Commercial Observer | October 5, 2016
Daniel Lerer, 34
Director of Investment Sales and Finance at GFI Realty Services
For Daniel Lerer, “it’s not about the volume, it’s about the solution.”
Larger deals have the oomph factor that the press salivates over, but often it’s the smaller deals that are trickier and require more creativity, he said. That being said, Lerer has worked on $275 million worth of transactions in the past year, which is nothing to sneeze at.
Lerer feels strongly about adaptive reuse projects and historically important buildings like 330 West 42nd Street, also known as the McGraw Hill Building, in Midtown. This landmarked Midtown office building was one of Lerer’s most significant and complicated transactions. In the past year, he arranged a $150.6 million floating-rate loan for Deco Towers Associates for the art deco building designed by Raymond Hood in 1931.
The 34-year-old mortgage broker also worked on arranging the $100 million refinancing of the Ace Hotel, a 275-room hotel at 1186 Broadway for GFI Capital Resources Group, an affiliate of GFI Realty Services. The boutique hotel is known for its unique interiors, appropriate for Lerer’s fascination with unique buildings.
This fascination is not a fleeting emotion. Lerer is a self-proclaimed architecture junkie and once aspired to be an architect. Now he enjoys how his current role allows him to find solutions for complex financial transactions that help restore historical structure.
“Capitalism is a powerful system for allocation of resources,” Lerer said. “That’s what makes financing exciting.”—R.R.
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