Women's network is on the rise

Real Estate Weekly, Feb 9, 1994 by Eric R. Gerard

The press may have labeled 1993 "The Year of the Woman," but in the world of New York commercial real estate, the 1990s can truly be identified as "The Decade of Women," as more and more often the person who sits behind the desk in the executive suite or on the board of directors may be a woman.

A prime example of this shift can be seen in the emergence of the organization Commercial Real estate Women of New York (CREW), which recently celebrated its fifth anniversary.

By design a small group, CREW consists of about 80 active members, each with at least 10 years experience in various fields of commercial real estate including: accounting, appraisal, architectural design/engineering, asset management, banking, brokerage/leasing, sales, construction, facilities management, corporate finance, institutional lending, investment banking real estate consulting, real property law and a host of other professional fields.

CREW was founded to provide a forum for women actively involved in commercial real estate, whether it be monthly luncheons and breakfasts featuring renowned guest speakers such as Geraldine Ferraro; or small brown-bag luncheons in the office of a selected member.

The goal of CREW is to further members' expertise in all areas of commercial real estate, an industry traditionally dominated by white males, and to provide female mentors for the emerging crop of talented women professionals.

CREW tries to acknowledge and reward the achievements of women in commercial real estate, and to set, promote and reward the highest standards of professionalism, as well as advance and benefit the industry as a whole.

To provide organization and leadership to facilitate exchange among members, the networking system of CREW is rather exclusive, consisting of senior, experienced women from a select and diverse membership designed to foster effective interaction and a balance among various real estate disciplines.

"Most of us have been in the business for 10 to 15 years," says Jayne Sacks Rosenhaus, vice-president of Park Tower Realty Corp. and president of CREW's New York chapter. "We're here because of our knowledge, the amount of deals we make happen and our experience. It doesn't matter if you're a male, a female or a duck, you're hired for your experience!"

While women first began to emerge on the commercial real estate scene in the 1960s, it was the feminist revolution of the late 60s and 70s which has spawned the current wave of outstanding female professionals the industry is just now beginning to discover. Fact is, they have been there for quite some time.

"It's a male-dominated industry in terms of numbers," says Deborah Beck. executive vice-president of the Real Estate Board of New York and a member of CREW's board of directors. "When I came into the industry in the late 70s, there were just a handful of women executives. It took a highly competitive crop of women to make their way into this business and CREW reflects that success."

Examples of the strides women have made throughout the industry can be seen in all of the related fields. Robin L. Taubin, senior counsel for Paramount Communications Inc., recalls how the industry has changed. "I was the first woman hired on the legal staff, but now, after 13 years, women make up 50 percent of the staff. In the 1970s, there was a greater influx of women into law school, and consequently, now their are more qualified applicants in the field."

While the four senior CREW members interviewed generally agreed that discrimination and tokenism is beginning to be a thing of the past, there still are traces that rear their head.

"Early on, you may have to prove yourself more," says Merrie S. Frankel, director of Real Estate Corporate Finance for Cushman & Wakefield. "You have to really prove yourself, give it 150 to 200 percent. It's subtle, but you really have to push to get to that point."

"We've crossed the barriers of men not dealing with you," says Taubin. "It depends on the type of business and whether you're the client or not, but we've gone a long way towards eliminating the whole male vs. female issues. Nationally and internationally, there is more sexism. There a long way from where we are in New York."

"Sometimes I think the only one who truly thinks that women are equal to men is my 6-year old daughter," says Sacks Rosenhaus. "I guess we'll have to wait and see when her generation comes of age."

But all agreed that things have come a long way for the better. "Women first emerged on the commercial real estate scene in the 60s, honed their skills in the 70s, and finally came into their own in the 80s," says Beck. "There are terrific women out there capable of doing a variety of jobs."

"We are trying to create a self-perpetuating awareness not just of successful women, but women in general," says Taubin of CREW's goal. "You can't do it individually. You don't want to look like you're on some kind of crusade."

"The ultimate goal is for the organization not to be needed anymore," Beck says. "But until that day, CREW provides a sense of affirmation for women, and there aren't too many places for that."