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 two 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.
In this show, we discuss:
- 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?
INTERESTED IN BUYING YOUR OWN NYC APARTMENT BUILDING?
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