Fisher's Focus

NEWYORK

Fisher’s Focus

An Interview with Steven Fisher, Founder and President, Fisher Capital Investments and Partner, Fisher Brothers

EDITORS’ NOTE As a fourth-gen- range of industry sectors with a focus You built one of the leading construction eration member of the Fisher fam- on high-growth companies. Sectors companies in Plaza Construction at the ily – one of New York’s legendary in which the firm has invested and age of 26. What were the keys to why owner/builders – Steven Fisher has expertise include media and Plaza Construction was so successful? has devoted his 40 years as a part- entertainment, food and beverage, Plaza Construction was started in 1986, ner at Fisher Brothers to con- health and wellness, and technology. when the family was diversifying outside of the struction and development. He Investments are typically made in real estate industry. With the diversifi cation, I served as Chairman and CEO of early stage and mid-market compa- decided to build a construction company that Fisher Brothers subsidiary Plaza nies that can demonstrate the poten- did not take the approach of the typical gen- Construction Corporation until tial to deliver superior returns to eral contractor, but instead provided clients with its April 2014 sale. Under his shareholders. Since its recent incep- an owner’s philosophy, which is an open book decades-long leadership, Fisher tion, FCI has invested in, strategically policy, buying the job right, saving money for transformed Plaza Construction Steven Fisher repositioned, and provided opera- the client and explaining to the client that if into one of the city’s and South tional support to a number of com- contractors can do it better than we could, we Florida’s largest and most respected con- panies and brands that are now well-placed to would outsource it to them. As years went on, struction fi rms, growing it from an in-house become industry leaders. we realized that there were going to be hurdles division with revenues of $40 million to Fisher Brothers (fisherbrothers.com) was to overcome. One of the big hurdles was get- a company with annual revenues of approx- founded in 1915 by Martin Fisher, who was ting developers to not look at us as competition, imately $1.5 billion. Among his other pur- joined by brothers Larry and Zachary Fisher. but to see us as an alternative to the way the suits, he is a Trustee of the Intrepid Museum Over the next several decades, Fisher Brothers general contractor industry was run. In the ’90s, Foundation, a Trustee member of the New York built residential properties in Brooklyn, Queens, Mayor Giuliani decided to clean up the industry State Trooper Foundation, a Board Member of Long Island, Riverdale, Mount Vernon, and of widespread corruption and payoffs. As the the Police Athletic League, a member of the then in Manhattan. Fisher Brothers began put- industry was being cleaned up, people started Founder’s Circle of the New York City Police ting up commercial buildings in the mid-’50s. looking at us as a white knight and the work Museum, and a member of the Board of Managers Since then, Fisher Brothers has emerged as a started pouring in. It was exciting to build the for UrbanAmerica’s Urban II partnership with highly diversified financial investment force. business and I couldn’t have done it without my Fisher Brothers. Assets currently under management exceed partner, Rich Wood. $6 billion, with a substantial portion strate- In the past, we partnered with someone FIRM BRIEF Fisher Capital Investments gically invested in a broad spectrum of who had access to small opportunities in (fishercapitalinvestments.com) is a private financial markets and ventures, including the real estate world. These deals were too investment fi rm based in New York City and opportunistic overnight investments in trea- small to bring to my partners, so I decided to founded in 2014 by Steven and Kyle Fisher. suries and repos, as well as building refi nancing fund through Plaza. Things didn’t work out FCI invests in and advises companies across a and construction loans. and I sold that person the company for three

It comes down to honesty, integrity and reputation. You need to know what you are doing and you need to do things the right way.

VOLUME 42, NUMBER 4 POSTED WITH PERMISSION. COPYRIGHT © 2019 LEADERS MAGAZINE, LLC LEADERS 113 We recognize the potential in bold companies that are making a positive impact on our world and use our experience to help them achieve their goals.

times more than what I put into it. I decided The partners of Fisher Brothers, Kenny, non-compete has ended, I’ve been asked to to look for new opportunities and one was Winston and myself, are all working on a large consult, join or even start a new contracting a city bid project. The timing wasn’t right to project in Long Island City. We are also working opportunity, which I am always exploring. take on the project on our own, so I decided with Lionheart which is a mezz fund with some You founded Fisher Capital Investments. to talk to the person that was directly behind great investors involved. Kenny is the head of leas- What is the mission of FCI and how broad us in the bid. It was such a great project that ing and management and is Chairman of Fisher is its focus? I just couldn’t walk away without partnering Houses and Co-Chairman of the Intrepid Museum. After we sold Plaza Construction, my son, Kyle, up with them. It was a good deal for both of My daughter, Jamie Rose, who runs mar- and I decided to pursue investment opportunities. us. Plaza walked away with over $25 million keting at Fisher Brothers, is doing a great job. With my reputation and track record, opportuni- on that project. We are on the fi fth generation as my brother’s ties started coming our way. It wasn’t us soliciting I was talking to an old family friend of my daughter, Crystal, is very involved in conceptual them, but they were soliciting us. Uncle Zach about doing the contracting on a designs of our properties. Fisher Capital Investments is the family offi ce/ project on 92nd Street and Second Avenue venture capital arm of 103-year-old real estate fi rm in New York City. I spoke to the late Richard Fisher Brothers. We invest in start-ups and growth Fisher about this project and set up a meeting stage ventures that disrupt and transform markets. for him and a fi nancial group that had the rights With over a century of experience and leadership to it. Richard was able to get a deal done that We invest in start- to draw on, FCI knows what it takes to succeed. We made sense for us all and Plaza received a really recognize the potential in bold companies that are nice contractor’s fee. That’s just some of the ups and growth stage making a positive impact on our world and use our opportunities that I was able to develop over experience to help them achieve their goals. time being a contractor. ventures that disrupt You mentioned your son, Kyle, who We have had the opportunity to work with works with you at FCI. How special is it for people that I have been close with for over 30 and transform markets. you to be able to work with Kyle and to see his years. For example, we have done four proj- growth and success at FCI? ects with Steve Witkoff including 111 Murray, Kyle has put together four or fi ve great Greenwich Street and Area 15 which Winston opportunities that we have invested in or where Fisher had a great concept for and has turned we are the major shareholders. Kyle is fi fth gen- into a reality, as well as The Drew Las Vegas, What are the keys to building a great eration and he realizes how important it is to be which is very dear to us. We have the pleasure construction company? a part of the Fisher family. With Kyle at FCI and of working with Marty Burger and Silverstein It comes down to honesty, integrity and Jamie at Fisher Brothers, it is special to see two Properties and own over 700 units and, at one reputation. You need to know what you of your six children wanting to continue the time, owned the Beekman Tower. These are the are doing and you need to do things the right legacy of what their great-great-grandfather and type of people that we are proud to partner with. way. We did this at Plaza and now that my his sons have built.•

With Kyle at FCI and Jamie at Fisher Brothers, it is special to see two of your six children wanting to continue the legacy of what their great-great-grandfather and his sons have built.