NEW YORK CITY—Earlier in the week, the Greystone Bassuk Group promoted Drew Fletcher to EVP from the role of managing director. Only with the firm for two years, the newly elevated executive is a seasoned industry professional; he previously was CFO of Edison Properties, a private real estate family firm, for 14 years.
GlobeSt.com sat down with Fletcher to learn more about his new role and changes at Greystone Bassuk for this EXCLUSIVE story.
GlobeSt.com: What's the significance of your promotion for Greystone?
Drew Fletcher: It signals a strong commitment by Greystone Bassuk to grow its investment platform to help investors structure capital for transactions. Our focus has primarily been on multifamily projects in New York City and we're going to be looking to expand by branching out into other asset classes—like mixed-use assets and office—and to other gateway markets. [He declined to cite specific cities].
GlobeSt.com: Why has the firm decided to move in this direction at this particular time?
Fletcher: Richard Bassuk, our CEO, has been one of the premiere mortgage brokers in the city before coming to Greystone in 2012. The merger was part of a strategy to give him access to broader resources so I think this was the plan all along but these things take a while to bring to fruition.
GlobeSt.com: How will your role at the firm change as a result of this promotion?
Fletcher: The other opportunity the firm has is figuring out how to leverage our balance sheet. The key factor that distinguishes us from other commercial mortgage brokers is that we have our own capital so we're willing to put our balance sheet to work for select sponsors and projects. The challenge and opportunity is to figure out ways to harness that capacity and create our own products. I'll be spending a lot of time on that.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
