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The Real Estate Philosopher

Creating Value in the Real Estate World

Oct 16, 2015

In my wanderings and discussions with clients and other friends in the real estate world, I hear many different plans from many different people. Many plans are of course brilliant and well executed; however, I do see a perennial fundamental flaw in many plans that I would like to talk about. Here is my thinking......

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A Special Idea to Create Value in Real Estate

Nov 23, 2015

I was going to have this article be about applying Porter's Five Forces to the real estate world. That will be a great article when I write it; however, A very interesting value-creating idea just struck me this beautiful afternoon in New Jersey, and I thought I would sneak this idea in first through this (very short) article.

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How to OUT Perform in the Real Estate World

Feb 15, 2018

I start my thinking with a book I read by Howard Marks (of Oak Tree fame). The book is called The Most Important Thing: Uncommon Sense for the Thoughtful Investor, and gives a good deal of thoughtful investment advice from a long-term successful investor. Anyway, Marks asks a question at the outset of his book, which is ‘do you want to outperform in the first place?’ Of course you want to outperform you might say, but that answer is very flawed. In order to “out”-perform what must you do? The answer – as Marks points out -- is both obvious and at the same time quite worrisome: You must be ‘different’

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The Real Estate Philosopher: Is New York City Over With - Finally?

Apr 14, 2020

Eleven years ago – at the depths of the Global Financial Crisis – when I was scared to get out of bed in the morning – somewhere near the end of 2008 – there were many who thought it was lights out for New York. The thinking was that the banks and investment banks and funds were falling apart, there were no bonuses for the people who worked at them, people would give up, the financial center would shrink down and die and possibly the center of the US world would move to DC or another location.

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Distressed Debt Acquisitions? Not So Fast…

May 24, 2020

My point was that anyone could "find" a deal, and it hardly leverages your skills or talents to look at the same stuff everyone else is looking at – and do you really think you can outperform on a long-term basis when you are looking at the same screen that everyone else is seeing at the same time.

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Time to Look Seriously at Retail! | Announcing our Win/Win Retail HUB

Nov 19, 2020

Retail to many is a location where the retailer takes products from a producer of the products, puts them on a shelf, marks them up 50%, and customers come in and buy them at the higher price. The retailer gets the markup (less its costs). I would call that business "Old Retail." But then there is a completely different kind of Retail, a location where the owner of a brand, or something that people need or desire, has a competitive advantage. The most obvious is an Apple Store, but there are many more, and you know it when you see it since it was packed with customers (before COVID) and will be again (after COVID). Technically this kind of business is also Retail, isn't it? But it is hardly struggling. I have coined the phrase, which you have seen in my prior writings, "Power Niche" to describe businesses that derive their competitive strength from a niche that they have ownership of. I would call this business "Power Niche Retail."

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2021 Will be a Boom Year for Real Estate

Dec 5, 2020

Here is a thought piece from your Real Estate Philosopher that I am confident you will “like” even if you think I am dead wrong. In brief, I will stick my neck out to say: 2021 Will Be A Boom Year for Real Estate.

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As the Chairman of Adler & Stachenfeld – a law firm in mid-town NYC known as The Pure Play in Real Estate Law – I am inviting you to join The Real Estate Philosopher™. This will consist of my thoughts and also thoughts of friends and colleagues.

It will not be published in any traditional media – it will go only to friends of our firm. The purpose here is very simple – to put forth thoughts in the real estate world that are different, provocative, and challenging of accepted wisdom. Hopefully, nothing said here will be mainstream thinking.

You may be wondering how I am qualified to write on these topics since I am “just” a lawyer. However, I have an unusual place in the real estate world. As the Chairman of The Pure Play in Real Estate Law (one of the largest real estate law practices in NYC), I interact with an incredible number of real estate players. This ranges from small real estate shops with nothing but a gleam in their eyes, to some of the largest real estate institutions in the world, and everything in between. This gives me a unique and global perspective and allows me to act as an amateur philosopher in the real estate world. This has always been my hobby and it is what I love doing.

Regards,

Bruce Stachenfeld
a.k.a The Real Estate Philosopher™

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