News
EASTERN CONSOLIDATED; UWS EATS; 750 THIRD
June 1, 2009
| We love meeting people—and when six new investment services faces wanted to say hello in one afternoon, we couldn't resist. So we stopped by Eastern Consolidated's Lexington Ave. office to find out what's new at the firm. |
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| Founders Peter Hauspurg and Daun Paris tell us Eastern's been "very fortunate" in the downturn; one of the first to start a distressed division three years ago, it's now pounding the pavement for many troubled assets. It also socked away a reserve fund, anticipating dropping deals, and has a staff with diverse backgrounds, many who've been through downturns. Debt-free, the firm is still hiring, they say. Personally, both are on the board of the Jewish Child Care Association, which helps needy children and families. |
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| Today is also about planting seeds for one or two years from now, said vice chair Brian Ezratty when we dropped by his office. Not many assets are available now, and it will take a while before others come to market. But the bottom's not far, he adds, and he hopes the market will turn around by the middle of '10, when sellers become more realistic. In addition to an upturn, he's looking forward to a summer full of golf, and just returned from a trip to Israel with 23 family members (all on the same plane!) |
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| We then visited this Eastern partnership Ronald Solarz and Eric Anton, working together a decade this month. The duo was behind the "March Miracle," a $15.8M land sale to the Korean government at 122 E. 32nd. They stressed the importance of fluency in all property types and markets and add that there are funds on the sidelines waiting for deals. In the meantime, Eric and Ron, both fathers of two, relax by kickboxing, shooting, bicycling and fishing. |
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| Deborah Gutoff reports growth in multifamily. She's focusing on education, which is countercyclical to the market. (Presumably not only because CFO's keep telling bookkeepers, "Those numbers can't possibly be right. Go back to school.") Schools always need more beds because enrollment grows, and private schools need housing to stay competitive. They're lucking out, she notes, because they no longer have to compete with condo and hotel development, and construction prices have gone down. The School of Visual Arts, for one, recently built 359 beds at 101 Ludlow. She recently survived her second child's college application process, and looks forward to gardening and running this summer. |
