Here comes the REIN again!
We welcome you to our third issue of the REIN Report. In it, we introduce you to REIN-maker Marianne Mueller, a real estate appraiser, and share some information on a decision from the NYS Court of Appeals.
You'll also see details for our next two events, Cocktails and Networking in September and a Networking Breakfast in November. We hope you can join us!
In order to grow our content and make the REIN Report more interesting and informative, we encourage your input, ideas and submissions.
And check out our brand new website: reinny.com.
Hope you're staying cool and having a great summer!
REIN NY, LLC
Marianne Mueller has always had an entrepreneurial spirit. Before she became a real estate appraiser, she lived on Fire Island and owned a kayak company. "We had a kid's kayak camp, rented out equipment and gave tours," she recalls. "I still kayak a lot myself. The North Fork of Long Island is a favorite destination"
She had previously been in real estate working as an assistant to Sheldon Solow, but needed an escape from corporate America. It didn't last for long. While on Fire Island, she met an appraiser, the late Christopher Devine, who convinced her that she should get into real estate.
"I followed his advice. I was fascinated by markets...real estate, stocks, whatever." In 2002 Marianne started at Mitchell, Maxwell & Jackson. By the time she left in 2010, she was the Executive VP. "It was a good ride." When the industry began to change after the subprime crisis, she and two of her colleagues struck out on their own. They formed their own real estate appraisal and consulting firm - Mueller Lang & Associates. Marianne, who is the Managing Partner, says "it's been terrifying, exciting and gratifying all at once."
Recently she has seen some big changes in New York City. "In the East Village and the Lower East Side, pricing in condo conversions and new condos is increasing exponentially," she notes. "The financial district is also recovering. Watching the Freedom Tower go up is very exciting. I love going down there, there's so much hope and positive energy."
In between teaching classes at Corcoran/Citihabitats, testifying as an Expert Witness and running her company, Marianne keeps her focus on some other big events. She's in the middle of a private adoption and is planning an international wedding. Mueller Lang is really expanding: partner Kevin Lang and his wife just had a baby boy and partner Michael Lang and his wife are expecting their second in October!
Her greatest accomplishment? "Staying sane in this business especially during the incredibly volatile economic times we have been through." She's had a lot of inspiration. "I've worked with some fantastic people... some other great appraisers and folks in the industry who were willing to share their knowledge and know-how."
|REIN Spring Networking Breakfast
Our Spring Networking Breakfast was a success! Thanks to all who attended. Here are a couple of snapshots of the event.
Special thanks to Craig Price of Belkin Burden Wenig & Goldman, LLP for sponsoring this event.
|About REIN |
REIN (Real Estate Insiders Network) connects real estate professionals with their colleagues through events to help facilitate business development. REIN also provides an online community to help bridge the gap between members of the real estate community.
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Save the date for our next REIN networking events!
September 12 Cocktails and Networking from 6:30 to 8:30 p.m. Location TBA
November 7 Networking Breakfast from 8 to 10 a.m. at Cafe Centro
YMBA (The Young Mortgage Bankers Association) will be having an event on Tuesday, August 7 at Blu @ Hotel Indigo from 6:30 to 8:30 p.m. It will include open bar and appetizers. Email firstname.lastname@example.org for more details and to RSVP.
Rosewood Realty Group and Aaron Jungreis prevail against Georgia Malone & Co., Inc.
The NYS Court of Appeals refused to reinstate brokerage Georgia Malone & Co., Inc.'s (Malone) claims against brokerage Rosewood Realty Group (Rosewood) and principal broker Aaron Jungreis stemming from a brokerage fee that Rosewood and Jungreis earned in connection with selling residential apartment buildings in midtown Manhattan.
Malone introduced developer CenterRock Realty, LLC ("CenterRock") to the sellers of residential apartment buildings in New York. Malone then contracted to provide CenterRock with due diligence materials pertaining to the properties in exchange for a commission of 1.25% of the total purchase price. In December 2007, CenterRock entered into a contract of sale to purchase the properties for $70M, ultimately terminating the contract of sale during the due diligence period, and refused to tender a commission to Malone.
CenterRock allegedly sold the due diligence materials (intended to remain confidential) that it had received from Malone, to Rosewood and Jungreis for $150,000. Rosewood and Jungreis procured a new buyer for the property, and realized a commission of $500,000 from the transaction.
Malone commenced an action alleging breach of contract claims against CenterRock and its principals, and unjust enrichment claims against Rosewood and Jungreis. The lower Court dismissed Malone's claims against Rosewood and Jungreis and the Appellate Court affirmed that decision in a split decision. The NYS Court of Appeals decided that Malone has no case against Rosewood and Jungreis. For the full report click here.