Melville, New York, United States
As an Executive Managing Director at Cushman & Wakefield, offering the highest level of expertise, experience, and ingenuity to the benefit of his clients, customers, and business associates. Possessing incredible range and depth, David has more than 30 years of experience in commercial real estate, and holds the prestigious SIOR, CIBS, and LEED GA credentials. His mission is to unlock opportunities and maximize returns for clients, while providing them with trusted and strategic advice on their real estate needs. David has successfully negotiated and closed major transactions for some of the largest and most reputable companies in the world, such as ADP, CNA, Broadridge, M&T Bank, Chyron, and Catholic Health Services. He has also received multiple awards and honors for his outstanding performance and leadership, such as the Office Deal of the Year, the Top Office Lease, and the Broker of the Year. David is also a licensed instructor for continuing education in law, appraisal, and real estate, and teaches at SUNY Stony Brook. David is passionate about learning and sharing his knowledge and expertise with others. LEVERAGING THE CREDIT OF THE TENANT- ($350,000 Additional Savings) Most people, and brokers, loosely use the term credit tenant. We concluded a lease negotiation and got the rent down as far as the Landlord could go without having a problem covering his debt service. We made the point that our tenant had an actual debt rating of A-, and since we were leasing 40% of the building that the lender should recast the loan interest rate due to the decreased risk that our tenant was providing to the building. Our success which resulted in a rent reduction which directly benefited the tenant. KNOWLEDGE OF REAL ESTATE TAX ESCALATIONS- ($605,000 Additional Savings) Most real estate people know that there is one way for real estate taxes to increase, taxes go up every year. We researched and discovered that in one particular property that there were five ways for taxes to increase. We took this opportunity to negotiate language in the lease which drastically benefited the tenant and the landlord’s attorney didn’t catch on until years later when taxes started multiplying from every direction. Once uncovered this tax language became a problem with not only taxes but with refinancing and ultimate change of partners on the deal. The Landlord offered the tenant $900,000.00 to alter the language in the lease which resulted in a net cash benefit of $605,000.00 to the tenant.
On Long Island alone, since 2014 we increased revenues, reduced expenses and hired more brokers. We also expanded our service lines and increased our regional profile. C&W acquired NYC's Massey Knakal and merged with DTZ making us into a $5 billion, 43000 employee, 60 country, 260 office commercial real estate powerhouse. We manage 4.3 billion square feet globally and enjoy an almost 50% market share in China.
I teach a class segment in Commercial Brokerage at SUNY Stony Brook, Course BUS 333, through the Real Estate Institute (REI) at SUNY Stony Brook. I am also licensed to teach for the purpose of satisfying the New York State Continuing Education requirements for Law, Appraisal and Real Estate Salespersons and Brokers.
Qualified to broker real estate transactions on behalf of and as a fiduciary to the appointing courts. The court approved broker is selected by the court and reports up to a court approved receiver. In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights", especially in cases where a company cannot meet its financial obligations or enters bankruptcy. In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights", especially in cases where a company cannot meet its financial obligations or enters bankruptcy. The receivership remedy is an equitable remedy that emerged in the English Chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights.
Long Island has almost 100 different land use jurisdictions making their navigation extremely challenging and individually unique. Major Corporations and Developers are ill equip to enter these labyrinths alone. We can get to an answer quickly and effectively with more surety of outcome. While we strive for the immediate "Yes", many times a "No" early on is better than a lingering "Maybe" continuing years out. Tax and Incentive procurement is another animal. Initially it appears like something a layman could tackle. These programs are designed to give you the minimum benefit while still keeping you on Long Island. Our relationships and experience enable us to give you access to all of the benefits which you and your company qualify for. The differences in results are usually significant.
David Pennetta SIOR, LEED GA, Executive Director of Cushman & Wakefield of LI. David is an expert on real estate and economic development on Long Island and has appeared on TV Channel 21, NPR Radio, and frequently contributed to the Wall Street Journal, NY Times, The Real Deal, LIBN, Newsday and spoken for many LI groups including Hofstra University , SUNY Stony Brook, Suffolk County Government among many others. He is the Strategic Officer for the Commercial Industrial Brokers Society, holds a seat on the Huntington Planning Board and recently has been a driving force for re-envisioning of the 18 million square foot Melville Employment Center in the township of Huntington.
Since 1988, Mr. Pennetta was a sales associate of Oxford & Simpson Realty and graduated to an associate broker in 1990 and became a principal of the company in October 1994. He has over twenty five successful years of experience in commercial real estate brokerage. His activities include brokerage in both sales and leasing of office, industrial and medical properties. He possesses extensive expertise in tenant representation with additional expertise in investment property sales, property management, development, and landlord representation.