“Fredric Stein’s 40 year career of construction, development, brokerage, management, and investment and syndication gives him the ability to provide owners a level of service that far exceeds that of other real estate professionals.“
Fredric Stein has been a builder, developer and owner operator of industrial and commercial real estate for over 40 years. He has developed, repositioned, and invested in real estate in both New York, Florida and North Carolina. He was a founding partner of Bel-Site Realty Corp., Queens NY, where he specialized in repositioning obsolete industrial sites into big box retail sites and retail strip centers. He has also created numerous partnerships that have resulted in excellent investment returns for their owners. Fred has, rejoined his professional colleagues at Pinnacle Realty of New York, LLC whom he has worked with throughout his career.
From 1976 to 1986 Fred worked closely with Pinnacle Partners Decio Baio and Steve Nadel. During that time, Fred focused on mostly industrial transactions. He represented Howard Johnsons Company and repositioned their ice cream and frozen food factory into a high tech air conditioning and refrigeration facility, redeveloped Good Humor Ice Cream distribution facility into a community of multi-family homes, worked with American Ballet Theater to secure specialty set-building and storage facilities, transformed multiple large industrial buildings into smaller units that accommodated the demand in the marketplace for space for smaller service oriented businesses. Those transactions included converting Maxon Truck Parts into office automation distribution facility, converting Queensboro Farms Dairy first into a distribution faculty for Homedco Home Health and later redeveloping the site for Pep Boys Manny Moe and Jack auto service facility. Fred converted a Web Press printing plant into headquarters for a consolidated group of elevator service companies, security door manufacturer and air conditioning contractor. This is an example dividing large manufacturing space and delivering value for service oriented businesses who have replaced most manufacturers in the market.
Fred continues to identify highest and best use alternatives for properties and is often finished with conversions before the competition even recognizes the need. In 1986 when Fred founded Bel-Site Realty, he teamed Gary Blum, now a principal in Pinnacle Realty of NY, LLC., who was a high volume broker at a competing firm. Fred and Gary partnered to produce the some of the largest transactions in the market, including converting many industrial buildings to big box retail use as well as capitalizing on dividing large properties into parts that were worth more than the sum of the whole. Their efforts resulted in selling the Ronzoni Pasta Plant ten acre site on Northern Boulevard in Long Island City to KMART for $18,000,000.00. KMART later re-sold the site to The Home Depot for $22,000.000.00 and this is currently one of The Home Depot’s best performing stores. Converting a Volkswagen car dealership into the first The Sports Authority location on Northern Boulevard in Queens, New York added to the conversion of Northern Boulevard into a vibrant retail corridor.
Additional transactions included transforming the College Point Industrial Park into a retail destination by bringing Toys “R” Us, The Gap, Old Navy, Kids “R” Us, TJ Maxx, Marshalls, Babies “R” Us. In these transactions, Fred worked with an office building developer who owned property on site and was submitting a request for proposal on a second site that he desired to acquire from the New York State Development Authority. The developer had no experience with retail development nor any contact with appropriate tenants. Fred not only presented a long list of potential tenants, but walked the developer through the process, convincing Toys “R” Us to agree to become a part of the RFP and thus insuring the developer being awarded the site. Fred was also the exclusive tenant representative in the New York outer boroughs for Amoco Oil Company exceeding expectations in delivering sites in a crowded metropolitan area.
Fredric Stein holds a Bachelor of Science Degree from New York University College of Business and Public Administration as well as a diploma in Real Estate Analysis and Appraisal from New York University Real Estate Institute.