Seth Kestenbaum founded Altitude Realty Group in 2001, operating it until 2007 when he scaled back the company, and refounding it in the Spring of 2011. Through Altitude, Mr. Kestenbaum has provided advisory services, brokerage, management and revitalization services to a host of local and national clients. Examples of projects Mr. Kestenbaum has worked on include the planning, financing, leasing and acquisitions of over 7 million square feet of development including two New Jersey developments with cultural components, placement of $110.0 million of capital for a private real estate organization’s acquisition of 3,000 residential units, retail leasing to specialty tenants for Palmer Square, the underwriting for acquisition of a 95 unit apartment building outside of Boston, consulting and management services for several small owners, and acquisitions due diligence for an industrial property in Long Island.
Between 2007 and 2011, Seth Kestenbaum scaled back operating Altitude Realty Group to serve as the Director of Acquisitions and Advisory Services at Rosen Associates Management Corp. Working with and reporting directly its principals, Mr. Kestenbaum was responsible for the operations of RAMC’s acquisition and advisory services (consulting/brokerage) programs. At RAMC, Mr. Kestenbaum had exposure to the national real estate markets and analyzed the operation of hundreds of properties across the country on a monthly basis, inclusive of land, retail, residential, office and industrial properties. Mr. Kestenbaum’s has contributed to RAMC’s asset management and sale of 30 West 70th Street (a $30,000,000 apartment building located in Manhattan), the purchase at an average of a 30 percent discount to face of several mortgages on assets already owned by RAMC related entities, the acquisition of a mortgage note collateralized by a ground leases on a 400+ unit residential development, and a variety of other acquisition and consulting services.
Prior to founding Altitude in 2001, Mr. Kestenbaum worked at Granite Partners, a boutique real estate investment bank where he specialized in the financing and sale of large-scale real estate development projects. Projects Mr. Kestenbaum worked on included the $34 million financing of a residential development in Hoboken’s West Side Industrial Redevelopment Area, the $133 million financing of a development in Jersey City’s old downtown redevelopment area, the $96 million financing of a resort development at Sugarbush Mountain-Vermont, the $233 million financing of the 33 Arch Street Office development in Boston, and several other sales and financing assignments. At Granite, Mr. Kestenbaum prepared over $2.3 billion in offerings and established relationships with many of the nation’s largest developers, owners and operators. Prior to joining Granite Partners, Mr. Kestenbaum was the Senior Associate at Rockwood Realty where he performed REO asset management for a 36-asset retail portfolio (inclusive of leasing for these “turn around” assets) and prepared Offering and Financial Memorandum for assets with a collective value of over $2.01 billion.
Mr. Kestenbaum has been published in many trade magazines and papers. Mr. Kestenbaum graduated from Cornell University in 1993 with a Bachelor degree in Applied Economics (Dean’s List), New York University in 1998 with a Master Degree in Real Estate Finance (High Honors) and commenced additional graduate studies in Civil Engineering and Construction Management at Columbia University in 2007. In 1998 he received the ULI distinguished service award and was inducted into Lambda Alpha (an honorary land economics society) for his contribution to economic development within the five boroughs of New York City. Mr. Kestenbaum also is an Adjunct Professor/Instructor at CUNY-Baruch, CUNY’s The Graduate Center, Pace Luben School of Business and New York University's Graduate Program in Real Estate where he alternates teaching class in Advanced Real Estate Capital Markets, Real Estate Appraisal Concepts, Real Estate Finance, and Acquisition Procedures and Financial Modeling.
Ron Turner has been in the commercial real estate business for over twenty years, most recently at Cushman & Wakefield where he was the initial National Practice Leader and developer of the Due Diligence Practice Group. He began his career as an appraiser specializing in litigation support at Landauer and PwC.
While at PwC, he was instrumental in establishing their Appraisal Management division while continuing to consult and underwrite on all property types. He subsequently worked for Blackheath Financial specializing in underwriting, loan execution, and due diligence. While at Blackheath, he moved to London to establish and run the Blackheath office. During his tenure there, he worked at numerous investment banks and executed over €1 bn in deals while consulting for ABN Amro in London. When an opportunity to develop a commercial real estate lending team arose at UniCredit, he left Blackheath and joined as the third member of an expanding team. While there he continued to underwrite and execute on deals all throughout Europe, including the following:
• Provided a €1.4 bn senior loan facility (via 50/50 club deal with RBS) in March 2008 to the Whitehall Funds for the acquisition of +150 office buildings in Germany.
• Provided a €750 ml senior loan facility (via 50/50 club deal with JPM) in December 2007 for the refinancing of an industrial portfolio located in Germany, the Netherlands, France, and Denmark.
• Completed a loan swap with JPM (Q2 2009) – Sold UniCredit total exposure in Denmark and France for increased exposure in Germany. Completed a restructuring and sale of the equity (with new staple financing) in the German exposure Q1 2010. Restructuring greatly improved the LTV (95% to 80%) and ICR (1.4% to 2.8%) at no loan loss to the Bank.
• Managed the internal restructuring of a €250 ml portfolio of real estate secured loans in Japan.
Feeling the pull from the states, he moved back in early 2011 where he spent five months hiking the Appalachian Trail (2,176 miles from Georgia to Maine). In August of 2013 he accepted a position at Cushman & Wakefield as the National Practice Group Leader Due Diligence with a mandate to set up and run an underwriting / due diligence practice.
Ron received a Masters of Science in International Real Estate from New York University, a BA in Finance at Texas A&M, and was an adjunct professor teaching Marketability and Feasibility analysis at New York University.