Bart Blatstein: “Wherever I am is a good one [neighborhood].”
The October 19th JBN luncheon featured an exciting speaker alongside a surprising—and equally exciting—lunch. The luncheon, which was held at Temple University’s Center City location (1515 Market St.), featured Philadelphia real estate mogul Bart Blatstein, Founder, President and CEO of Tower Investments, and a wide array of sushi from Genuardi’s—good stuff on both fronts!
Rabbi Menachem Schmidt, executive director of Jewish Heritage Programs, officially opened the program by inviting event attendees to take part in the mitzvah of shaking the lulav and etrog, since the event took place during the holiday of Sukkot. This mitzvah consists of holding a bundle (Hebrew lulav) of branches of palm (lulav), willow (aravot) and myrtle (hadassim), while in the other hand holding an etrog (a citrus fruit similar to a lemon, native to Israel), and waving the items in the six directions (east, south, west, north, up and down) to symbolize that God is everywhere while blessings are recited and a wish can be made for the new year. (Additional source: religionfacts.com).
After remarks by Michael Adler, Esquire, of Weber Gallagher Simpson Stapleton Fires & Newby LLP, about the benefits of becoming a member of JBN, Harris Gubin, Lead Ambassador of JBN and account executive at First Contact HR, switched things up (another surprise at this month’s luncheon) and moved the individual introductions portion of the program to the end, and he went right on to introduced Ori Feibush, President of OCF Realty, who in turn introduced Blatstein. Feibush’s comments were done in a very entertaining tongue and cheek way in highlighting a comparison of how Feibush’s mother always compares Feibush to more successful men in the community, including Blatstein, who Feibush nicknamed “the greatest one-upper who ever lived.”
Blatstein took the podium to a room filled with 60 attendees which included some long time associates of his, as well as his next door neighbor (and regular JBN event attendee) and his bank loan officer—just to highlight a few. He went on to say that in Philadelphia it is all about relationships—there are “2 degrees of separation in Philly,” and then told a story about how things went much better at one specific business meeting that he was called to attend when he learned that the counsel in the room (representing the other party) was a fellow neighbor from Northeast Philly.
Having been involved in numerous projects city-wide, Blatstein mentioned that he was at a point years ago where he was trying to figure out what was next for him… not the purchase of a Ferrari…not to get a girlfriend…so, “let’s destroy my life,” is what he came up with (stated with a broad smile on his face), and went on to talk about his purchase of the former Schmidt’s Brewery site in January of 2000, at an auction for $1.8 million, now known as the residential, retail, entertainment locale: Piazza at Schmidts.
In walking the property after the Auction, as he had not done so prior to, he took note of the good, the bad and the ugly and contemplated the potential future of the property. His concept of creating a “5-minute” community, to include places to shop, live, work, plan and still be close to major lines of transportation, is ultimately what resulted. To date he’s spent $200 million in Northern Liberties and plans to spend $250 million more. His inspiration for the Piazza was the Piazza Navona (Rome) and Florianópolis (Brazil); And, just as an FYI, his inspiration for Liberties Walk (also in NoLib) was Espanola (South Beach).
Blatstein lends, in part, that the success of the Piazza at Schmidt’s, which officially opened on May 15, 2009, is with him tapping the “scene leaders” of Philadelphia (i.e. artists, promoters, DJs) and getting them interested in it, and in turn they “sold” it to their bevy of associates and constituents citing “young people always populate city areas.”
“I love the City… love what I do,” is how Blatstein transitioned to touch on what is next in his sights—the North Broad area, and also announced at the luncheon that just the Friday prior (Oct. 15) he closed on the purchase of the Inquirer Building, adding jokingly that maybe now he’ll have better relations with the Press. He also noted that the Philadelphia real estate market is stable, being the second largest on the east coast and third in the country, while pointing to specific areas including Temple University (“a good anchor” per Blatstein), South Kensington and Spring Garden.
Blatstein attended Temple University for Pre-Med and History, but officially got into real estate through his Dad’s relationship with (then) Philadelphia Mayor Frank L. Rizzo, whereby Bart worked at the Housing Authority and learned about the city’s neighborhoods. The first house he bought, a fixer upper in Queen Village, cost $11,000 and he sold it for “a profit,” though it was a messy settlement (literally) as the brown paper he put down after personally sanding, sealing and poly-ing the hardwood floors stuck.
In answering various audience questions during the Q & A portion of his talk, he provided some insight regarding future neighborhoods in the City poised for growth stating, “wherever I am is a good one.” And he wasn’t kidding, furthering that he has spent millions in Northern Liberties and $500 million in North Broad, and added that being in for the long haul is key.
So, I guess you can take that as your proverbial Philadelphia real estate investment tip!
Liz Galantino, Senior Associate
Metrospective Communications
Marketing, Public Relations and Strategic Communication
