Q: How do you market your company?
A: We don’t spend a lot of money on marketing. In New York City, we are known to the banks, most of the equity sources, and the brokers. The land acquisition opportunities are presented to us. We are in the loop and are on people’s lists. From a branding point of view, we do try to loosely brand our product. Since we cater to a younger crowd, we want our projects to be edgy and cool, and we emphasize social interaction and activities for our residents. But true branding per se in New York is a mistake. You want people to associate your name with a certain ethos, but New Yorkers are extremely independent and ultimately do not want to live in a brand.
Q: What lessons have you learned from your team?
A: We are the fourth generation of no-nonsense, trustworthy guys that were always good to their partners and lenders. Through the years, I’ve picked up on the importance of that reputation. Developers in New York are fiercely competitive and operate in a dog-eat-dog business. But there is still room to be professional, courteous, speak the truth, and live up to your words. When times are good, anyone can get their hands on money and find projects. When things get ragged, our reputation works for us.
Q: What would you be doing if you weren’t in the multifamily industry?
A: I would probably be a fiction writer. I do a little now, but it is tough. I keep a notebook, jot things down and keep track of ideas, and write some paragraphs to keep it fresh, so maybe one day I can work on something. With three kids and a business, that commitment is tough.
About the Company
What: Multifamily apartment developer, owner, and property manager
Founded: 1931
Headquarters: New York City
Employees:100
2007 revenue:Not Disclosed
Units owned/managed: 910
Geographic coverage: New York City, Washington, D.C.
About the Project
Project: 72nd and Broadway
Location: Manhattan
Units: 196 studio, one- and two-bedroom apartments
Price: Undetermined; will likely run between $3,000 and $4,000
Notable:Mixed-use project sold to lenders as one of the most prominent corners in New York City; building has high visibility, high pedestrian traffic, and adjacency to a key Upper West Side subway stop; includes 50,000 square feet of ground-level retail
