Episode 041: David Firestein

08/23/19 • 27 min

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

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:

Episode Notes:

Previous Episode

Episode 040: Lee Brodsky

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.

Next Episode

Episode 042: Robert Sedaghatpour

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.