your residents to ac-cess all the high-bandwidth en-tertainment content and ser-vices available today, as wellas those we believe will be-come available over the next20 or so years.

What Action Should BeTaken?

The first step in deployingVerizon�s fiber-optic network isto complete a no-obligation sitesurvey of the property. The sitesurvey will allow Verizon to de-sign the best possible networkfor each specific property. Tofind out more information,please call (914) 741-8374.

It�s the Right Time to Refresh Your Web Site

TECH TALK

By Andrea WagnerWagner Web Designs, Inc.

Do you have questions about a tech topic? Send an emailto andrea@wagnerwebdesigns.com and Ill do my best torespond directly or add to my next installment of Tech Talk.

YORKTOWN HEIGHTS�Spring is in the air. Time fornew growth!

For those looking to refreshtheir site, here are some surefire signs it�s time to redesignyour website.

Your Business HasChanged or Grown

If your business is no longerthe same as it was when youdesigned your site, chancesare that you should redesignyour website to reflect that. Ifyou�ve only had a few smallchanges, you might be able tojust update your currentwebsite. But, if you�ve changedyour business direction, de-cided to provide new productsor services, or if your companyhas grown significantly, it willpay off to redesign your site.

Your Site Looks Like ItWas Designed in 1995Some signs of an outdated

web site may include: slow-loading graphics, framed sites,animated cartoon clip-artthroughout the site, and textcreated as images.

Having any of these on yoursite could reflect poorly on yourbusiness, making you look �be-hind the times.� It can alsomake you look like you don�tcare enough about your busi-

ness or about technologicaladvances to keep abreast ofthem. Keeping your company�swebsite looking modern willimprove its credibility.

The Information onYour Site Isn�t User-

FriendlyIf you�ve been adding to your

site over time and the naviga-tion has become confusing, re-structuring your navigationcould be another pressing rea-son to redesign your site.

You want visitors to be ableto easily find their way aroundyour site and to access all theinformation you have within afew clicks.

You Apologize for theSite When ReferencingIt or Handing Out Your

Business CardsYour site should be a source

of pride. It should provide yourclients and prospects with aneasy way to get a lot of infor-mation about your business. Ifyou have to apologize for out-of-date information, broken im-ages, or difficult navigation, itmakes you look unpreparedand unprofessional. Make sureyour site is in top shape andlooks impressive, so your cli-ents believe your business is ingood shape too.

You�re Not GettingGood Results in the

Search EnginesPoor rankings in the Search

Engines can be a result of notoptimizing your site well. Poor

search engine ranking canalso be a result of bad designchoices or coding on your site.Make sure that your site isn�tdesigned using frames andthat the text is coded in HTML.

It�s Not Bringing inInquiries and Helping

You to Make SalesRecently businesses have

realized that a website can doa lot more than just imperson-ate your brochure�it can helpyou close sales, bring in newprospects and make your busi-ness easier to run.

To bring in more inquiriesand make more sales, includesome of the following when youredesign your site: Tips, news-letter sign ups, blogs, forms,

downloadable PDF instruc-tions and auto-responders.

Your Site Is CostingYou a Fortune to

UpdateIf you�re racking up huge bills

because of changes and stillhave a lot to go, it might be timeto consider a whole site rede-sign. Make a list of everythingthat you want to do on your site

If you�ve been adding to your site overtime and the navigation has becomeconfusing, restructuring yournavigation could be another pressingreason to redesign your site.

and consult a web designerabout redesigning your sitewith those changes in mind.

If your site is designed insuch a way that you can�t main-tain it yourself, redesigning andre-coding your site could allowyou to do so. Having the abilityto make changes and updateyour own text will let you makerevisions quickly, at no ex-pense.

By Maria Miller,Verizon

PAGE 8 - IMPACT - MARCH / APRIL 2008

WHITE PLAINS � PrudentialRand Realty recently an-nounced that Liz Lindsey hasbeen appointed as a businessdevelopment consultant for thefirm.

In her new role, Lindsey willaid in strategic planning,growth and development initia-tives for Prudential Rand, witha special focus on increasingmarket presence and visibilityin Westchester County.

�Liz brings a wealth of expe-rience and relationships,� saidGreg Rand, managing partnerwith Prudential Rand Realty.�Her instincts are incredible.

Prudential Rand Appoints Lindsey As a BusinessDevelopment Consultant

We have been very careful topreserve our resources in an-ticipation of the market coolingoff. It has cooled off, and nowwe see undeniable signs that itis warming up again. This is theideal time for Prudential Randto restart our expansion, andLiz is a key player in that plan.�

Prior to entering the real es-tate industry, Lindsey servedas the dean of administrationat Sarah Lawrence College inBronxville. In 1986, she beganher real estate career and, ayear later, opened her owncompany. Lindsey Real Estatequickly gained a dominant

market share in Mount Vernon.In 2000, she sold Lindsey

Real Estate to HoulihanLawrence and joined the com-

Liz Lindsey

Strategic Management of Tax LiabilitiesContinued from page 5

pany as manager of its Bronx-ville office, where she workeduntil joining Prudential Rand.

�As Rand expands in theWestchester market, their en-ergy and excitement fit per-fectly with my own goals,�Lindsey said. �Developing of-fices and coaching Realtors togrow their careers - this is whatI do best. I find that Rand hasthe best technical and profes-sional support for agents that Ihave seen in our industry.Rand focuses on excellent ser-vice for buyers and sellers, andthey encourage agent input.Valuing agent thinking and

ideas is a rare quality andhelps keep the company fresh.I am delighted to be part of thisforward-thinking company.�

Lindsey is a member of theNational Association of Realtors(NAR), the New York State As-sociation of Realtors (NYSAR)and the Westchester/PutnamMultiple Listing Service.

Prudential Rand Realty,founded in 1984, is the top realestate brokerage in theGreater Hudson Valley, com-pany officials said. The firmhas 20 offices servingWestchester, Rockland andOrange counties.

spouse�s), the payments cancontinue on to your beneficia-ries. The remaining net assetsof the trust go to them estatetax free, per your terms.Q: Are there any flexibilitiesor variability in the paymentstream, such as increasingthe payments over time?

A: Yes. The payments canincrease. In any year an elec-tion can be made to not take apayment.Q: Can I cancel the wholedeal after a few years andget my money?

A: If the parties agree, youmay terminate the trust andget the cash out. However,you would owe all the taxes,

plus interest, on the unpaidcapital gain plus taxes ongains of trust assets.Q: What happens if capitalgain tax rates are changedafter I set up the DST�?

A: Politicians, from time totime, discuss changing capitalgain rates. If that happens,you would pay the new rate onthe capital gain portion of yourannual payment. However,there is usually adequate no-tice to make a sound financialdecision.Q: Can the trust buy prop-erty at a later date?

A: Yes, the investments ofthe trust are extremely flex-ible. The main focus of thetrust is to be able to make pay-

ments, as agreed, to thegrantors.

We recommend that youconsult with our advisoryteam who are experienced intrust law, trust asset manage-ment and tax law.Q: When the trust sells theproperty may I keep someof the cash from the sale?

A: Yes, in that case youwould pay taxes only on thecapital gain portion of themoney which you kept foryourself outside the trust.Q: How can my tax advisor,or attorney, analyze theDST� strategy?

A: For detailed technical in-formation, have your CPAcontact us for a full legal and

tax cite package. The namesDeferred Sale Trust� and DST�

are trademarked names andare not found in the code. All ofthe legal and tax authority usedin the DST� are in the tax code.Q: I�m interested in finding outif this works for me. Whatshould I do next?

A: It�s very easy. Your nextstep is to complete an �illustra-tion request� on-line atwww.myDSTplan.com/cjfrealty.

Or, you can call our toll freenumber and request a �free taxsavings analysis� which will il-lustrate your particular circum-stance. This summary is typi-cally sent to you within 48 hours.Once you have received the il-

lustration summary, you canthen review this informationwith a trust case manager andshare this information with yourCPA or tax attorney for furtherreview.

Editor�s Note: This article isbeing printed with permis-sion. It was suggested as acontribution piece by Jo-seph Fernandez, a memberof the Building and Realty In-stitute (BRI) and a Real Es-tate and Mortgage Broker.He can be reached at (914)739-7119, or by email atJFernan351@optonline.net.

PAGE 9 - IMPACT - MARCH / APRIL 2008

WHITE PLAINS�Jerry Houli-han of Houlihan-Parnes/iCapRealty Advisors, LLC has ar-ranged the sale of a 2-storygarden apartment building at14 Hall Avenue in White Plains.

The building, built in 1960,contains 10 apartments. Twoare studios and eight are 2-bedroom units. There is on siteparking for approximately 10cars, company officials said.

Approximately 10 years ago,the roof, entry doors and mail-boxes were replaced, com-

Houlihan Arranges a WhitePlains Sale

pany spokesmen added. Re-cently, the hallways have beenpainted and the oil tanks havebeen replaced.

Houlihan-Parnes/iCap Re-alty Advisors is a nationally af-filiated, multi-faceted real es-tate investment companyheadquartered in White Plains.Its companies and affiliates areengaged in the acquisition andownership of all types of com-mercial real estate investmentproperty, officials said.

NEW YORK�Friedland Realty,Inc., the Manhattan satellite of-fice of NAI Friedland Realty, Inc.of Yonkers, recently completedthe lease of 7,000 square feet ofspace at 712 Madison Avenueto David Yurman, retailer of jew-elry and watches.

Gene Meer, president ofFriedland Realty, Inc., repre-sented the landlord and thetenant in the $25-plus millionaggregate lease deal, com-pany officials said.

As part of its internationalexpansion, New York-basedDavid Yurman will be movingits flagship store to the land-mark location in October. Meerinterviewed close to 100 poten-tial clients, nationally and inter-nationally, to find the rightluxury tenant for the space andneighborhood. The deal tooksix months to complete, offi-cials added.

Mere has 28 years of NewYork City retail experience andhas worked extensively with re-tailers using a global approach.His clients include dozens ofluxury retailers and restaurants.

They include A/X Armani, Bice,Chanel, Chopard, Mikimoto,Roberto Cavalli, St. John�s, andValentino.

�The best location for a jew-eler is next to another jeweler be-cause the cluster effect allowscustomers to focus in on differ-ent categories of jewelry,� Meersaid. �This stretch of MadisonAvenue resembles PlaceVendôme in Paris, with jewelersGraff, Yurman, and Mauboussinall on the same side of the blockand Chopard, Di Modolo,Chanel, and Pomellato acrossthe street. It is a shopper�s para-dise and a retailer�s dream thatattracts loyal, as well as new,customers.�

Friedland Realty, Inc. is theManhattan satellite office ofNAI affiliate Friedland RealtyInc.. The firm is a full servicecommercial real estate com-pany in metropolitan New York,including Westchester, the fiveboroughs, Long Island, Con-necticut and New Jersey.

Friedland has four divisions:Retail, Industrial, Office andResidential/Development.

Friedland Realty ReportsN.Y. Transaction

PAGE 10 - IMPACT - MARCH / APRIL 2008

VALHALLA�In 1963, MartinGinsburg, then a young archi-tect, and his two brothers, Samand Jerome, decided to build asingle family home inHartsdale.

In the 45 years since thatendeavor, Ginsburg Develop-ment Companies (GDC), un-der Martin Ginsburg�s leader-ship, has developed more than10,000 homes in award-win-ning neighborhoods. Those ar-eas include New York City,Westchester, Rockland, Or-ange and Dutchess counties,as well as Fairfield and Hart-ford counties in Connecticut.

Over the years, the com-pany has demonstrated aunique commitment to designand integrity, creating commu-nities that live well for genera-tions, company officials said.

Now, as GDC celebrates its45th anniversary, that samecommitment to the future is stillevident in every new home andevery new GDC community,officials added. And the sameman, Martin Ginsburg, is stillvery much at the helm.

GDC has thrived and led themarket for all these years be-cause of his vision, his uniquedesign sense and his extraor-dinary attention to detail, com-pany officials said.

A Successful CombinationFrom impressive, land-

scaped entries and the preser-vation of challenging sites tothe development of exciting,resort-lifestyle neighborhoodsand classic, yet innovative ar-chitectural design, GDC isproud to note that it continuesto create dynamic, exciting andunique places to live.

Those locations include theHarbors at Haverstraw, Fair-ways at Wallkill, Christie Placein Scarsdale and AVANTChelsea in Manhattan.

Committed only to this re-gion of the country, GDC is rec-ognized as one of the mostseasoned, well-respectedhomebuilders in the northeast.Neighborhoods developed de-cades ago are still proud to beknown as GDC-built, the com-pany said.

Through the ups-and-downsof the residential real estatemarket, GDC has remainedprivately held and has suc-cessfully completed everycommunity it has begun.

Today, the history andstrength of GDC, spokesmennoted, is exemplified by its on-going commitment to currentcommunities such as Ridge-wood at Middlebury (Conn.),The Greens at Gillette Ridge in

Bloomfield (Conn.), QuakerGreen in West Hartford (Conn.)and Riverwatch in Yonkers.

Future PlansCompany officials added

that the firm is planning andprocessing future neighbor-hoods like Harbor Square inOssining, Saw Mill Lofts inHast ings, the Abbey inPeekskil l , StoneHollow atCornwall and The Hamlet at

Development Profile:

GDC Celebrates Its 45th Anniversarythe Hudson River and inresurging suburban locations,�said Martin Ginsburg. �Throug-hout my 45 years I strived tobuild high quality homes andneighborhoods that respectthe land and benefit the com-munity they are part of. As thecompany has evolved andgrown, our mantra remained�as it was 45 years ago� �Al-ways with Integrity.� We arecommitted to our buyers, thecommunities we work in andour own core values. We willalways build neighborhoods to

developing in the river townson both sides of the Hudsonand in making the river itselfactive and alive again with fer-ries, marinas and human activ-ity, GDC spokesmen said.

In 2004, GDC embarked onthe construction of Harbors atHaverstraw, a master-plannedcommunity incorporatingtownhomes and condos andlifestyle amenities along theriver, including an award-win-ning lifestyle club, a publicpromenade and sculpture trail,a marina, a kayak launch and acommuter ferry dock. The de-velopment is now a lively, thriv-ing riverfront neighborhoodthat attracts people of all ages,GDC officials said.

GDC also built a riverfrontpromenade at Ichabod�s Land-ing in Sleepy Hollow, and isplanning another at HarborSquare at Ossining.

Martin Ginsburg was re-cently named to the Hudson-Fulton-Champlain Quadri-centennial Commission, astate agency that is organizingevents to mark the 400th anni-versary of Henry Hudson�sjourney up the river that bearshis name.

�The Hudson River is one ofthe world�s most beautiful wa-terways and the 400th anniver-sary of Hudson�s discoveryprovides a wonderful opportu-nity to inform people aroundthe globe about the beauty ofthe Hudson Valley and the his-toric towns along its shores,�Martin Ginsburg said.

Martin Ginsburg is the cre-ator and the lead sponsor ofthe annual Hudson RiverFerry-Go-Round, scheduledfor Sept. 14. The event is a daylong activity, where thousandsferry between Ossining, Tarry-town, Peekskill and Haver-straw. Each town has fairs andfestivities on that day.

In addition, Martin Ginsburgorganized the Historic RiverTowns of Westchester FlowerVillage Program. The programgives grants to the towns forthe most attractive landscap-ing and public gardens.

Noteworthy EffortsMartin Ginsburg and GDC

have a long history of support-ing charitable groups and artsorganizations, having donatedmore than $2 million to groupsin Westchester, the HudsonValley and Connecticut. Hehas served as president of theBuilders Institute of West-chester and the Mid-HudsonRegion (BI) and was inductedinto the Westchester CountyChamber of Commerce (nowThe Business Council) Hall ofFame in 2003.

With Martin Ginsburg�s his-tory and commitment to excel-lence in all he does, it is clearwhy GDC has succeeded for45 years and has led the mar-ket in design and innovativeplanning while still providinggreat value for homebuyers,company spokesmen noted.

All GDC communities will becelebrating this momentous an-niversary with events and ex-traordinary programs for the first45 buyers, the company said.

Gillette in Bloomfield.�It has been quite a journey

from building that one singlefamily home to designing anddeveloping resort-style, mas-ter-planned communities, andrevitalizing downtowns along

last for generations and takepersonal pride in how we dowhat we do.�

Utilizing his background inarchitecture and planning andblending strong in-house de-velopment and design exper-tise with outside professionals,Martin Ginsburg has consis-tently created award-winningcommunities that offer the buy-ers special places to live.

AwardsKnown for sensitive develop-

ment, GDC seeks to preservethe natural contours and assetsof its sites. This approach hasgarnered awards from TheAmerican Institute of Architec-ture (AIA), The National Asso-ciation of Home Builders(NAHB), The ConnecticutHome Builders Association andthe Builders Association of theHudson Valley (BAHV).

In the past two years, TheHarbors has received a Best inAmerican Living award for BestCommunity over 151 homes,was named a Community ofthe Year by NAHB and wasgiven a Pinnacle Award byBAHV. In 2006, Marbury Cor-ners in Pelham received a na-tional �Smart Growth� award.

In Connecticut, The Greensat Gillette Ridge and Ridge-wood at Middlebury werenamed Best Cluster Commu-nity in 2006 and 2007, respec-tively. In Orange County, TheFairways at Wallkill was citedas Best Townhome Commu-nity by BAHV.

�It is always an honor to re-ceive awards from your peers,�said Martin Ginsburg. �Mostimportantly, it validates our be-lief that our homes and com-munities go beyond the norm,both in terms of the value weoffer and our stewardship ofthe environment.�

An Important RoleMartin Ginsburg has been a

leader in the Hudson River re-surgence, company spokes-men noted. He has focused on

Martin Ginsburg

PAGE 11 - IMPACT - MARCH / APRIL 2008

PAGE 12 - IMPACT - MARCH / APRIL 2008

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