Joel Schreiber

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Joel Schreiber
Born
London, England, United Kingdom
NationalityBritish
American
OccupationReal estate developer
Investor
Known forFounder of Waterbridge Capital

Joel Schreiber is a British-born American real estate developer, investor, and founder of Waterbridge Capital.

Biography[]

Schreiber was born to a Hasidic Jewish family in London.[1][2][3] He moved to New York City and in 2000 - with the help of his family and private investors - purchased residential real estate in Brooklyn, upstate New York, and New Jersey.[1] In 2004, he sold most of the residential portfolio to concentrate on commercial properties in Manhattan.[1] In 2006, he founded Waterbridge Capital as a vehicle for his investments.[1][4] Waterbridge generally leaves the development of properties to its partners and focuses on raising capital and finding partners.[1] His first major investment was the $190 million purchase of 536 Broadway in 2007.[1] In 2010, he purchased a 33-percent interest in WeWork (founded by Adam Neumann and Miguel McKelvey) for $15 million after meeting the founders who were inquiring about a potential lease.[5] McKelvey stated that the deal was a pivotal moment for the company.[1] In 2012, he partnered with Ben Bernstein and Ben Stokes of RedSky Capital and purchased a group of properties for $66 million on Bedford Avenue in Williamsburg, Brooklyn; they redeveloped the real estate and subsequently signed Apple to a 20,000-square-foot retail lease.[1] In 2012, Schreiber partnered with Brooklyn real estate investor David Werner and purchased One Court Square for $481 million in Long Island City, Queens from Stephen L. Green's, SL Green and JPMorgan Asset Management.[1] Also in 2012, he partnered with of Alchemy Properties and WeWork's Neumann and purchased for $68 million the top floors of the Woolworth Building which they converted into condominiums.[1] It is uncertain how much of an interest Schreiber presently holds in WeWork; the latest pre-IPO valuation is $48 billion (August 2019).[6]

Along with fellow Hasidic developers in Brooklyn, , Isaac Hager, Yoel Goldman, and Simon Dushinsky, he is one of the prominent real estate developers in Brooklyn[2][3][7] who has catalyzed the gentrification of the Brooklyn neighborhoods of Williamsburg, Bushwick, Greenpoint, Borough Park, and Bedford-Stuyvesant.

Personal life[]

Schreiber is married and has children.[1]

References[]

  1. ^ a b c d e f g h i j k Putzier, Konrad (December 1, 2017). "The story of WeWork's mysterious first investor". The Real Deal. Schreiber was born into a Hasidic family in London in the 1970s or early 1980s, according to several people who have worked with him.
  2. ^ a b Maurer, Mike (August 22, 2016). "Learning and earning: Hasidic Brooklyn's real estate machers: Investors from ultra-Orthodox sect have spent $2.5B+ in 5 areas over past decade: TRD analysis". The Real Deal.
  3. ^ a b Weinberger, Shimon (August 24, 2016). "Chassidic Developers Dominate Brooklyn Real Estate Scene". Jewish Voice.
  4. ^ "The Team: Joel Schreiber – Chief Executive Officer". Waterbridge Capital. Retrieved August 2, 2019.
  5. ^ Putzier, Konrad (October 19, 2017). "The little trick WeWork's Adam Neumann uses to charm investors". The Real Deal. Manhattan property owner Joel Schreiber bought a 33-percent stake in the company for $15 million in 2010. “I didn’t negotiate — I said yes,” Mr. Schreiber said. “I loved Adam’s energy.”
  6. ^ Schleifer, Theodore (May 10, 2019). "SoftBank, the most powerful — and controversial — tech investor in Silicon Valley, explained". ReCode. WeWork, last valued at about $48 billion, is perhaps the SoftBank deal that best represents how love-it-or-hate-it the Vision Fund is in Silicon Valley.
  7. ^ "LISTEN: TRD talks Hasidic real estate empire on WNYC: Ultra-Orthodox investors poured $2.5B into prime Brooklyn real estate". The Real Deal. August 26, 2016.
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