How do New Yorkers stunt on others in the commercial real estate biz?
In Texas, you get a king ranch. Or if you have little kids I guess at least a yukon/tahoe. You wear cowboy boots. Even a billionaire can drive a pickup if it's nice enough (and yes they can get expensive).
But that's in the south. How does Michael Stern let people know he's the boss of the site?
| +48 | Anyone else being pushed to underwrite more aggressively (Multifamily)? | 14 | 4d |
| +30 | Uncertain of what To Do Next | 5 | 1d |
| +28 | Capital Restricted Developer | 2 | 1d |
| +28 | What should we be buying? | 22 | 22m |
| +27 | Basis play / value-add office in high-growth markets - value trap or generational buy? | 10 | 3d |
| +22 | Warning: J. Shaw Recruiters | 5 | 1d |
| +18 | Due Diligence - ALTA Survey | 3 | 1d |
| +17 | Laughable Job Posting | 3 | 15h |
| +15 | Seeking Advice: How Do You Get Value from ULI Membership? | 2 | 4d |
| +11 | PGIM Real Estate Equity vs. Private Credit | 3 | 4d |
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Based on your profile I thought you worked in NYC, but if you don’t, wear a pinstripe suit, slick back hair gel, get chauffeured around in an oversized SUV.
Move to Florida and tell De Blasio to shove it
Actually owning real estate.
Co-op in The Dakota or a named building on the UES. It shows more than just money, since co-op boards have to approve you, you can't just buy your way in.
Bringing their kids into the business (the more, the better). Private club membership. Taking BLADE instead of Uber to JFK.
Haha THIS post should win the thread. I gotta experience blade some day
Buddy of mine used blade to get from the city to Hamptons for his brother-in law's birthday a couple years back. I don't think its THAT expensive for that trip ($400-500 for a seat) when you consider the time save and the ride you get.
Signet ring to let 'em know you are allegedly a Brit.
In the Bay Area you can afford to buy a house
buy some super expensive real estate then keep pretending you are going to give it to an agent to sell as a listing then keep faking them out and never do
I heard Simon Ziff has 185 K-1’s. That’s kind of a major flex
Being his CPA is the flex!
That is awesome. Monkeys pay attention, I'm sure he built his own detailed Argus model from scratch (if you want something done right, ya gotta do it yourself!) for each deal and knows it backward and forward.
Lol I presume this is sarcasm?
He's an investor in a couple of my deals ... his position is small, like $25k. I know he has several other positions like that as well. Having 185 K1s isn't that impressive. I have over 20 K1s myself and I'm nothing. Having that many K1s is a burden... sometimes I don't get final K1s till October or November and can't finish my taxes till nearly end of the year.
Stunting is easy: Raise a family on north shore of Long Island, have your kids syndicate "value add" deals in the outer boroughs and watch the money pile up.
The above isn't my life, but I told my dad one thing about NYC CRE: "First you get the watch, then you get the car, then you get the girl." His response: "You are a f***** idiot." This is sarcasm and he knows it.
For me, stunting on others in NYC means leaving your clients in a better place and having more fun than the next guy with money coming last. Sounds cheesy but looking forward to more of that in 2021.
I know this thread was short and sweet but I just wanted to say thank you to the contributors and that this was one of my favorite threads of all time.
Lateral out of RE
I knew of a guy who gifted his granddaughter a CVS ground-lease for her 14th birthday. That's a flex if I ever saw one.
Did she email him back a heavily redlined version of the GLA and tell him to “find attached”? That would really be a flex
Oh, you can get one of those plaques to put on a building with your (company) name on it out front. It seems like a lot of NYC owners do this.
*cough* Thor *cough*
1) Club memberships
2) Watches
Building a class "A" project that will definitely lose money but will - Change the skyline or redefine the city (Or some other bullshit) then naming it after yourself in some way shape or form.
Skyscrapers are the new pyramids
Buying a Vegas casino that isn't profitable but you just feel like doing it for fun.
Buying a country club or a golf course.
God, owning a country club would be the fucking worst. One pearl of wisdom I got from my grandad was that you never want to be chairman of the board of a country club or a private school, dealing with all of the egos is just a total pain in the neck.
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