Terence Cullen | Commercial Observer | 11/6/2015
Justin Pelsinger, 27
Senior Analyst and Associate at GFI Development Company
Nobody thought GFI Development Company would ever get the additional zoning it wanted for the 180,000-square-foot hotel it’s building on Bond Street in Downtown Brooklyn. The Board of Standards and Appeals sent project plans, which sought an additional 44,000 square feet, back to the company several times with questions on why certain alternatives to the project wouldn’t work.
But Justin Pelsinger just told everyone that the 287-key hotel, which will sit on top of a subway tunnel, had to be that size in order to work. “It was a rather large ask,” he said of the variance. “[We] really didn’t get that good feedback until the end. [Finally getting it] was a really great feeling.”
Figuring out how a project works, making sure the investment is sound and getting the building filled are all part of Mr. Pelsinger’s role at GFI. After interning at the Moin Development Group and grabbing a master’s in real estate finance from New York University, he has been mixing financial know-how with his boots-on-the-ground experience since joining GFI in May 2013.—T.C.