The Real Deal New York

Here’s why more developers and brokers are living in their own projects

Putting your money where your mouth proves to be a good sales strategy
May 22, 2015 03:20PM

UPDATED, May 26, 6:07 p.m.: When developers and brokers make the decision to live in the projects they’re attempting to sell, it lends them an air of authenticity and gives them inside knowledge for future projects.

Roger Fortune, vice president of the Stahl Organization, moved into the company’s luxury condo and rental tower, 388 Bridge Street in Downtown Brooklyn, in September of last year, Real Estate Weekly reported.

He formerly lived at 8 Spruce Street in the Financial District, a project that his wife, Susi Yu, helped to develop. Yu is the head of residential development and an executive vice president at Forest City Ratner Companies. Frank Gehry, architect for 8 Spruce Street, also rents a unit there.

“I can listen to people, I can listen to what tenants have to say,” Fortune said. “I’ll be able to see how amenity space gets used and I can see how well-maintained the building is. [Living onsite] gives me a greater depth of knowledge.”

Francis Greenburger, CEO of Time Equities, purchased two units in the company’s Downtown building 50 West, one of which his children will be able to use when they visit.

Town Residential broker Steve Bruman has rented at the Edge in Williamsburg for the past year and a half.

“It’s very helpful that when you experience [living in a building you’re marketing],” he said, and makes for “a smooth conversation with someone who’s very interested in living [there].” [REW] — Tess Hofmann

Correction: An earlier version of this article stated that Roger Fortune currently lives in 8 Spruce Street and plans to move to 388 Bridge Street. He has already moved.