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Chris Masotto
Principal and Head of Property Management
Cannon Hill Capital Partners
How long have you been a BOMA New York member and how did you first get involved with the Association?
In 2009, then working for Newmark Knight Frank, several senior colleagues at NKF encouraged me to join BOMA NY. They spoke highly of the organization, the networking opportunities, and pushed me to continue my education in the field by pursuing my RPA. I am thankful to those individuals who supported my growth in the industry and am proud to say that I am still in close contact with each of them.
What is your favorite BOMA New York event and why?
I first wanted to respond with the Holiday Luncheon as it is such a special time of the year in New York City. The BOMA NY holiday festivities are unique and truly special because of the many great people within our industry.
That said, how can I not say the Pinnacles?! Celebrating the success of your colleagues and peers at such an incredible event is priceless. Taking the time to acknowledge well-deserved people in various fields of commercial real estate, as well as best-in-class assets, makes the Pinnacles an extra-special event. BOMA NY does a great job organizing such a large event and has created a diverse set of awards that support and celebrate excellence for so many different areas in the field.
Including Cannon Hill, you’ve worked for companies that consider NYC part of their DNA. Given your experience here in New York, as well as other major markets, how does New York differentiate itself in the world of property management?
We own and manage assets in several major markets, focused in New York, Washington, D.C. and Boston, all of which are special for their own reasons. Each of these markets have unique challenges but understanding individual asset / market challenges and then identifying similarities across the sector enables us to have a better understanding of each, giving us more tools to find better solutions across a portfolio. I will say that, as our understanding has grown of the negative impact that GHG emissions has on the environment, and, unfortunately, how CRE contributes to these levels, NYC has emerged as the leader amongst major markets in regulating, planning, and road mapping solutions to reduce emissions. Also, it’s New York! And while I don’t think I need to start singing Sinatra, I think we can agree that NYC is a challenging environment that demands a special skill set, competitive spirit, and an exceptional work ethic to be successful.
With a focus on your portfolio in New York City, it’s a diverse collection of commercial assets, with different origins and submarkets. Is there a common ingredient that helps you manage the portfolio?
Without a doubt it is the executive team I am surrounded by and the team that reports to me. Given that Cannon Hill is a vertically-integrated platform, our secret ingredient is that we bring an ownership perspective to how we property manage. Further, we have complete buy-in by our employees of our company culture and entrepreneurial approach to real estate investment and management. Team concepts, encouraged collaboration, and strong communication throughout the entire company creates a positive culture aligning all individuals toward the same goal to be successful and share in that success. When you have that, the day gets a whole lot easier.
How is Cannon Hill making a positive impact on the local environment and communities you invest in?
As an investment manager, ESG initiatives and goals at each property investment is a top priority. Further, knowing that buildings represent almost 40% of global GHG emissions, we embrace our responsibility at the property level to operate more sustainable buildings, which will then have a direct positive impact on the tenants we serve, their employees, the local communities where our properties are located, all the way up to a global impact. At the onset of our initial underwriting of a property investment, we have a ‘Sustainability Checklist’ to determine the baseline operational efficiencies at the buildings and then plan and budget for a capital improvement plan to meet, at a minimum, regional environmental goals, and our internal portfolio-wide environmental goals. Across our portfolio each year, we are increasing our portfolio percentage that is Wired Score Platinum, ENERGY STAR certified, LEED certified, WELL certified, and fitWell certified. We are also a member of GRESB.
As the head of property management, is there a primary characteristic that you look for in new recruits, and what’s your advice as you onboard new employees?
People are always learning from one another and because of this I think everyone has something to offer, so we like to meet with a lot of people with different skillsets. That said, I personally appreciate someone who will take the initiative to go the extra mile. If I see someone trying to understand the question and what purpose their answer may serve, I know they are working harder for the collective team and end-result. I always advise and encourage people to ask a lot of questions, as well as to question and further understand the endgame, as that will enable them to present a more complete solution, while furthering their own understanding within the industry.
Giving back is an important part of BOMA NY’s ethos. Can you please tell us about your passion projects – enCourage Kids Foundation and Diabetes Research Institute Foundation?
My wife lost her brother to Ewing Sarcoma which is a cancer most commonly found in children. Aligning myself with groups that support the cure, needs, or any form of assistance for children with cancer is paramount to me and my family. I try to support any group that shares similar values in helping children that are suffering and/or experiencing difficulty. EnCourage Kids Foundation, and Kids for Kids are two groups I support that have similar goals in supporting children.
Several years ago I was approached by someone in the real estate industry to support the Diabetes Research Institute Foundation (“DRIF”). After learning about the progress they are making each year toward the ultimate goal of curing diabetes, it was easy for me to get behind. Having a close friend from college with Type One diabetes made it even easier to support DRIF as I had a connection and understanding of a lifestyle she has always had and how some of life’s choices were not entirely hers to make.
Children are my soft spot, but I pride myself on helping anyone in need that I can.
When you are not working, what do you enjoy doing with your spare time?
Family is very important to me, so enjoying time with my wife and two kids, coaching my children’s teams, and watching them all grow is priceless. I also love to cook. I pride myself on my cooking, and love cooking and entertaining for those in my life. Finally, Let’s Go Mets!
What’s your favorite book?
My favorite book is a difficult question. The Power Broker by Robert Caro was fascinating and one of my favorite recent reads, however a bit long for many. Another favorite book from my early 20’s was Forever by Pete Hamill as it is a fun read, starting out in New York City in 1740. The main character is given the gift of immortality, but only if they remain on the island of Manhattan. Clearly a fiction read, but it takes you through the evolution of NYC, different eras, changing landscapes and reference points that we are all familiar with.
What’s your favorite movie?
My favorite movie is easy. The original Jaws. It was made in 1975, and everything about it holds up to any movie made today.
