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Building the Extraordinary

An Interview with Izak Senbahar, Alexico Group LLC

Building the Extraordinary

An Interview with Izak Senbahar, Alexico Group LLC

EDITORS’ NOTE Izak Senbahar but you were able to take it to an- affl uent travelers, be it for business or leisure, moved to the U.S. in 1977 to attend other level. How did you achieve is growing. A lot of emerging countries are do- The Catholic University of America that? ing very well and are creating more affluent in Washington, D.C. After graduat- There is a lot of work that goes travelers. The European visitors travel to the ing with a B.A. in mechanical en- into the planning. It doesn’t occur to U.S. routinely; however, the pool of interna- gineering, he moved to New York, me in one second. I analyze the site tional travelers from various other continents where he earned his master’s de- and the immediate vicinity. I walk is increasing greatly because of globalization. gree in finance from New York the neighborhood ad nauseam and I The Mark happens to be a landmark building University. Before he entered the dream about what I can create that in a fabulous location, and it has all of the right real estate market, Senbahar was a will add to life in the area. attributes to be at the top of the list of the af- Gold Trader for the French fi nan- When the start-to-finish on fl uent traveler. cial fi rm Sucre et Denrées. a project is so long, is it hard to be A visitor staying at The Mark, in a matter of Izak Senbahar patient in the early stages? a day or two, feels like living the life of a local COMPANY BRIEF Based in New York, One can control everything ex- Eastsider. Central Park is right there – one of the Alexico Group LLC (alexicogroup.com) is a real cept the market. You cannot control the macro most beautiful parks in the world – providing estate development fi rm with a portfolio of proj- economy. You can make an informed guess at a Zen relief right in the middle of the bustling ects including The Mark Hotel, The Laurel, 165 it, but it’s still a guess. city. Then, there are the museums, galleries, Charles Street, and 56 Leonard. Alexico Group Are you happy with where The Mark shops, and restaurants. It beats any location partners, Izak Senbahar and Simon Elias, col- Hotel stands today? Is the supply of hotel downtown or midtown, which are congested and lectively have more than 50 years of experience rooms in New York City available to meet feel touristy. in development, construction, ownership, and demand? At a time when many talk about how management of Manhattan real estate. They are Yes. New York City is hot, and there is challenging a restaurant concept in a hotel In any business, you have to watch the best occupancy in the luxury category in the This is more prevalent in the 57th Street recognized leaders in their fi eld with a portfolio business and tourism coming from everywhere is, you were able to build a partnership that trends; you have to analyze the market; and city. The brand is very well-recognized all over corridor or midtown. In Tribeca, it’s mostly peo- that has included some of New York’s most pres- in the world – everybody wants to be in the has become a destination for the local com- you have to listen to your customer. In my the world, which means it needs to go places. ple who live downtown who are upgrading and tigious properties. big city. We’re fortunate to be able to have munity. How critical is that and how have assessment of the market, I determined that Is this a time for opportunity in Manhattan moving to bigger and better apartments, or to a such a vibrant city as our base. The number of you done it? people’s lifestyles and demands are changing. or is it challenging to fi nd the locations? building with more amenities. We have some in- How strong is the New York City real estate People don’t want their dinner experience to It’s very challenging. There are no obvi- ternational buyers, maybe 20 percent. However, market today and is it sustainable? be too fussy. The days of people wanting to ous opportunities out there. The mistake to these buyers aren’t investors but architectural It’s very strong. In terms of how sustain- sit down for a three-hour, fi ve-course meal on avoid is to overpay for the wrong project. If buffs. They like to buy in buildings where they able and for how long, it’s a tough call. There a regular basis are gone. By and large, people you overpay for the right project, you will follow and enjoy the architect. are forces going either way. want to go to a place where the food is sim- come out all right. Because so much money What has made the partnership with Is a large percentage of the population ple and healthy, and they can relate to it, and is chasing deals, people are becoming more Simon Elias work so well? going to be priced out of the city and are the menu is diverse enough to eat there three indiscriminate. There are a lot of deal junkies We complement each other. We look at you concerned that we won’t have enough times a week. out there and there is a lot of other people’s things long term rather than on a daily basis. affordable housing? This is what we have created for the Upper money (OPM) circulating. So the junkies plus What makes this industry so excit- It’s a matter of market conditions. You can East Side. It’s why many who live in the area the OPM makes the market very challenging ing? Why is real estate so great? say whatever you want, but if the land prices do come and eat there a few times a week, be it for for mere mortals. To me, it’s like making a movie. It’s very not justify building affordable housing, then you breakfast, lunch, brunch or dinner. You have to We’re willing to overpay but only if the creative. It has many facets to it. You have a cannot build affordable housing. It starts from create a simple menu with a lot of variety, and project is exceptional. story line and a cast of characters, and then you the source, from land prices. The 80/20 program you have to create an atmosphere where guests Because of that, have you been looking create the end product. With every step, you works but when you push the envelope on the feel comfortable and pampered in an unassum- at other markets more than you normally have to be creative. From planning to fi nanc- 20, projects don’t pan out. ing way. The decor at The Mark makes you feel would? ing, to building to marketing, all of those areas, Where does 56 Leonard stand and what is like you’re in an important place, but the atmo- This is why we’re trying to grow The Mark in and of themselves, are areas where one can your vision for what it will do for downtown? sphere makes you relaxed and the lighting puts brand, in which we think we have a lot of capped build a career. To be able to conduct a group 56 Leonard came to the right market. you in a serene mood. There is also, of course, value that can be uncapped in different places like this and create a building that most people It was the right product in the right location the genius of Jean-Georges. You get all of this of the world. But our heart is in New York and like makes it exciting for me. It’s a lot of hard at the right time. So it has been a tremendous under one roof. we want to build more here. We look at every work and challenging at times, but there is a success. Are there opportunities to expand on opportunity and continue to dream. If you’re go- bright light at the end of the tunnel. I like that I think 56 Leonard enhances the Manhattan The Mark brand? ing to create another 56 Leonard or another The you have a vision and a story, and you get the skyline, and the Anish Kapoor Sculpture brings The Mark belongs where it is, in New York, Mark, it just doesn’t happen overnight. characters and you realize the building. it entirely to another level. 56 Leonard will affect but it also belongs in London, in Los Angeles, People today talk about international If the end product is received well, and peo- downtown in a very positive way. and in Paris. buyers who are purchasing apartments for ple walking by it or living in it enjoy it, then I can With 56 Leonard, you built something These are all of the places that we’re ac- top dollar but not living in them Are the feel proud of what we have achieved. The ulti- that didn’t necessarily fi t into the location, Lounge at The Mark Restaurant by Jean-Georges (above); 56 Leonard (next page) tively looking to expand the brand. We have the apartments at 56 Leonard being lived in? mate gift is putting a smile on somebody’s face.• VOLUME 37, NUMBER 4 POSTED WITH PERMISSION. COPYRIGHT © 2014 LEADERS MAGAZINE, INC. LEADERS 83