Like Father, Like Son: Joey Goldman

Haute Living talks to the future of Miami’s real estate. Just like Donald Trump, these five moguls are taking their family’s real estate empire to the next level

[highlight_text] I believe it is important to have a balance between your personal life and business life. I believe you should take time for both aspects, enjoy both your work and family, but have the ability to separate the two. [/highlight_text]

Joey Goldman
Goldman Properties
The Visionary

HL As a college freshman, where did you think your career path would take you?
JG As a college freshman, I knew what I wanted to do specifically: I wanted to be in Miami Beach and get involved in my family’s business. So it was an incredible time to watch and be involved in the revitalization of New York’s SOHO in 1985. I saw how a neighborhood can evolve over time. It was a great experience. As a college freshman, I basically lasted one semester and decided to move to South Beach and have been working with my family now for the past 15 years.

HL What attracted you to become involved in Real Estate?
JG I grew up in the business and knew this was what I wanted to do. From a young age I was involved in real estate and restaurants.

HL What position do you currently hold at your firm?
JG For Goldman Properties, I am a partner, and I’m also President of Goldman Real Estate.

HL What does that position entail?
JG Acquisition, development, strategy brokerage. I’m also the Chief Technology Officer for the company, in charge of making sure all the technology within our offices is sufficient. I also execute all the design aspects for our Websites and Web-based accounts.

HL What is it like working with your father?
JG Both challenging and rewarding. I couldn’t wish for a better partner-he is the best partner I have ever wanted in business. Plus, he is a friend and father. I feel lucky that he and I agree to stick together. We are very fortunate to have the relationship we have with each other.

HL What is your most memorable deal?
JG Honestly, it is a deal that I am in the middle of right now. I have an issue with a building I went to contract on, and then the other party decided not to sell. We are going to court over the situation in the near future. I have many bigger deals, but this one has been an educational process, and I hope to succeed in it.

HL How has your father’s work ethic influenced your own?
JG I have never seen a harder-working or more determined person. I think that has been a great influence on both our company and me. His words of wisdom that I have incorporated into my lifestyle are “believe what you do and not what you say.”

HL What could your father learn from you at this point in time?
JG I believe it is important to have a balance between your personal life and business life. I believe you should take time for both aspects, enjoy both your work and family, but have the ability to separate the two.

HL What are you forecasting for Miami’s real estate market over the next 24 months?
JG I think that over the next 24 months more condos are going to be built and finished. Different areas are growing and becoming popular. There are going to be more developments completed, more restaurants. Especially, Wynwood is going to become a pedestrian neighborhood. The area is industrial, so the streets are triple width. This allows for the widening of sidewalks such as Ocean Drive, and helps transform the area for future growth.
We have assembled a critical mass of property in the Wynwood warehouse district, which will become a destination similar to projects we have done in Soho and South Beach. We are designing new architecture, restaurants, and shops which will bring a more human scale to the area. I believe Wynwood will be one of the hottest areas in Miami, especially because of Art Basil, which will launch their major US event in the area.
I think Miami will continue its transformation into an urban city with neighborhoods where there are many developments going up.

HL Where do you see yourself and your company in 10 years?
JG Our family have offices in five cities. I would say that in ten years we might be doing more developments and acquisitions at a much larger capacity than we are at present. I see myself continuing to work in acquisitions and development of real estate, and continuing to be involved in the family business, and possibly opening five more offices throughout the United States. I will be doing real estate activities and establishing my own brokerage business and continuing to be involved in neighborhood revitalization, and, as always, looking into things long-term.

Gil Dezer
Dezer Development
The Shark

HL As a college freshman, where did you think your career path would take you?
GD As most other freshman, I wasn’t really thinking about a full-time career in between partying! I was thinking short term, so it wasn’t long before I opened my first business in college, “Dorm Refrigeration.” I would buy the dorm fridges at the end of the school year for next to nothing, store them for the summer, and then resell them at a profit at the beginning of the new school year. “After “dorm refrigeration” I knew it didn’t matter what I did in my future, any way possible, I was absolutely going to make money.

HL What attracted you to real estate?
GD It’s my family bloodline. Growing up in a real estate household (father and son own and operate Dezer Development) engineered my mind to the real-estate world. As I grew up it became my natural course.

HL What does your position entail?
GD Everything from the design of the buildings through to buying out subs, as well as marketing and selling the units and, of course, everything in between.

HL What is it like working with your father?
GD My father and I split tasks and duties, so there is no stepping on each others’ toes. I’m very fortunate to have a father who trusts me to make major decisions and does not micromanage my actions. But, when I need advice, he is always there.

HL What is your most memorable deal?
GD A deal in Mississippi, after a bad conversation on the phone, I made $5.5 million dollars-say no more … we’ll leave it at that!

HL How has your father’s work ethic influenced your own?
GD My father always taught me work is an essential component of life. I grew up with that as a young man, and I have embraced it as an adult.

HL What could your father learn from you at this point in time?
GD I’ve probably surpassed his technical knowledge of construction, but he doesn’t even need to learn it at this stage, as he has me handling that for him.

HL What are you forecasting for Miami’s real-estate market over the next 24 months?
GD If the interest rates stay the way they are, A+ properties (like my own!) will continue to thrive and B and C properties will have to create a better value in order to continue selling.
HL Where do you see yourself and the company in 10 years?
GD We’ve already expanded into various markets such as Atlanta and Las Vegas, as well as continued our core business in New York, so there are many places to go and 10 years from now-we’ll see you there!

Iñigo Ardid
Key International
El Conquistador

HL As a college freshman, where did you think your career path would take you?
IA At that time, I was confused about my future. I was already ambitious, but also I had a degree of fear of failure. But that fear only added to my desire to work harder and succeed.

HL What attracted you to real estate?
IA After graduation, I began helping my father purchase some real-estate development opportunities for his company, Key International. I found a couple of interesting properties, and then I stayed involved in those deals. I learned that it was quite fulfilling to take a project from conception to completion. I became a part of other deals within the company, and I realized the development process held a strong attraction for me.

HL What does your position entail?
IA I am currently in charge of three Key International developments-The Ivy, Mint and Sunny Isles Marina. My role is to ensure that these projects get built and are successful.

HL What is it like working with your father?
IA I really enjoy it. My father is a great builder and a cautious developer. I’m more bullish than he is, so the mix is perfect. With his help and expertise, we’ve been able to select the projects that have the best outlook for success. And his mentoring ensures I cross all the t’s and dot all the i’s.”

HL What is your most memorable deal?
IA I’ve been able to learn something valuable from every project. Finishing the South Beach Marriott taught me how to deal with contractors and sub contractors, and the importance of a complete set of development drawings. Bayview Terraces Condominium, which we sold in-house, taught me about the features home buyers seek in their new homes. The Ivy taught me how to complete larger condo deals and how to successfully manage different variables, such as increasing construction costs.
But my most memorable deal is Riverfront West, where The Ivy and Mint are being built. These companion projects were wildly successful despite a changing market environment in South Florida. Because of the lessons learned from these two projects, I realize that great design, great location and great amenities are crucial to the success of a new condo tower.
Through those experiences, I learned many aspects of real estate development including construction, budgeting and architectural planning. I saw it as having a little of everything-finance, marketing, sales, creative opportunities-and as a business in which your efforts and hard work left their marks on a city for future generations.

HL How has your father’s work ethic influenced your own?
IA My father always taught me work is an essential component of life. I grew up with that as a young man, and I have embraced it as an adult.

HL What could your father learn from you at this point in time?
IA We learn from each other all the time. I’ve helped him structure bigger deals more often, and to diversify into different areas of the real estate market.

HL What are you forecasting for Miami’s real-estate market over the next 24 months?
IA Miami is one of the better pieces of real estate in the world. It has idyllic weather, beaches, business, culture and entertainment. As a result, the city will continue to draw new residents from other parts of the country for many years. Plus, it’s the closest major U.S. city-both in distance and in culture-to South and Central America. Also, most of Europe has great access to Miami, and we see significant housing demand from all of these areas. My family is from Spain, and we have seen how the favorable beaches and stable government there have made it a very attractive real estate market for many years. I think the same thing applies to Miami.
The next 24 months are harder to predict for various reasons: interest rates, the economy, two very active hurricanes seasons and consumer confidence. But there are good things going on in our market as well. High land prices and construction costs make it difficult to build new buildings, so those that have already broken ground should have a competitive pricing advantage when they’re completed. This cost issue will make it harder for new buildings to get built, but it will make the ones that are already underway easier to absorb.

HL Where do you see yourself and the company in 10 years?
IA I plan to continue developing in Florida and Spain, and perhaps expand into the Caribbean. Key International will continue to develop top-quality residential, office and hotel projects throughout the coming decade-and beyond.

David Martin
Terra Group
Legal Weapon

HL As a college freshman, where did you think your career path would take you?
DM I always knew I wanted to study law.

HL What attracted you to real estate?
DM I was attracted to the ability to build a community and change a city’s landscape in a positive way. Real estate, particularly in South Florida, is a dynamic, fast-paced and challenging industry, and it thrills me to be a part of it.

HL What does your position entail?
DM In this role, I focus on Terra Group’s overall growth strategy, including the identification and acquisition of land, the structuring of joint ventures with development partners, and capital-raising activities. I’m also responsible for all aspects of administration, design, marketing and sales for Terra Group’s real estate projects. These projects include 900 Biscayne Bay, 600 Biscayne, The Reserve, A Village in Doral, Metropolis at Dadeland, Quantum on the Bay, Nautica on Miami Beach, and our most recent project, CitiSquare.

HL What is it like working with your father?
DM My father has always been my role model. I truly enjoy working with him. We make a great team because we each contribute a diverse skill set.

HL What is your most memorable deal?
DM As a Cuban American, the purchase of the Freedom Tower, and the later donation of the building to Miami Dade College, was particularly meaningful. The acquisition of the Miami Herald site is also significant. The development of the Carnival Center for the Performing Arts, in addition to our CitiSquare project, will foster an urban transformation in the Arts District-and bring new life to the area.

HL How has your father’s work ethic influenced your own?
DM My father embodies the principles of hard work and discipline. I’ve learned much about working “smart” from him.
HL What could your father learn from you at this point in time?
DM I provide my father with a different-perhaps younger-perspective on things … a different way of looking at challenges and opportunities.

HL What are you forecasting for Miami’s real-estate market over the next 24 months?
I believe business owners and developers will be reevaluating their strategies and focusing on specific property types. The retail market will stay strong as Miami Dade is underserved in retail projects in certain submarkets.

HL Where do you see yourself and the company in 10 years?
DM I would like to continue to increase Terra Group’s land holdings throughout the state of Florida.

Lorris Boulanger Jr.
Lauris Boulanger Inc.
The Rookie

HL As a college freshman, where did you think your career path would take you?
LB Even before my college freshman year, I had already developed a passion for real estate and construction, and I naturally continued in that direction.

HL What attracted you to real estate?
LB I was drawn by the level of excitement, foresight and dedication required to be successful.

HL What does your position entail?
LB Currently, I handle all management and operations for LBI (Lauris Boulanger Inc.), and am also involved in all of our development projects. It’s a demanding position that requires skills in management, coordinating, and scheduling to make things operate smoothly across multiple projects.

HL What is it like working with your father?
LB It’s been a great experience that has allowed me to contribute and grow within the business. Ninety percent of my knowledge is field- and experience-related.

HL What is your most memorable deal?
LB It happened when I was 25 years old. I negotiated my first $27-million contract and handled it from start to finish-and it was a success.

HL How has your father’s work ethic influenced your own?
LB My father’s ethic, “work hard and you’ll be rewarded,” is a philosophy that I adopted early on, and has proven itself in my career.

HL What could your father learn from you at this point in time?
LB That modern technology is helpful to all sides of the business.

HL What are you forecasting for Miami’s real-estate market over the next 24 months?
LB The market in Miami still has great potential for development. Miami is a city that’s still under developed for the amount of resources and businesses it can support. All nationalities and ethnic backgrounds come to Miami for work or pleasure.

HL Where do you see yourself and the company in 10 years?
LB I see myself putting together bigger projects, which involve greater vision and challenges.