Conversations with Compound gives unique insight into the rapidly changing world of New York City real estate.
Experts in the industry come from all corners of the globe and from all walks of life. This blog will give leaders of the industry the opportunity to share stories of their professional achievements, their proudest moments and why they love the city that never sleeps.
We sat down with Mr. Scott, a Principal of Advalurem Group with the primary responsibility of overseeing all aspects of capital raising, fund formation and investor relations. He also oversees the day-to-day operations of the firm and is a member of the Investment Committee.
Mr. Scott has over 20 years of experience in the real estate industry including positions in private equity and investment banking. Over his career, he advised on $4 billion and invested in more than $750 million of commercial real estate.
Where are you from?
I hail from the land of racing cars, Indianapolis, IN.
Where do you live now?
I've called Harlem home since 2006. I love the diversity, history and architecture of the neighborhood. My family lives close to many of the parks there which are all very family friendly.
How long have you worked in real estate?
22 years and I've enjoyed almost every minute of it.
What inspired you to work in real estate?
I always had a passion for economic development and how cities grow and evolve for the benefit of its citizens. Real estate was a natural extension.
Who do you respect the most in the real estate industry?
Jonathan Gray. Never met him, but I have a lot of respect for what he has achieved at Blackrock.
What is your favorite thing about NYC real estate?
Acquisitions here can be akin to playing 3-dimensional chess most times.
What is your favorite neighborhood?
Harlem, hands down.
What is your favorite restaurant?
Depends on season, meal and mood. New York City has so many great restaurants. Blue Ribbon Sushi, Locanda Verde, Vinetaria are a few that come to mind.
What do you think is the next up-and-coming neighborhood?
Kind of an interesting question given the controversies with gentrification. Because of the geography of the city, neighborhoods get reinvented - the Upper East Side around 2nd Avenue is a perfect example of this. Now that the subway is completed, the neighborhood has gotten a breath of fresh air. West Harlem around the Columbia extension, is a runner up.
What is your favorite building in NYC?
The Hearst Building. I like the way the glass tower with crisscrossed steel sits on the base of the old building. Something new and modern with a foundation rooted in history.
What has been the most rewarding or craziest real estate deal/project you have been apart of?
I was part of a team that redeveloped two dilapidated multifamily buildings in Indianapolis that surrounded a charter school that the founder of the fund had helped open.