The Real Wealth of New York City

Amy Begg & Anne Brownlee

Sponsored by

Introduction to session

In this session, we will cover the complexities of NYC real estate — including the co-op mysteries — and define the lifestyles of these potential prospects. We will discuss the philanthropic and financial pressures of NYC wealth and how to present a strategic plan for fundraisers.

Session overview New York City real estate Schools Philanthropy Social involvement (boards, clubs, etc.) Strategic Plan

In this presentation we are not planning to discuss the creation of wealth. The presentation will focus on lifestyle and other indications of wealth.

Real estate- New York City

Real estate – condo versus co-op What is a condo? Benefits of owning a condo? Negatives of owning a condo? Top NYC condos

Real estate – co-op versus condo What is a co-op? Benefits of owning a co-op? Negatives of owning a co-op? Top NYC co-ops

Real estate – identifying and valuing Locating ownership information

ACRIS Property Shark (1 free search per day or

subscribe) Paid vendors (e.g. Lexis/Nexis, Dataquick, etc.)

Real estate- ACRIS

Real estate- ACRIS

Real estate- ACRIS

Real estate-ACRIS

Real estate- ACRIS

Real estate- Property Shark

Real estate- Property Shark

Real estate- Property Shark

Real estate- Property Shark

Real estate- identifying and valuing Locating building information

Building type Number of floors/apartments Size (Sq. footage, bedrooms/bathrooms, terrace,

etc.) Location Financial requirements

Real estate- City Realty

Real estate- City Realty

Real estate- City Realty

Real estate- City Realty

Real estate- identifying and valuing Values/comparables

Realtor sites Street Easy Trulia Douglas Elliman Stribling Sotheby’s Corcoran

Real estate – other considerations Taxes

New York City sales tax Property tax Flip tax

Broker fees Townhouses Parking spaces

Real estate- unwritten rules

Neighborhoods Identities and characteristics

Building requirements The Good Buildings Unlisted apartments Outside space (terrace, roof deck, etc) Different addresses for the same building Named buildings (e.g. Beresford) New York Observer

Private schools – facts & figures Pre-school to high school

Kindergarten acceptance percentages Metropolitan Montessori School – Pre-K $24,600 FY14

Testing Top private schools with tuition costs

Manhattan The Brearley School - $38,200 FY14

Boroughs Horace Mann School - $39,100 FY14

Suburbs Rye Country Day School - $34,600 FY14

Boarding Deerfield Academy (Deerfield, MA)

Tuition- $47,500 FY14 Estimated total cost of attendance - $49,625 FY14

Private schools – other considerations Coaches/consultants Tutors Additional financial considerations

Philanthropy Annual giving Campaigns

Board involvement Social pressure

Philanthropy - engagement Personal

Usually the donor’s number one philanthropic priority.

Quid pro quo Usually the donor’s family/friends number one

philanthropic priority. “You support my organization, I will support

yours.” Business

Expected contributions based on business relationships, etc.

Philanthropy - giving pressures Major gifts

Pledges Name gifts Campaign gifts Endowed gifts

Event Sponsorship Membership Direct mail

Philanthropy- events checklist Tables

Tickets Individual Seating Tickets $2,000 Leadership table of ten - $50,000 Sponsor table of ten - $250,000

Pressure to seat the table with the right people Fashion choices

Dress: J. Mendel Gown- $7K+ Shoes: Christian Louboutin Pump - $3K+ Handbag: Judith Leiber Clutch - $4K+

Auctions Silent versus live

Social involvement – civic boards Boards

Examples of prestigious boards Metropolitan Museum of Art - $10M New York Public Library - $5M Lincoln Center - $250K Memorial Sloan Kettering Central Park Conservancy

Giving requirements Volunteering/corporate expectations Non- New York Boards

College/university Private school National Organization

Social involvement - clubs Clubs

Examples of prestigious clubs Core Club New Yacht Club Liberty National Golf Club (Jersey City, NJ) Round Hill Club (Greenwich, CT) Shinnecock Hills Golf Club (Southampton, NY)

Wealth Clubs Examples of private wealth club

Tiger 21 MetCircle Society

Strategic Plan Education

Researcher Fundraiser

Strategic Plan Prospecting projects/programs

Club memberships Prestigious addresses Titles of wealth (senior managing director, managing

director, partner, etc.) Wealth clubs

Connections/pathways Board memberships Brokers

Potential hosts/event locations Country Clubs Prestigious apartments

Contact information Amy Begg

amy_begg@harvard.edu 617.495.0352

Anne Brownlee anne_brownlee@hms.harvard.edu 617.384.5512

Resources- real estate 740 Park by Michael Gross The Sky’s the Limit: Passion and Property in Manhattan by Steven Gaines New York City Maps and Neighborhood Guide

http://www.cityguidemagazine.com/viewpage.cfm?colid=4362 ACRIS

http://www.nyc.gov/html/dof/html/jump/acris.shtml City Realty

www.cityrealty.com City Realty Top Tens

http://www.cityrealty.com/buildings/top_ten.cr Property Shark

www.propertyshark.com Streeteasy

www.streeteasy.com Trulia

www.trulia.com Douglas Elliman

http://www.prudentialelliman.com/

Resources - other BizBash's Top 100 Annual Events of 2012

http://www.bizbash.com/new_yorks_top_100_events_2012/new-york/story/22345/#sthash.eWQTRvU5.dpbs

Bloomberg by Bloomberg by Michael Bloomberg Bravo TV

Million Dollar Listing Real Housewives of New York NYC Prep

HGTV Selling New York

New York Social Diary http://www.newyorksocialdiary.com/

New York Observer www.observer.com

New York Post www.nypost.com

Platinum Clubs of America Richistan by Robert Frank Social register Town and Country

Resources – select articles “Before College, Costly Advice Just on Getting In” New York Times, 7/19/09. “Capital of the Rich” New York Times 4/26/04. “Flip-Flopping on Flip Taxes” New York Times, 9/3/10. “If You’ve Got It, Flaunt It” New York Magazine, 7/13/09. Irwin, Robert. Tips and Traps When Buying a Condo, Co-op, or Townhouse “It Happened One Weekend” Curbed, 3/9/09. “Madoff, Madonna and the Co-op” The Times (London), 1/9/09. “Make a Bid” New York Times, 3/8/09. “Manhattan Apartment Prices Skid 13%-19% in Q2” Associated Press, 7/2/09. New York Observer The Real Deal “A unit-by-unit look at 15 CPW” “Rich, but Rejected” New York Times, 7/13/08. “Rich Kid Syndrome” New York Magazine 1/8/08 “Robin Hood Event Adjusts to Tough Times” New York Times 5/12/09. “Soaring Charges Hit Condo, Co-op Owners” Crain’s New York Business, 2/23/09. “Spirit of Cooperation” Chicago Sun Times, 6/7/09. “The Struggle to Sell 985 Park Avenue” Luxist 6/20/09. “There’s a Problem With Your Application” New York Magazine, 3/30/09. “Trustees Find Board Seats Are Still Luxury Items” New York Times, 4/3/10. “Where Everyone Knows Your Portfolio” New York Times, 10/14/07.

Resources – photo credits 15 CPW – nycondoblog.com Trump Palace – CityRealty.com The Pierre Penthouse – Hark Lane Blog The Pierre Fall View – Manhattan Miami Real

Estate 740 Park Ave - weblo.com

Resources – websites www.elikaassociates.com www.unbroker.com www.urbandigs.com www.Citi-relocation.com www.cityguidemagazine.com www.tiger21.com www.observer.com www.thecoreclub.com http://www.nyyc.org/ http://www.libertynationalgc.com/