Does anyone here know what it's like working for one of the big NYC real estate families or how you would even land that gig to begin with? A lot of their websites are skimping on details and you're lucky if you can find a generic company email.
I can't tell if it would be a great spot to be in and work your way up because of the amazing access and network, or if it's just a dead end because they run lean and you won't end up inheriting shit. Any takers?
Here is a list of examples of powerful NYC RE family companies and the leading patriarchs (sorry ladies) to get things started:
Sheldon Solow
Doug Durst
Donald Trump
Sam Zell
Harry or Billy Macklowe
Jared Kushner
Gary Barnett (Extell)
Joe Sitt (Thor)
David Walentas (Two Trees)
Joe Chetrit
Jeff Sutton (retail)
Larry Silverstein
Leon Charney (L. H. Charney)
Richard LeFrak
Malkin family
Bruce Ratner (Forest City.. most popular landlord in BK)
Leonard Stern
I'm referring to these guys less because I hear the name tossed around more frequently, but they could probably still apply:
Stephen Ross / Jeff Blau (Related)
Jerry and Rob Speyer (Tishman)
Mort Zuckerman (Boston Properties)
I've worked for two "real estate families" in NYC. One is on your list, the other is on the level of a Joe Sitt. In both cases its exactly the same; they don’t hire much and in general underpay entry analysts compared to REITs or the large developers (Tishman, Related) but at the same time both families I worked for don't churn employees. Its rare to see someone fired, you work 9-5, expense almost everything. While starting salary is a bit (not a lot) under market the salary progression is very steep, these family's care more about loyalty and the understanding of overall family strategy than churning out 80 hour work weeks on the young guys it would seem.
One thing that’s tough though if the ability to move up in the ranks in the company. Pay increases are good but taking on new responsibility is hard because in both firms the VP's and up have all been with the company for 25+ years.
So in my case while I'm getting good (15-20% per year) raises the only way I can go to the "next level" is for someone to die or retire and even then there are guys waiting for those jobs who have been with the company for decades.
It is nice to work on deals where you can close in 30 days from LOI because of no investment committees and lenders just drool over big balance sheet family borrowers.
Agreed. My bank practically throws money at these guys to do anything they want. They aren’t defaulting on our debt any time soon.
Nailed it, totally agreed. Work at a family shop as well as not on the list but competes with a lot of those guys.
This plus @CREs comment that it will not be a dead end.
How did you get to interview at some of these firms? Some of these guys are very lean (say 20-40 people and a few are family) how are you even reaching these guys to get face time?
Did you get your foot in the door through someone you knew?
Company was listed as "confidential" when I applied. I did end up knowing one of the interviewers from a networking event once I found out the company.
bump
Many of these families (naturally) run in a nepotistic fashion. I wouldn't want to work in anything outside a meritocratic platform, but to each their own.
I'm not entirely familiar with the more NYC-centric people on your list, but there is no way that working for Forest City, Tishman Speyer, Related, or Boston Properties would be a bad career move or a "dead end." I also know for a fact that these are hardly "family companies," their email addresses are not hard to find, and they recruit regularly. Finally, only Tishman is headquartered in NYC.
Odd including them on your list.
delete. misread
My buddy just turned down a full-time analyst position at a major REIT (>$20bn market cap) to work for one of the big NYC names (think Lefrak, Chetrit, Sitt, Silverstein, Macklowe) and pointed at the culture being a big reason behind the decision. He also said comp and amount of paid time off was better.....
Any idea how your friend got a FT offer from them? Does he go to a target?
He does go to a target. The firm put up a posting for the job online in late April and he used a random connection to land an interview. Touching on what someone already pointed out: my buddy said that the only reason they were looking for an Analyst was because one of their only 3 Analysts was leaving for Business School....Seems to be pretty hard to get into a shop like that and is very "luck of the draw."
If they are good guys (generous) they'll give you carry early on. More than supplements loss to market if you have long term view and stay put. Hours are great. Culture is fantastic. Dress is casual unless you're raising capital. Family dynamics could be a nightmare. Breakfast & lunches paid for. Virtually unlimited vacation as long as you don't take advantage and get your shit done. Tons of responsibility and therefore excellent exposure to the deal cycle. Banks love you. Brokers love you.
Slower job. Less aggressive on deals because absolutely zero pressure to deploy capital.
I work for a family office operation in a major metro (not NY) and I can echo what SHB had to say about the culture.
Hiring is done on a "as needed" basis through current employees network. There is no bandwidth for a training program so new hires usually come from institutional shops (banks, REITS, other REPE firms, and developers)
I would say your better off working for a smaller family then one of the bigger well know families but only if you work directly with the family members. You may make less but within 10 years of working for them they may let you spin off your own fund and if that happens you could be making 10x what the Pe and reit guys are making. It's hard to get a job with these type of placed and usually will only hire people who are conceted
Anyone has insight into what salary progression is like at these shops?
Assuming the family is always going to run the business, it will be hard to become the man/woman on top
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