Developers in the US real estate market face a number of challenges; key among them economic uncertainty, technological disparities and loss of talent to other industries due to ineffective mentoring. One real estate developer who has managed to stay on top of things to steer his company to greater heights is James Halpern, the Principal and Founder of JMH Development and the Director of Parametric Dining LLC. According to JMHDev.com, the JMH real estate outfit is a leading full-service company that specializes in developing and managing residential, commercial and mixed-use properties in the lucrative Miami Beach, Manhattan and Brooklyn, New York markets.
Besides property development, the firm also offers expertise on site and building design and marketing and branding to its vast portfolio of clients. The success JMH has achieved over the years is largely attributed to its unrelenting commitment to deliver the highest quality and sustainable properties. This, coupled with its long enduring philosophy of preserving historical sites through restoration and adaptive reuse has earned it top marks and favor in the eyes of clients and industry leaders. Halpern’s involvement in real estate can be traced to the family blood lines. According to PRNewswire, his family has been in the development industry for over 5 decades, a feat that led him to establish JMH in 2010.
Some of the outstanding developments undertaken by the company in recent times include $500 million investment in a number of properties in the New York. One of the properties is the prestigious 184 Kent Avenue that involved converting a warehouse into a 340 room luxury apartment. The firm is also responsible for developing luxury Townhouses of Cobble Hill in the Brooklyn Area.
The other outstanding project is the completion of the 235 room Aloft South Beach hotel located at the heart of Miami Beach. This was the first hotel to be unveiled in South Beach since 2009. It features unique architecture, spacious rooms averaging 360 sq ft and World-Class amenities such as outdoor pool, 24-hour fitness center, meeting space and roof deck lounge.
The 2,300 sq ft plus meeting space is highly ideal for social and business meetings. The hotel is constructed in a waterfront location with close proximity to museums, art galleries, shopping district and restaurants. In terms of Philanthropy, Halpern has offered a lot of his resources and time to uplift the fortunes of the less fortunate in the society. According to an excerpt on Hacronym.com, one of the efforts is the establishment of the Joel A. Halpern Trauma Center located at the Winchester Medical Center in memory of his late father. The center specializes in trauma and also helps heart patients and those who require orthopedic and neurological attention.
Hussain Ali Habib Sajwani founded DAMAC properties in 2002. The focus of the company is to develop residential, commercial and leisure properties in Dubai and the Middle East. DAMAC headquarters is Dubai and in addition to developing properties, the company invests in real estate projects.
The DAMAC Company is also involved in the food business. In fact Sajwani provided food service to the United States during Operation Desert Storm in 1991. In fact, the food service business was the first undertaking for Sajwani and serves as a reminder of how he got his start and how he has the ability to cultivate important friends in high places.
In 2002, Sanjawi, although doing well in the food service industry, he decided property and real estate was the coming boom for the Mid East. Even though, the first wave of development for DAMAC was mid-level properties, Sajwani saw the real challenge was in top range properties. DAMAC market top range properties with a great deal of aggressiveness and the gamble paid off.
When real estate hit the skids in 2008, Sajwani and DAMAC were one of the first to identify the crisis. When sales dropped drastically, Sajwani took immediate action and cut costs across the board in order to preserve cash. The aggressive action paid off as when the real estate industry turned around, DAMAC was in very good shape. They had a solid cash reserve to return to their normal manner of business.
Sajwani and DAMAC developed a business model based on three principles. The first principle is to hold no doubt for the land. The cost of such land is always paid in full at the beginning of the project. The second principle is to keep escrow accounts independent. Cash is never transferred from one account to another keeping all developments the ability to support itself. The third principle is to always retain cash reserves. All accounts are fixed deposits or government bonds so if the markets hits a downturn, projects can continue on remain on schedule.
Sajwani and President Donald Trump have an ongoing business relationship. The duo collaborated on Trump International Golf Club where villas, at the luxury level, bring in almost $2 billion every year. Now that Trump is the President of the United States, Sajwani is still interested in business dealing with the Trump Organization, which will be operated by Trump’s two oldest sons, Donald, Jr. and Eric.
Sajwani and DAMAC are looking forward to extending his relationship with the Trump Organization. He likes the methods the Organization use to develop property, as well as run the Organization. The Trumps all pay attention to detail and defend their brand admirably. DAMAC and Sajwani like to work with American companies and include Bechtel among their American associations.