James Wacht is the President of Lee & Associates’ New York office and the President of Sierra Real Estate. Wacht began his career in 1981 as a real estate attorney with Bachner, Tally, Misher, Brinberg & Polevoy. In 1989, he joined Sierra Realty Corp. as general counsel and by 2000 had become its president and principal owner. During his tenure at Sierra, he engineered the growth of the company from a small real estate management company to the full-service real estate company it is today. In 2011, he and his partners launched Lee & Associates NYC (Lee NYC), a commercial real estate firm specializing in office and retail leasing and investment sales. Wacht’s commitment to industry, philanthropic and civic causes is as strong as his professional accomplishments. He serves on the Real Estate Board of New York (REBNY) Board of Governors, as well as numerous other boards, including the Executive Committee of the Board of Directors of The Community Housing Improvement Program, the Board of Directors of Housing New York PAC and the Board of Directors of the New York Council for The Appleseed Foundation. He has also served on the Board of Directors of the Afro Latin Jazz Alliance, where he spearheaded efforts to establish music programs in public schools throughout the South Bronx and in other underserved New York City communities.
How long have you been in the business?
I started in the business in 1981 as a real estate lawyer. I switched over to the business side in 1989 which, in retrospect, was probably the worst possible time to make this change. The market had tanked and didn’t begin to correct until 1994. When people asked me back then what I did, I told them I was in the “distressed tenant” business.
What made you decide to get into real estate?
I always had a fascination with buildings and cities. Rather than playing sports growing up, I spent most of my time working with Legos, Erector Sets, wooden blocks, milk cartons and anything else I could find that I could turn into a structure.
Who inspires you?
Miles Davis inspires me. He was constantly changing and was always an innovator. He marched to the beat of his own drum.
What pushes you to the next level?
I want to build a great real estate company. That’s what pushes me.
What is the hottest deal you have made to date?
The hottest deal was the purchase of an 800,000-square-foot building on a decommissioned army base in the Four Point Channel of Boston in the early 2000s. I was familiar with the area because I went to law school in Boston and would ride my bike around that particular part of the city. The neighborhood was characterized primarily by older industrial buildings that were then grossly underutilized. We bought the building for $15 a square foot. It was a complete crapshoot. We were betting on the future development of that area and it paid off. We sold the building four years later for a very significant profit.
What is your secret weapon for sealing a deal?
Listening to the other side and understanding their issues. Also, understanding my leverage and how best to maximize it.
What is the hottest areas for deals right now?
Not so much the hottest area but the hottest asset class: industrial!
What is the best season for deals?
All seasons are good for deals.
If you had to work in a city other than New York, where would it be?
Paris. Very walkable, beautiful architecture, great food and I love hanging out at the sidewalk cafés.
What is the best piece of advice you would give to someone starting in the business?
Find a good mentor and learn from them. And build your network. Relationships are the most important part of this business.
James Wacht, President
Lee & Associates NYC and Sierra Real Estate
600 Madison Avenue
New York, NY 10022
212-776-1202
jwacht@lee-associates.com
www.leeassociatesnyc.com
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