Building Legacies: A Conversation with Phil Aftuck on Real Estate Innovation and Growth
Welcome back to another episode of The Stash Cast, where we dive deep into the world of commercial real estate and proptech. In this episode, host Stash Geleszinski sits down with Phil Aftuck, Managing Director of Investments at The Bernstein Companies. Phil shares his journey from Wall Street to leading the real estate investment team at The Bernstein Companies, specializing in the adaptive reuse of historic buildings.
Key Topics Covered:
1. Introduction to Phil Aftuck and The Bernstein Companies:
- Phil's role as Managing Director of Investments.
- Overview of The Bernstein Companies, a Washington D.C.-based family office with a focus on acquisitions, development, and management of office, hospitality, and multifamily properties.
- Specialization in adaptive reuse projects, converting office buildings into multifamily or hotels.
2. Phil's Journey into Real Estate:
- Phil's background in finance and initial career on Wall Street.
- Transition to real estate and his tenure at The Bernstein Companies starting in 2012.
3. The Textile Building Project in Cincinnati:
- Acquisition and conversion of the Textile Building from office space to a multifamily residential building.
- Key features and amenities of the Textile Apartments, including a rooftop lounge, fitness center, indoor basketball court, and more.
- Challenges and strategies in identifying and executing adaptive reuse projects.
4. Adaptive Reuse and Historic Tax Credits:
- Detailed explanation of the historic tax credit process, including the three-part application and approval stages.
- The role of tax credit investors and the importance of local government incentives for successful conversions.
5. Market Trends and Challenges:
- Discussion on the current state of the office market and the increasing popularity of office-to-residential conversions.
- The impact of local government policies on development projects and the importance of transparent and supportive political climates.
- Considerations for choosing buildings suitable for conversion, including structural soundness, location, and potential for amenities.
6. Future Projects and Market Outlook:
- Insights into upcoming projects by The Bernstein Companies, including the Continental Center in downtown Columbus, Ohio.
- Phil's perspective on the evolving real estate market and the importance of maintaining a balanced live-work-play environment in urban areas.
Guest Contact Information:
If you have a potential project or want to connect with Phil Aftuck, you can reach him via email at p.aftuck@tbco.biz.
Host Contact Information:
Stay connected with Stash Geleszinski and The Stash Cast for more engaging discussions on real estate and proptech.
Stash@nedl.us
Sponsored by: Nedl - Use data and analytics to predict transactions before they occur. Visit nedl.us to learn more.
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