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Influencers
REAL ESTATE 2018
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ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Top 15
1The Mayors
Ras Baraka Jim Cahill
Mayor Mayor
The city of Newark The city of New Brunswick
T
im Lizura, the former top executive at the New Jersey Economic
Development Authority for more than two decades, has a unique
perspective on what drives real estate development in the state.
You need a vision, a plan, financing and an understanding of the politics
of the area and how government programs will or will not help.
But, before any of that happens — before the first rendering is even imagined —
Lizura said, you need something else on Day One.
A great mayor.
“That notion that developers won’t invest in your town unless they believe you can
deliver the necessary infrastructure — everything from permits, zoning, approvals and
codes — to accommodate development is very real,” he said.
“Unless you have that, developers won’t spend the time in your community. And
time is more important than money.”
For that reason, Newark’s Ras Baraka, New Brunswick’s Jim Cahill and Jersey
City’s Steve Fulop share the top spot in the ROI Influencers Real Estate 2018 list.
All three are connected to numerous projects that have helped transform their cities.
In Newark, Baraka is credited for helping numerous projects throughout the city
get started — One Theater Square just opened, and Ironside Newark and One Rector
Street are coming soon.
But more, Baraka is credited with getting developers and city officials in the
room and famously not letting them out until they work out all their differences —
differences that, in some cases, have been blocking development for decades.
Even more — and going back to Lizura’s point — having Newark make the Amazon
list of 20 finalists for its HQ2 second headquarters project shows the confidence an
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October 22, 2018 ROI-NJ.COM
Steve Fulop
Mayor
The city of Jersey City
international giant has in the city to handle the biggest real estate ask in decades.
In New Brunswick, it would be easy to give Cahill a lifetime achievement award.
He has been in office since 1991, a 27-year stretch in which his city has transformed
from one where no one wanted to do business to a model of success.
And New Brunswick is hardly stepping down.
New Brunswick Performing Arts Center, an amazing arts center on target to
be completed next year, will rival any in the area —and will dramatically improve
the city’s already vibrant arts scene as well as its connection to arts education at
Rutgers University.
And then there’s The Hub, a project Gov. Phil Murphy’s administration hopes to
make the centerpiece of his desire to remake the state as a center of innovation.
In Jersey City, Fulop has almost single-handedly pushed and presided over a
massive development of mixed-use, office and residential that has expedited the
transformation of the city in the five years he has been in office.
Some have said it has been a lesson in social engineering as he has used
development as a catalyst to improve the culture of the city and the life of its
residents. And he’s just getting started. The city recently approved a bond act that
will be used to create Bayfront, a 100-acre mixed-use project that will bring — among
everything else — loads of affordable housing to the city’s west side. In addition,
plans for SciTech Scity, a $280 million project that will be a mini-science community
of startups, scientists and students, are underway.
Baraka, Cahill and Fulop serve as models for driving economic development
through real estate. For that, they share the top honor on the ROI Influencers Real
Estate list in 2018.
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Top 15
2 Mike DeMarco
CEO
Mack-Cali Realty Corp.
It’s easy to say the head of
Mack-Cali always will be on
the list. After all, that person
always will be. But, it’s also
worth noting that the head
of Mack-Cali was quickly
dropping on this list before
DeMarco arrived — and won the leadership battle
with Mitch Rudin. “He’s fully in charge and has fully
restored Mack-Cali to its spot as the pre-eminent (real
estate investment trust) in the state, if not the country,”
one insider said. DeMarco has been making moves,
ridding Mack-Cali of a lot of its underperforming
suburban assets and doubling down on its
multifamily and urban properties. But, for as much
as his lofty spot on this list goes to his leadership,
another insider said it’s his ability to work with others
that has helped him return Mack-Cali to its lofty spot.
“Without a doubt, he is big,” another insider said. “He’s
not only resetting and repositioning Mack-Cali, but
he’s forging alliances and joint-venture partnerships
with more of your Top 10 guys than has ever been
done before.” Said another: “People were starting to
avoid Mack-Cali. Now, they want to work with them.
5 Don Ghermezian
CEO
Triple Five
You may have heard of the
American Dream project at
the Meadowlands. You know,
if you’ve lived in New Jersey
since the turn of the century.
Incredibly, the project is finally
headed to an opening in the
spring of 2019. One insider said the mixed-use project,
which matches retail and entertainment in a way that
has never been seen in the state, will be worth the
wait. “This is the transformative project for the state
of New Jersey. Period. End of sentence,” an insider
said. “It’s going to happen. And it’s going to happen
in the next 12 months. It, quite frankly, is going to be
amazing.” The Ghermezian family, known for the Mall
of America, are experts at this sort of thing, an insider
said. “They are a very unique company. When you
listen to these guys talk, you realize there is no one
that knows real estate and entertainment in North
America the way these guys do.” The jobs created —
and the taxes paid — will have real impact, another
insider said. And the long runway to completion will
be met with a long takeoff period, another said. “I
think for the first 18 months, that place is going to be
immensely successful.
3 Jeff Bezos
Founder and CEO
Amazon
It would be easy to say
Bezos makes the list here
because of the stir he created
with the RFP for a second
headquarters, but Bezos’
impact in the state is about
more than just glitz and
glamour. It’s about jobs. His Amazon distribution
centers now shape industrial real estate like nothing
else. “How many people are trying to figure out
where he’s going to put his next one in the state
and are acting pre-emptively to make sure they will
benefit, too?” one insider asked. No. 9, the facility in
West Deptford, is now fully operational and pushes
the number of employees in the state to nearly
20,000 (a facility in Burlington set for 2019 will add
to that number, too). Another insider pointed out
what the holiday season will mean, when 9,000
seasonal hires will be made. “Do the multiplier on
that,” another insider said. “Those are just the jobs in
the warehouses. Of course, there’s that HQ2 thing,
too. Few in New Jersey feel it’s coming to Newark
— but everyone agrees just making the Top 20 put
the city on the map in a way that is spurring more
companies to take a look at New Jersey.
6 Gene Diaz
Principal
Prism Capital Partners
There are many milestone
moments in the completion
of a project. Here’s one
most developers don’t get:
Having the governor make
his first major economic
address, one where he details
his plans for the future, in your building. Gov. Phil
Murphy did that on Oct. 1 at ON3, the project that
saved both Nutley and Clifton from having a white
elephant straddling their towns. Instead, they are in
the process of getting a vibrant mixed-use facility
anchored by the new Hackensack Meridian/Seton
Hall medical school, Quest and others. “That project
is transformative,” one insider said. “It’s just opening
up; leases are just being signed.” The full scope
of the project has yet to be seen, which is making
some take a pause. “It remains to be seen which
way it goes, whether with more ‘Eds and Meds’ or
more retail and residential,” the insider said. “I’m not
sure he is ever going to get the residential, but, either
way, it is one of the biggest projects in North Jersey
in years.” While Diaz is putting most of efforts in
ON3, it’s not the only place Prism is operating, either.
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October 22, 2018 ROI-NJ.COM
4 Chris Paladino
President
New Brunswick Development Corp.
It’s hard to say where last
year’s No. 1 selection — and
an annual Top 10 pick on
these lists — should fall this
go-around. “Has to be near
the top again,” one insider
said. “Not sure how you could
do this and not have him in the Top 5,” said another.
Harder still is determining which of his many projects
to feature first. New Brunswick Performing Arts
Center is his latest gem. On schedule to open next
fall, NBPAC figures to be as nice of an arts center as
there is on the East Coast, certainly one that will have
a huge impact on the city. The same can be said for
The HUB project, which was Paladino’s before Gov.
Phil Murphy laid claim to it for a center of innovation
— and, insiders joked, it will be Paladino’s again if it
doesn’t produce the way the governor wants. There’s
no reason to doubt it will. Paladino is the master of
the public-private partnership. His latest venture,
the Gateway Atlantic City project featuring Stockton
University and South Jersey Industries, will be fully
opened and occupied by the end of the fall. Which
we hear will be about the time he announces Devco’s
next major project.
7 Ron Ladell
Senior vice president
AvalonBay
If you’re waiting for Ladell to
slow down, you don’t know
him. The fast-moving New
Jersey head of AvalonBay
famously took a six-week
sabbatical earlier this year,
came back and immediately
found his stride. He had to. The company currently is
building multifamily projects in five spots (Old Bridge,
Teaneck, Boonton, Piscataway and Edgewater)
after just finishing up in Maplewood. Edgewater is
virtually completed and already has started leasing.
Ladell is the master developer on a project in West
Windsor at the Princeton Junction train station. It
will be one of the largest mixed-use projects ever
in Central Jersey, with 550 rental units, many of
which will be affordable, along with more than 4,000
parking spots and 37,000 square feet of retail. Ladell,
who gets offered as many opportunities as anyone,
picks his partners carefully. He’s doing a project with
Ralph Zucker in Somerville and has been working
with Peter Cocoziello on his massive project in
Bridgewater for some time. That project has slowed;
Ladell hasn’t. “He’s the hardest-working guy out
there,” one insider said.
ROI-NJ.COM October 22, 2018
8 Jonathan Kushner
President
Kushner Real Estate Group
It’s almost a requirement to
have Kushner near the top of
the list for his work in Jersey
City. As head of the side of the
Kushner family that is working
with, not fighting with, Mayor
Fulop, it’s fair to say his
company (along with Ironstate and others) has been
the driving force behind the massive redevelopment
that has been taking place in the Gold Coast city for
nearly a decade. “They have done as many projects
— and as many influential projects — as anyone in
Jersey City,” one said. The list of accomplishments
is lengthy. But, as another insider points out, their
influence is greater than just the big projects. “They
do ground-up luxury high rises in Jersey City as
well as anyone, but they’re also doing these value-
add deals where they’re buying the old class B
garden apartment complexes all over the state and
renovating the kitchens and bathrooms and whatnot
and turning them around getting great rents,” the
insider said. “They’ve got a lot of deals like that. And
then the third leg of it is they’re doing these luxury
mid-rise kind of things like in places like Madison. So,
they’re really attacking the multifamily sector.”
11 Jeff Milanaik
Principal
Bridge Development Partners
In just three years, Milanaik
established Bridge’s office in
New Jersey, took on some
of the most challenging
industrial sites in the state
and then sold that pipeline
to Duke Realty for hundreds
of millions of dollars. How do you follow that up?
If you’re Milanaik, you put together an even bigger
pipeline. “The deal on (Interstate) 78 could turn
out to be one of the biggest industrial projects in
years,” said one observer, referring to Bridge’s new
4 million-square-foot development in Phillipsburg
and Lopatcong. Said another: “If you thought the
deal with Duke would lessen his importance, you
thought wrong. Milanaik may soon be bigger and
better.” The demand for last-mile logistics space is
only growing, so there’s much to be said for being
in the right place at the right time. Where the right
place is, we’re still not sure — but, as the deal in
Phillipsburg demonstrates, another part of the state
is in play. Looking for Milanaik and Bridge to lead
the way. After all, with Bridge’s pocketbook and
Milanaik’s talents, they are a match made in heaven.
REAL ESTATE 2018 ROI
9 Jack Morris; Joe Jingoli
CEO and president; CEO
Edgewood Properties; Joseph
Jingoli & Son Construction
There was a thought that
this year the two would be
split up. It wasn’t that the
longtime business partners
and friends were not doing
great things together, but
that they both were doing
so many great things apart.
Then someone set us
straight. “I get the idea, but
why would you?” the insider
questioned. “They certainly
can make the list individually,
but their willingness to do
the Hard Rock together is one of the biggest movers
in our industry in years.” Another agreed. “The Hard
Rock, in and of itself, has ignited a fuse in Atlantic
city like no other,” the person said. “So, just in terms
of resuscitating or putting some breath in the dying
beast that was Atlantic City, these guys deserve major
credit.” Some even suggested that Hard Rock head
Jim Allen, a longtime Jersey guy himself, be added to
the list. Of course, with Morris and Jingoli, it’s not just
about the projects they do, but the impact they have
on the people in the communities they serve.
12 Sam Morreale
Founder and managing member
Vision Real Estate Partners
Morreale has been bouncing
around near the top of
these lists for years. This
year, he moves into the top
tier. “Long overdue,” one
insider said. “He’s doing
more deals than 99 percent
of the people out there.” He impressed another by
his ability to dominate his niche. “He’s very smart
in his world. He really is repositioning assets very
well. He can get office buildings done, so it makes
sense.” And makes dollars and cents, said another.
“Sam actually finds ways to revitalize without the
state giving them handouts, which is impressive.”
The Bayer and MetLife project in Whippany is
yesterday’s news, in large part because Vision has
launched so many other big-time projects: Latitude
in Parsippany and the former Honeywell campus in
Morris Township — all large, high-profile deals that
will attract blue-chip tenants. He is one of the most
creative developers around and has the benefit of
having Ross Chomik as a partner. They make a
powerful combo and are backed up by an in-house
team that seemingly has the respect of the industry.
6
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
Influencers
Top 15
10 Joe Kelley
Deputy chief of staff
for economic growth
Governor’s Office
A year ago, everyone in the
sector was waiting to see
how the governor’s team
would shake out — and
which member would be the
go-to person on real estate
development. This year, it’s
clear: It’s Kelley, a deputy chief of staff. “It’s mandatory
for him to be on the list — and for him to be really
high on the list,” one insider said. “He is, by far, the
most important person from the state involving
real estate. There’s not even a question about that.”
Kelley, however, was praised for more than just being
an administrator. He was praised for the way he
administrates, too. “He’s young, but he’s a really smart
guy,” another said. “And here’s the thing about young,
smart guys in government — they usually think they
already know it all. He’s not like that. He’s not afraid to
say, ‘Tell me why you do it this way and not this way?’
You like guys like that, because he’s not just trying to
poke holes in a project.” His role in the industry cannot
be overstated, said another. “There are a lot of people
on Murphy’s team that will play a huge role, including
(EDA head Tim) Sullivan. But so much of what the
governor wants to get done will go through Kelley.”
13 Ralph Zucker
Partner
Somerset Development
Zucker has long been
credited for Bell Works,
turning a project most felt
was impossible to pull off
into one that now serves as
a blueprint for others on how
to create a “metroburb.” And
the thing is, one insider said, he’s still not done being
creative. “It’s the ultimate example of what everyone
is gunning for: live, work, play.” This year, he’s begun
adding the “live” as housing units are opening near
the complex. Not to mention that we still haven’t
even seen Bell Works at full capacity, which will be
the true testament to the greatness of that project.
“He continues to show he’s ahead of others,” one
insider said. Another pointed out he’s hardly a one-
trick pony, either. “Don’t forget, he has considerable
projects going on outside of Bell Works, including
a number of train station projects.” Holmdel was
perhaps the ultimate test of will, but his patience is
about to pay off in places like Somerville, where he
recently won approvals for a 40-acre transit village
with more than 500 units.
ROI-NJ RETURN ON INFORMATION-NEW JERSEY October 22, 2018 ROI-NJ.COM

REAL ESTATE 2018 ROI Influencers

Top 15

14 Tony Coscia
Partner
Windels Marx Lane & Mittendorf

The partner at Windels Marx

15 Jon Hanson;
Jimmy Hanson
Chairman; CEO and president
The Hampshire Cos.

For years, Jon Hanson has

Last year’s Top 10

1Chris Paladino
New Brunswick Development Corp.

could make the list every year

for his work as a real estate
said the end of Gov. Chris
Christie’s administration will
2Jeff Bezos
Amazon

3Jeff Milanaik
attorney at the New Brunswick mark the time his influence
firm. Of course, with Coscia, starts to wane. If Hanson Bridge Development Partners
it’s about so much more than believes that, he’s the only one.
that. A confidant of governors
and legislators on both sides of the aisle, you can be
Those in the sector speak of
him with absolute reverence. 4 Mike DeMarco
Mack-Cali Realty Corp.
sure he is consulted on moves months before they “I hate when people are called
happen. And, as the head of Amtrak, he has been
making financial moves with the organization that
icons because, in his case,
that’s not even enough,” one
5 Ralph Zucker
Somerset Development

6 Gene Diaz
could and should serve as a guide when New Jersey insider said. At Hampshire,
Transit starts operating like a business. Then there’s his son, Jimmy, is a star in his Prism Capital Partners
this little thing called the Gateway Tunnel project, own right, now handling the
which many people feel Coscia is doing more to
keep alive than anyone. “This list is about influence,
right,” one insider asked and then answered. “Who
day-to-day operation. But it’s hard to get past Jon. His
latest accomplishment may be the American Dream,
a project he has worked on pro bono, for more than a
7 Jack Morris; Joe Jingoli
Edgewood Properties; Joseph Jingoli
& Son Construction
has been more influential when it comes to keeping decade. Having Hanson’s support is one reason the
the Gateway Project alive? No one.” When the project
gets the funding it needs, Coscia will be right in the
project is close to the finish line. “Here’s what you don’t
know,” one said. “The number of big projects he gets
8 Ron Ladell
AvalonBay Communities

9 Jonathan Kushner
middle of it. He’ll not only soar to the top of this list called about every day. One phone call or visit can lead
but perhaps any other list that talks about business to one insight that changes how some of the biggest Kushner Real Estate Group
and life in the region. “It’s just the biggest real estate developers on your list do business.” His influence,
project in the last 100 years,” one said. “And it will be
the biggest real estate project for the next 100 years.”
said another way: “I felt like I had made it when he just
came and looked at one of my projects.” 10 Jon Hanson; Jimmy Hanson
The Hampshire Cos.

Jose Cruz Jon Mikula Jim Cadranell

(973) 549-2011 (973) 549-2006 (973) 549-2007
jcruz@hfflp.com jmikula@hfflp.com jcadranell@hfflp.com

Thomas Didio Greg Nalbandian Michael Klein

(973) 549-2008 (973) 549-2021 (973) 549-2005
tdidio@hfflp.com gnalbandian@hfflp.com mklein@hfflp.com

Kevin O’Hearn Michael Oliver Steve Simonelli

(973) 549-2018 (973) 549-2032 (973) 549-2035
kohearn@hfflp.com moliver@hfflp.com ssimonelli@hfflp.com

Marc Duval Jordan Avanzato Matthew Pizzolato

(973) 549-2015 (973) 549-2012 (973) 549-2024

The difference is clear.

mlduval@hfflp.com javanzato@hfflp.com mpizzolato@hfflp.com

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Our transaction history attests to our market knowledge and an Florham Park, NJ 07932
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7
ROI-NJ RETURN ON INFORMATION-NEW JERSEY October 22, 2018 ROI-NJ.COM

REAL ESTATE 2018 ROI Influencers

Associations

Dave Brogan Morris Davis Mike McGuinness Carol Ann Short

Executive director Academic director CEO CEO
New Jersey Apartment Association Rutgers Center for Real Estate NAIOP New Jersey New Jersey Builders Association

One of the bigger no-brainer picks
on the lists. Multifamily is still
hot, still shaping the state’s future
— and Brogan is the aptly-abled
head. “He’s as good as it gets,” one
insider said. He’s hard-working and
filled with knowledge. And, as one
recent event showed, has a pretty
good sense of humor, too.
These pages are filled with
numerous members of the Rutgers
Center for Real Estate, which is a
who’s who in the industry. Davis,
the Paul V. Profeta Chair of Real
Estate and the academic director
of the organization, is the one that
brings them all together. “He is able
to work with all of us — and we
often can’t work with each other,”
one insider joked.
“A real talent,” one insider said.
“Incredibly at keeping us together
and focused,” said another. And
then a third said what the first
two were thinking: “We’re not
the easiest group to deal with.”
McGuiness, the head of the New
Jersey chapter of NAIOP, continues
to run informative programs and
work with influential leaders.
Short handles the unappreciated
role with grace and smarts,
consistently supporting and
advocating for her members —
and doing so when her members
have slightly conflicting wants
and goals. “She continues to have
impact and influence in one of the
toughest association jobs in the
state,” one insider said.

The Hampshire Companies thanks everyone who made the

Todd M. Anderson Memorial Golf Invitational
a success and for honoring Todd’s legacy.

A special thank you to the event sponsors for their generous support.

TITANIUM SPONSORS
Alliant Insurance Services, Inc. Connell Foley Ironstate NK Architects
Avison Young Cushman & Wakefield Jones Lang LaSalle R&J Strategic Communications
Bohler Engineering Deloitte Langan Engineering & Environmental Services Schenck Price Smith & King LLP
Brookfield Drinker Biddle MCB Real Estate LLC The Pinnacle Companies
CBRE, Inc. Fox Rothschild LLP NAI James E. Hanson Tobin & Collins P.A.
CohnReznick Holliday Fenoglio Fowler Newmark Knight Frank Tulfra Real Estate
TSS Facility Services, Inc.

PLATINUM SPONSORS

A&E Construction Co. Hampshire Destination Properties M&T Bank Realogy

CrownPoint Group Hollister Construction Services Mountain Development Corp. TriState Capital Bank
Doug Oliver Investors Bank Normandy UOB Global Capital LLC
Dynamic Engineering ITSE Prism Capital Partners, LLC Whitestone Associates, Inc.
EWMA KSS Architects Quest Builders Group Inc.

PLATINUM PLUS GOLD SPONSORS SILVER SPONSORS BRONZE SPONSORS

Park Ave BMW Advance Realty Millcreek Adler Development MRY Associates, LLC Diversified Realty Advisors, LLC
CBRE Structure Tone DPH Holding LLC The Ferber Company, Inc. Lenox Advisors
dancker Transwestern Howard Stotsky Real Estate W.T. Rich Company, Inc. Norris McLaughlin P.A.
Friedman LLP Investments, Corp. Federal Business Centers

9
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ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Brokers
Jeff Babikian
Executive vice president
CBRE
Babikian is a perennial all-star
and a go-to broker for some of
the biggest names in Corporate
America. And he reminded us
of that when he represented
Mars Wrigley in the candy giant’s
highly touted lease at the Ironside
Newark project. “He’s someone
you know is going to be on the list
every year,” one insider said.
Rob Kossar; David Knee
Vice chairmen
JLL
JLL is tied
to most of
the major
industrial
deals in New
Jersey, and
Kossar and Knee are leading the
firm’s expansion into the outer
boroughs, which is catching the
eye of many longtime Garden State
developers. It’s easy to see why
they are now running JLL’s new
regional industrial team out of the
East Rutherford office.
Jose Cruz
Senior managing director
HFF
Cruz has hit one home run after
another as an investment sales
broker — and even his singles and
doubles are impressive. Just ask
him. “I love working with him,” one
insider said. “There’s no one that
works harder — or talks louder.”
Said another. “Is there anyone who
gets more deals than he does?”
Dan Loughlin
Vice chairman, brokerage
JLL
It’s still sinking in, but he actually
pulled it off. We’re talking about
the sale of the Merck campus
in Whitehouse Station, a deal
brokered by Loughlin and his team
at JLL. Considering his role in
selling and repositioning so many
other massive pharmaceutical
campuses in New Jersey, we
shouldn’t be surprised. But there’s
no understating the importance of
this one.
11
Stan Danzig; Jules Nissim
Vice chairmen
Cushman & Wakefield
In a time
when
industrial is
king, they
are the top
industrial
brokers for Cushman & Wakefield
in New Jersey. And they’re once
again proving their value to
developers as the landlord broker
for projects such as Rockefeller’s
new industrial park in Piscataway
and a large development in
Totowa, which have both attracted
big-name tenants.
Tom Monahan
Vice chairman
CBRE
There’s a reason that CBRE
named Monahan its first-ever vice
chairman in New Jersey: He is the
firm’s top industrial producer in the
Americas. That meant completing
more than 50 deals in 2017 with
an aggregate value of more than
$500 million. It doesn’t hurt when
you are a go-to landlord broker for
heavyweights like Prologis.
October 22, 2018 ROI-NJ.COM
Tim Greiner; Frank Recine
Executive managing directors
JLL
You’ve had
a good year
when you’re
involved in
the Mars deal
in Newark,
but Greiner, Recine and company
followed that up by luring Teva
Pharmaceuticals to Parsippany.
The JLL team served as the
landlord broker in the blockbuster
345,000-square-foot lease, which
is one of many great things that
they’re doing in New Jersey’s office
sector.
Bill Waxman;
Mindy Lissner
Executive vice presidents
CBRE
Waxman,
Lissner and
their team
boast an
impressive
list of clients
in e-commerce and other sectors
that are driving the industrial
market. Not to mention that they
are part of the team for Bridge
Development’s new project in
Phillipsburg and Lopatcong. “They
are both way overdue to be on this
list,” one insider said.
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ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Developers
Dave Barry
President
Ironstate Development Co.
“He is still active and still a
dominant player in Jersey City.
There’s no doubt about that,” one
insider said. Barry has the respect
of the industry. “Just one of those
guys who always is on the list,”
said many. Some felt his local
influence was a plus — “he’s one of
those guys who dominates a local
area” — while others said he needs
to expand his reach to go higher.
Peter Cocoziello
CEO and president
Advance Realty
Mixed views on Cocoziello, a
longtime member on lists such
as these. His biggest project,
renovating the Sanofi site in
Bridgewater, is still on, but
proceeding slowly. “Is it going to
happen? Yes. Is it going to happen
in the next six months? No. Is it
going to happen by the end of
next year? I think so.” Others are
more convinced. “He’s doing two
massive industrial projects,” the
insider said. “Don’t underestimate
him,” added another.
Joel Bergstein
President
Lincoln Equities Group
A newcomer to the list, one who
makes it for many reasons, but
mostly the purchase of the 90-
acre MOTBY site in Bayonne.
“It’s a massive development
of warehousing that will be
complementary to the Port
Authority, and it’s starting to build
right now,” said one insider. “It
was a huge deal, something a lot
of people are watching. Certainly,
something that makes him
noteworthy,” said another.
Bruce Deifik
Owner
Ocean Resort Casino
Ocean Resort Casino was
overshadowed by the Hard Rock
Hotel & Casino in Atlantic City, but
more than one insider pointed to
Deifik as someone who may have
pulled off the best real estate deal
of the year. How’s this reasoning:
“He picked up Revel at the bottom
of the barrel. Fixed it up — have you
been there, it’s awesome — and
proved that it’s a viable property.
I think he could easily flip it and
double his money.”
13
Wasseem Boraie
Vice president
Boraie Development
The next generation at Boraie is
maintaining the firm’s high level
of excellence set by its patriarch,
Omar Boraie. A multifamily project
in Atlantic City (600 North Beach)
got rave reviews (and another
project is coming). The timing of
a Newark high rise (One Rector
Street) which opens in spring,
couldn’t be better. The next project
in Newark (777 McCarter) will be
another game-changer for city. Not
that you’ll hear the sons, Wasseem
and his brother, Sam, talking about
them. “They just let their work
speak for itself,” one insider said.
Carl Dranoff; John Schreiber
Founder and president;
CEO and president
Dranoff Properties; New Jersey
Performing Arts Center
“They finally
opened
the @#$*!
building,”
one insider
started with
a joke — and
then delivered the punch line: “And
wow, it was worth the wait.” One
Theater Square — the project that
died a million deaths, as Schreiber
has liked to say — finally got to the
finish line this fall, providing much-
needed residential to the area near
Military Park and NJPAC. More
importantly, its completion signals
an unofficial start to the next moves
NJPAC is going to make in the area.
October 22, 2018 ROI-NJ.COM
Jenny Bernell
Executive vice president
of development
Kushner Cos.
Jared Kushner has stepped away
from the firm, working for his
famous father-in-law, but behind
Bernell, the company has picked
up its efforts in New Jersey.
“The (Eatontown) mall project is
massive — and what they are doing
in Long Branch with Pier Village is
even more impressive,” one insider
said. “Here’s the irony with them,”
another said. “They have picked
up their game, but they don’t use
Twitter to talk about it.”
Joe Forgione
Founder and principal
JMF Properties
“He’s long overdue for the list,” was
a frequent comment on Forgione.
“Here’s the deal with Joe: He’s one
of those guys doing multiple deals
in multiple places, but you don’t
really hear much about him. He flies
under the radar.” No longer. With
efforts across the state in numerous
counties, Forgione is a baseball
fan’s dream, one insider said. “Lots
of singles, plenty of doubles,” the
person said. “No grand slams, but as
consistently solid as they come.”
ROI-NJ.COM October 22, 2018
Frank Greek
President
F. Greek Development
Greek returns to the list for a
second year — and, for the second
time, his presence is greeted
with the same thought: It’s about
time. “He doesn’t have the biggest
persona, but he is very well known
in his asset class,” one insider said.
“He’s involved in two or three large
industrial projects.” A contributor at
the Rutgers Center for Real Estate,
his efforts are being seen. “One
day, he’ll be considered an icon,”
said another insider.
Tim Lizura
Senior vice president, real estate
and capital projects
New Jersey Performing Arts Center
The longtime executive at the
NJEDA joins the nonprofit and
arts community in a big way.
He’ll be in charge of helping
NJPAC turn more than 6 acres of
parking lots into a 24/7 arts and
education community for the city.
His background in working with
developers, financiers and his rare
perspective on government makes
him a unique choice for the role.
Jesse Harty
Senior vice president,
market leader N.J./N.Y.
Prologis
Prologis hasn’t missed a beat
despite having some leadership
changes in New Jersey this year.
The industrial giant still has a
sizable portfolio in the state and
a big pipeline that has attracted
tenants such as The RealReal in
Perth Amboy. Said one insider:
“Here’s a new name for the list:
Jesse Harty. Write it down. You’re
going to be seeing it a lot.”
Wendy Neu
Chairman and CEO
Hugo Neu
One insider summed it up: “Yes,
one project,” they said, referring to
Kearny Point. “But what a project.”
Others agreed. “There’s a lot of
ways people can have impact and
influence. A transformative project
such as Kearny Point, which is still
developing, and I understand is
doing very well, is one of them. She
definitely deserves to be included.”
14
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI
Sonny Jumani
President and managing member
Tulfra
One insider gave him the ultimate
compliment: “He’s as good as
anyone else in the next generation
of stars,” they started. “When I
think of guys in their 40s who are
going to dominate the industry in
the next decade or so ahead, he’s
one of the guys I think of.” Others
shared the vision. “He’s just rolling,
doing a lot of great things and
doing them all well,” another insider
said. “He’s active and out there.
He’s involved in the Rutgers center.
He’s a star.”
Joe Panepinto
President
Panepinto Properties
One insider made one big push for
Panepinto. “Joe Panepinto — that’s
the name you need to know,” they
said. “That’s the name that’s not
on (last year’s) list you need to
add.” Panepinto earned acclaim
recently when he gave $10 million
to Saint Peter’s University (its
biggest gift ever). His acclaim in
the industry, however, has been
around for years. “He’s a Jersey
guy and he is the single largest
builder of commercial buildings in
Jersey City. Google him and you’ll
be stunned.”
Influencers
Developers
Ben Korman
Chairman and CEO
Lotus Equity Group
“He’s got money in his pocketbook
and he’s willing to spend it,”
one insider said. And that’s a
description any developer would
love to have. The question is
where and when is he going to
put it in motion. Some point to
the Riverfront Stadium project
in Newark, others question the
speed in which anything is getting
done. Development is a long game,
others point out. “And Korman has
the ability to have a big impact.”
Steve Pozycki
Founder, chairman and CEO
SJP Properties
His next New Jersey play
(redeveloping the old
Westinghouse site that has been
vacant for decades) could be one
of his biggest ever. Early plans call
for 2 million square feet of mixed-
use development, to potentially
include office, retail, hotel and
residential components. It will
be an incredible lift — many think
there’s a huge cleanup involved
— but, if anyone could pull it off,
Pozycki would be the person.
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Developers
Ed Russo
President and chief operating officer
Russo Development
He’s another one of the young
stars in the industry — he’s just
the one who has been a star for
so long it’s easy to forget which
generation he’s from. “He’s creative
and aggressive — very aggressive,”
one insider said. “He continues to
make deals everywhere, buying
and selling.” His victory over Kean
University regarding a claim to an
old Merck site was noteworthy,
too. “He’s tough to compete with,”
said another insider.
Joe Taylor
CEO and president
Matrix Development Group
Many insiders felt he was worthy
of the list — they just couldn’t
necessarily decide where the
longtime prolific developer should
be noted for. “His work on the
Turnpike, his work in Newark, his
work in Staten Island,” one noted.
Taylor continues to have impact.
“I suspect one day he’ll be on the
icons list,” another said. “He is
another one of the true pros in our
industry.”
Jon Saraceno;
Jonathan Schultz
Co-founders
Onyx Equities
“They are
crushing it,”
the insider
said. “They
should move
way up on
the list this year.” The compliment
came from more than one source.
Their ability to reposition outdated
assets continues to impress the
sector. “They are major players
and they do unique things,” another
said. “They are doing things all
over.”
Mark Toro
Managing partner
North American Properties
Don’t know him yet? You will soon.
Toro, a Rutgers grad, made his
return to the area for the first time
in years with the announcement
of the Riverton project at the
Sayreville marina, a $2.5 billion
“experiential mixed-use” site that
will mix retail, restaurant, office,
hotels, park and a marina in a
work-live-play 418-acre project. “If
he can pull this off, transformative
won’t even begin to describe it,”
one insider said.
15
Michael Sommer
Executive vice president
of development
Edison Properties
He’s overseeing Ironside Newark —
“amazingly impressive, and that’s
without even considering what
they pulled off to get M&M Mars
there,” one insider said. Others are
interested in where he goes from
here. “He’s emerging as the next
big developer in Newark. He’s still
a young guy, and he’s coming out
of the shadow of everything at
Edison.” Another said it this way.
“They are now running Edison, a
family business, as a corporation,
and I think he’s the CEO.”
Eric Witmondt
CEO
Woodmont Properties
Witmondt heads a tried-and-true
team that excels in both residential
and industrial — in New Jersey
and outside of it. His project at
the Metuchen train station, which
opened a year ago, is getting rave
reviews. And that’s not surprising
to insiders. “Here’s the deal with
Woodmont,” one said. “They are
just solid and steady in everything
they do.”
October 22, 2018 ROI-NJ.COM
Debra Tantleff
Founding principal
Tantum Real Estate
Everyone is a fan — and everyone
notes her overall impact on the
sector. “I wouldn’t put her on the
list for one big project, but for
her big personality,” one insider
said. “She’s definitely influential
because she’s always out there
and helping drive the industry.”
She is a member of the executive
committee at the Rutgers center
and co-chair of the emerging
leaders council, among many
industry roles.
Ning Yuan
Chairman and president
China Construction America
It’s a company that’s more into
finished product than lavish
promotion. “They just topped off
the tallest building in New Jersey,
99 Hudson, and they have 450
condos that are selling well in
Jersey City (Park and Shore),” the
insider said. “If you’re looking for
influence and impact, you can’t
look past them. That was the first
for-sale project of that magnitude
in Jersey City. It’s incredibly
impressive.”
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Honoring Industry Leaders

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CREW NJ (Commercial Real Estate Women) is the New Jersey chapter of CREW Network which is dedicated to transforming the commercial
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ROI-NJ RETURN ON INFORMATION-NEW JERSEY October 22, 2018 ROI-NJ.COM

REAL ESTATE 2018 ROI Influencers

Finance

Jon Mikula Frank Sorrentino Rich Spengler Gretchen Wilcox

Senior managing director, co-head Chairman and CEO Executive vice chairman, chief lending CEO and president
HFF ConnectOne Bank officer G.S. Wilcox & Co.
Investors Bank

He handles the finance side at HFF,
and few do it better. “He makes all
the deals work,” one insider said.
“Every year it seems he hits it out
of the park.” Along with broker Jose
Cruz, HFF has a formidable team.
“There aren’t a lot of combinations
that work better than those two,”
another insider said.
The insiders often like to help
us out with the money quote.
“I’ve got a good one for you,” the
insider began. “Frank Sorrentino
has made ConnectOne Bank look
like Investors did seven years ago.
He’s under the radar, but he may
be doing more $15 million-and-
under deals than any other banking
institution. He’s killing it. How’s that
sound?” Like someone worthy of
being a first-timer on the list.
It seems like Investors has an
annual spot on this list. That’s
what happens when the insiders
continually point to the bank as
the best for real estate deals in
the state. The question is always
which member of senior leadership
to feature. “Spengler’s the one you
want,” one insider said. “He knows
how to work the deals. I think he’s
the one people deal with the most.”
Another annual member of the list.
And for good reason, one insider
said. “Year in and year out, you can
depend on her to be doing great
things.” Another insider offered
this: “Companies like hers fill a
niche. And that niche is: They’re
a place to go for financing. She
handles difficult deals with ease.”

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17
ROI-NJ.COM October 22, 2018
Omar Boraie
President
Boraie Development
His legacy can be seen in New
Brunswick and in the work ethic
of his sons, Wasseem Boraie and
Sam Boraie, who are taking on a
greater role in the company. But
don’t be confused, you’ll still see
Omar plenty at the office, as his
considerable skills and institutional
knowledge still serve as a driver of
the company’s vision.
Gus Milano
President and chief operating officer
Hartz Mountain
He’s been firmly in control at Hartz
Mountain for a while now. “The
company is still going strong,
still collecting great rents.” Hartz
is making major upgrades to its
properties in Weehawken and
elsewhere. Milano is someone
whose name continually comes
up. “He definitely deserves to be on
there.”
Bob Donnelly; Andy Merin
Executive vice chairman;
Vice chairman
Cushman & Wakefield
The two
Cushman &
Wakefield
executives
still pack a
punch in the
industry. Said one insider: “Are they
as active as they were years ago?
No. Are they as influential? Yes.”
David Simson
Vice chairman
and chief operating officer
Newmark Knight Frank
Longtime leader of Newmark still
keeps the firm going strong. “He
keeps them in the mix,” one insider
said. Another joked that Simson
should do all his business on a golf
course. “He’s incredibly strong. You
should see him hit a golf ball.”
18
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI
Carl Goldberg
Managing member
Canoe Brook Management
Goldberg is still going strong. In
addition to running Canoe Brook,
he is the co-chair of the Rutgers
Center for Real Estate and a
frequent thought leader on the
panel circuit when it comes to
discussing the fate of suburban
office parks and the continued
importance and impact of
multifamily.
Finn Wentworth;
David Welsh
Founders and partners
Normandy Real Estate Partners
Normandy
still packs
a punch in
real estate
— but, not
necessarily
in New Jersey. Longtime leaders
maintain their status as icons in
the industry. And one insider said
they are people you should always
keep an eye on. “Don’t fall asleep
on them, you never know where
they are going to deal next.”
Influencers
Icons
David Mandelbaum
General partner
Interstate Properties
Mandelbaum continues to be an
all-time influencer in the sector.
And he continues to be quiet about
it. “Trust me, he’s still involved in
plenty of deals,” one insider said.
Another put it differently: “You
don’t have to brag about having
influence to have influence.”
Zygi Wilf
Principal
Garden Homes
What can you say? He continues to
be the leader in garden apartments
throughout the state and
elsewhere. And his investments
and holdings go much further
than that. “Zygi Wilf defines what
it means to be an icon.” He’s still
hoping for his biggest win. His
Minnesota Vikings fell short of
their Super Bowl goal last year …
again.
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Power Players
Sheena Collum
Village president
South Orange
She is the head of South Orange
and also on the board of the state’s
American Planning Association
chapter. The two roles, an insider
notes, give her a great platform.
One she is using. “People are really
getting to know Collum because
she’s on the speaking circuit,” one
insider said. “It’s a different role
than the normal for a mayor. She’s
out there saying the towns need
pilots to revitalize. And people are
listening. That’s influence. She
deserves to be on the list.”
Don Katz
Founder and CEO
Audible
He’s not a developer. He’s not
a financier. He’s not an elected
official. But, an insider said: “He’s
been a principal in driving the
renaissance of Washington Park
and he has the fastest-growing
business in Newark, one that’s
eating up space, whether it’s
commercial or residential. He is
committed to Newark and may
wind up being the single largest
occupier of commercial space
outside of Prudential.”
19
October 22, 2018 ROI-NJ.COM
Aisha Glover
CEO
Newark CEDC (currently);
Newark Alliance (soon)
The well-respected head of the
Newark Community Economic
Development Corp. is moving to
the Newark Alliance — but she’ll
still be one of the city’s strongest
salespeople. “She really is a rock
star. She has been the quarterback
of the Amazon proposal,” one
insider said. Another offered this:
“She’s always prepared — so she
always has the right answer or the
right question.”
Kris Kolluri
CEO and president
Cooper’s Ferry Partnership
He’s been on the job less than a
year, but one insider said he’s got
the South Jersey organization
running like clockwork. “He is on
his game. He’s got every base
covered, from how to move people
to how to train employees and
everything else a company will
want and need in order to relocate.
They’re really lucky to have him
down there.”
ROI-NJ.COM October 22, 2018
Greg Lalevee
Business manager, vice president
of General Executive Board
IUOE 825
As business manager of Local 825,
Lalevee already is a big player in all
things building. His appointment
to the Turnpike Authority only adds
to it. “He’s another union guy who
not only understands the modern
issues, he works to fix them,” one
insider said. “He’s an ever-growing
voice in the building trades.”
Kevin O’Toole
Chairman
Port Authority of N.Y. and N.J.
This former lawmaker is now the
chair of the agency pushing the
Gateway Tunnel project. And while
that inches forward, it’s full steam
ahead on renovations at Newark
Liberty International Airport. The
question is how long the former
Republican state senator will hold
the role. “Normally, the governor
will make sure someone from
his party is there, but O’Toole is
effective and well-liked, so who
knows?”
Kevin McCabe
President
Carpenter Contractor Trust
Here’s one take on him: “He’s
the perfect example of the
modern labor leader. He’s not
just smart and well-connected,
he understands the game has
changed and he is exceling at
the new model.” It’s the reason
McCabe wears many hats,
including serving as Democratic
Party Chair of Middlesex County
and a board commissioner on the
Port Authority.
Lata Reddy; Ommeed Sathe
SVP, diversity, inclusion & impact; VP,
impact investments
Prudential Financial
One longtime
insider loved
the idea of
recognizing
two of
the power
players from Prudential — even
though they know the company
never seeks that type of
recognition. “Prudential does so
much for the city in so many ways,
but never talks about it,” the insider
said. “Most people are not aware of
all they do in real estate.”
20
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI
George Norcross
Chair; Executive chairman
Cooper Health System;
Conner Strong & Buckelew
It almost seems silly to list
Norcross’ various affiliations in
South Jersey. His overall power
and influence in the city of Camden
and the region transcends all of
the titles. “Everyone knows George
is someone who can influence a
lot of decisions on a lot of things,”
one insider said. “And that’s a
good thing. At least, it has been
for Camden. George gets a lot of
credit for its resurgence.”
Tim Sullivan
CEO
N.J. Economic
Development Authority
Expect Sullivan to be near the top
of the list next year, once Gov.
Phil Murphy’s economic plans
are fully in place — including an
expected new look at incentives,
the biggest watch for developers.
“He is going to be the point person
at a very high level on all of the
economic issues of the state,” one
person said. “And if the governor
wants more startups and small
companies, their biggest need is
real estate.”
Influencers
Power Players
Sheila Oliver
Lt. governor, commissioner, Dept. of
Community Affairs
State of New Jersey
Developers can only hope that,
as head of the Department
of Community Affairs, she
follows through on her pledge to
streamline permitting, inspections
and approvals for construction.
And the state Housing Mortgage
and Finance Agency, which she
chairs, will continue to play a
major role in financing projects
as developers look to ramp up
affordable housing production.
Kevin Walsh
Executive director
Fair Share Housing Center
One insider admitted that, once all
of the affordable housing issues
in the state are handled, Walsh’s
stock will drop. But that’s still
years away, the insider said. “He
has to be on this list — and you
could consider him for the Top 10
— because every town in the state
has to handle this issue. And he’s
handling almost all of them.”
ROI-NJ RETURN ON INFORMATION-NEW JERSEY
REAL ESTATE 2018 ROI Influencers
Professional Services
Jay Biggins
Executive managing director
Biggins, Lacy, Shapiro & Co.
It’s hard to imagine doing a real
estate list without Biggins. At
least, that is the sentiment of his
many fans in the industry. “No one
better,” many said. “He’s helped put
together more deals than people
realize,” said another. “He’s just a
guy that everyone consults with.
It’s hard to match his knowledge
and experience.”
Nevins McCann
Partner
Connell Foley
Longtime real estate lawyer is
involved in so much of the activity
on the Gold Coast. “Solid, steady,
dependable, knowledgeable,” one
insider said. “I think lawyers don’t
get enough credit for the work they
do on these deals. They make a
huge difference to the bottom line.
Nevins is one of those people who
does that.”
Frank Giantomasi
Member
Chiesa, Shahinian & Giantomasi
His scope of knowledge in Newark
is hard to define. “Who knows
more about what’s happened
in real estate in Newark in the
last 25 years?” one insider said.
“Or, you can put it this way: Who
knows more about everything
that’s happened in Newark in the
last 25 years?” A solid and steady
attorney, Giantomasi seemingly is
connected to all the key people and
projects.
Jeffrey Otteau
President
Otteau Valuation Group
The tagline on his company
says, “Bringing Clarity to Real
Estate.” One insider said Otteau
is the master of that. “You want
influence, how about this: For
all the work that is done to get
a project to the finish line, the
research and the words of Otteau
— presented in plain English —
often is the deciding factor for
planning boards considering a
project. That’s influence.”
21
Chris Johnson
Head coach
Hollister Construction Services
“What are they doing?” one insider
asked — then answered — the
question about the construction
firm based in Parsippany. “What
are they not doing? Hollister is
everywhere in New Jersey.” The
full-service company is a go-to firm
on a lot of projects.
Paul Phillips
Managing principal
Phillips Preiss
Phillips returns to the list for his
work in an area of the sector that’s
not always in the limelight. Many,
however, feels he’s worthy of a
spotlight. “He’s the No. 1 planner
in the state, whether it’s from
the government side or from the
private side,” one insider said. “It’s
as simple as that.”
October 22, 2018 ROI-NJ.COM
Robert Klausner
Partner
Fox Rothschild
Long respected in the industry,
Klausner makes the connections
and does the little things that
led to big wins. “Solid guy, great
knowledge, fantastic institutional
knowledge,” one insider said. Said
another: “There’s a reason he’s
brought in on so many deals. He’s
great at what he does and really
adds value.”
Ted Zangari
Member
Sills, Cummis & Gross
Viewed by some as the top real
estate lawyer in the state. Viewed
by all as someone always one step
ahead of the game. Zangari, as
versed in policy and regulations as
anyone, was one of the first to see
the potential of Opportunity Zones
as a game-changer in the industry
and has positioned himself and
Sills at the front of the pack. “If this
is the next big thing, and I think it
will be, it will be another thing that
separates Ted from the pack,” an
insider said.