Andrew Heiberger, president of developer Buttonwood Real Estate. Former president and CEO of brokerage Citi Habitats, which he sold for a reported $49 million.
As told to Lauren Elkies
It was an exciting time. I had a small party afterwards for immediate family at my apartment, but there were a lot of confusing feelings. It actually was the rawest, stripped down, most honest feelings that I’ve ever really had about anything. There was elation, there was a feeling of success, there was distress and almost, in a sense, loneliness.
I have a personal tradition where if I do a big deal, I will buy myself a toy. In the past it’s been cars. With this deal I bought a townhouse in the 60s off Madison. It was $8 million. I invested a nice chunk in my building projects and in my new business. I invested another chunk in hedge funds. I put another chunk in bonds. I did about five other real estate deals as a passive investor.
I grew up in a family where we had financial ups and downs and I’ve always — this is probably part of the driving force behind my energy, nervous energy I should say — but I always believed I was going to lose all my money. The weird thing is I even have that neurosis today.
Going into the sale I wasn’t a poor guy. I was already making very well into the seven figures a year and I had a lot of real estate holdings already. This deal just put me on a whole different planet in terms of money. In a business where your end game is to make money, this is the ultimate trophy.
I don’t have seller’s remorse at all. I ran my course with that company. It actually got so big that it was overwhelming me on a personal note before I sold it. And that was one of the big impetuses for me to feel good about signing over the company.
But, it’s interesting — it still bothers me like if I drive by one of the stores and one of the lights is out. I actually call the CEO and leave a message on his phone. I’m like, the light’s out on 57th Street.
Barbara Corcoran, CEO of TV production firm Barbara Corcoran Inc. Founder of brokerage the Corcoran Group, which she sold for $66 million.
As told to Lauren Elkies
The best thing that happened was when I went to my Citibank cash machine on Madison Avenue and 90th Street in my neighborhood two days after the sale. I went to get my $200 out that I get out every two weeks for my $200 pocket cash, and I always push the button, “do you want a receipt?” “Yes.” And when the receipt came out, my account balance was over $50 million and that was thrilling.
I showed it to everybody else in the cash line. I couldn’t contain myself. I said, “Look at this, look at this.” I mean, I was looking around, it was such a weird feeling, who do you show it to? Nobody was with me that I knew so I showed it to everybody there. I think they thought I was a nut job, a New York nut.
I immediately went next door and bought myself a big breakfast — eggs Benedict, fresh squeezed orange juice and a side order of toast and coffee. I went whole hog for breakfast with that little receipt in my hand. And I gave the waitress a $20 tip.
I kept that receipt, needless to say. I have it at home in a little picture frame in my clothes closet in my bedroom. I smile at it every morning as I reach for my shoes.
That was clearly the biggest check, but certainly not the most exciting. My first $320 rental check was, and the reason is because I immediately ran over to Bergdorf Goodman and spent the entire check short $2 on a new coat. And that seemed like the most amazing thing that had ever happened in my life. And believe me, $320 was a lot of money for a coat. I felt like I owned New York. I probably felt more accomplished leaving Bergdorf Goodman than I ever would again in my entire life.