How did I become intimately familiar with some of the largest NY real estate tycoons? I landed an internship at a boutique accounting firm during my first summer in college. The firm was engaged to audit the first TASE bond issuance. As the only fluent Hebrew speaker in the firm
I was assigned to the deal. My primary function was to audit appraisals and to explain their nuances to the Israeli regulators and investors. It was completely uncharted territory for me but my command of the language made me best suited for it.
The fact that the first deal closed was a minor miracle for a number of reasons, but once that was done, the flood gates opened. I was hired full-time during the next semester and took only night classes. On many of the deals, some of the biggest names in New York real estate
Sat across the table from me and explained the mechanics of their portfolios and operating companies in intimate detail. Billionaire after billionaire walked through that conference room, unbelievable characters. Everyone knew a whole lot more than I did, but once again,
None of that mattered as I held the key to the fair value opinions needed to complete the issuances. Looking back and seeing class a NYC multifamily in the West Village appraised a 6.5 caps is just staggering. I still have a few hard copy appraisals on my shelf.
I probably learned more during those few semesters dealing with the rockstars than I would have been able to take away from an Ivy League MBA. There is a whole lot more than meets the eye with these guys. The common denominator is that each one was self-made,
took big risks in life, and now presides over a kingdom in their own right.
You can follow @MarcSGIlbert.
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