Celebrating 20 years of connections and knowledge building

CIBS of Long Island

1992 - 2012

"The authoritative voice on Long Island for commercial real estate."

Commercial Industrial Brokers Society of Long Island is where Nassau and Suffolk commercial dealmakers meet and build relationships, obtain current information, and gain perspective on national and regional trends and developments. A year-round schedule of monthly meetings and lively social gatherings offer brokers the opportunity to establish trust-based relationships with fellow brokers, builders, and industry insiders in congenial settings. If what they say is true, that it isn't what you know but who you know, then by all means you should know CIBS.
Celebrate with us this year as CIBS has more events and opportunities for you to connect with organizations and people who can help you move your career and your business forward.

CIBS News

To Avoid Co-Broker Disputes, CIBS Mandates Full Disclosure for Listing Brokers

In an action designed to enhance market efficiency, CIBS - the Commercial Industrial Brokers Society of Long Island - has added commission and fee transparency to its code of conduct, effectively making listing brokers responsible for disclosing commissions and payment terms to co-brokers.

Disputes over co-brokered agreements are a perennial cause of friction between practitioners, and add to the overall cost of doing business in the market.

As updated before the group’s board meeting earlier this month, the code requires the listing broker to document commission details in writing when asked by a cooperating broker, responding “in a timely fashion.” Details would include the commission rate or special fee arrangement; whether rates are determined on gross or net rental; the timing of payments; possible offsets; and other pertinent information that might affect payment. Previously, listing brokers would attempt to negotiate payment terms after a deal was underway, rather than before.

Responsibility for requesting the terms belongs to the cooperating broker.

Complaints by members would be brought to the association’s ethics board, comprised of industry veterans and firm partners. CIBS president David Pennetta said the rule was added in response to calls from members for greater transparency. Disputes over commissions and fees add to the cost of doing business, he said, and unnecessarily deter cooperation.

“Ethical behavior is a key characteristic of a trusted professional advisor, and it is very much the profile of the CIBS broker,” said Mr. Pennetta, who is a principal at Oxford & Simpson Realty, Inc. in Jericho, NY. “By insisting on the highest standards of professionalism for our profession, we raise the bar for the industry overall.”

CIBS is the largest membership organization serving the commercial real estate industry on Long Island, a market of over 250 million square feet of office and industrial space. CIBS celebrates its 20th anniversary throughout 2012.

Schacker and Abel of United Realty and Triangle Properties. Honored as Developer of the Year

CIBS, the Commercial Industrial Brokers Society of Long Island, honored Gary Joel Schacker, and Dave Abel partners at United Realty, and Triangle Properties as Developer of the Year at the annual Real Estate industry dinner at Carlyle on the Green in Bethpage NY for the development of Motor Parkway Plaza in Hauppauge NY, www.motorparkwayplaza.com the first LEED Silver certified office and shopping plaza on Long Island. David Pennetta, right, presents Schacker with trophy. Looking on are Jan Burman, president, Association for a Better Long Island and David Abel.

CIBS, the Commercial Industrial Brokers Society of Long Island, continued to mark its 20th anniversary Thursday night at the annual Real Estate Dinner - formerly the Black Tie gala - with awards to five top brokers and the endowment of a scholarship fund at Hofstra University in memory of Lawrence Feldman.

“The world has changed enormously over the past 20 years, and our presence here tonight is testament to the enduring vision of our founders,” said David Pennetta, president of CIBS. “CIBS has made real estate a stronger industry, and the efforts of many, including those we are about to recognize tonight, have made CIBS a stronger organization.” Mr. Pennetta cited ethics, professionalism and the need to nurture the next generation of brokers as key organizational concerns, and the focus of a number of programs initiated or continued during this celebratory year. CIBS has created honorary, non-voting board seats designated for industry newcomers; created programs aimed at attracting younger brokers; and launched an arbitration program designed to offer non-litigious alternative to conflict resolution.

The Commercial Industrial Brokers Society of Long Island presented the Newmark Knight Frank team of Jack O’Connor, Brian Lee and Daniel Oliver with the Most Ingenious Deal of the Year Award – the MIDY - at the annual Real Estate Dinner, commemorating the organization’s 20th anniversary April 19.

David Pennetta, president of CIBS, along with Jan Burman, president of the Association for a Better Long Island, presented the MIDY trophy to Jack O'Connor, Brian Lee and Daniel Oliver won the Most Ingenious Deal of the Year award for a consolidation and upgrade project for Suffolk County that brought multiple agencies from various buildings into 63,400 square feet at 3500 Sunrise Highway, Great River. The deal was designed to save taxpayers over $1 million.

CIBS, the Commercial Industrial Brokers Society of Long Island, honored Ray Finkelstein of Roslyn Estates as Most Distinguished Broker at the annual Real Estate Dinner of the Year event, at Carlyle on the Green in Bethpage April 19.

A real estate industry leader of four decades, Mr. Finkelstein is a principal of United Realty and Triangle Properties in Jericho, and has been instrumental in completing many major real estate deals throughout the New York region including transaction with Marchon Eyewear, Gilbert Displays, Federal Express, and Viacom. Mr. Finkelstein is also active in CIBS governance, including the Arbitration and Ethics Board. Last year he was recognized by CIBS for putting together the largest office brokerage deal on Long Island.

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Events

May 29th, 2012
CIBS Annual Golf Outing
11AM Tee-Off
Benefiting the Larry S. Feldman Endowment
Cold Spring Country Club

Download form for registration and sponsorships

Friday, June 1, 2012
1:00 - 1:45pm
Long Island Real Estate and Business Renaissance
CIBS Program: “Using a Broker? The True Value and the True Cost”
Speaker: Ralph Benzakein, LEED AP, SIOR, CIBS
Hilton Long Island
Hargrave Room
598 Broad Hollow Road, Melville NY 11747
Register at: http://lirebe.eventbrite.com/

Thursday, June 7
8:00am – 10:00am
Panel Discussion of the Suffolk Budget Woes with Four Legislators
Panel: Legislator’s J. Kennedy, Jr., E. Romaine, L. D’Amaro
and S. Stern
Moderator: Patrick Halpin, Former Suffolk County Executive
58 South Service Road
Melville, NY 11747
RSVP to Fpicone@cibs-li.com

August
Waterfront Member Social
Date and Location TBD
More Details to Follow

September/October (Venue & Time TBD)
CIBS Program/Event

November 1st 2012 (Venue & Time TBD)
Meet Your Associates Annual Meeting / 20th Anniversary Party

December (Venue and Date TBD)
ABLI / CIBS Holiday Party