The Real Wealth of New York City Amy Begg & Anne Brownlee

1. The Real Wealth of New York CityAmy Begg & Anne Brownlee Sponsored by

2. 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.

3. 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.

4. Real estate- New York City

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

6. 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

7. 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.)

8. Real estate- ACRIS

9. Real estate- ACRIS

10. Real estate- ACRIS

11. Real estate-ACRIS

12. Real estate- ACRIS

13. Real estate- Property Shark

14. Real estate- Property Shark

15. Real estate- Property Shark

16. Real estate- Property Shark

17. Real estate- identifying and valuing • Locating building information • Building type • Number of floors/apartments • Size (Sq. footage, bedrooms/bathrooms, terrace, etc.) • Location • Financial requirements

18. Real estate- City Realty

19. Real estate- City Realty

20. Real estate- City Realty

21. Real estate- City Realty

22. Real estate- identifying and valuing • Values/comparables • Realtor sites • Street Easy • Trulia • Douglas Elliman • Stribling • Sotheby’s • Corcoran

23. Real estate – other considerations • Taxes • New York City sales tax • Property tax • Flip tax • Broker fees • Townhouses • Parking spaces

24. 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

25. 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

26. Private schools – other considerations • Coaches/consultants • Tutors • Additional financial considerations • Philanthropy • Annual giving • Campaigns • Board involvement • Social pressure

27. 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.

28. Philanthropy - giving pressures • Major gifts • Pledges • Name gifts • Campaign gifts • Endowed gifts • Event • Sponsorship • Membership • Direct mail

29. 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 LouboutinPump - $3K+ • Handbag: Judith LeiberClutch - $4K+ • Auctions • Silent versus live

30. 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

31. 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

32. Strategic Plan • Education • Researcher • Fundraiser

33. 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

35. Contact information • Amy Begg • amy_begg@harvard.edu • 617.495.0352 • Anne Brownlee • anne_brownlee@hms.harvard.edu • 617.384.5512

36. 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/

37. 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

38. 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.

39. 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

40. 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/