With a penchant for structuring debt and equity deals and assembling parcels for sale, Tabak has left his imprint on more than $13 billion worth of transactions over this three-decade plus career — most notoriously, the Ring portfolio in Midtown South. You’re not a very extravagant guy — maybe you have an island I don’t know about. So, like my mother used to say, there’s a Polish lottery ticket: you win $1 million and they pay it out to you a dollar a year for the rest of your life. I don’t have the lifestyle of yachts and planes and homes in the south of France. If I could tax structure that deal for him in many different ways — whether I do a lease with an option to buy and I refinance the fee position and give him $20 [million] as a refi — which is not taxable – and he got his 20, then I have an option to buy it any time down the road. [Gary] was going to do the dissolution [of the TIC] anyway. Open up this hookah tobacco and you'll smell a candy cherry aroma with menthol undertones, reminiscent of sweet cough drops. We are now in the period where you don’t see many transactions going on. Then there’s Joseph Tabak, who without a portfolio of trophy properties or any ground-up projects of note has become one of the most highly regarded dealmakers in the business. Some real estate players are known for what they build, others for what they own. I think he must have paid [Frank] six times more than I paid for my piece. First of all, 95 percent of my deals are not hairy. Instead of $26 million, it said $96 million. Very tasty and refreshing. Michael Ring wanted to give me 25 percent of the deal — which means 50 percent of his 50 percent TIC [stake] — for $100 million. The only transactions you’ve seen are the REITs or the debt funds that actually have debt that they have to pay off – they have an incentive to sell stuff at a discount just to get cash in the door. From a young age, Pantelidis began writing songs, which he filmed and sent to friends, who then posted them on Youtube, which ultimately went viral. I want to know his story: Why is he selling? I’m just an analytical guy. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! So I say, “You don’t have to make a $50 million profit to buy a $20 million yacht. Some of the lenders actually that are repo’ing and they’re financing because interest rates are so low right now, they could put themselves in a better position where they could sell off a 60 or 70 percent piece of their loan at a really cheap number, leaving them enough room to be able to drop down the landlords’ payments to a number that still keeps them going. There’s a lawsuit going on that’s a flip of the coin. Fantasia master blenders precisely infuse exotic flavors allowing for a robustly full, and extremely thick smoke that … He bought [the property] for $10 million 10 years ago, and he’s selling it for $60 million. “My partners used to say, ‘You got a great deal, what are you climbing into the guy’s life for?’ But when you find out why the guy wants to sell, that could enhance the value of the deal tremendously.”. Put in $10 million, made $84 million. My lawyer, Alan Pomerantz, put his hand on my lap and said, “Let me talk.”, He said something which at a very young age was a tremendous lesson: “Guys, you spoke about 26, now you’re at 96. What do you think the industry could have done differently? That’s way better. Telefonisch von 12 bis 20 Stunden von Montag / Samstag We see the Milky Way Galaxy coming out of the darkness. So depending on how you slice it and dice it, the guy can end up with his result and your deal becomes twice as good. We are having some technical difficulties. I had a choice, to go to Frank or Michael. [The lobbying] should have been done before the law came out. We lease it up, we upgrade it. Everybody said, “Don’t sell it, hold on to it.”, I have a very interesting rule in real estate: You tell a guy, “I’ll buy your building for $700 million.” He says, “I don’t want to sell it.” When that situation comes to me and my partner says he doesn’t want to sell, I say, “Okay. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. These cookies do not store any personal information. I’m actually a deal junkie that just enjoys the real estate business. Tabak has been involved in the Ring Portfolio, the Toy Center and other marquee New York real estate transactions. I’m not a ground-up guy, that’s not the business that I’m in, but there is a very long play of real estate. It was a different world, there was no problem. You’re one of those classic New York real estate deal junkies. They were both known to be quite difficult. If I would have seen that [the Ring portfolio dispute] coming, I never would have brought him in as a partner. By clicking Subscribe you agree to our Privacy Policy. A guy could be talking to both of us at the same time, saying the same thing, and I hear something different. What’s really going to shake this thing out is as people that own rent-stabilized buildings are not making a living and don’t have enough money to fix up your property, tenants are going to feel that what the politicians hurt was the quality of living. 3727 Drossett Drive That’s an amazing piece of real estate. We took him in and I went ahead and sold it to Gary. Great smoke, still trying to put my finger on it, but it essentially tastes like Mike & Ikes! Nobody thought Cuomo would ever sign this and I guess Cuomo had to sign it because he’s controlled by these people. I know you came in from the Michael Ring side of things. Great deal.” I say, “Why don’t we get together? You take a guy that makes $3, $4 million clip. A rare sit-down with the head of Princeton Real Estate, who's played key behind-the-scenes roles in some of New York real estate's marquee transactions. Fantasia is known for their innovative products and unique Hookah Flavors manufactured in the USA. For example, a guy comes to you and says he’s selling. Loses flavor around 30 minute mark in an egyptian, loses flavor around the hour mark in a Small Funnel bowl -, Our site uses cookies. They just announced they’re closing the hotel permanently. Bismarckstraße 63, 40210 Düsseldorf +49 211 13658358 info@super-deluxeshop.de. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. He could come to me, pay me more because I really got my deal cheap. At that time, the price on the deal was $26 million. A rendering of Rheingold Brewery (ODA Architecture). Austin, TX When you pick up that check and give it back to him, you know what you just did? I was done, I had my piece. I could sometimes make a mistake in a deal, it can happen – thank God it very rarely happens. Why don’t you sell for just $20 million?” So either the guy says, “It’s my only asset,” or “My tax basis is so negative in this deal that for me to walk home with $20 million, I’ve got to sell this thing to you for 60, otherwise the rest of it is going to the IRS.” Now I know I have a perfect candidate. I usually come up with structures — a lot of people look at deals and don’t find the value, or the value is there and you can’t realize it. Million Dollar Flavor Fantasia Shisha Tobacco kicks up huge clouds. Before I had a deal with Gary, Joe joined in on the deal and he gave us a heavy markup — I think it was about a $46 million valuation markup. I actually flew to Karachi with my lawyer. So automatically, two-thirds of what most people say, I don’t say. Correct. It’s really deal by deal. It’s quite hard not to take personally. This interview has been condensed and edited for clarity. The only caveat of that is tax. The rhetoric against the industry has become more confrontational over time and is actually affecting policy. While smoking this shisha, you'll enjoy more of a bubble gum flavor, with minty undertones. They’re complicated. I did well over $1 billion of business with Joe Chetrit. Anyway, I’m a young kid, they flew me out here, and I’m ready to jump all over them. I’m not a retirement type of guy and I don’t have a number in mind. But opting out of some of these cookies may have an effect on your browsing experience. All you end up with is $60. You can use that in court to force a sale or some sort of, “I buy you or you buy me.” Michael at the time wanted to get his hands on $100 million. Nobody takes that $84 million and puts it in a safe deposit box. So I buy real estate every morning when I wake up. Let’s back up: You flew to Karachi as a Jewish man. It showed you a deal doesn’t have to be looked at straight. Related story: Gary Barnett reveals how he won the Ring portfolio. Along with Robert Wolf’s Read Property Group, Tabak put together the land for what is perhaps Bushwick’s most ambitious residential project, the Rheingold Brewery redevelopment. You work that money and you make another 30 and another 50. And it’s very hard to calculate. He was born in Athens on November 23, 1983. I rely on what I analyzed and I don’t think he understands his own real estate better than I do. Try again later. A lot of the pain is going to be for the institutions and the banks that lent the money, whether they’re going to make a deal with the landlord and bring the numbers down or bring the interest down to a low enough number to keep this thing alive. Related story: “Ringing in” a new era: Will a legal battle unravel the coveted Ring portfolio? Most of my portfolio we owned for a long time. I like the challenge of it. So all the lobbying and all the work came in a little too late. He wants to keep 50 percent of [the deal] and he needs $100 million cash; I got both of them done for him. Then there was an issue between us [and Chetrit] about what he’s entitled to and what I’m entitled to. You can look at it sideways, backwards, upside down. Another big shift that’s happened is this leftward movement in terms of rent reform and politics. Any reservations? Hopefully you do good stuff with your money. In 2013, Tabak even made a play for the Empire State Building. And that’s basically been your career. We also use third-party cookies that help us analyze and understand how you use this website. But right now, I don’t think coming in a more diplomatic way is going to get the law changed – the law is where it is. Depends what you call development. I say, “Hey, a guy is sitting in your office and put a check on your table for $700 million. Open up this hookah tobacco and you'll smell a candy cherry aroma with menthol undertones, reminiscent of sweet cough drops. It is mandatory to procure user consent prior to running these cookies on your website. Great smoke, not too sweet, and great thick smoke even out of an egyptian bowl! There wasn’t a lot of dialogue going on before the law came out and there might have been some sort of a miscalculation where everybody thought there’s no way in hell this is ever happening. Pantelis Pantelidis was one of Greece’s most loved and popular singers. Then the volcanoes … Is there going to be pain? And he did. We did very well, never had a fight. Known among his New York contemporaries as the “real estate doctor,” Tabak, the chairman of Princeton Real Estate Partners, regularly counsels everyone from All Year Management’s Yoel Goldman to Extell’s Barnett. Gary was dealing with Frank, which was a much much harder nut to crack and way more expensive. Get the deal done.” But when you find out why the guy wants to sell, that could enhance the value of the deal tremendously. Light from the volcanoes light up and the volcanoes burst with lava. And all of a sudden you’re writing a $30 million check for a $60 million deal. He says, “Well I need $20 million to buy a yacht,” or whatever it is. 212 Fifth Avenue and 251 Park Avenue South, part of the Ring portfolio (Sotheby’s, Google Maps). About one million people are ordered to work from home in order to reduce movement between districts. He says, “I want to put aside $100 million for my family.” I said, “If I give you $100 million, you’re going to be taxed from here to wazoo because you owned this forever. Could you donate $20 for 2020? |. But out of the two, Frank wins, so I decided to deal with Michael. When you go into these messy transactions, sometimes you’re up for a fight. First time I flew to Israel, I actually stopped in Iran on the way. Comets, the sun, and shooting stars whiz by. All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. (He later had a bitter and highly public falling out with Chetrit over the Ring portfolio) . I know a lot of top developers come to you for advice. My partners used to say, “You got a great deal, what are you climbing into the guy’s life for? He tragically died in a horrific car crash on February 18, 2016 at the age of 32. Yes. How do you navigate such disputes, and do they dissuade you from doing these hairy deals?

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