The Worst People & Companies in Real Estate
A thread to discuss everything and everyone non-prestigious. Shoutout to Nate Paul, Joe Sitt, Tyler Henritze, and Grant Cardone for the inspiration.
Is this not discussed in every third thread already?
While this thread seems unproductive it still gives me yet another opportunity to give a shout out to Joe Moinian who stiffed me on a commission in 2012.
Details please...
Oh not much of a story. During the recession Moinian was in a bad way and was notorious for not paying commissions, especially on his Madison Ave buildings. I being a young tenant rep had a start up (the only ones growing and taking space in 2010) client who really liked one of their spaces. Not to mention it was cheap. Everyone told me it was going to be trouble but when its 2010 and you're a 22 yr old tenant rep broker making several hundred cold calls a week, getting chased by security out of buildings and have a draw to repay you just want to do deals...Anyways did the deal, Moinian never paid the invoice, brokerage sued and they ended up getting about 15% of what was owed. I believe that was 72 Madison Avenue
My landlord and his son are the worst people in real estate.
Wait why is Tyler Henritze on that list OP? He’s one of the heads of RE at Blackstone, no? Fairly prestigious I would think haha
Curious as well
curious, just left blackstone to start his own shop
Do you know if he already started it and what it's called? Or is it rumored that he's starting his shop? I'd imagine someone of his seniority has a no-compete clause for some time, so just curious.
Oh well no way a fairly prestigious guy could be an asshole
Because nobody successful has ever been known to be an asshole or hard to work with?
I'm guessing Tyler Henritze was in OP's list for either two reasons:
1) referring to another guy with the same name
2) Worked under Henritze and hated it, trying to take it out on WSO
Isn't he a perfectly nice guy
There was that one guy who used to license his last name (which he changed from its ethnic orgin) out to people in third worlds and ran around new york claiming to be the biggest developer in the city, despite inheriting the majority of his worth from his father and going belly-up on more deals than he succeeded on. I wonder what every became of that guy...
It really dinks your dink
I think I know who you’re talking about, he was the guy with that hair and the tan right? I swear his names on the tip of my thong.
Unfortunately, I don't think he is terrible to work with, and most of his development projects did okay to good. He hired the first woman PM for a skyscraper in NYC. I'm not defending him, but I've known people at the Trump Organization and surprisingly(?) have not heard terrible things. This was before he became president
and that woman wrote a book about him: Tower of Lies: What My Eighteen Years of Working With Donald Trump Reveals About Him
please....
Is this true? Obviously the Trump World Tower deal near the UN was successful, but what are other examples? 40 Wall Street, I guess. Pretty much everything else was built by someone else who paid him to use his name, or he's a minority partner who made a good investment (nothing wrong with that) but who didn't actually take on the risk portion of being a sponsor.
Much of what has his name on it was actually built by others; Mr Trump had an extremely lucrative licensing business; whether or not he's a good developer is very much up for debate.
Steve Croman
edit
Who is Adam Croman?
Steve Croman's son? Just guessing, no idea
https://nypost.com/2017/09/19/madoff-of-landlords-pays-3m-to-avoid-jewish-holidays-in-jail/
I was conflating him with another adam in the real estate industry. yes i mean steve croman sorry about that
Speaking of Adams in real estate, Adam Hochfelder comes to mind as one of the greats
I saw Jonathan Gray riding a Citi bike in the wrong bike line in Midtown East. I followed him into Trader Joe's. I told him how uncool it was to ride in the wrong bike lane, but I didn’t want to be a douche and bother him and make a big deal about it.
He said, “Oh, like you’re doing now?” I was taken aback, and all I could say was “Huh?” but he kept cutting me off and going “huh? huh? huh?” and closing his hand shut in front of my face. I walked away and continued with my shopping, and I heard him chuckle as I walked off. When I came to pay for my stuff up front I saw him trying to walk out the doors with like fifteen Milky Ways in his hands without paying.
The girl at the counter was very nice about it and professional, and was like “Sir, you need to pay for those first.” At first, he kept pretending to be tired and not hear her, but eventually turned back around and brought them to the counter.
When she took one of the bars and started scanning it multiple times, he stopped her and told her to scan them each individually “to prevent any electrical interference,” and then turned around and winked at me. I don’t even think that’s a word. After she scanned each bar and put them in a bag and started to say the price, he kept interrupting her by yawning really loudly. I'm still in shock! Anyone else had similar experiences?
lmao OP is obviously trolling. you think someone worth $5B would shoplift a few milky way bars?
it's a meme. https://knowyourmeme.com/memes/i-saw-flying-lotus-in-a-grocery-store-co…
Calling BS bc Trader Blows* doesn’t even sell milky ways.
This could be a South Park episode lol
I would have said I hope he gets diabetes, but that's just me
Barry sternlicht seems pretty scary
Starwood is known to have a bleak culture
What's so bad about it
OP is probably the worst I know fr fr
I was interested in moving to Austin and came across Nate Paul and World Class Capital Group in my search. The name of the company alone should tell you everting you need to know about the guy, he is almost like a comic book villain bad guy/douchebag
I've been really enjoying following along with this: https://therealdeal.com/texas/2023/05/26/who-is-nate-paul/?utm_source=n…
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