PEAK in NYC, Any Insight?
Saw they may be hiring, any insight into the team? Saw some random comments online that one of the owners owes someone $1mm and screwed them. Obviously job market is tough and seems they've been buying/taking out loans later than most people and not sure if they're really getting a good basis for what they've been doing (value add MF in Queens).
Saw this role and felt uneasy about it. It’s an associate role but it’s commission based. I have never seen that type of structure from any reputable PE shop. Also, the pedigree from the senior execs didn’t have me convinced about the firm’s direction.
Pedigree like degree quality or lack thereof or prior relevant industry experience? No base pay plus comish? How is the comish calculated?
Job description said it was commission based but did not provide details. As for experience, I didn’t see anyone that had lengthy experience at a well-known or strong shop. Doesn’t have to be BX or STWD but just a proven sponsor that has been profitable since prior to 08. I’d be wary of joining a firm where the senior execs only have experience in this low-interest rate environment. Cheap debt makes everyone look like winners.
they bought a ton of deals in 2021 & 2022 so I would have to imagine they overpaid for some
Love how, without fail, any NY job that gets posted to selectleaders elicits a post on this forum. Bonus points when OP does a weak lead in by saying "looks like they do [insert 5 second observation from company website], anyone know what their culture / hours / pay is like? Double bonus if exit opps is mentioned.
True syndicator shop, trying to grow quickly but in no surprise capital is harder to come by. On their vintage assets, I believe the only way they can get out profitable is by offloading to an outlier either foreign or 1031 buyer. However, I do think this could be decent experience as I would assume you’d go cradle to grave on small deals and eventually be set up to go out on your own, if the $2-$5mm nyc rent regulated multi market is one you want to be in. Just need to realize you’re not joining a well capitalized fund with institutional backers, you’re going to be at a place that will be cobbling together $2mm in equity in anyway possible to buy a 10 unit walk up in queens with shitty paperwork.
So I know Alex and have spoken with David before.
They focus on sub $20mm, middle market deals in NYC. They are good people. I know Alex has a pretty decent pedigree, with stints at Stellar management, TIAA CREF(pre-Nuveen), and RWN(Mark Rowan founder of Apollo). We was able to bootstrap his way to his own company, good for him. It is something we all wish we could do and he did it.
Last time I spoke to him a couple years ago he was raising capital from family offices for GP and LP capital. I know one of his initial investors, 2nd gen family office, owns a lot. His co-gp's and LPs are fairly sophisticated. I know he was focused on Sunny-side Queens for a while and with a decent investment thesis.
I'm not sure the position would give you the modeling and execution that you would like, but maybe. I know there would be some to a medium amount of cold calling involved.
Let me know if any more questions.
Thanks for the background and makes sense. I saw it was a certain salary but then in bullets it says commission which is not the best look. I saw they were active, but seems they were always buying when no one else was which isn't a good sign and at high prices although I don't know that space well. I'm looking for a more acquisitions/asset management role that focuses on larger deals ideally and can build off my current experience. I'm graduating from a Masters program in the city and have a few years experience so I am hoping/assuming I can land a more analytical role in the coming months.
I second all of this I've known Alex many years as well. Really smart guy, anyone hating on him is a loser. They've been very active because they operate in the middle market, not the presently stale institutional market, and have done over 40 deals at this point if I recall which is no joke, especially in this environment.
I know these guys through the industry. They have built up a sizable portfolio of 2a/2b tax class protected assets as well as standard mf buildings. David, who heads up their development, is one of the best in the business and Alex, who heads up acquisitions, might know every active deal in NYC (no exaggeration). This is not a large company like Related, it's a young NYC operator who is quickly scaling their business. I would definitely recommend for someone looking for an entrepreneurial environment and to get good exposure to true NYC RE. They are also one of the few active shops right now because they operate in the small unit count space. The majority of companies are on the sidelines which is something that should be considered when looking at new opportunities. Happy to answer any questions.
I don't mean to take away from them but why are they the best in the business?
Think you misread
I mean it is not rocket science, but he boast about having experience in development of 300k SF. That typically doens't lend itself to being the best in the business.
Right, that's literally nothing.
I know them well, they have a unique strategy and are growing. They also have a sizeable capital base and can execute efficiently. For a first/second role I would consider it
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