44 — October 2026 — Women in Business — M id A tlantic Real Estate Journal
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W omen in B usiness From PILOT audits to CRE leadership, Gray builds relationships that move the industry forward
Meet Cara Gray, CPA, MACC manager at WilkinGuttenplan
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avoid misunderstandings, and make the annual reporting process smoother. You’ve taken an active role in WG’s Real Estate NextGen efforts. Why is developing the next generation of real estate professionals important to you? The mentorship I’ve received throughout my career has made me want to provide that same support to younger profession- als. I co-lead WG’s Real Estate NextGen group with Kristin Flamini, where we encourage staff to get involved in industry organizations, attend network- ing events, contribute articles, and stay informed about the New Jersey real estate market. Over the past two years, we’ve also worked with our marketing team to develop in- dividual marketing plans with specific goals for our NextGen members. We meet with them throughout the year to discuss their progress and offer guid- ance. It’s rewarding to help others build the confidence and relationships that have been so important in my own career. What do you think young- er professionals need to understand about building meaningful relationships in the commercial real estate industry? Relationships shouldn’t end when an engagement does. I try to stay connected with clients beyond the work we’re doing together and take a gen- uine interest in their business- es. The real estate community is very connected, and you
never know when your paths might cross again. Staying in touch and building trust over time are just as important as making that initial connection. What advice would you give to a young woman considering a career in commercial real estate or an allied field? Commercial real estate has traditionally been a male- dominated industry, but that’s changing. Get involved early, attend industry events, and take advantage of op- portunities to meet people. Networking may feel uncom- fortable at first, but it gets easier with practice. Come prepared, ask questions, and don’t be afraid to introduce yourself. You don’t have to know everything when you’re starting out. How has getting in- volved in the commercial real estate community outside of your day-to-day client work helped you grow professionally? Conversations with devel- opers, attorneys, and other professionals have given me a broader perspective on the industry and how different specialties work together. That understanding helps me have more informed con- versations with clients. It’s also something I share with our NextGen group, encour- aging them to look beyond accounting and understand the real estate industry as a whole. MAREJ
ell us how and when you began your ca- reer in the profes- sion you are in: My interest in accounting be- gan with a high school course, which led me to study account- ing at Rider University. I in- terned with WilkinGuttenplan during my junior year and joined the firm full-time after graduation. I’ve been with WG ever since, building my career in the real estate practice. What was your greatest professional accomplish- ment in 2026? I was selected to serve as treasurer of CREW NJ begin- ning January 1, 2027. I’m excited to take on a leadership role within an organization that has given me opportuni- ties to connect with and learn from other commercial real estate professionals. What unique qualities or aspects of your personality have helped you succeed in your profession? Being organized has helped me balance client responsibili- ties, deadlines, and managing staff. I also coordinate assign- ments across our real estate team, making sure workloads are balanced and deadlines are met. I enjoy being able to support both our clients and the people I work with. Who or what has been the strongest influence on your career? Amanda Brady and Len Nitti, who co-lead WG’s Real Estate practice, have both played
Cara Gray, CPA, MACC WilkinGuttenplan Years with company/firm: 13 Years in field: 13 Years in real estate industry: 13
Real estate organizations/affiliations: Commercial Real Estate Women, Inc. New Jersey (CREW NJ) and Commercial Real Estate Development Association (CREDA)
important roles in my career. Amanda has encouraged me to take on new challenges, including helping establish and grow our specialized PILOT audit practice. That opportunity allowed me to develop expertise in an area of real estate accounting that has become a significant part of my career. Len has encouraged me to become more involved in industry organizations and has introduced me to people throughout his professional network. Both have helped me grow professionally and become more confident in tak - ing on new responsibilities. You have significant expe- rience working with PILOT agreements. What have you learned about what makes these engagements different from a traditional real estate audit? PILOT audits require a calculation of net allowable profit, which is different from a property’s net income. For example, net allowable profit
accounts for items such as allowable project amortiza- tion in place of depreciation and principal payments on permanent financing. Under - standing these differences, along with the specific terms of each Financial Agreement, is essential to completing a PILOT audit accurately. Why is it important for developers and their advi- sors to work with profes- sionals who understand the nuances of PILOT agreements? Every PILOT Financial Agreement is different, and the way certain terms are defined can have a significant impact on a developer’s financial re - porting and compliance re- quirements. Provisions such as the definition of annual gross revenues and the calculation of the annual service charge need to be clearly understood from the beginning. Having profes- sionals who are familiar with these agreements can help identify potential issues early,
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