Pay It Forward: "The Most Important Stock in Trade We Have is Information"
"A core principle I believe in is giving back to our community, through philanthropy and professional organizations," says Lyle Stern, president of Koniver Stern Group.
Lyle Stern, president of Koniver Stern Group, Miami
Job Title: President of the Lincoln Road Business Improvement District (BID) and president of Koniver Stern Group
What has been your biggest challenge in your particular role and how have you overcome those obstacles/? As president, I’ve primarily focused on building and maintaining a strong team through consistent communication and collaboration, as well as working closely with them to successfully achieve both our internal and client goals.
What about your current role/position at the company are you most happy with? The ability to help curate and shape different neighborhoods within Miami, spearheading bringing new-to-market tenants and assisting local brands expand their footprint in the community. Understanding the demographics of each enclave, I’ve played a pivotal role in introducing brands and concepts to Lincoln Road that become neighborhood staples. This includes J Crew, Brandy Melville, Ted Baker and Salt & Straw among others.
In a way, the transactions our team is involved in often serve as catalysts to further build communities, whether it be providing a new location for families to make memories or through job creation. The end product of any transaction creates jobs in different industries, as it requires teams to consult with construction companies, architecture firms, supply companies, legal firms, and more on the build-out of a space.
What is the best piece of advice you have received that has helped you succeed in your industry? Never take no for an answer. To succeed in commercial real estate, professionals must have integrity and adopt an intelligent and passionate pursuit. Out-of-the-box thinking is required when brokering transactions for clients, as some opportunities require a different approach, a re-explanation, or even different timing.
Do you have any advice specifically for the next generation? The most important stock in trade we have is information. As a real estate broker, my compensation is tied to how well I can inform a buyer, seller, landlord or tenant. I always ask myself, what critical information can I provide to my client that will help them make a decision?
The most important advice for the next generation is to always be prepared, be armed with information, understand the market and act with integrity.
Would you advise a younger person to begin a career in CRE? YES! It is an extremely rewarding industry. We meet people and learn from them about many disciplines and from around the world.
What would you advise them to do to get a foothold in the industry? My advice is network, network, network. A large part of our job is connecting people; therefore, it is essential to meet as many people as you can, seek a mentor and ask people you admire out for coffee to gain new insights.
A core principle I believe in is giving back to our community, through philanthropy and professional organizations.
Please share an initiative that you are proud to work on. As President of The Lincoln Road Business Improvement District (BID), I have had a central role in working with other board members to enhance the district by continuously investing in public art installations and cultural programming to ensure Lincoln Road remains a place where locals and visitors can enjoy enriching cultural experiences in addition to shopping and dining.
Since the migration of businesses, people and capital to Miami began, the Lincoln Road District has also seen close to $3 billion of real estate and hospitality investment flocking to the surrounding area as properties on the road are getting scooped up. This, in turn, has attracted international and national brands to the area.
Through my role, I have also had the privilege of helping usher in a spectacular public improvement project, which has generated approximately 8 million visits over the past 12 months, generating strong foot traffic. I have also had the opportunity to work closely with our city’s leadership and most of its departments. I enjoy the collaboration as well as the opportunity to meet new people and learn from them.
In your opinion, what takeaways did we learn from the COVID-19 crisis? We really learned about the essence of true partnership. Whether with tenants of buildings we own, lenders that hold our debt, owners, or tenants we represent, getting through any crisis requires a solid partnership. That can only occur in relationships that are built on trust and integrity.
The Lincoln Road District is a prime example of the importance of strong tenant and landlord relationships. With a current occupancy rate of over 85%, the area has announced 16 new tenant openings, 14 of which were new-to-market operators, such as Yoyoso, and 12 stores which are under development, including Andres Carne de Res, Colombia’s most popular restaurant which will make its U.S. debut, Salt and Straw, and Tacombi, a Mexican taqueria from New York.
What three terms would you use to describe your work mindset?
- Focus
- Eliminate “background noise” – remove all negative thoughts that play in my mind
- Information
