The Dealmakers’ Edge with A.Y. Strauss
The Dealmakers’ Edge with A.Y. Strauss dives deep into the world of commercial real estate, bringing you exclusive stories, insights, and strategies from the industry’s top investors, developers, and dealmakers.
Hosted by Aaron Strauss, founder and managing partner of A.Y. Strauss, a leading real estate law firm, this podcast offers a behind-the-scenes look at what drives success in commercial real estate. From uncovering the unique edge of industry leaders to exploring the challenges and triumphs they’ve faced, this podcast is a must-listen for commercial real estate investors, developers, brokers, and professionals looking to sharpen their skills and stay ahead in the competitive market.
Whether you’re navigating real estate law, structuring deals, or scaling your portfolio, The Dealmakers’ Edge delivers actionable insights and inspiring stories to help you take your career to the next level. Tune in to gain valuable knowledge and discover what it takes to thrive in commercial real estate today.
The Dealmakers’ Edge with A.Y. Strauss
Opportunistic Real Estate Investing with Time Equities' Jonathan Dulberg
Jonathan Dulberg has nearly 20 years of experience acquiring and operating real estate throughout the U.S. and Europe for both institutional and privately-held real estate firms. Since 2010, he has been at Time Equities Inc., a New York-based investment and development firm, where he serves as the Director of Acquisitions.
Jonathan focuses on sub-institutional investments ranging from $10 to $50 million in size. Throughout his career, he has acquired more than $800 million of real estate, focusing predominantly on opportunistic and value-add investments across office, industrial, and multifamily assets. Additionally, he oversees the day-to-day asset management of a two-million-square-foot portfolio spanning the Northeast, Midwest, and Northwest.
Prior to Time Equities, Jonathan spent three years at Franklin Templeton Investments working within their institutional fund-to-fund platform.
Insights from Jonathan Dulberg on Opportunistic Real Estate Investing
Jonathan Dulberg understands real estate from the ground up. Growing up with a father in the construction industry, he was exposed to development projects from an early age before transitioning from Franklin Templeton's institutional fund-to-fund platform to Time Equities in 2010. As Director of Acquisitions, Jonathan focuses on sub-institutional investments ranging from $10 to $50 million, having acquired more than $800 million of real estate throughout his career.
In this episode of The Dealmakers' Edge, Jonathan discusses his investment philosophy of avoiding "whatever is the flavor of the month" and instead focusing on yield-driven, opportunistic investments. He shares how Time Equities capitalized on opportunities post-2008 financial crisis when they could find value and work with existing borrowers and lenders. Jonathan explains their move into the Netherlands when U.S. office markets became overpriced, their pivot to short-term credit during COVID, and why he sees current opportunities in the office market where buildings can be bought at significant discounts to replacement cost.
1:51 - How Jonathan’s family and childhood influenced his career path
6:11 - Transition from the institutional side of real estate to being a more hands-on investor
11:12 - How Jonathan’s investment strategy avoids the trap of chasing trends
13:51 - Examples of finding value in the real estate market (even during downturns)
18:08 - Why the office market is a source for exciting investment opportunities right now
22:24 - How COVID has impacted dealmaking in the multifamily asset class
24:39 - Jonathan’s personal approach to managing stress and adversity
Mentioned In Opportunistic Real Estate Investing with Time Equities' Jonathan Dulberg
Enjoy the show? Have a guest in mind? Email us at podcast@aystrauss.com to let us know your feedback and who you want to hear on the next episode.
Connect with Aaron and the A.Y. Strauss team:
- Our website (www.AYStrauss.com)
- Aaron's website bio page (Aaron's bio page)
- Aaron's LinkedIn account (LinkedIn)
- Our Twitter account (@AYStrauss)
