No mention of the New York retail real estate is complete without a discussion about Robert K. Futterman. An award-winning realtor that has been involved in some of the greatest projects in the history of New York, Futterman has been making waves in the real estate industry ever since he stepped foot in it back in 1983. He has successfully represented tenants and landlords. He worked with large-scale developers and revamped entire shopping districts. Yet, he is not the heir to a large real estate business. On the contrary, long before he became a realtor, he sold ice cream in Zuma Beach, California.
Futterman attended Maryland University but never graduated, as he realized that a career in the music industry was not on the cards. A natural people person, he had negotiated on behalf of his university and promoted multiple concerts. At a very young age, he worked with the greats of the music industry including The Grateful Dead, The Clash, Rockpile, The Pretenders, Talking Heads, Devo, Squeeze, Elvis Costello, and the B52s. The advent of MTV revolutionized the music industry and irreversibly changed Futterman's career trajectory.
It was not until 1983 that he would return to New York and work as a Canvasser at Garrick-Aug, which at the time was one of the leading real estate companies in New York. "I walked the streets, I got listings, I called landlords, and I made it happen," Futterman told the Real Estate Reality Check podcast. His only driving force was resilience. He relentlessly pursued projects that he set his mind to. Over the years he has sharpened these skills and is always hounding for opportunities. "Always look for new ideas, new opportunities, new business, and do it now. Don't wait for tomorrow."
This go-getter mindset made a huge difference and allowed him to breeze through one promotion after the other at Garrick-Aug. The son of the Garrick-Aug's founder, James Aug, told the New York Times, "Throughout his tenure at Garrick-Aug, he was always the No. 1 producer and very well-respected. Many people tried to emulate him, and none ever succeeded."
In addition to being present, he emphasizes the need for having a focus. "I live in the moment," he told Real Estate Reality Check. His advice for people whether they are in real estate or not is to develop a focus. Focus on one thing and build a strong foundation on that. "Don't forget what you do." He believes that people should only diversify once they have a strong base. Throughout his career, he has focused on singular aspects of retail real estate, one step at a time. Futterman built a strong roster of tenants and landlords and has represented household names such as Anthropologie, Banana Republic, Barnes & Noble, Bed, Bath & Beyond, Forever 21, Guess, Old Navy, Polo Ralph Lauren, and Urban Outfitters.
His success was not all smooth sailing. "If you are a good broker, you are always fearful of deals collapsing," Futterman told the New York Times, "It's been said many times, but it's true - in real estate, you are only as good as your last deal. You can never be too arrogant. You cannot let yourself think that you know everything. A deal is not a deal until the last document has been signed and the check has cleared." He argued that the fear of failure, or even failure itself, should not cripple you. The only way to succeed in life is to keep swimming. You must keep trying and taking risks. While there is no guarantee that a move will work, it is close to a guarantee that one of your many moves will work.
Futterman started his career at a time when there was no conception of the internet. He knows that its invent has changed the landscape of the real estate industry. Back in the 1980s, retailers had physical stores and Futterman ensured that they got prime spots. With the internet came e-shopping, leading to a boom in e-commerce. Brands with physical stores had to ensure that they have a digital presence, but the importance of a physical storefront couldn't be understated. Internet retailers need a physical space for their next milestone. Working with these clients requires creativity and Futterman has enjoyed this challenge.
Giving life to your dreams requires untiring efforts and Futterman is no stranger to clocking long hours. "I like having West Coast offices, so I can, if I choose to, work all night," he said. Despite his hectic work schedule, he stressed the importance of finding a balance. "You got to make time in life to have fun." Every effort needs a purpose. So, stop and ask yourself why you are doing what you are doing. For Futterman, the answer is his children. A father of two, he likes to take time out to spend with his family. Though he never pursued a career in music, he still likes to play the guitar.
For someone who dropped out of college and still managed to make a name for himself, practice is a lot more important than theory. Over his nearly 40-year-career, he has involved himself in some of the biggest transactions, totaling over $10 billion. Theory only gets you so far, eventually, you must step out into the world and make real-world connections. Building real connections is what set Futterman apart from his competitors. The same people who describe him as relentless and intense, also know that he enjoys spending time with his clients, arm casually draped over their shoulders as they close the deal. His clients are not a one-time deal. For him, it is about developing a connection.
His unique approach to business has won him many awards. He won the Retail Deal of the Year Award five times. One of these awards was presented to him for closing the deal on Apple's flagship store in New York, the iconic glass building. His expertise is sought after, he has lectured at the NAIOP Commercial Real Estate Development Association and the Columbia Graduate School of Business. He has also advised the public bodies like the Port Authority of New York and New Jersey and the Metropolitan Authority.
For all those aspiring to become somebody, Futterman has a simple message: if you love something then pursue it relentlessly. Don't let anything come between you and it.
