Kim Mogull, president and CEO, Mogull Realty
As told to Melissa Dehncke-McGill
I’ve been drawn to real estate since the age of 6, when my mom, Martha Mogull, became a single working parent. She raised me and two older brothers while working as a commercial real estate broker. She was a pioneer for women entering the business and an inspiring role model for us.
Mom chauffeured me and my brothers around New Jersey in the family station wagon while we craned our necks out the back window scouting potential sites. While other girls dreamed of marrying a prince, I wanted to own the castle — so I could flip it, of course!
My mom was a workaholic, and I seem to have inherited the gene. I also acquired her passion for real estate. She was successful, well-liked and well-respected, and I’ve always tried to emulate her, both in character and achievements.
My brother Marc Mogull founded Benson Elliot Capital Management, a leading private equity real estate firm based in Europe. Needless to say, real estate was always, and continues to be, a hot topic during our holiday gatherings.
My first job, and every job since, has been in sales. In elementary school, I sold costume jewelry to the teachers. In high school, it was clocks out of the trunk of my car. I went to Northwestern University [in Chicago]. In college, I became the No. 1 Encyclopedia Britannica salesperson in the Midwest.
I joined CB Commercial in New York City straight out of college. During my first year in sales, I was recognized as the regional Rookie of the Year. Eight years later, I joined a boutique firm in New York as its president. I worked hard, learned my market and gained a following.
About eight years ago, I received a fortune cookie that read, “As long as you’re going to be thinking anyway, think big.” It was credited to Donald Trump. It immediately became my mantra and remains taped to my computer monitor today. It would later prove to be auspicious.
Four years ago, Donald read about a deal I did, and he actually called me up to arrange a meeting. By the time I left his office, I had a signed exclusive to lease a small restaurant at Trump Plaza. I immediately advised him it was the wrong corner for a restaurant and to demolish the space. I was firm that we needed to target dry goods users. I also told him to have an architect re-measure the space because it appeared larger to me than previously marketed. We succeeded on every point. Today, we have a dry goods store, a creditworthy tenant in a larger store paying significantly higher rent than originally projected.
I earned Donald’s business one store, one building and one success at a time. Donald is a good judge of talent and very results-driven. He didn’t need me to be on the payroll of a big brokerage firm to become comfortable working together. And while I may not have been around forever, 17 years of working 15-hour days sure seems like forever.
I’d been encouraged by clients and was already leaning toward setting up my firm, so when Donald told me it was time to start my own firm, I didn’t waste a second. The next day I formed Mogull Realty.
I’m proud to have built a company from the ground up — no partners, no shortcuts and no debt. Over the past 12 months, Mogull Realty has closed 235,000 square feet in retail transactions representing some of the most prestigious landlords and tenants in the country. I look at the Meatpacking District and see the work we did for the Hotel Gansevoort, Scoop Apparel, Catherine Malandrino. I’ve had a big part to play in making that area the remarkable place it is today.
The one thing I would have done differently is I would have spent more time reading leases at the beach instead of at my desk.
You can be a good thinker, but without implementation, you’re just a dreamer. Ultimately, I’m paid for results, not just ideas. Of course, implementation goes a lot smoother when you’re a good people person. Make sure you love what you’re doing because emotions are contagious, and your clients and colleagues will know right away when you are driving or simply along for the ride.