Community Magazine June 2019

20 Community Magazine WEEK ONE : FINANCIAL JULY 15-18, 2019 I MON.-THURS. I 9AM – 5:30PM - Hillel Yeshiva, Ocean Twp. OR ANALYSIS JULY 22-25, 2019 I MON.-THURS. I 9AM – 5:30PM - Five Towns JCC, Far Rockaway What you’ll learn :  Essential concepts of real estate financial & investment analysis  Property valuation: How to develop an operating statement and apply capitalization rates to estimate property value  Determining net operating income (NOI)  Multi-year cash flow forecast – the pro forma income statement  How to estimate asset value and investment returns Course #: REFI-1010-02 $1,995 Register & pay by June 15 with early bird: $1,895 WEEK TWO: DEVELOPMENT JULY 22-25 I MON.-THURS. I 9AM – 5: 30PM - Hillel Yeshiva, Ocean Twp. OR PROCESS JULY 29- AUG 1 I MON.-THURS. I 10:30AM – 6PM - Five Towns JCC, Far Rockaway What you’ll learn :  The phases and procedures of developing various property types – multifamily and mixed-use  How to conduct a market analysis and site selection  Marketability and design considerations, budgets, and project pro forma  How to create a feasibility study; raising equity and financing  Construction considerations, marketing and leasing, property management Course #: REFI-1020-02 $1,995 Register & pay by May 30 with early bird: $1,895 To register: e-mail: realestate@fordham.edu or call 212-636-7626 www.fordham.edu/realestate Who Should Enroll?  Current and potential real estate investors  People considering a career in real estate  Those looking to pivot in their career Real Estate Certificate in Finance & Investment Early Bird Special: Save up to $200 if you register and pay by June 15 Summer Intensive Starting July 15 Hillel Yeshiva 1025 Deal Road, Ocean Township, NJ Program Advantages  Taught by real estate finance and investment professionals  Convenient location: Hillel Yeshiva  Those who complete the certificate are eligible for a GMAT waiver for Fordham’s MS in Real Estate לעילוי נשמתם של משה בן עליזה, יצחק הלל בן עליזה, והנרייט לאה בת עליזה, דוד בן גילה, רבקה בת גילה, יהושע בן גילה, משה בן גילה, שרה בת גילה, יעקב בן גילה, ואליאנה בת גילה. ולרפואה שלמה ליוסף בן אהובה מסעודה, שילת אהובה בת עליזה, ודניאל בן עליזה. the native farmers were collecting their produce. Moshe therefore reassured the spies that they had nothing to fear, as Gd would protect them during the risky operation they were asked to perform. One Midrashic passage, however, seems to accord deeper significance to the season of the spies’ excursion. The Midrash Peliah , a compendium of especially cryptic comments by the sages, remarks that the spies’ mission failed specifically because it occurred during the time of the grape harvest. What does this mean? What does the grape harvest have to do with the tragic failure of the spies? How would this affect their reaction to the land, and their decision on how to report their findings? The “Dark” Summer Days The answer is provided by the great scholar and mystic Rav Shimshon of Ostropoli (d. 1648), who was martyred during the deadly Chmelnytsky massacres in Poland. Drawing upon Kabbalistic teaching, Rav Shimshon explained that there are two periods during the year when the Satan possesses special power and thus poses an extra grave spiritual threat. The first is during themonth of Tevet, when there is little sunlight, the nights are long, and the weather is cold and dreary. The second period is the opposite end of the seasonal calendar – the months of Tammuz and Av, the summer months. These weeks are bright, sunny and warm, but are especially vulnerable to spiritual darkness. This is a time when Satan is empowered and can more easily succeed in entrapping and luring us to stray from the proper path of behavior. It is no coincidence that the greatest tragedies in Jewish history occurred during these two months. Our annual period of mourning for the destruction of two Bateh Mikdash , as well as for other calamities that befell the Jewish Nation, is observed from the middle of Tammuz through the beginning of Av. These months are a time of grave spiritual danger, and it is thus during this period when Satan has, unfortunately, enjoyed the greatest success. Now the Torah tells us that the spies spent 40 days scouting the land, and according to Talmudic tradition, they arrived on Tisha B’Av – the ninth day of the month of Av. This means, Rav Shimshon notes, that they embarked on their mission on the final day of Sivan, and the remainder of their mission took place during the two dangerous months of Tammuz and Av. On this basis, Rav Shimshon explains the aforementioned Midrashic passage. The spies fell prey to the Satan because they embarked on their mission during the period when Satan is most emboldened – the period of Tammuz and Av. This might explain, incidentally, why Rashi writes in his commentary to this story that at the time the spies left on their mission, they were righteous. They departed, as mentioned, on the final day of Sivan – just before the onset of the month of Tammuz. The period of the Satan ’s empowerment had not yet set in, and so at that moment, they remained righteous. They fell prey to the Satan ’s lures afterward, once the dangerous summer period got underway.