Jason Halpern, born in 1975, is the owner and Principal of JMH Development, a New York City based real estate development company. JMH Development specializes in purchasing historic properties and updating them into luxury developments while keeping their historic character through the use of innovative adaptive reuse construction techniques. Through JMH Development, Halpern has purchased properties to upgrade in Brooklyn, Manhattan, and Miami Beach. He has invested over $500 million in properties in New York City alone.
Halpern is an expert in targeting properties to develop that are in the real estate fields of hospitality, residential, and mixed-use. He has hired a team that are at the top of their fields in construction, strategy, marketing, and branding. The way that they renovate historic properties updates the property to a modern structure while at the same time keeping its historical value alive.
One of Jason Halpern’s high profile projects was updating the historic Ankara hotel into the luxury hotel the Aloft South Beach. They upgraded the entire property while also adding a new eight story tower to it. The new hotel, just a block from Miami Beach, offers larger rooms than any competitor in the area and has opulent touches in each of the rooms. The Aloft South Beach won the 2015 Select/Limited Service Development of the Year award given out by America’s Lodging Investment Summit.
Another historic property that Jason Halpern developed is at 184 Kent in Brooklyn. The structure was a historic warehouse on the waterfront, built in 1913, that once housed the largest grocer in the country. The property is listed on the National Register of Historic Places. Through the use of adaptive reuse techniques, JMH Development turned the structure into a luxury apartment building with 340 units. The building features stunning views, a huge landscaped courtyard, and 17,000 sq ft of retail space. This project won the 2011 Building Brooklyn Award for the category of adaptive reuse.
Other properties that Halpern has in current development includes renovating the LIC Hilton Hotels in Long Island City, NY. He is also the historic 70 Henry in Brooklyn into a boutique condominium.
Breaking into the New York City real estate market is no easy feat. Just how difficult is it to get a foothold in the coveted New York City market? Look at what the experts are saying, including some successful companies that have established a presence in highly competitive markets like Manhattan and the burgeoning Brooklyn market.
Getting your foot into the real estate market of New York City is a lot more challenging than selling home in the suburbs and countryside. Re/Max Reality founder Dave Lingier admits that salespeople and sales tactics used by national brands in suburban areas and rural areas will struggle in New York City. This may help explain why his franchise which is one of the country’s largest and most successful has struggled time and time again in New York City. Re/Max thrives in the suburban atmosphere but struggles in major cities like New York.
Re/Max Reality does have an office in Manhattan but it has done poorly and has never expanded. The climate of Manhattan and the rest of New York City to a lesser extent is fast paced, cut throat and one of extremes. This is vastly different than the typical slower paced, less competitive suburban real estate market where Re/Max thrives.
Dave Lingier of Re/Max Reality is not expected to back down easily from the challenge of establishing his company as a top competitor in New York. The president says that it will take the right people, with the right strategy to succeed in New York City. You can expect Re/Max to be fighting to gain a piece of the growing New York real estate market in the near future.
On another note, how have some companies in New York City managed to thrive? Town Residential founder Andrew Heiberger says that marketing is a huge part of why his real estate firm has done so well. He mentions that marketing muscle is crucial in having success in a market like New York City. If people don’t know your out there, if your not visible, you simply won’t have any clients or sellers wanting to list with you. In a market like New York City that will kill you.
Andrew Heiberger of Town Residential also went on to say that brand image is also crucial for his firm’s success. You can’t be both a luxury firm and a discount firm the president and CEO of Town Residential says. If your not an authentic luxury firm you will lose out on the luxury market, says Heiberger.
Another key strategy employed by Town Residential is the neighborhood based approach. The firm wants to expand and have offices in each of the major neighborhoods in the city. Real estate is hyper local, and you have to really know what is going on in your area to be able to close a deal or convince a buyer. Such approaches have made Town Residential a leading firm in the New York City market.