Real Estate REality Check | Real Estate & Business Career Success Education and Training

Introduction:

Today we have with us Robert Sedaghatpour, the principal and managing member of STRATCO Property Group, who among the vast array of real estate talents and skill sets he possesses, and services his company provides to the real estate industry, is someone who seemingly has made the classic song "Why Can't We Be Friends?" his business mantra. This is evidenced by STRATCO functioning as an intermediary between property owners and tenants by re-creating a community established on harmony, respect, transparency and trust when it comes to navigating the dynamics involved in managing a building, rent regulatory laws and bridging the gap of opposing goals between a landlord and tenant.

Episode Notes:

At 2:35, Robert Sedaghatpour discusses the sticker shock effect of the Housing Stability and Tenant Protection Act of 2019 (the "Act"), and accepting this black swan event as the new reality. At 3:46, Robert advises that one should not focus on this act being reversed. At 4:57, Sedaghatpour describes the impact of the new act on owners in the multifamily sector. At 7:34, he dives into NYC's economy, given that NYC's budget was drafted before the Act was enacted. At 9:41, Robert mentions that the Act has been brewing for years, and talks about "tenant Tuesdays" in Albany. At 14:50, Sedaghatpour touches upon the unforeseen risks to those owners who don't have a business plan to meaningfully raise their rents. At 17:20, he touches upon tenant collaboration and creating unity between landlords and tenants. At 19:26, Robert plays a word association game with Larry Haber. At 25:09, Sedaghatpour provides his take on whether the Act is everlastingly sustainable. At 26:12, he suggests that there may be a flood of deals coming back into the market with major discounts. At 27:16, Robert talks about market timing, diligence and underwriting. At 29:12, Sedaghatpour shares how STRATCO adds value in a deal with its understanding of the history of business culture, and its diligence on regulatory history and lease files. At 30:07, he dishes on what truly gets his motor revving in business or on a deal. At 32:09, Robert Sedaghatpour closes out the podcast with a message on change creating opportunities.

Introduction:

Given his multiple skill sets as both a top retail real estate broker at The Shopping Center Group, as well as that of an owner and investor, along with his ability to adapt his leasing game to any court or playing field, today we have with us retail leasing's equivalent of both Roger Federer and Rafael Nadal – yes my real estate brethren – the one and only David Firestein.

Episode Notes:

At 1:41, David Firestein discusses persistence, struggling, and working for Steve Roth in the early days of his career. At 2:34, David talks about formal education and "street" education. At 3:30, Firestein dives into having worn multiple hats in the real estate industry, and the advantages gained in acquiring an understanding of the wants and needs of the various parties involved in a negotiation. At 4:58, he provides his thoughts on the newly created retail experiences in New York. At 5:52, David notes the importance of one's ability to adjust to the ups and downs in the business. At 7:05, Firestein touches upon the sustainability of food halls. At 8:56, he advises brokers to walk the streets and to "touch and feel" the real estate. At 9:55, David points out that it's okay to not know the answer. At 10:41, Firestein shares his perspective on malls, and how he thinks they are going to adapt. At 14:33, he gives his take on automation versus the element of human touch. At 15:58, David attributes "doing the right thing" to his long standing accounts with Whole Foods, Starbucks, and Costco. At 17:00, Firestein discusses communication now versus past methods of communication. At 19:07, he explains why Long Island City's slow continued growth may be better compared to the alternative. At 20:14, David dives into self-help, persistence and finding a mentor. At 21:17, Firestein suggests that positive thinking is the key to manage the highs and lows of the real estate industry. At 22:42, he talks about his son Guss, as well as the importance of having in-person meetings. At 23:51, David shares how he finds his balance and his happy place in the West Indies. At 24:33, Firestein notes that if he could change anything in the world, it would be to reduce the amount of plastics we use. At 25:29, David Firestein closes out the podcast with his goal of making it to day two of the World Series of Poker next year.

Introduction:

Today we are fortunate enough to have with us a man who has clearly channeled the song "Started from the Bottom" by hip-hop heartthrob Drake, given that Lee Brodsky, prior to joining Newmark Knight Frank as a broker in 2006 and thereafter also taking on the role of CEO with BEB Capital, gained several years of experience in real estate property management, leasing and the security industry, allowing him to acquire – brick by brick – a comprehensive and detailed understanding of what makes office and retail tenants tick, as well as the requisite skill set an owner needs to effectively manage, lease, develop and re-position its real estate and investment portfolio of innovative mixed-use development, parking facilities and restaurants throughout the East Coast.

Episode Notes:

At 2:32, Lee Brodsky touches upon how special a person his father Bert Brodsky is. At 4:33, Lee discusses BEB Capital's current focus compared to prior days and being established on Long Island, and now expanding its business to the boroughs. At 5:52, Brodsky talks about how his father always surrounded himself with experts. At 7:04, he notes that he is a "hunter by trade" and earns his keep by bringing in business. Lee also speaks about relationship and trust building, and being empathetic towards the client. At 8:18, Brodsky shares his work-life balance and the importance of being "present." At 10:16, he dives into his core values being built around communication and empathy. At 11:26, Lee highlights his evolution of trusting his gut instinct, and advises on saying 'no' when you truly don't know the answer. At 13:27, Brodsky provides his thoughts on the new NYS rent regulations. At 16:12, he dishes on the importance of a solid process being a conduit to risk mitigation. At 17:27, Lee touches upon underwriting a deal, conducting due diligence and utilizing data. At 19:32, Brodsky discusses one's ability to get deals done via verbal in-person communication and that of email correspondence. At 20:57, he answers a question about likability in the business world. At 22:34, Lee points out that one must ask questions to understand the underlying issue before solving a problem. At 23:40, Brodsky mentions that he practices meditation daily, and suggests taking short breaks to increase productivity during the workday. At 24:40, Lee mentions leaving the world better than you found it and paying it forward. At 25:56, Lee talks about his passions: golf, family, and friends. At 28:59, Lee Brodsky closes out the podcast with a message in that if he could change one thing in the world it would be to increase everyone's empathy.

Introduction:

Today we have with us Joe Farkas, who in addition to being a great guy and charming individual, is the CEO and founder of Metropolitan Realty Associates, a fully integrated private real estate investment and development company specializing in opportunistic and adaptive re-use investments in the New York metropolitan area, as well as select U.S. markets. Although Joe very well was not aware that for the better part of his career he has been channeling my Albert Einstein, Snoop Dogg, Drake, Lionel Richie "add value, master your craft, start from the bottom, create a brick house of knowledge, bring your A game theory," given his track record and passion to make a difference for his investors and the community, he most certainly has.

Episode Notes:

At 2:20, Joe Farkas dives into Metropolitan Realty Associates ("MRA") and its reputation and longevity in the business. At 4:58, Joe discusses MRA finding value in the retail asset class, and touches upon location, positioning and timing as it relates to retail. At 9:11, Farkas advises that one must be smart in buying retail, and notes his fascination with the retail leasing business and forming long lasting relationships with tenants. At 11:40, he gives his perspective on the industrial investment world and demand for last mile delivery. At 18:33, Joe imparts knowledge and advice for those new to real estate, and speaks on giving back through the means of education. At 22:26, Farkas shares his belief in that everything starts from the bottom. At 27:21, Larry Haber asks Joe a question in regards to if "nice guys finish last." At 28:27, Joe talks about Long Island City pre and post Amazon's "head fake." At 32:06, Farkas provides his stance on the laws and regulations recently enacted. At 35:09, Farkas highlights the two best days of his life. At 36:50, he reveals his happy places in Aspen and Turks and Caicos. At 38:12, Joe Farkas closes the podcast sharing his dream in building a superstructure in Manhattan.

Introduction:

Today we have with us Drew Katz, who aside from being a successful businessman, passionately and relentlessly channels the title of that old Neil Young song "Heart of Gold" when it comes to his family, friends, and all of his philanthropic pursuits. In addition to being an owner of real estate in a few emerging areas, Drew is the CEO of Interstate Outdoor Advertising, whose mission is that of being at the forefront of innovative design, emerging technologies and social purpose. So much of what Drew stands for can be summed up in his quote when he was honored by Oprah Winfrey's magazine a few years back: "You don't need incredible resources to impact another human being. You can make a difference by being conscious, [and] by thinking of creative ways to make others feel good about themselves."

Episode Notes:

At 2:37, Drew Katz discusses his father imparting on him that the most precious asset is time. At 4:15, Drew dives into how he keeps his mind focused on the big picture, along with how to prioritize new responsibility. At 6:48, Katz notes that the way in which one responds to struggle in life dictates the quality of one's life. At 7:57, he shares a story from 1996, when at 25-years-old he entered the billboard world fresh out of Stanford Law School. At 12:20, Drew gives his thoughts on the billboard industry and dealing with local governments for approval. At 16:35, Katz speaks about the 20 Bruckner Boulevard project he and his partners are currently redeveloping into a school. At 19:06, he discusses the projects he is currently working on, including The Lewis, named after his late father Lewis Katz. At 20:29, Drew shares his thoughts on Interstate Outdoor Advertising's not-for-profit billboard plan with the city of Camden, New Jersey. At 24:59, Katz advises those just starting out in business to seek out mentors. At 26:19, he points out that he does his best to surround himself with those who have a "can do" positive attitude. At 27:37, Drew discusses Newark's infrastructure, transportation systems, as well as its proximity to New York City. At 28:54, Katz talks about "outkicking your coverage" and his long-time friend and 2020 presidential candidate Cory Booker's quote "rarely in life has something good not come from something bad." At 32:32, Drew Katz closes out the podcast with a message in regards to living in a world where people were more open and kind.

Introduction:

Today we are fortunate enough to have with us marketing and social media guru to the stars, Mark Zablow. Mark is the founder and CEO of Cogent Entertainment Marketing, a leading influencer and experiential marketing agency that was voted #2 in Ad Age's Best Places to Work in 2019. Mark and the talented and innovative Cogent team work with such companies as Corona, Snapple, Pepsi, Best Buy, DIRECTV, and AT&T.

Episode Notes:

At 1:50, Mark Zablow touches upon the real value of influence, building trust, and authenticity by association. At 4:00, Mark discusses work ethic, "hustling like an intern," taking calculated risks, and imagination. At 6:05, Zablow believes that the ability to improvise on your feet is key in the business world. At 7:36, he notes that as the world speeds up, history starts to fall part, while also mentioning the importance of teaching history. At 9:44, Zablow shares a story of the Memory Motel in Montauk, and hitting rock bottom early on in his career. At 12:27, he talks about Cogent's culture, and managing and leading with empathy. At 14:52, Mark dives into recruiting and retaining talent, the ability to control the experience team members have in their journey at Cogent, and Cogent Palooza. At 18:11, Zablow stresses the importance of being able to communicate with the younger generations and the need "to be 21 years old every day." At 21:17, he defines Cogent as a nontraditional agency that is an extension of himself (as everything he has done since birth has been unconventional), while noting that being normal is boring. At 24:19, Zablow turns the table and asks Larry Haber his thoughts on an interviewee sending a follow up email post job interview. At 28:04, Larry Haber shares a story from a 1990's Columbia University graduation ceremony he attended for a former employee where actor Brian Dennehy gave the commencement speech. At 29:56, Mark speaks about leveraging the "gig" and influencer economy, and the younger generations spending in micro-buckets. At 32:03, Zablow dishes on the great conversations he has had with Uber drivers. At 36:05, he relates a few of Eddie Murphy's lines from his favorite movie "The Distinguished Gentleman" to that of what Cogent does. At 39:23, Mark touches upon being a pawn in the game of life, and the need not to "reinvent the wheel." At 41:50, Zablow shares a classic line preached at Cogent in that, "we don't have problems, we have challenges." At 43:20, he talks about his wife being the reason he is able to continue to stay focused and see the big picture in certain situations. At 47:48, Mark speaks to being more receptive to feedback from those he works with compared to early on in his career, and why one must keep people close that aren't afraid to confront you. At 49:52, Zablow explains why he did not have the balance early on his career, and how that changed once he got married and had a kid. At 52:30, he dives into getting his ya-ya's out when he is surrounded by close friends and family and during rare situations where "responsibility drops." At 57:01, Mark Zablow closes out the podcast by discussing imagination being the secret to life, happiness, and success, along with how his parents helped make the impossible happen.

Introduction:

Today we have with us Al Eskanazy, one of the most inspirational men I have ever had the pleasure of sitting on the same side of the negotiating table with. In addition to being the former Co-CEO of one of the nation's larger insurance intermediaries and now a partner in the award-winning Del Valle Productions Inc., Al is the voluntary CEO for The Ascent School for Autism and a Long Island Volunteer Hall of Fame inductee, whose life mantra is in line with the Muhammad Ali quote "Service to others is the rent you pay for your room here on earth."

Episode Notes:

At 2:17, Al Eskanazy advises that one must always keep track of his or her economic reality. At 3:06, Al touches upon leadership and teamwork. At 3:50, Eskanazy speaks about taking responsibility at a young age, goal setting, as well as starting from the bottom. At 5:02, he refers to "can't" and "won't" as being despicable words. At 6:17, Al dives into the art of listening and the importance of listening more than you speak. At 7:07, Eskanazy believes that one should not approach a negotiation as a war. At 7:37, he discusses patience and creating a sane time table for reaching your goals. At 9:32, Al visits the topic of failure, and using it as a tool in moving forward in your career. At 10:15, Eskanazy points out that muscle is not a tool - people must want to and enjoy following you. At 11:57, he talks about employers wanting its employees to succeed, and on diligence and responsibility. At 13:54, Al notes the impact of hard work, fairness and honesty. At 15:39, Eskanazy touches upon "speaking the facts" and leaving the door cracked open in a negotiation. At 16:54, he speaks about "solving problems" and "looking for problems." At 17:37, Al recommends the use of "fear" as a positive tool. At 18:08, Eskanazy mentions being a positive confronter that challenges people. At 19:02, he shares taking risks and making a difference in the community. At 20:36, Al Eskanazy closes the podcast with a message on being passionate about family and being a participator, not merely an observer.

Introduction:

Today we have with us the multi-skilled and trendsetting Elaine Del Valle, whose talents extend to that of being a writer, director, producer, actress and founder of Del Valle Productions, Inc., a full service bilingual film production and casting company whose mission is to infuse entertainment with original programming using diverse talent in front of and behind the camera. In addition to her films appearing at over 50 festivals, and developing and starring in her multiple award-winning, autobiographical one-woman stage play, "Brownsville Bred," I am proud to say that Elaine is a champion when it comes to advocating for those with special needs. I witnessed first-hand back in 2002 how she created the most unbelievable charitable bike ride across Long Island on the heels of being the driving force in getting local contractors, suppliers and vendors to donate labor and materials to make the dream of twenty-four families to build a state-of-the-art school for children with autism a reality.

Episode Notes:

At 2:30, Elaine Del Valle reflects on her first job at 12-years-old working at Bargain Mania in Bushwick, Brooklyn. At 3:59, Elaine believes having a work ethic is everything, and notes her love and passion for working. At 5:27, Del Valle touches upon technology, and the pros and cons that exist. At 6:37, she talks about doubt and preparation. At 8:52, Elaine dives into her process of research in writing and creating stories, as well as casting. At 12:10, Del Valle dishes on her having grown up in Section 8 Housing in Brownsville, Brooklyn, as well as making a difference in the community. At 14:43, she shares her love for building films, stories, teams and people. At 16:21, Elaine explains how her award-winning "Brownsville Bred" play changed her career. At 21:07, Del Valle speaks of the impact her optimistic mother and dreamer of a father had on her. At 22:49, she points out what she is truly shameless about. At 25:30, Elaine wholeheartedly believes that optimism is the key to happiness. At 27:31, Del Valle advises that if you're listening to music, let it affect you, as well as to not let your past hold you back. At 32:15, she notes that she enjoys nothing more than sitting on her balcony overlooking the beach working with her husband by her side. At 33:33, Elaine Del Valle closes the podcast discussing what makes her proud and makes her want to take a bow.

Introduction:

Today we have with us Jared Epstein, someone who for today's podcast at least I am nicknaming "The Great Transformer," given how he first transformed himself from being a Meatpacking District club promoter back in 2001 to becoming - over the following 6-year period - a commercial real estate broker with Newmark and a part of Bobby Cayre's Aurora Capital Associates in 2007. Jared's transforming and visionary ways at that juncture had only just begun, as he truly felt that Meatpacking's vibe, pulse, architecture and landscape were ripe for a myriad of high-end hospitality, retail, office and residential uses. It wasn't easy at first for "The Great Transformer," but all one needs to do is to make like Lou Reed and take a "Walk on the Wild Side" down to Ninth (and Tenth) Avenue for that matter to witness the starring role that Jared played in Meatpacking's transformation.

Episode Notes:

At 2:29, Jared Epstein believes that real estate is all about magic, connecting with people and speculating about the future. At 3:23, Jared discusses his mantra of never giving up and linking up with Bobby Cayre at Aurora Capital. At 5:41, Epstein shares working as a club promoter prior to his career in real estate, giving up late nights partying to advance his career, and his love for his role as "the wingman" at Aurora. At 7:25, he talks about his father and mother instilling the drive for success within him, as well as the importance of education. At 9:05, Jared touches upon being recognized in 2018 by Crain's as one of its 40 Under 40 recipients. At 14:10, Epstein speaks about The Rolling Stones and his son Jagger. At 15:50, he informs on the pros and cons of development and provides insight on the New York City Landmarks Preservation Commission. At 17:18, Jared highlights what Pastis means to the Meatpacking District neighborhood and discusses working with Restoration Hardware and Modell's Sporting Goods as well. At 21:39, Epstein shares his thoughts on the discrepancy between what landlords perceive as market rent and what tenants are willing to pay, and how brands are positioning themselves on the most desirable streets. At 24:25, he notes the effect of the "fun police" and how real estate taxes play a major role when structuring a deal. At 26:10, Jared wholeheartedly subscribes to the adage of knowledge is power. He advises that as a developer you must know the DOB code and zoning. At 28:53, Jared stresses the need of putting yourself second behind your community, neighbors, partners, and also going to bat for tenants. At 31:22, Epstein speaks on congestion pricing and the value untapped in NYCHA. At 33:41, he dishes on there being a reason why you only have two ears and one mouth. At 34:45, Jared reflects on how he has stayed (and continues to stay) current and connected to the younger generation. At 35:53, Epstein advises that all things are best done in moderation. At 36:47, he talks about emails, texting, and keeping up with news and current events. At 38:36, Jared believes that the convenient truth in real estate is that there is a winner and a loser in every trade. At 40:25, Epstein dives into Opportunity Zones spurring economic development, Long Island City, and Amazon. At 42:24, he shares his thoughts on the trade war, retail, and brick and mortar. At 43:42, Jared answers the question of how he finds the balance in life. At 44:50, Epstein reveals his good luck charm which he purchased with $400 in his checking account with the help of his then girlfriend and now wife. At 46:35, Jared Epstein closes the podcast with a message on evolution and the circle of life in the real estate industry.

Introduction:

At initial blush, today it may appear that we are going a bit off of the real estate grid with our guest Chris Meade, the Co-CEO and Co-Founder of SportsRecruits, but given his talent for helping clients navigate the challenges of the recruiting landscape as well as the importance of education, technology and video in finding the right fit for a student athlete - aside from the fact that earlier in his career he was in fact a CRE broker - there are many similarities between SportsRecruits' business model and that of a landlord's leasing agent or tenant representative. Chris, who will later tell us why his Twitter bio includes that of "Living the dream," is not only an innovator in using a video platform to help his clients showcase their talents, but also someone who listened to what the marketplace was telling him, and as a consequence, used that feedback to take SportsRecruits' platform to a whole new level.

Episode Notes:

At 2:33, Chris Meade discusses resume building, self-reflection, and the qualities of importance to him. At 4:41, Chris touches upon building the SportsRecruits technology platform and how it empowers their client base. At 6:18, Meade dives into the topic of rejection and putting the situation into perspective. At 9:24, he shares the evolution in SportsRecruits solving of new problems which did not exist when the business first started, and how they adapted and listened to the marketplace. At 12:34, Chris speaks about long term "stickiness," understanding customer values, and SportsRecruits focus on Net Promoter Score (NPS). At 14:48, Meade reveals what "class" means to him. At 17:31, he talks about self-perception and the sacrifices one's willing to make. At 21:51, Chris shares his thoughts on management, breaking down goals, as well as coaching and mentorship. At 25:31, Meade highlights his 2005 conversation with Herb Kelleher, the co-founder of Southwest Airlines. At 29:11, he notes why giving back is necessary, and SportsRecruits' model of building its business around helping families. At 31:19, Chris discusses being a "glass half full" type of guy, and his general sentiment that people will do the right thing. At 33:03, Meade stresses that being nice is an essential piece of business. At 36:49, he dives into his "truth," and the routines that force him to think about this truth. At 39:44, Chris touches upon technology, picking up the phone to communicate, and why face-to-face meetings cannot be beat. At 42:32, Meade notes his love of connecting with others and understanding what drives other people. At 44:29, Chris Meade closes out the podcast with a Scarface reference - "The world is yours."