Teddy Margules is a property manager and acquisitions associate at Margules Properties, a New York-based real estate investment firm that owns and manages over one and a quarter million square feet of development rights and $350 million of assets in the New York City metro area.
Margules recently took over the responsibility of managing 450 units in Jersey City and is also involved in raising equity and debt in the company’s recent transactions in Manhattan, Queens, and Brooklyn, where it owns more than 70 properties.
Margules, 26, has been with the firm for nearly four years. He assists in making newly acquired properties more appealing to both retail tenants and millennials looking for convenient and reasonably priced rentals. His focus in the company has been its Jersey City properties.
Margules is a graduate of the University of Connecticut where he played Division One tennis and took classes in business management.
He is involved in the Real Estate Board of New York (REBNY), Young Jewish Professionals (YJP), American Israel Public Affairs Committee (AIPAC), and Community Housing Improvement Program (CHIP).
What made you decide to get into property management?
I got into property management because being out in the field is more exciting than sitting at my desk (although, I just got a standing desk!). It’s a good way to interact with tenants at all our buildings. There are also different aspects that I find myself continuously learning about every time I visit our properties.
What are the hottest areas in NYC for property management right now?
I’d say Chelsea for sure. The demographic of people has expanded in the last few years with luxury buildings consistently going up in the area. We find that the demand for our apartments are strongest in this part of NYC.
What is an important risk management issue that you are dealing with in real estate today?
We keep our rental prices competitive with those in the area by speaking with other management companies and brokers to make sure we are able to rent our apartments quickly with little vacancy time. It is important to keep your buildings the way you would want them to look if you were living there.
Tell us about some of your projects.
We have built out laundry rooms in several of our buildings the past few months and we are improving the way we can utilize dead space to attract tenants. We have a large presence in Jersey City where we noticed that paying attention to detail helps attract stronger tenants.
What pushes you to the next level?
It’s important to stay active in the business day-by-day. Whether it’s underwriting deals to see if a building makes sense to buy, or going into the field for the day to make sure everything is running smoothly. If an apartment is vacant for more than a week, it is important to understand how you can raise the appeal of the apartment.
Who inspires you?
I work with my mother and father. It is crazy to me that we can all get along so well in a work environment. My sisters are impressed with the patience I continue to show with my “bosses,” but it’s very easy to transition from work to a casual dinner because my parents and I are very easygoing.
If you had to work in a city other than New York, where would it be? Why?
Miami because of the vibe and the weather.
What background/credentials would be advisable to have to start out in the property management business?
It is important to take a few real estate courses before you start out. Once you learn the basics of property management, the rest will come from dealing with tenants and spending time in the field at the buildings.
What advice would you give to someone starting out?
Come to work with a smile on your face, and don’t take anything too seriously!