Behind The Bricks: Recent Episodes
Peter Von Der Ahe
Behind The Bricks is a podcast about New York City Multifamily Real Estate Investing. Specifically, I’ll interview and have discussions with the most active and fascinating NYC apartment building owners in the industry. The goal of these talks is to go behind the transactions and explore what drives these individuals and the investment choices they make. How do they balance opportunity with the obstacles and the risk with the rewards? Some shows are biographical, some are about management operations, and others will have a macro focus to uncover the philosophies and mindsets of these real estate icons. In essence, I am looking to uncover the skills, qualities, and experiences that have made them successful. Success is no accident and we all have something to learn from these achievers. In doing so, we can improve ourselves and the world around us. For more information about the show or investing in New York City, visit us at www.behindthebricks.com.
Peter Von Der Ahe leads the top multifamily investment sales team in the NYC metro area. For more information about them and related opportunities, go to www.newyorkmultifamily.com.
If you are looking for more of this type of content focused on Multifamily investing around the USA visit www.multifamilymemo.com
Today you're going to be hearing from New York Multifamily partners Joe Koicim, Seth Glasser, and Shaun Riney, as they discuss the state of the New York Multifamily market going into Q4. Joining us will be frequent guest Jay Martin, Executive Director of the Community Housing Improvement Program and DHCR guru Christina Smyth, Founder of Smyth Law PC (and newly appointed member of the Rent Guidelines Board).
We’ll be discussing: trends in the market, CHIP’s Court Case vs. HSTPA, a new DHCR proposal eliminating vacancy combinations, and finally, Good Cause Eviction. There is lots happening in NYC Multifamily... lets and explore and go behind the bricks… with Joe, Seth, and Shaun...
Reach out to the team!
Seth Glasser
212-430-5136
seth.glasser@marcusmillichap.com
Joe Koicim
212-430-5147
jkoicim@marcusmillichap.com
Shaun Riney
718-475-4369
shaun.riney@marcusmillichap.com
www.newyorkmultifamily.com
Today we sit down with my partners on the New York Multifamily Team, Joe Koicim, Shaun Riney, and Seth Glasser to discuss how the market has changed so far this year and how it will continue to change.
Where are rents headed? Will rates continue to rise? How are buyers and seller reacting to these changes?
We dive deep into the dynamics of the current NYC multifamily market so let’s get into it… as we go Behind the Bricks with Joe, Shaun, and Seth...
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with a New York Multifamily Partner, our own Seth Glasser. Seth is one of the foremost experts on the multifamily landscape of Upper Manhattan and the Bronx. Few people, if any, know more about the nuances of the rent stabilized side of the market than Seth.
In this episode we break down some of Seth’s most recent transactions. We analyze the renewed focus buyers have on quality and location, break down the misnomers surrounding the rent laws of 2019, and the importance of building size and scale in the current market.
This is a quick discussion, but we cover a lot of topics. So let’s go Behind the Bricks… with Seth Glasser.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with a man of many talents. Greg Lindsay is a journalist, urbanist, futurist, and speaker. He is a partner at the geo-strategic and climate advisory firm FutureMap, the senior fellow for applied research and foresight at NewCities, a senior fellow of MIT’s Future Urban Collectives Lab, and a non-resident senior fellow of The Atlantic Council’s Scowcroft Strategy Initiative.
Greg is an expert in urban planning with an eye and mind focused on the future. In this episode we discuss what lies ahead for real estate in New York City and the country.
Interestingly, Greg is also a former Jeopardy Champion who actually defeated IBM’s Watson supercomputer... So without any further ado lets go Behind The Bricks… with Greg Lindsay.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with Jesse Terry, Managing Director at HUBBNYC. HUBBNYC is a privately held New York City real estate operating company that owns approximately 80 multi-family, retail, and mixed-use properties in Manhattan.
Jesse uses his unique perspective on NYC real estate to answer the big questions on the minds of investors... Such as:
What metrics are HUBBNYC using to evaluate the future of the NYC market? Is the demand for high quality here to stay? How will the office space sector recover from the pandemic? Are interest rates the biggest risk factor for 2022? And many others..
What are the trickle down effects of the "work from home” movement? What reasons do we have to be optimistic about the health of the market?
We have a long relationship with Jesse, so please enjoy as he dishes out a lot of knowledge in this discussion. Let’s go Behind the Bricks… with Jesse Terry.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down again with Jay Martin, Executive Director of the Community Housing Improvement Program. CHIP is a trade association for owners of over 400,000 rent-stabilized rental properties across New York City’s five boroughs. This is Jay’s 3rd time on this podcast, and he is always full of useful intel.
In this episode, we discuss what CHIP has been up to over the past year, effective long-term solutions for housing affordability, the dangers of “Good Cause Eviction”, and the importance of educating the public.
We also dive into what to expect from the Mayor-elect Eric Adams of New York City-based on Jay’s conversations with the man himself.
Jay has a lot of important lessons on each topic, so let’s go... Behind the Bricks… with Jay Martin.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we speak with Matthew Lesser, Senior Partner of Leslie J. Garfield. Matthew has represented over $1.5 billion townhouse deals and was recently recognized as “Top Agent” by The Real Deal Magazine.
The townhouse world in NYC has always been adjacent to the multifamily market and sometimes crosses over into investment territory. In this episode we discuss surprises the pandemic had on the NYC Residential market, and the inherent value of townhouses in the current environment. Over time, Matthew has witnessed changes in the asset class which can help investors create future value.
Matthew is a thorough expert when it comes to his niche and he has mush wisdom to impart so let’s get into it… as we go Behind the Bricks... with Matt Lesser.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with my partners on the New York Multifamily Team, Joe Koicim, Shaun Riney, and Seth Glasser to wrap up 2021 and discuss what may be in store for the NYC Multifamily market in 2022.
Why did the activity this year exceed our expectations? Will this trend of rising velocity continue? Who’s buying and who’s selling in today’s market? How will continued rental growth affect underwriting moving forward? What is the biggest risk out in the market right now?
We cover a lot in this episode so let’s get into it… as we go Behind the Bricks with Joe, Shuan, and Seth...
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with my partners on the New York Multifamily Team, Joe Koicim, Shaun Riney, and Seth Glasser to discuss what the NYC Multifamily market looks like now and what may be in store for the rest of 2021.
New York is well on its way to returning to normal. How is this crossing over to the investment market? We discuss how owners have adapted this year, and what opportunities are currently on the table.
With this panel of experts, we discuss which segments of the market will fully recover, and which will be the best places to find upside. As well as which you should avoid. What have been the biggest surprises of 2021 thus far? Is it a buyers’ or sellers’ market right now? Furthermore... is it time for rent stabilzied assets or free market?
We cover a lot in this episode so let’s get in to it… as we go Behind the Bricks with Joe, Shaun, and Seth...
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with my partners on the New York Multifamily Team, Joe Koicim, Shaun Riney, and Seth Glasser to discuss the NYC Multifamily market now and what may be in store for the rest of 2021.
The energy rising in the streets of the city and many other indicators say that New York is returning to normal… What does that mean for the market? What direction are prices and rents trending? We discuss what we are seeing in transactions that is not being reported in the press. We also share what buyers should be keeping an eye on to evaluate opportunities.
This is an exciting and unprecedented time for NYC Multifamily, and we explore some surprise topics. So let’s hit it… as we go Behind the Bricks with Seth, Shaun and Joe...
Get the latest updates on Instagram: www.instagram.com/newyorkmultifamily
And Linkedin: https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down again with Jay Martin, Executive Director of the Community Housing Improvement Program. CHIP is a trade association for owners of over 400,000 rent-stabilized rental properties across New York City’s five boroughs. CHIP’s goal is to help members provide excellent and affordable housing, build a sense of community in their properties, and employ thousands of New Yorkers with their small businesses.
In this episode, we discuss how over the past year CHIP worked with the government to effectively provide relief for owners and tenants, the impact of the “Cancel Rent” movement, and the broader impact of politics on the NYC multifamily market.
We further dive into the nuances of the rental market, the short and long term future of rentals in NYC, and the legal challenge brought by CHIP against rent control itself.
Let’s go behind the bricks with... Jay Martin.
This episode we feature an interview between myself and Ofer Yardeni from an event held by the Real Estate Lenders Association. Ofer is the Chairman and Chief Executive Officer of Stonehenge NYC. Stonehenge, owns a portfolio of properties in Manhattan valued at approximately $1.9 billion comprised of 19 income-producing properties with 2,800 apartments representing 2.9 million square feet of prime real estate. This is our second time having Ofer on the show and we welcome him back.
Ofer is an expert on integrating technology into property management. Stonehenge was one of the first real estate firms to invest in and implement Salesforce and AI into their operations. In 2021, tech is more important than ever, as it allowed Stonehenge to continue signing leases even at the beginning of lockdown. We also cover other clever ways in which Ofer adjusted his property management strategy in response to the pandemic, and how he used his experience spanning back to to the 90’s to inform his decisions.
This is an incredibly informative chat with one of the most innovative minds in New York multifamily. Let’s see what Ofer has to say.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down –again— with Michael Shah, founder and managing partner of Delshah Capital, a PE and asset management firm with close to $1 billion of assets under management. (In case you haven’t heard it, we recorded a previous episode with Michael where we really dived into other aspects of his business that I highly recommend you listen to).
Today, we discuss how Michael overcame the challenges of last year: depressed rent rolls, high vacancy, and the current lending environment. Interestingly, Michael shares how in many ways 2020 bred innovation. Innovations that he will make use of for years to come.
We talk about how opportunities are showing up in NYC today. For now, it’s on the debt and preferred equity side of the capital stack and getting creative when structuring deals.
New York still has many question marks surrounding the pandemic, politics, and the multifamily market and Michael does a good job addressing some of these big questions...
Lets go Behind the bricks…with Michael Shah...
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with Richard Wilson, CEO & Founder of the Family Office Club, the #1 association of over 2,000 ultra-wealthy families and/or their family offices.
As we emerge out of the pandemic, improving your ability to raise money is a key component to your success. Richard has carved out a specialty within this group. We dive into how to build trust with investors, the advantages of providing super specialized service, and the direction the real estate business is heading.
Richard also discusses what inspired him to create The Family Office Club and why he saw a market opportunity here. He shares the straightforward tactics he used to be the leader in this space. For example, his use of media to educate potential clients and others in the market.
Richard has written three #1 bestseller books about family offices, and The Family Office Club has the most listened to podcast and most-watched Youtube channel in the family office industry. The multifamily world in New York is going through a transition right now, so hopefully you will find Richards expertise is very timely.
So let’s go behind the bricks with Richard Wilson...
Today we sit down with my partners of the New York Multifamily Team, Joe Koicim, Shaun Riney, and Seth Glasser to discuss the NYC Multifamily market in 2021.
We will hit a variety of topics and dive into questions such as, What factors will cause this year to play out in a positive way? What sectors of the market will see the most appreciation? Who are the new buyers entering the market? How will politics change the trajectory of NYC multifamily? And finally, what obstacles will appear down the road?
Ultimately, there are opportunities to buy while so many investors are uncertain. Knowledge of the market and its trends will be the key to seizing those unique purchases. So let’s hit it....as we go Behind the Bricks with Seth, Shaun and Joe...
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
Today we sit down with Alchemy Ventures co-founder, Sam Kooris.
Alchemy Ventures has been directly responsible for the acquisition, financing and repositioning of over 25 buildings in Brooklyn, all within the last four years. The portfolio is valued in excess of $125,000,000.
I thought to have Sam on the show as he was one of the most active buyers in NYC in 2020. One of the most common questions investors are asking today is: “who is buying NYC?”...Sam and I discuss his answer to that question and the positive and negative issues surrounding that topic.
Prior to founding Alchemy Ventures, Sam cut his teeth in the NYC marketplace as an investment sales broker and then transitioned that knowledge to the principal side of the business.
Finally, we discuss why the long-term future of New York multifamily is bright! It is all about the understanding of real estate fundamentals.
As we start 2021 and recover from the pandemic, it’s time envision how New York’s housing market will evolve this year.
Let’s hear what Sam has to say as we go Behind the Bricks…
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
First, I want thank all of you who listen, provide feedback, give me suggestions about the content. It’s truly a pleasure to share this information.
Today we’re going to listen to some of the most informative bits of the podcast from the crazy year that just ended. You’ll be hearing the best snippets from last years’ conversations and from our own New York Multifamily Team.
Thanks again, I wish you a prosperous 2021... and let’s take a look at 2020 on Behind the Bricks.
The breakdown of this episode:
- Jeremy Salzburg - 0:54
- New York Multifamily Team - 5:34
- Jordan Sachs - 6:52
- NYM Team: Coronavirus Impact 1 - 8:55
- James Eisenberg - 11:36
- NYM Team: Coronavirus Impact 2 - 15:23
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
We will be revisiting this episode from 2018. It’s as relevant now as ever. With the changes in the market, being a better negotiator will certainly come in handy today….
Chris Voss was the Lead International Kidnapping Negotiator in the FBI for 24 years. His book, Never Split the Difference: Negotiating As If Your Life Depended On It, outlines his field-tested tools for talking anyone into, or out of, just about anything. Currently, Chris is the founder and CEO of The Black Swan Group, a coaching and consulting group that strives to solve business communication problems with hostage negotiation strategies.
In this episode, I speak with Chris about his experience in the FBI and delve into the rules and techniques that he used to unwind some of the biggest terrorist plots in our country’s history. Listeners will walk away from this episode with actionable tools you can use immediately. Chris also shares his advice for someone just starting in the business world who wants to be a better negotiator, as well as how his childhood environment and upbringing really impacted his work ethic.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
As we head into the colder weather there is not a better time to release this episode.
Today we sit down with Marshall Cox, founder and CEO of Radiator Labs, a start-up that is revolutionizing the way multifamily buildings are heated. Given the operational challenges NYC owners are facing today, technology that will improve building services while reducing expenses are highly sought after... and that is exactly why I chose this guest.
Radiator Labs’ mission is to eliminate overheating in steam heated buildings. They do this by incorporating radiator-level control, tracking real-time data, and as a result provide comfort to residents and reduce heating complaints by 95%.
In this episode, we discuss the tech behind Radiator Labs’ innovative service, the keys to being a successful entrepreneur, and why its a win-win for all parties involved. Let’s go Behind the Bricks with MIT Clean Energy Prize winner, Marshall Cox.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
On this quick episode of Behind the Bricks myself, Joe Koicim, Shaun Riney, and Seth Glasser share our third update in our series of conversations on the impact of the Coronavirus on the New York City multifamily market.
You will hear about the types of buyers coming into the market, the areas with the highest deal velocity, and the challenges and opportunities emerging closing deals. Since March 15th our team has closed 21 deals, signed 26 contracts, and have another dozen contracts out. Taking advantage of these opportunities requires insight and a bit of patience today.
Also, we touch on the revitalization of NYC that will come post pandemic...so let’s go Behind the Bricks, with Joe, Shuan, and Seth.
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Hope you enjoyed the podcast!
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show - Click HERE to leave a review.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
Almost every NYC multifamily owner who has spoken to me about selling an asset has asked, “Where would I put the money if I sold?” Coming from this managment intensive product some choose to invest in net leased properties.
Today we sit down with Glen Kunofsky, Founder of the NNN Pro Group at Marcus & Millichap. Glen and his team have closed thousands of net leased properties worth billions of dollars over the course of his career.
Coronavirus has had a massive impact on the Triple-Net market. In this episode Glen details which type of businesses have been performing better in the pandemic and those that have been hurt. In this discussion we touch on negotiating with retail tenants and how the lending environment is impacting today’s market.
Times of turmoil remind us of the importance of having a diverse portfolio of investments. Triple Net Leases behave differently than other property types and for some investors, provide much needed variety. Let’s take a quick dive into this subject and hear what one of the top players in this space has to say…
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
Today we speak with James Eisenberg, Executive Vice President at Urban American. Urban American is one of the largest and most well-known owners and managers of multifamily real estate properties in NYC. Many of their assets are in neighborhoods with mostly rent stabilized units.
In this episode, James explains how they have been adapting in the time of Covid-19. Given the virus and the changes to the laws, the art of maximizing upside and knowing when to make moves has shifted from previous times. We discuss the advantages of owning rent stabilized properties, and the path ahead.
Specifically, we discuss tenant relations and the importance of taking care of tenants in any way necessary during times of crisis... and why there is a business upside to this philosophy.
P.S. This episode was recorded right before the RGB issued its guidelines for 2020. You will hear us discuss this topic. In case you haven’t heard, the increases were 0%. So this further complicates operations for owners...but with no further ado...
Let's dive in to hear what else James has to say…
Hope you enjoyed the show!
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show - Click HERE to leave a review.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
Today we are doing an instant insight conversation with Jordan Sachs, co-founder BOLD New York. BOLD NY is a top flight full-service residential firm handling residential sales and rentals. The focus of this episode is one of the biggest questions Multifamily players are asking in the wake of the crisis: What is the current state of the NYC rental market, what will it look like moving forward, and how should owners be adapting?
Jordan’s unique perspective helps him shed light on the major factors impacting demand: tenant retention, building location, and the return of in-person school and office building openings. This year’s rental season appears to be different, not gone. Jordan shares some welcomed positive insight...so...without any further intro, lets take a quick dive into this episode of BTB with Jordan Sachs.
Have a question you'd like answered on an upcoming episode?
Call and let us know what it is: 646-450-1833.
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
Have a question you'd like answered on an upcoming episode?
Call and let us know what it is: 646-450-1833.
In this episode we take the impacts of COVID-19 a step further. With NYC being the epicenter of the pandemic our multifamily team has been directly dealing with the rapidly changing NYC multifamily market: All property operators, sellers and buyers are affected and have questions about how to navigate. In this episode Joe Koicim, Seth Glasser, and Shaun Riney and I discuss:
• How certain NYC rental markets will be affected differently
• If NYC residents want to live closer to work and changes to those neighborhoods?
• What areas are seeing the most deal action?
• What should be kept in mind while navigating the current lending environment?
• How does the retail market affect NYC owners and the industry?
• Where do the future opportunities potentially look like?
We would like to be as useful to our industry as possible, and I hope you find this information valuable.
-
Hope you enjoyed the podcast!
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show - Click HERE to leave a review.
Get the latest updates on Instagram : www.instagram.com/newyorkmultifamily
And Linkedin : https://www.linkedin.com/in/peter-von-der-ahe-3320662/
www.behindthebricks.com
This is a quick announcement episode where I wanted to introduce a project that has been under underway for many months. For several years, many New York City investors have asked me for information about other markets around the US. As the regulatory environment in New York has become more difficult....the pace of these questions only increased.
Today, is an interesting time.....the whole world is adjusting to the realities of the coronavirus. In uncertain times like these, I try to pay more attention to what I say and to observe the questions I ask myself. One of the best ones that I heard when dealt with a setback is..."what’s possible now?" Or said another way: “Because X happened, what is now possible that I didn’t think was before it occurred?"
With that in mind, I’d like to let the Behind the Bricks audience know about another podcast I have called the "Multifamily Memo." This podcast features deep dive conversations with the market makers in some of the best multifamily markets in the US. Professional investors, who are looking to learn about other US markets, and learn strategies used in other locations, will (hopefully) find the Multifamily Memo podcast very useful.
So that’s it for this quick announcement episode. You can find the Multifamily Memo at www.multifamilymemo.com or iTunes and Spotify.
I hope wherever you are, you are staying safe, staying healthy, and adjusting as best as possible to the environment around coronavirus... Looking forward to speaking to you all very soon…
Have a question you'd like answered on an upcoming episode?
Call and let us know what it is: 646-450-1833.
As all of us in the NYC Multifamily industry make adjustments in our personal and professional lives, we wanted to share how the coronavirus is impacting NYC multifamily. This week I sat down, over video chat, with my partners: Joe Koicim, Seth Glasser, and Shaun Riney and we discussed:
- What’s the #1 question all NYC owners are asking right now?
- Why will beginning of April be important for the multifamily market?
- Which deals are getting done?
- How are banks reacting to current deals?
- What is Force Majeure and why has it become popular?
We would like to be as useful to our industry as best as possible, and I hope you find this information valuable.
-
Hope you enjoyed the podcast!
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show - Click HERE to leave a review.
Get the latest updates on Instagram and Linkedin
www.behindthebricks.com
Have a question you'd like answered on an upcoming episode?
Call and let us know what it is: 646-450-1833.
Today we sit down with Jeremy Salzberg of Sugar Hill Capital Partners. Over the last 10 years, Sugar Hill has purchased over 100 New York City buildings. They specialize in integrating design, sustainability and the arts into pre-war apartment buildings.
Many in the New York City multifamily world are confused about where they should be going with their business plans at this point in time. In our conversation today we, hopefully, clarify some of those items as we talk about how the real estate market has changed since Jeremy joined Sugar Hill in 2010 and where the current opportunities are.
- Hope you enjoyed the podcast!
Please leave a short review on Apple Podcasts/iTunes.
It's quick to do, and helps improve the show - Click HERE to leave a review.
Get the latest updates on Instagram and Linkedin
www.behindthebricks.com
If you are looking for more of this type of content focused on Multifamily investing around the USA visit www.multifamilymemo.com
In this first episode of 2020, we sit down with Jordan Sachs and Chelsea Werner of BOLD New York. Bold is a full-service residential firm handling residential sales and rentals. Jordan and Chelsea break down the outlook for the upcoming year for rentals, condominium, and co-op sales. After several years of rental declines, early indications from late 2019 show that rents across the city are rising. With concessions burning off, rents increasing, and supply decreasing, this looks to be very good news for owners in 2020. Given the backdrop of the destructive 2019 rent law this bit of good news will be cheered by owners, investors and all market participants.
The other topic of this episode is the state of the condominium and co-op sales market in New York City. For the past several years the residential sales market has been very slow due to significant oversupply, in all price categories. We discuss how that supply is going to be absorbed in 2020 and the impact of shadow inventory on the rental market.
I hope you enjoy this information packed episode as much as I did and let’s go behind the bricks....with Jordan and Chelsea...
For more information please visit: www.behindthebricks.com
Today we sit down with Joseph Tahl, President and Co-Founder of Tahl Propp Equities. Tahl Propp Equities is a privately held real estate investment, development and management company that specializes in affordable housing and retail in Harlem and Upper Manhattan. Since its founding in 1997, the firm has amassed a portfolio of more than 4 million square feet in those neighborhoods.
The multifamily industry in NYC is still adapting to the new rent laws which were passed in mid 2019, and in the beginning of this episode you will see how emotional this topic is for owners and operators. It really demonstrates the intertwined worlds of politics and business. As the interview hits its stride, you will be impressed as Joe shares his breadth of knowledge about the state of the condo market, supply, and future environment for investors and tenants alike. As a bonus, you will also hear some perspective about our current economic and real estate expansion, which is in its 10th year.
Hope you enjoy this episode!
For more information visit: www.behindthebricks.com
Welcome to "part 2" of this two-part series about the owner’s response to the rent regulation laws that were passed in June 2019 in New York. This law radically transformed how owners of multifamily properties with rent stabilized tenants conduct their business and in response, several owner groups have filed lawsuits. If you haven’t listened to the first episode, I strongly suggest that you start there in order to get the most out of second part.
Today, we are speaking with Kevin King, a Partner at Covington Law Firm in Washington DC. Kevin is part of the team leading another lawsuit on behalf of multifamily owners: an alliance called ARENY, which stands for "Alliance for Rental Excellence in New York.” Kevin has had significant experience arguing cases such as this at the federal level, and in fact was a law clerk for Supreme Court Justice Scalia earlier in his career.
This is a fascinating episode, as we explore an alternative take on the owner‘s response, strategy, timing and what this means for multifamily owners in New York and elsewhere in the country. Our conversation will give owners everywhere a Birdseye view into the response as participants in the multifamily industry begin to assert their rights.
For people watching, investing, and participating in the New York City marketplace this is a must listen to episode---The Second of a two-part series.
I hope you enjoy it and now let’s go behind the bricks with Kevin King.
For more information visit www.behindthebricks.com
Welcome to this two-part series about the owner’s response to the rent regulation laws that were passed in June 2019 in New York. This law radically transformed how owners of multifamily properties with rent stabilized tenants conduct their business and in response, several owner groups have filed lawsuits. The most prominent of those lawsuits has been brought by two of the largest organizations representing multifamily owners in New York City: Chip (Community Housing Improvement Program), and RSA, the Rent Stabilization Association.
Today we are sitting down with Jay Martin who is the executive director of the Chip organization and we discuss the details of the lawsuit, it’s major claims, timing, and other questions that owners may have about strategy and viability.
In addition, we discuss other future developments that are imminent in the multifamily industry. Specifically, a bill called "Good Cause Eviction", which would call for rent control on the remaining 1 million free market units in the city. This would be another massive transformation of the industry. We talk about the aspects of that bill and the possibility of it being passed in January.
For people watching, investing, and participating in the New York City marketplace this is a must listen episode---The first of a two-part series.
I hope you enjoy it and now let’s go behind the bricks with Jay Martin.
For more information visit:
www.behindthebricks.com
https://chipnyc.org/
In this special compilation episode, we have pulled a few clips from some of our most popular episodes. We’ll hear from Josh Zegen, Michael Shah, and Jarett Fein. Each of these prominent real estate players touch upon their humble beginnings in the industry, what they look for to find success, and how they navigated through market downswings.
Each of these guests provide insights into different parts of the industry, but share themes of grit and recognizing opportunity where others didn’t. I hope you enjoy this bite-sized teaser and if you want more, you can find the full interviews in the show history.
Josh Zegen is a managing principle and co-founder of Madison Realty Capital, where he has closed an excess of $10 billion worth of real estate lending transactions. Michael Shah is a managing partner and founder of Delshah Capital, a NYC-based PE and asset management firm with close to $1 billion of assets under management. Jarett Fein is the co-CEO of Kensington Vanguard National Land Services, one of the largest full-service title insurance agencies in the country that handles over 1,000 transactions per month.
For more information visit www.behindthebricks.com
Everyone in the commercial real estate industry has asked themselves how is technology going to hurt or help them? How will it change the business and its opportunities? One way it’s changing is through “co-living.” The co-living concept is at the intersection of technology, evolving cultural norms, economic pressures, and possibly the beginning of a new category in the business.
Today we sit down with Brad Hargreaves, the CEO and founder of Common. Common is the premier operator in the co-living space that has opened 27 co-living properties in 6 cities. Brad is a serial entrepreneur who, notably before Common, was a co-founder of “General Assembly,” a worldwide education platform that addressed the skills gap needed for success in the 21st century.
Brad has great advice for entrepreneurs, developing creativity, and his unique way of thinking will provide insights into the future of our industry....Enjoy this fascinating show!!
For more information visit: www.behindthebricks.com
In this “Monthly Market Talk” episode we do a quick dive about financing data in the CRE space. We sit down with Ely Razin, the CEO and founder of CrediFi. CrediFi is a commercial real estate data provider that leverages 200 billion data points to bring transparency to the financing of balance-sheet and securitized loans backed by commercial properties across the U.S. We are also joined by Andy Weiss to provide some NYC market perspective.
In our conversation we learn how Ely is leveraging technology to provide better tools and information about the CRE capital markets. If you are interested in where another part of how CRE data is transforming the industry, you will love this one. I hope you enjoy..
For more information visit: https://newyorkmultifamily.com/behindthebricks
PS. Like what you a hearing? Let us know by subscribing!
In today’s episode we sit with Francis Greenburger, Founder and CEO of Time Equities Inc. (TEI). Since its founding in 1966, TEI has amassed approximately 31 million SF of CRE, across 30 states and 5 countries. He also has many other notable successes outside of real estate as literary agent, author, philanthropist, and founder of the Greenburger Center for Social and Criminal Justice.
Francis’ background story and his rise to success is truly noteworthy. Filled with heartbreak, perseverance, ambition, creativity, and giving, it’s a true American Entrepreneurial story. Francis also brings years of perspective about the intersection of politics and business, which is meaningful in our current environment.
In our conversation, we cover a wide range of topics from his personal and business life, and how Francis has often found a way to transform obstacles into opportunity. You can find out more about this in his book titled “Risk Game” which was published in 2016.
I hope you enjoy this episode as much as I did…
For more information visit: www.behindthebricks.com
Welcome to part 2 of this special series where we take a deep dive into the recent changes made to the rent laws in New York. In many ways the new laws have radically transformed how business is conducted and the quality of housing. In the previous episode we heard the perspectives of two owners — (If you didn’t have a chance to listen that one, you can go back to hear their thoughts)…
In Pt.2 of this series, I am joined by my partners Joe Koicim, Shaun Riney and Seth Glasser who will provide insight from “inside” the industry. We discuss how the laws may impact the market, pricing, and share other anecdotes from owners and operators who are adjusting to the changes.
As we conclude our 2-part series on these new laws I hope you enjoy these episodes and find them informative. …now let's go…
For more visit: www.behindthebricks.com
Here are some info links on the rent laws:
https://www.wsj.com/articles/new-york-landlords-in-a-financial-bind-from-new-rent-law-11561201200
https://commercialobserver.com/2019/06/new-york-rent-reform-law-breakdown/
In this special 2-part series, we take a deep dive into the recent changes made to rent laws in New York. For many investors and owners of rent regulated units, these new laws radically transform the business and how it’s conducted. Many investors are asking questions about how to move forward now that the laws have been passed.
For Pt.1 of this series, we will hear the perspectives from two investors who own and manage several thousand NYC units. Robert Nelson and Chris DeAngelis. Robert is the founder of Nelson Management Group, and Chris, President and Founder of TriArch Management Inc.
The act that was passed was over 74 pages so hopefully this episode will educate you on the current situation. For our listeners from outside New York City, you will understand why there is the phrase “if you can make it here, you can make it anywhere”… Hope you enjoy this informative episode of Behind The Bricks.
For more visit: www.behindthebricks.com
Here are some additional links on the rent laws:
https://www.wsj.com/articles/new-york-landlords-in-a-financial-bind-from-new-rent-law-11561201200
https://commercialobserver.com/2019/06/its-the-end-of-the-world-as-we-know-it/
To get yourself in shape for the approaching summer, today we hear from John Romaniello. John is the author of the bestselling book "Man 2.0; Engineering the Alpha: A Real World Guide to an Unreal Life: Build More Muscle. Burn More Fat. Have More Sex.” That is a great marketing title and is attention grabbing, but the content has a lot more to do with high performance and living into the best version of yourself.
He has personally advised or trained people like Gary V, Arnold Schwarzenegger, and has written for Men’s Health, Fast Company, The New York Times, and more. He has also appeared on ABC and Good Morning America, and his research and discoveries have helped high performers in many industries.
Enjoy this summertime topic. The show is packed with great content and will change the way you think about food and exercise. This episode will surely give you an edge on the competition....
For more information visit www.behindthebricks.com
In this episode of our Monthly Market Talks, we sit down with Mitch Kossoff and Danny Handweiler. In our conversation we take a technical deep dive into the potential changes coming to NYC rent laws this June.
Mitch is an industry veteran who has been litigating thousands and thousands of complex residential and commercial landlord tenant cases since 1979. Additionally, as a former owner, Mitch also has decades of experience on the purchase, sale, and management of multifamily buildings throughout the five boroughs. Listeners will also hear from Danny Handweiler, a New York Multifamily team member specializing in Upper Manhattan, who will add valuable input on the implications of the proposed bills.
This episode is a must for anyone involved or interested in NYC real estate. I hope you enjoy…
For more information visit: www.behindthebricks.com
In today’s episode we sit down with Chad Tredway, the Co-Head of Real Estate Banking at the largest bank in the US; J.P. Morgan. Chad is the youngest managing director in the history of the bank, and for good reason. He manages $25 billion worth of credit exposure and a team of more than 100 employees. He has been named one of the “50 Most Powerful People In Real Estate” by the Commercial Observer and has several accomplishments we will discuss in the episode.
If there is any part of you thinking that this is an interview with a banker, I am going to turn this off...I have a great surprise for you. Chad has a great energy about him and delivers very thoughtful and practical advice about leadership, growing in business, and how he cultivates his own methodology for continual learning and creating new ideas.
We also discuss future market predictors from a bank's perspective, and many of you will be pleasantly surprised at Chad‘s well-informed views about the market.
I found this interview to be one of the more insightful ones we have done...enjoy!
For more information visit: www.behindthebricks.com
Today’s show is a segment called “Instant Insight.” Every now and then, we will deliver a small nugget of wisdom pulled from one of our previous guest interviews.
In this “Instant Insight” we hear from Adam Mermelstein’s unforgettable entry into the ever-exciting commercial real estate game. If you didn’t think the real estate industry was tough, try emptying your bank account to make a down payment on your first building. Enjoy!
Like what you are hearing, send us that message by subscribing!
For more information visit: www.behindthebricks.com
In today’s episode we sit down with a man who exemplifies the “American dream.” Over his career, John Catsimatidis has been massively successful in the grocery, real estate, oil, and aviation industries. Through his business endeavors, most notably the Gristedes Grocery chain, John has amassed several billion dollars and may be considering another run for New York City Mayor.
Otherwise known as the “John of all trades,” John shares great advice about being creative, paying it forward, and doing things for others without the expectation of something in return. He has a real gift for developing relationships.
In this episode, we will also dive into why John sees Coney Island as one of NYC’s most promising locations for investment. Hope you enjoy this show about a very iconic and very successful New Yorker!
For more information visit: www.behindthebricks.com
Today we sit down with Ofer Yardeni the Chairman and CEO of Stonehenge NYC, one of the most successful private real estate companies in New York. Throughout his career he has acquired over $4 billion of NYC commercial and residential properties and he is one of the players who transformed the value-add business model in NYC.
Ofer came to the US as a foreign exchange student and eventually has risen to the top of the NYC real estate world. Besides having a great American dream story, when he speaks Ofer has great energy, enthusiasm, and creativity and those qualities shine in this episode. Our discussion about how investors need to evolve with the market is fascinating and Ofer also has one of the best answers an owner has given me about how he is incorporating technology in his business. A lot to gain from his answer.
This episode is a must listen for investors who want to learn how to evolve and grow in every type of market.
For more information visit: www.behindthebricks.com
I am excited to announce the release of our latest Behind the Bricks segment called “Monthly Market Talks” (MMT). In these shorter format episodes, listeners will hear focused market insights from some of the industry’s leading experts on a specific topic.
In today’s episode we sit down with Steve Kalifowitz and Dylan Walsh. Steve is the president and founder of the property information platform Localize.city. This innovative real estate application transforms raw data into an abundance of insights about a property and its location that would otherwise take days or weeks to gather on your own. It points to another way technology is transforming this business. Listeners will also hear from Dylan Walsh, a New York Multifamily team member specializing in Queens and who adds color on the use of Localize.city and whats ahead for Queens!
I hope you enjoy this “MMT” episode and please leave feedback!
For more information visit www.behindthebricks.com
Today we sit down with Josh Zegen, a notable name in the alternative lending world and co-founder of Madison Realty Capital. Since 2004, Josh and his partners have completed $9 billion in lending transactions and also have over $4 billion in assets under management.
For many in the real estate business, the entrepreneurial drive began at a young age, and Josh is no exception. From a storybook childhood baseball card business, to other creative ways to earn money in college, you will hear how it all led to what Madison Capital Reality has become.
Besides Josh’ great personal story, in this episode listeners will learn about the different aspects of alternative lending and how critical it is to create your own opportunities if you want long term success. It’s a must for those who want to hear perspective from one of the most active players in NYC real estate.
For more information go to: www.behindthebricks.com
Ryan Serhant is widely known for being the star of Bravo’s “Million Dollar Listing New York” and his show and book titled “Sell it Like Serhant.” For good reason...Ryan's sales team is consistently ranked one of Wall Street Journal’s top 5 residential sales teams nationwide.
We all know the NYC residential sales market indirectly influences the multifamily investment space and I thought this would be another valuable way for listeners to start the year. 2018 was a confusing year for those in residential sales and understanding where we are may give you a competitive advantage in the investment space, in the year ahead.
In this episode, we explore all topics regarding the market and get Ryan's personal take on the market today. You can find Ryan at his handle on all social media channels...and with that...let's dive in...
On this special episode of Behind the Bricks, I am joined by my partners Joe Koicim, Shaun Riney and Seth Glasser for an end-of-the-year recap and glance at our predictions for 2019.
Let's dive in about how 2018 has fared and how we believe 2019 will play out in the NYC Multifamily market. There are changes on the horizon. Unlike other episodes, we dive into some market metrics here discuss specifics about Manhattan, Brooklyn, Queens and the Bronx. On a more personal level, we also touch upon some personal stories that are quite entertaining...
Thank you to our listeners throughout this year, for both your comments and feedback and for helping to make this show the #1 podcast about the NYC multifamily market. I hope you are looking forward to all that’s to come in 2019! I wish you and your families a happy and healthy new year!
For more visit: www.behindthebricks.com
As we wrap up the second season of Behind the Bricks, I thought we would treat everyone to a special episode of a compilation of some of the best advice given by past guests. We will hear from, Ryan Serhant, Jordan Vogel, Adam Mermelstein, Greg and Graham Jones, and a handful of others, as they dispense advice for entering the real estate business.
Frequent listeners know that typically ask this question to each guest. I love this question, because for those who have made it, one way you can get value out of your own past mistakes, is to offer advice to those coming up behind you. It's a way of "remaking" the past...
These ideas transfer for people looking to enter ANY industry. Its all about gaining valuable experiences, developing a unique perspective, and being creative. So hope you enjoy, and I also want to thank all of the listeners who have given me such amazing feedback since I have been doing the show. Its much appreciated and myself and my team already have some amazing things to come for 2019....so with that...lets dive in...
For more information go to www.behindthebricks.com
Big real estate data is changing the playing field by closing the inefficiencies in the commercial real estate market. How will this impact investing in the future?
Today we sit down with Richard Sarkis, Co-Founder and CEO of Reonomy. Reonomy is a commercial real estate data platform that is transforming the world’s largest asset class. It’s all about analytics, data crunching, and AI for commercial real estate. Richard and his co-founder Charlie Oshman grew a chance coffee shop conversation into revolutionary company, which has raised over $70 million in funding and currently holds partnerships with all the top CRE firms.
So how does someone go from having zero real estate experience to creating a successful prop tech company? This episode is a great story about courage and walking away from something good (such as an associate partner position at McKinsey) to start something that could be great.
In this episode, we will hear about the hottest investment markets in US, how the integration of AI enabled Rich to scale his model nationally, and learn who are some surprising consumers making money with big real estate data. [hint: they’re not investors] If you are interested in the future of commercial real estate, the future of real estate technology, and like hearing stories of founders, who are adding massive value to an industry, you will love this episode. It’s a must for players who want a successful future in the business...
In this show, we discuss:
- How he decided to leave a promising career to follow his passion and what was his “eureka” moment
- What the future of real estate is going to look like in the midst of the 4th industrial revolution and why big data is here to stay
- What were the biggest challenged he faced and still faces as Reonomy continues to grow and evolve
- What are the hottest US real estate markets today and how he uses a heat map to find this out
- What is his unique super power and why it’s a very trainable skill that anyone can do
For more information visit www.behindthebricks.com
Finding success in the NYC real estate business requires being creative with where and how to add value. One market that requires this skill is the bulk purchase of unsold units in condominiums and co-ops. In essence, it’s about buying wholesale and selling retail, but it gets much more complicated from there... Today we sit down with Myles J. Horn, who has spent the last 35 years specializing in this part of the business. Myles has likely purchased more blocks of unsold condominiums and co ops than anyone active in the business today.
These "bulk purchase" opportunities can be attractive because investors can participate in the upside of ownership without actually having to manage it day to day. But it’s not as easy as it looks and it’s very capital intensive.
For listeners looking to dive into one of the more hidden corners of the industry, this episode is perfect. You can expect to find out the keys to analyzing new opportunities, why Myles has a 79-item due diligence checklist, and hear some jaw-dropping tenant stories. Additionally, we discuss navigating Co-op board politics, why he does his financial projections on the back of an envelope, and why--in deals--action is always better than inaction. I hope you take away as much as I did from this episode…
In this show, we discuss:
- How Myles' value add is a two pronged approach
- The pitfalls of differing personalities on the buildings' board of directors
- What to look for when analyzing new opportunities
- Why it is important to walk the neighborhood, observe the surroundings, and get a feel for the residents
- Why he would ask to see the garage before investing in a building
- For more information visit www.behindthebricks.com
One trait I have observed among the most successful investors, is they all have a keen ability to find scarcity and exploit its opportunities. In commercial real estate, title insurance is one of those less talked about areas. However, its $15 billion industry is a critical component to all transactions… that is why today's guest is Jarett Fein. He has made his mark in the title industry as the Co-CEO of Kensington Vanguard National Land Services (KV), one of the largest independent full-service title insurance agencies in the country. Over the past 16 years, Jarett (along with his partner Brian Cooper) has grown KV from a one person back-office start-up, to a 200-person firm that completes over 1,000 transactions each month.
So how did he do it? At one point this former club promoter was looking to transition from entertainment law into something that excited him. One night of drinks with an old friend started this career pivot and lead him to founding his own firm. It’s a great story.
If you are interested in learning how someone grows a very successful business in the real estate world, you'll love this episode. You will hear actionable nuggets on how to spot opportunities, market yourself differently, and find your unique "value add" in the market. We also discuss how he strategically teamed up with a former competitor, (now partner Brian Cooper) which helped them expand their business even amid the financial crisis. Along with many industry anecdotes, we also discuss the value of private equity funding, the future intersection of blockchain and title insurance, and other predictions about the market. I hope you enjoy this talk about title, growing a successful business, and entrepreneurial determination as much as I did....
In this show, we discuss:
- Why the name “Vanguard” had huge unintended benefits
- The challenges of building a company in a completely foreign industry
- How investing in human capital directly impacts credibility and why Jarett needed to spend all his resources on recruiting talent
- Why it is important for a real estate entrepreneur to be a persuasive salesman, have an extensive network, and to find their own niche in the industry
- How title companies are viewed as commodities and the creative angle they took to diversify themselves from the competition
- What the financial downturn in 2008 taught him and why they were able to weather the storm
- His advice and warnings for any company seeking private equity funding
- The different scenarios that someone would need title insurance at a high level
- How Vanguard has become one of the largest consolidator’s in the market and why M&A is an important stage in any companies growth
- For more information go to www.behindthebricks.com
Have you ever wondered what it would be like to see the future of the real estate industry? In Real Estate tech there are plenty of places to look. Today we speak to Zach Aarons, one of the most influential players in the PropTech world. Zach co-founded MetaProp, a leading accelerator and VC fund, that has backed over 60 real estate tech startups. These companies have collectively raised over $2 billion, and employ over 1,500 people around the world.
In this episode we deconstruct Zach’s unique path to the RE Tech space. We will discover why would one leave a promising career as an investment banker to start a walking tour company? And how did that lead to metaProp? You will be surprised to learn his predictions for the most disruptive technologies and opportunities in the multifamily space. Learn why passing his “magic bean test” is the first step to becoming a successful entrepreneur. It all helps explain why Metprop is an innovative platform in the PropTech market.
As a result of this episode, you'll learn about building a successful accelerator program from the ground up, and some counter-intuitive advice for those trying to break into the industry. This episode is jam packed with useful content for anyone interested in the future of the real estate tech. Hope you enjoy!
In this show, we discuss:
- How Zach went from Investment Banking to becoming an NYC tour guide and what he learned from being an entrepreneur?
- Why going back to business school can have huge benefits
- How to build a start-up accelerator from scratch, it’s functionality, and the tactics used to get companies on board without having a successful track record?
- What areas are going to experience the most transformation due to technological innovation?
- Why the he believes that the one-year lease will go the way of the Dodo
- How the access and transparency to information has impacted the rental market?
- Where do the best ideas come from? Real estate people who then link up with tech expertise or tech expertise who try to solve something in real estate?
- What is the “magic bean test”?
For more information visit www.behindthebricks.com
As we have recently passed the 1 year anniversary of this podcast and with the conclusion of Season 1, I thought we would treat everyone to a surprise this episode!
Frequent listeners and fans of the show know that typically during each interview I will ask the guest to share one or some of their most entertaining tenant stories. I always say, owning, investing in, and managing New York City multifamily real estate is a full-contact sport. With the mix-up of people and situations you find here, every owner has unforgettable stories. Not only are they funny, but some are educational as to how you address unusual situations and ultimately become a better operator of multifamily real estate.
Today, listeners will get a little gift as we share a compilation of the best answers to this question from season 1. We will hear from Adam Mermelstein, Jordan Vogel, Philip and James Eisenberg, and a few others...
Thanks for coming behind the bricks for the most "entertaining tenant" stories.
For more information go to www.behindthebricks.com
“Everyone has a plan until they get punched in the face” – Mike Tyson
Starting off in a windowless office on 55th street, with no experience, no money, and struggling to figure out how to buy their first building in NYC, the Jones brothers had no choice but to trust in themselves to make something happen. In this episode, we discuss how Greg and Graham Jones of GRJ, not only got their company off the ground but since 2010 have grown it into a very successful enterprise. They currently have holdings in Manhattan, Brooklyn, New Jersey, Philadelphia, and Florida.
We jump in speaking about an upcoming boxing match Graham has, and how dealing with the NYC multifamily market can be similar to going toe-to-toe in the ring. To be successful, you need to expect the unexpected, move and react, and have an uncanny ability to problem solve in unpredictable situations.
Greg and Graham, share their valuable stories and advice on what it takes to make it as an entrepreneur in NYC. We touch on many dynamic topics including raising capital, their business model for affordable shared luxury apartments, market trends, key metrics to look at, and why NYC is unlike any other market in the world.
These investors have been very successful in a very competitive and tough landscape. They share some insightful pearls of wisdom that are meaningful if you listen closely. I hope you enjoy this one as much as I did.
In this show, we discuss:
- The challenges of entering the market post-financial crisis, and raising capital at that time
- Why great relationships and a strong track record are critical for long-term success
- The value of specializing in a niche and how to capitalize on it
- How creative ingenuity, ambition, and self-confidence are critical attributes to be successful and make a name for yourself
- What is the most important metric when buying a property?
- What makes NYC real estate the most attractive for investors
- How the real estate industry has been affected by technology, and why it is one of the most resistant industries against change
- How timing can make or break you...and much much more
- For more visit www.behindthebricks.com
If there is anything that can give you an edge in the New York City real estate business it’s being a better negotiator.
Chris Voss was the Lead International Kidnapping Negotiator in the FBI for 24 years. His book, Never Split the Difference: Negotiating As If Your Life Depended On It, outlines his field-tested tools for talking anyone into, or out of, just about anything. Currently, Chris is the founder and CEO of The Black Swan Group, a coaching and consulting group that strives to solve business communication problems with hostage negotiation strategies.
In this episode, I speak with Chris about his experience in the FBI and delve into the rules and techniques that he used to unwind some of the biggest terrorist plots in our country’s history. Listeners will walk away from this episode with actionable tools you can use immediately. Chris also shares his advice for someone just starting in the business world who wants to be a better negotiator, as well as how his childhood environment and upbringing really impacted his work ethic.
In this show, we discuss:
- The experience gained after 24 years in the FBI as the Lead International Kidnapping Negotiator
- The ways human behavior is same for all people, no matter their gender or race
- How he was able to unwind the plot of international terrorists to blow up one of the NYC’s busiest tunnels
- The Rule and Techniques of Effective Negotiation
- What is a real deadline?
- How is negotiating with terrorists similar to negotiating the price of an NYC building?
- What is the biggest mistake in a business negotiation?
- For more information visit: www.behindthebricks.com
Throughout NYC and the entire US, there is a serious lack of supply of affordable housing. This has a wide-ranging impact on cities and their growth. Any investor interested in the long-term health of their market knows how critical affordable housing is to the local community and future economy. Real estate entrepreneurs have a critical role in how cities develop, and we dive into this subject in this episode.
Knox LaSister is the CEO of World Urban Property Management. (His online job title actually describes him as a "World Urban Strategist"). With over 30 years of experience in New York City Real Estate, his impact and expertise in the affordable housing industry has been significant. He is a thought leader in urban development and consults on new public/private developments around the country and the world.
We also talk about potential impacts that new technology has on real estate and how this will change the face of urban development. This includes things such as vertical farming, self-sustaining development, and new ways of creating public/private partnerships. To Knox, it’s all about a housing environment which encourages community, that is not only better for the residents, but also has business and financial rewards for the owners.
This episode brings up topics that are often left out of typical real estate conversations, and I hope you enjoy it as much as I did. I learned a lot.
We discuss topics such as:
- How have his early life experiences of being homeless and building his first home at age 15 shaped his career?
- The history and the current state of Affordable Housing in NYC
- How are the mindsets of renters and owners different?
- What is the future of public housing in NYC?
- How do you create self-sustaining communities?
- What’s to come with vertical farming and the future of food in urban areas?
- How does home ownership in low-income areas create community? For more information visit: www.behindthebricks.com
Nav Athwal is the Founder of RealtyShares, one of the top real estate crowdfunding websites and businesses. For those new to the concept, crowdfunding provides private individuals the ability to invest on-line in commercial real estate opportunities, while giving the owners and principals a much easier way to raise capital from a larger audience. Nav is a pioneer in real estate technology and frequently writes about online investing, real estate, crowdfunding, and fintech. You can find his thoughts in Forbes and see him on CNBC and Fox Business News.
In this episode, we discuss RealtyShares and how it has become a successful real estate technology platform. Additionally, we chat about other emerging technologies, how they will impact the marketplace, macro trends on foreign capital, and why institutional investors are still an integral component of their company. Finally, we wrap up with some advice to those starting out in real estate and get to a few tips on building a company from the ground up. Anyone interested in future of the business will love this show.
In this show, we discuss:
- How RealtyShares was founded and how it’s grown since its inception in 2013?
- Why emerging as the third platform of its kind was advantageous to the company’s success?
- How will RealtyShares and technology transform the future?
- Macro Trends on Foreign Capital
- How RealtyShares maintains a 99% success rate?
- What property type is the majority of investments listed on the platform?
- What does it take to become valedictorian of UC Berkley Law School?
- Where are we in the real estate cycle today?
- How will emerging technologies, like blockchain, affect the real estate marketplace?
- What book should everyone read?
- What are the positives and negatives of building a company from the ground up?
- For more information visit www.behindthebricks.com.
Urban American is a pioneer in the world of raising private equity specifically for workforce housing investing. These underserved properties are attractive for their stable cash flow and occupancy - but harder to operate - and Urban was one of the first institutional investors to scale this segment of the market. Over the past 20 years, the firm has bought and sold thousands of units. Started by Philip Eisenberg, today we speak to him and his son James.
To begin, Both Philip and James spent time in the Army and we discuss how this unique background influenced their work ethic, mindset, and current business operations. We touch upon their first building purchase and how they created a proprietary process to meet high tenant standards in difficult environments.
We also speak about dynamics of the market today: What are the differences between foreign and domestic funds? What are the hottest (and not so hot) markets? What drives the real estate cycle and where are we in that cycle? Finally, we round out with some memorable tenant stories and personal recommendations for growth and opportunity.
In this show, we discuss:
- How did being in the Army shaped their work ethic and trained them to be super-focused?
- How did Urban American become the pioneer in the world of raising private equity to participate in owning and operating of workforce housing?
- When did they realize they were onto something with workforce housing?
- How did they design solid processes in order to meet high-quality standard?
- What are the differences between foreign and domestic funds?
- What is Urban American’s superpower?
- How did a building fire test their expertise in the business?
- What submarkets are hot today? Which are not?
- What drives the real estate cycle? Where are we in the cycle?
- What is their internal process for acquiring new properties?
- and much, much, more
Please visit www.behindthebricks.com for more information
Ryan Serhant is most widely known for being the star of Bravo’s “Million Dollar Listing New York” and the upcoming show “Sell it Like Serhant.” However, Ryan also has some real chops when it comes to residential real estate. He leads the top team at Nest Seekers International, where they have been ranked one of Wall Street Journal’s top 5 sales teams nationwide for the past 3 years.
I asked Ryan to be a guest on Behind the Bricks (BTB) because in many ways the NYC residential market influences things to come in the multifamily investment space. When you think of condo sales prices, land values, and where people are choosing to buy and rent, these trends all have big implications for multifamily investors. As we begin 2018, his perspective on the market can be valuable for those looking to make investments this year.
In this episode, we explore the hot neighborhoods that are in high demand right now and why these may not be the best places to invest in today. How technology is changing where people live, the ultra-luxury market, and how to determine the true value of an apartment.
Ryan came to New York City after graduating college as a struggling actor, and after his character was killed off of a daytime soap opera, he found himself out of work and looking for another way to succeed. So we discuss how his acting and performance background has contributed to his business success, where thinking on your feet and communicating effectively are so critical.
With almost 700,000 followers on Instagram (you can find him @ryanserhant), many listen to Ryan's market commentary and I hope you enjoy the ideas we share on this show.
In this show, we discuss:
- What is the state of the New York City market today?
- How the number of homes sold per year is usually unchanged, regardless of the market.
- Are we in a buyer’s market?
- Who is buying in the ultra-luxury residential market?
- How to determine the value of an apartment
- Where is the hotspot to buy in NYC today?
- Why it is important not to “follow the leader” when thinking about your next investment
- How a background in acting has assisted in Ryan’s success?
- What are the biggest changes technology has had on the residential real estate business?
- Which past Behind the Bricks guest does Ryan say is the definition of a successful real estate investor?
- And much more For more information visit www.behindthebricks.com
In this special episode of Behind the Bricks, I am joined by my partners Joe Koicim, Shaun Riney, and Seth Glasser for an end-of-the-year recap and glance at our predictions for 2018.
As the last release of 2017, I would like to say thank you to our listeners throughout this year – for both your comments and feedback and for helping to make this show the #1 podcast about the NYC multifamily market.
Join us as we discuss how 2017 has compared to our predictions and how we believe 2018 will play out. Unlike other episodes, we will dive into some market metrics here and discuss the dynamics throughout NYC, in Manhattan, Brooklyn, Queens and the Bronx. On a more personal level, we touch upon the individual entrepreneurial backgrounds of the guests as they share stories about their business beginnings. Finally, of course, we conclude with some funny anecdotes about the business of NYC real estate.
I hope you enjoy this episode and are looking forward to all that’s to come on Behind the Bricks in 2018! We already have some great episodes planned so stay tuned. Thank you again for listening, and wishing you and your families a happy and healthy new year!
For more information visit: www.behindthebricks.com
Michael Shah is the founder and CEO of Delshah Capital, a NYC-based private equity and asset management firm. He began his career in real estate in 2006, after working as an attorney at one of New York’s top law firms. Since then, Delshah’s assets under management have grown to almost $1 billion dollars. In this episode, we discuss his circular entrance into the industry. After being exposed to NYC multifamily growing up, Michael had a serious formal education. He graduated with a chemistry degree from Harvard, then moved on to graduate school at the London School of Economics, and finally back to Harvard Law School, where he finished first in his class. With all that schooling, his investing career ironically began with a humble purchase of a rough building in the Bronx. The story goes on from there...
This episode is great for listeners looking for macro investing strategies: We cover the Delshah process for choosing what and when to purchase. We touch upon the retail market and its evolving opportunities, and how the NYC regulated multifamily market has shifted and what new investors should be considering. We also explore Michael's experience in purchasing mortgages, and how that has propelled his firms' growth. Finally, we round out with how he is using technology and various personal anecdotes, including some of his relationship advice.
In this show, we discuss:
- The Delshah process of deciding what and when to purchase
- The 3 levers: Asset Class, Market Cycle, & Timing
- Looking at debt for opportunities
- Why retail may not be as dead as people are predicting?
- What is important to understand when purchasing a note?
- What is the outlook on the multifamily market?
- Why should you sell your rent stabilized building?
- How is technology impacting the real estate industry?
- How to find “real” market data?
- Why did he look to the Israel debt markets for financing?
- And much, much more...
For more information visit: www.behindthebricks.com
Peter Tessler, is one of the most successful Brooklyn owners of 2017. Earlier this year, (along with his partner Rob Bremmer) he sold their 18-building portfolio for almost $75 million which, to date, is the largest Brooklyn portfolio to trade hands in 2017. (Disclosure: we represented him in this sale.)
Our conversation covers the entire lifespan of these investments; from growing a portfolio from the ground up, all the way to the decision to sell, and take chips off the table. In doing so, we cover many relevant topics. For example, what were the initial "buy" signals he noticed in the market? Why did they focus on smaller buildings and what were the benefits that brought them? We discuss how he added value, increased rents, and the changing dynamics of the Brooklyn renter.
On the personal side, we cover the importance of your reputation, the value of having a partner, and what he learned from his experience of splitting with that partner 2 years before the buildings were actually sold.
Finally, we end by discussing the market signals that led him to sell, and what he sees in the future for the Brooklyn market. All NYC investors are fascinated with Brooklyn and I hope you enjoy this information-packed discussion with Peter Tessler.
We address topics such as:
- Why and when should investors sell?
- What market signs indicate a buying opportunity?
- What are some inexpensive value-add strategies to attract renters?
- Why Brooklyn real estate has more character than other NYC boroughs?
- What role does timing play in an investment?
- Why can working with a partner be accretive?
- How a bank’s position can be an indicator of things to come?
- For more information visit, www.behindthebricks.com
When multifamily owners no longer want to operate and manage their apartment buildings, what options do they have? Owners ask me, “What can I buy that will improve my quality of life?” This episode explores one answer to that question.
Today we have a special guest, Glen Kunofsky. Glen and his team are the leading investment advisors in the Triple-Net (NNN) property space, nationally.
Triple-Net properties are, in their purest form, investments which require no day-to-day management. If you are an investor who is interested in learning more about these assets, this episode is a great primer. We cover many of the basics, speak about the transition from management intensive buildings to those that are management free, and other considerations surrounding this type of real estate. Ironically, by hearing us talk about what NYC properties are not, you actually get a fuller view of the intricacies of owning in NYC.
As a bonus, we are also joined by a long time owner of NNN properties, Art Weigold. He adds a real world perspective that I thought would be really useful for listeners. This is a unique episode that I had a great time with, and it addresses a topic I get questions about all the time. Let’s go behind the bricks...about NNN properties with Glen Kunofsky.
In addition we cover:
- Learning the ropes of the "owner occupancy" rule for NYC apartment buildings
- What are NNN properties, why do they exist and how do they work?
- Who are the sellers of NNN properties?
- How do they come to market?
- Why NNN properties can be part of estate planning?
- How do you evaluate buying a NNN building?
- How do NNN investments compare to multi-tenant retail?
- Why should you evaluate your “return on equity”on an annual basis?
- Ideas on how technology will change the use of retail and other real estate types
- And much more
- For more information visit behindthebricks.com
Jordan Vogel is the co-founder of Benchmark Real Estate Group. Since 2009, (when he started the firm with partner Aaron Feldman) they have acquired over $1 billion of New York City apartment buildings. They have a reputation for unlocking and maximizing potential value in their assets and are incredibly strategic in the locations that they select. Jordan is skilled at distilling down his investment philosophies and conveying them in a simple way. There are many intelligent nuggets you will find useful here, including:
Episode description
- Why this business consistently requires courage
- The massive impact of cap rates on your success
- The difficulties of raising equity for real estate investments
- How they differentiate value between Manhattan locations
- Why running & training for marathons helps clear his head and become more productive
- Why it's important to disconnect from technology for strategic thinking and much more...
- For more information visit www.behindthebricks.com
Jordan Sachs is the co-founder of Bold New York, one of the top residential leasing firms in NYC. He and his partner Todd Jacobs, started Bold in 2010 in the bottom of the economic downturn and have since grown is their company to a powerhouse rental agency with over 100 agents. They consistently achieve top-of-the market rents in many of the buildings they represent. This is particularly noteworthy because the NYC "rental market" has become more diverse and nuanced, and is one of the most talked about subjects in NYC real estate. In the show, we discuss how they do their magic and items such as:
- Starting a Company During a Downturn The Real Value of "Hustle"
- Why Some Believe NYC is the Best Multifamily Investment Market in the US
- How Tech has Changed the Rental Game - (See Peter Diamandis "6 D's" for more)
- How New Supply is Impacting ALL NYC Rents The Long Term Rental Projections for Brooklyn
- Why a 10-Year Business Plan is a Strategic Advantage and much more...
- for more info visit www.behindthebricks.com
Matt Engel is the President of Langsam Property Services, one of the largest management companies in the NYC market. They are responsible for managing approximately 350 buildings with over 10,000 units. Langsam is on the "short list" of who to call when you have tough management assignments which need assistance. They have rescued some very large portfolios on behalf of large investors, and there is a lot of real knowledge he shares with us.
We will cover things like:
- What it is like to manage 10,000 units at once
- His advice on entering the real estate business today
- Why investors love the NYC market
- What NYC borough feels the hottest for investment now
- The Most unusual tenant situation he has encountered
- How should you diligence a NYC building before you buy
- Why it can be difficult to purchase buildings in the market today
- Why in NYC it pays to work with experienced professionals only
For more, go to www.behindthebricks.com
Adam Mermelstein, who co founded Treetop Development, one of the most Active owners/Operators for NYC multifamily in the past several years. I have completed many transactions with his company, and the had developed a reputation for successfully turning around & transforming apartment buildings in NYC’s emerging neighborhoods.
In this episode we will learn:
- How he started his business with a $10,000 investment
- The dangers and pitfalls of not knowing your way around NYC tenant situations
- His thoughts on the future of the South Bronx and why he is developing there
- The changing expectations of investors looking to buy
- How technology has impacted the buying of real estate in the last 15 years
- What he looks at when he buys a property
- Much much more
For more, go to www.behindthebricks.com