NYC Developer Dov Hertz discusses developing iconic NYC sites on The Fort Podcast
Dov Hertz
Dov Hertz appeared on the podcast The Fort as the guest of its 357th episode. On the podcast, Dov Hertz talked about his work as a land assembler in New York.
Dov Hertz discussed the highlights, triumphs, and challenges of his career in real estate with The Fort’s host, Chris Powers. Dov and Chris began by discussing the genesis of his career at Extell Development, stemming from a connection he had with Extell’s Founder and Chairman Gary Barnett, whom he knew from college.
During his time at Extell, Dov went from a real estate broker with no experience in land assemblage to one of the most prominent land assemblers in New York City by swiftly gaining experience and learning the ins and outs of land development in New York. “I started climbing in and understanding how the zoning in New York City works, which is the critical piece to assemble land. You've got to know where you can get the maximum FAR, what districts give you, what zone you can use for residential, what zone you can use for commercial, etc.,” he told Chris.
Dov Hertz went on to describe the challenges associated with his work in New York, including tenant risks, the city’s unique approach to zoning and zoning rights, and high-stakes negotiations. He also went into some detail about his experiences developing the Central Park Tower and One Manhattan Square properties. He commented, “Development in New York City is a long game… Like any development, there’s a risk; in certain markets, you have entitlement risk, and certainly, in New York City, you have assemblage, holdout, and tenant risk.”
In the podcast episode, Dov recounts several amusing anecdotes, including one incident in which Dov Hertz hired two Japanese actors to help him close a deal by pretending to be representatives of the Bank of Tokyo. He gives some interesting insight into his decision to leave Extell to start his own company in 2016. “I had always wanted to open my shop and realized the opportunity was closing. I mean, I was 59 years old. When was I going to stop? At 75? So, I realized it's now or never,” he said. He also briefly delves into his current and future projects, including his pivot to class B industrial buildings.
Dov Hertz has had a hand in the development of some of the most iconic and visually striking architectural marvels within the New York skyline during his time as the Executive Vice President of Acquisitions of Asset Management at Extell Development Company. His portfolio includes iconic buildings such as the One57 skyscraper in Midtown Manhattan, Nordstrom Tower, and One Manhattan Square.
Since The Fort’s first episode in 2018, Chris Powers has led conversations about entrepreneurship with executives from some of the biggest companies in America. Dov is just one of the latest interviewees in The Fort’s star-studded lineup of guests from the business world, which includes prominent names such as Starwood Capital Group CEO Barry Sternlicht, Boxer Property CEO Andrew Segal, and real estate investor and internet personality Don Tepman.
To hear more of Dov’s insider stories about real estate development, along with his in-depth tips for assembling land in New York City, interested parties can listen to episode #357 of The Fort Podcast on www.thefortpod.com. They can also listen to the episode on YouTube, Apple Podcasts, Spotify, or Amazon Music.
Dov Hertz
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The Greatest Land Assembler New York has Ever Seen - Dov Hertz
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