Mr. Zackson's career in real estate was launched when his talents were recognized by Fred Trump, who chose him as the exclusive Broker and Manager for the original Trump Organization. Under Fred Trump's mentoring, he learned how buildings run and how to create value through management. There he was responsible for leasing and managing one of the largest real estate portfolios of over 45,000 residential units in the New York area. Mr. Zackson was able to take underperforming apartments in changing markets and turn them into highly efficient assets reducing vacancies to less than 1%. Also, during this period, Mr. Zackson's launched his firm Dynamic Realty, specializing in cooperative and condominium conversions and re-sales. Over the next several years, Mr. Zackson took his experiences gained in the Trump Organization and applied them to the conversion of over 100 rental properties into condos in New York City and the surrounding areas. During the downturn in the real estate market, the conversion business Dynamic naturally moved into bank workouts. In 1992, as a result of a workout agreement of extraordinary scope, coupled with a sales campaign conducted by Dynamic Realty, Mr. Zackson saved the faltering Hyde Park Gardens, a 746-unit co-op from foreclosure. Expanding his firm he started serving a growing clientele of foreign investors as a consultant for both real estate development and management. Dynamic successfully steered these projects through all stages of the development process; investment analysis, purchase, construction, management and operations, and by creating an aggressive marketing program with pre-approved financing packages for the end-user, Mr. Zackson reaped higher sales prices with a faster turn-around. As a result of managing the investments of both domestic and overseas investors during the 90's, Mr. Zackson became involved in the Far East and Latin America. He formed joint ventures with three leading companies in the People's Republic of China which were active in real estate finance.
NOTABLE CONVERSION AND WORKOUT PROJECTS:
The following is a partial list of Mr. Zackson's completed co-op/condo conversions:
• 241 Avenue of the Americas, 115 Apartments
• 55 Morton Street, 72 Apartments
• 290 Avenue of the Americas, 80 Apartments
• 270 West 11th Street, 86 Apartments
• 295 West 11th Street, 95 Apartments
• 165 Christopher Street, 215 Apartments
• Chelsea Commons Condominium, 60 Apartments
• Gansevoort-Loft Condominium
• 310 East 55th Street, 90 Apartments
• 4395 Broadway, 200 Apartments
• 435 East 77th Street, 110 Apartments
• 19 Grace Court, 72 Apartments
• 289 Hicks Street, 60 Apartments
• 281 Hicks Street, 24 Apartments
• 60 Remson Street, 90 Apartments
• 735 Kappock Street, 96 Apartments
• 6645 Broadway, 204 Apartments
• 3755 Henry Hudson Parkway, 94 Apartments
• 2601 Henry Hudson Parkway, 105 Apartments
• Croyton House, 300 Apartments
• 6200 Riverdale Avenue, 220 Apartments
• 5601 Riverdale Avenue, 115 Apartments
• 2156 Cruger Avenue, 73 Apartments
• 2186 Cruger Avenue, 73 Apartments
• Wainwright Condominiums, 97 Apartments
• 111-35 75th Avenue, 80 Apartments
• 111-45 76th Avenue, 80 Apartments
• The Meadows, 100 Apartments
• The James Monroe, 110 Apartments
• The Royale, 90 Apartments
• 64-11 99th Street, 94 Apartments
• The Anitas, 415 Apartments
• The Vermont, 101 Apartments
• The Connecticut, 95 Apartments
• The Van Buren, 96 Apartments
• 43-25 43rd Street, 60 Apartments
• 41-12 41st Street, 60 Apartments
• 43-30 44th Street, 60 Apartments
• 43-01 46th Street, 60 Apartments
• 43-15 46th Street, 60 Apartments
• 43-33 46th Street, 60 Apartments
• 43-30 48th Street, 60 Apartments
• 41-25 44th Street, 60 Apartments
• 241-20 Northern Boulevard, 110 Apartments
• The Valerie Arms, 204 Apartments
• 210 Atlantic Avenue, 94 Apartments
• 42-10 82nd Street, 80 Apartments
• 33-33 82nd Street, 60 Apartments
Mr. Zackson purchased 230 East 44th Street for $1.8 million - 164 apartments, 100 car garage, restaurant and barber shop. The building was 50% vacant with the other 50% of the tenants on a rent strike. Through a legal strategy and tenant negotiations the rent strike was resolved within the first eight months of ownership. Mr. Zackson renovated the entire interior of the property including the laundry room and 90 apartments. Dynamic Group rented all the vacant units and resold the property in 1995 to the Hakim Organization and Stonehenge Partners for $6.3 million.
Dynamic purchased 21 Astor Place, a 120,000 SF commercial building, in bank foreclosure. The street level was occupied by non paying tenants. Mr. Zackson successfully evicted the tenants and leased the space to Kinkos and Starbucks. Dynamic Group did the build out for Kinkos, gutted the entire building. Then partnering with the Kushner and Stonehedge Organizations, designed luxury apartments for a condominium plan. In 1998, the property was sold to Phillips International. Also, over 4 years starting in 1994 he designed and developed a 17,000 unit low income housing development in Sao Paulo, the "Singapore Project". Working with the mayor and the Housing Secretary of Sao Paulo, Mr. Zackson's development company was successful in arranging project financing of $250 million through the Inter-Development Bank. His innovative design involved multiple units in a high-density, rather than a high-rise framework, considered a pioneer concept in low-cost housing.
Purchased the banks position in a foreclosure of four buildings in Tribeca, 121 - 125 Hudson Street totaling 154,000 SF of vacant loft warehouse space. Mr. Zackson successfully foreclosed, designed luxury lofts "The North Moore", and in 1997 sold the four building in a package. He was also named one of the up and coming stars by Crane's 40 under 40 list.
In 1996 he was invited to the White House by President Clinton, due to his work in Sao Paulo. During this period, Mr. Zackson was one of a select few developers with serious proposals to convert the old NYC Coliseum. Mr. Zackson's plan was to build a vertical entertainment center, a theme park for the 21st century, and had partnered with Universal Studios, Florida to develop the property.
Bought a three building package at One West 34th Street and 358 & 362 Fifth Avenue with approximately 250,000 SF and a NOI of $3 million. Mr. Zackson repositioned the retail with new tenants and rented up the remaining office space at approximately $50 per SF driving up the NOI to $5.5 million. The property was subsequently sold to an investor.
The first major workout project was Hyde Park Gardens in Kew Gardens. Mr. Zackson recapitalized 97 apartments there for $2.2 million. He evicted 45 tenants, then renovated and sold the individual units for record numbers. Dynamic sold the balance of the occupied apartments to investors for a total yield of $7.5 million. Mr. Zackson's Dynamic Group with the Hakim Organization undertook the rezoning and development of 1,200,000 SF on seven acres of mixed-use residential and retail on the Williamsburg, Brooklyn waterfront. This project was sold due to the delay caused by the 2008 Olympic bid. Another high profile project by Mr. Zackson was a grand plan to re-develop the former Coney Island Steeplechase Park, situated on 2,000 feet of oceanfront and Boardwalk with approximately 3,000,000 SF of developable property. His plan was to transform it back to its historical preeminence as a fantastic entertainment venue but one for the 21st century. This project was sold to another developer after the plans were approved.
Dynamic accomplished the rezoning and development of Biscayne Shores West. An assemblage and development of approximately 1,100,000 square feet of residential, retail, commercial, and park into a master-planned community located in Biscayne Shores, Florida. Key to the project was successfully rezoning the property from a low density to a high density mixed-use project. As a native New Yorker, Mr. Zackson has been active in New York Civic and political circles and has served on several boards, including the Board of the Central Park Conservancy, the Board of New York CARES, the Board of the Association of Builders and Owners (ABO), and the Board of the Jewish Museum of New York. In 2004 he was awarded the Ellis Island Medal of Honor for his community work by Mayor Guliani.
Mr. Zackson partnered with the famed real estate titan Arthur G. Cohen. They attempted to purchase Harry Macklowe's Drake Hotel property at 440 Park Avenue in a bidding contest for what was considered the most expensive piece of property in New York City.
Developed a 37 acre lavish open air mixed-use project combining, retail, medical offices, restaurants and health club, known as "Joliet Crossings" in Joliet, IL. The plans vision is to create an upscale entertainment and lifestyle center with outside courtyard, beautifully landscaped features overlooking a large pond.