Newmark is pleased to announce that 27-year industry veteran, Marc Shapiro, MAI, MRICS has joined its Valuation & Advisory (V&A) business as executive vice president of the Financial Reporting Practice. Shapiro joins Senior Managing Director and Financial Reporting Practice Leader John Corbett, MAI, ASA, FRICS, and serves as a regional lead.
Shapiro’s responsibilities include team management, driving revenue, growing the practice and managing compliance to complex, international regulatory agency standards. Based in Whippany, New Jersey, Shapiro is an expert in all property types and has advised public and private clients in the application of Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 805 Business Combinations, identifying and measuring tangible and intangible components of real property and assessing the fair value of acquired real estate under the rules of FASB ASC 820 Fair Value Measurements and goodwill impairment testing. He has also valued joint venture partial interests and provided buy-side advisory and related due diligence work for publicly and privately held companies, audit support related to fair value issues and model valuation and fair value analyses of commercial real estate loan debt.
“Marc’s rich expertise in financial reporting valuations and consulting will be a tremendous asset as he leads his regional team and works with me to grow the national practice,” said Corbett. “His strength as a leader and as an expert in this field will further set our team apart.”
The Financial Reporting Specialty Practice provides unsurpassed guidance to many multi-national corporations, REITs, private equity groups and funds. In addition to real property, the practice offers valuation services related to debt and equity investments, leases (lessor/lessee), fractional interests, and machinery and equipment. Services support regulatory compliance and stakeholder requirements related to mergers and acquisitions, impairment testing, fresh start accounting, estate and tax planning, as well as establishing REIT and fund metrics.
“I am thrilled to join John Corbett and proud to be part of Newmark V&A’s incredibly talented team of professionals,” said Shapiro. “The firm’s commitment to innovation and client service make for an invigorating work environment and I look forward to helping facilitate the Financial Reporting team’s ongoing expansion.”
Previously, Shapiro spent more than ten years at FTI Consulting, a global business advisory firm, working as a Real Estate Valuation Practice Lead specializing in Financial Reporting and Litigation Support. He also co-led the cost segregation practice, which advised clients on how to maximize benefits of the Modified Accelerated Cost Recovery System (MACRS), the current system for calculating deductions for depreciation under the U.S. tax code. Prior to FTI Consulting, Shapiro was a Director in the Valuation & Advisory group of Cushman & Wakefield for five years, where he conducted portfolio level analyses. Before that he served as Vice President with the Albert Valuation Group, Inc. for 12 years.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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