At the height of a boom, too much of a good thing is never enough. However, in today’s redefined economic times, many have taken a step back to reevaluate where true value lies. For two native New Yorkers who call Miami home, that value lies in what many real estate gurus would define as “distressed assets.”
Joshua Gurwitz and Adam Greenberg are respectively the driving forces behind Good Property Company and BayBridge Real Estate Group, two privately held real estate companies that never settle for merely good. Focusing on distressed assets that few are eager to touch, Gurwitz and Greenberg are combining their efforts in purchasing, repositioning, and selling single-family homes and commercial real estate in South Florida.
Armed with an extensive background in all facets of design, Gurwitz founded Good Property Company in 2009. After three years at the global architecture and design firm Gensler, he moved on to develop a knack for bridging the gap between design, finance, and planning at one of the premier real estate firms in New York. Greenberg, a Miamian for the past 11 years, is the managing director at BayBridge Real Estate Group, where he oversees its full-service boutique residential and commercial real estate brokerages and financial group.
Meeting per chance at a fundraising event for the Young Presidents Club at Mount Sinai, Gurwitz and Greenberg collaborated on an idea to start an animal advocacy non-profit, which they called The Underdog Foundation. Their relationship grew through a mutual love for animals, and they decided to work together in their professional careers. They then began giving single-family homes in Miami Beach, Coral Gables, and Coconut Grove a hands-on, high-end touch. “Josh was a good strategic fit for BayBridge,” Greenberg says. At Good Property Company, the goal is to tackle projects that are high-risk, as well as labor, time, and management intensive.
“As more people relinquish their apartments, we are finding that they are opting to own homes in South Florida, completely giving up the condo lifestyle,” Gurwitz says. “Yes, there are many multimillion-dollar homes in Miami that you can buy that are quite spectacular; Spanish Mediterranean, or modern; one million, or 10 million; but there are few that express the aesthetic of the Art Deco period combined with modern living.”
Physical manifestations of how Gurwitz and Greenberg are merging historic properties with modern-day living can be seen at the 1934 L. Murray Dixon house on 34th and Royal Palm Avenue on Miami Beach. Along with architect Ilija Mosscrop, they are returning this Art Deco masterpiece to its original glory. Expect to see restoration of the terrazzo floors and historical architectural details, along with modern upgrades that will include the addition of a great room, kitchen, swimming pool, and private roof deck. Taking the plunge and enlivening an iconic Miami Beach corner, the team has already received rare approval designating the home as an historic landmark.
Though they just swung open their doors in September 2009, Good Property Company, in conjunction with BayBridge, is expecting to finish the year with three repositioned properties on the books. Expansion plans for 2011 call for the official opening of a New York office. For a duo that describes themselves as “not really on the radar kind of guys,” their projects are quite the contrary.