Episode 034: Jared Epstein

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.