Today’s Executive Suites Success Story is Alliance Residential Company, a national real estate company whose Northeast Headquarters is located at Executive Suites at the Hippodrome. We spoke with Adam Fruitbine, Managing Director & Portfolio Manager.
Number of Employees: 2,000 total, 3 in the New York office.
Specialties: Real estate — specifically, U.S. rental apartment development, acquisitions and property management. They handle the firm’s Northeast operations from NYC, as well as its fund and discretionary investment management platform.
Company History: Fruitbine says: “Alliance is a national apartment operator, developer and property manager with over 70,000 units under management and roughly $9B AUMs. We are one of the largest private firms of our kind and are very active developers and buyers in over 20 markets throughout the U.S. Most importantly, we are in the midst of expanding further into the Northeast (NJ-Boston) – this a major initiative for the firm. We have our first development deal getting ready to break ground in New Brunswick, NJ and are actively looking for additional opportunities.
Secret to To Your Success: “Strong balance sheet and a keen focus on our core competency of rental apartments. We are a privately-owned firm, with efficient and strong alignments of interest among all partners” explains Fruitbine. “And while we’re a national organization, we execute our real estate locally. As a result, you get regional expertise backed by a large and well-financed national platform providing the necessary support and scale in all facets of our business.”
Best Part About Managing Your Own Business: “I would say it’s the empowerment to execute a business plan, and the challenge of building a new division for the firm. I can focus on what’s important, and motivate and coordinate my team in accomplishing our goals.”
Reason for Choosing Executive Suites at the Hippodrome as Your Office Location: “The space is geographically relevant for our business, and it’s run professionally. When selecting space, I was drawn to the fact that Executive Suites was a principally owned business, meaning the guys who own the building own [Executive Suites] as well. You’re not subletting from someone else, so there’s an ownership commitment to maintaining the space. As a real estate person, I find that leasing from direct ownership to be a material advantage in a number of ways.”
Describe the Experience of Having an Office in Midtown Manhattan: “There is tremendous collateral convenience, meaning proximity to clients and capital partners, as well as their ability to come visit me. The location makes it easy for me to have meetings all over the city. Plus, being near Penn Station and Port Authority is a huge plus.”
Advice to Others Starting Their Own Business: “Have confidence in your ability to lead and add value. Focus on your strengths and surround yourself with others that are capable of executing in critical areas where you cannot. Lead with your best ideas, and don’t try to do too much at once. Find small successes, and they will lead to larger ones.”
Anything else people should know about you? “All of us at Alliance are eager to branch out and make new relationships that can help us grow our apartment development and acquisition portfolio. We have made great strides in near term. Feel free to reach out to us to learn more about how we can work with you. Zach, Nadine and the rest of the team at Executive Suites have been very supportive of our firm. As a result, we are discussing taking more structured space in the building. As mentioned previously, surrounding yourself with talent in all facets is a material key to success and we have done that here with Executive Suites.”
To Contact Alliance Residential Company:
- Address: 1120 Avenue of the Americas, Ste 4015, New York, NY 10036
- Tel: 212-62602630
- Web: www.allresco.com