Episode 034: Jared Epstein

Introduction:


Today we have with us Jared Epstein, someone who for today’s
podcast at least I am nicknaming “The Great Transformer,” given
how he first transformed himself from being a Meatpacking
District club promoter back in 2001 to becoming - over the
following 6-year period - a commercial real estate broker with
Newmark and a part of Bobby Cayre’s Aurora Capital Associates in
2007. Jared’s transforming and visionary ways at that juncture
had only just begun, as he truly felt that Meatpacking’s vibe,
pulse, architecture and landscape were ripe for a myriad of
high-end hospitality, retail, office and residential uses. It
wasn’t easy at first for “The Great Transformer,” but all one
needs to do is to make like Lou Reed and take a “Walk on the Wild
Side” down to Ninth (and Tenth) Avenue for that matter to witness
the starring role that Jared played in Meatpacking’s
transformation.



Episode Notes:


At 2:29, Jared Epstein believes that real estate is all about
magic, connecting with people and speculating about the future.
At 3:23, Jared discusses his mantra of never giving up and
linking up with Bobby Cayre at Aurora Capital. At 5:41, Epstein
shares working as a club promoter prior to his career in real
estate, giving up late nights partying to advance his career, and
his love for his role as “the wingman” at Aurora. At 7:25, he
talks about his father and mother instilling the drive for
success within him, as well as the importance of education. At
9:05, Jared touches upon being recognized in 2018 by Crain's as
one of its 40 Under 40 recipients. At 14:10, Epstein speaks about
The Rolling Stones and his son Jagger. At 15:50, he informs on
the pros and cons of development and provides insight on the New
York City Landmarks Preservation Commission. At 17:18, Jared
highlights what Pastis means to the Meatpacking District
neighborhood and discusses working with Restoration Hardware and
Modell’s Sporting Goods as well. At 21:39, Epstein shares his
thoughts on the discrepancy between what landlords perceive as
market rent and what tenants are willing to pay, and how brands
are positioning themselves on the most desirable streets. At
24:25, he notes the effect of the “fun police” and how real
estate taxes play a major role when structuring a deal. At 26:10,
Jared wholeheartedly subscribes to the adage of knowledge is
power. He advises that as a developer you must know the DOB code
and zoning. At 28:53, Jared stresses the need of putting yourself
second behind your community, neighbors, partners, and also going
to bat for tenants. At 31:22, Epstein speaks on congestion
pricing and the value untapped in NYCHA. At 33:41, he dishes on
there being a reason why you only have two ears and one mouth. At
34:45, Jared reflects on how he has stayed (and continues to
stay) current and connected to the younger generation. At 35:53,
Epstein advises that all things are best done in moderation. At
36:47, he talks about emails, texting, and keeping up with news
and current events. At 38:36, Jared believes that the convenient
truth in real estate is that there is a winner and a loser in
every trade. At 40:25, Epstein dives into Opportunity Zones
spurring economic development, Long Island City, and Amazon. At
42:24, he shares his thoughts on the trade war, retail, and brick
and mortar. At 43:42, Jared answers the question of how he finds
the balance in life. At 44:50, Epstein reveals his good luck
charm which he purchased with $400 in his checking account with
the help of his then girlfriend and now wife. At 46:35, Jared
Epstein closes the podcast with a message on evolution and the
circle of life in the real estate industry.