Risk Game: Self Portrait of an Entrepreneur

by Francis J. Greenburger

Prior to the real-estate boom of the 1980s, Francis J. Greenburger risked it all to buy three older loft buildings at 50 West Street near the current 9/11 Memorial. He ultimately dreamed of one day erecting a magnificent skyscraper in their place. But disaster struck in 2008, just as his plans were coming together, and development came to a screeching halt. The global financial crisis had made the land practically worthless and it would be years before he could get back on track, but he refused to give up on his dream.

Today, 50 West is a striking 780-foot skyscraper with curved glass windows that has become an iconic feature on the city skyline—but it took much more than a financial investment to get there. It required Greenburger to do what he does best—take huge risks at every turn.

During his parallel careers, Francis J. Greenburger has made publishing and real-estate history. Whether risking the reputation of his agency for the super -star authors of tomorrow, such as James Patterson to Dan Brown, or pioneering the New York co-op market by taking “hopeless” properties and turning them into prized homes, he has successfully navigated the worlds of business, politics, and social change to become the quintessential American entrepreneur.

A math and business prodigy who started working for his father at the age of 12. After a stop–and-start academic career, he voluntarily left one of the most elite and academically distinguished New York City high schools and started his adult life at 15. Greenburger has made it his life’s work to find value where others never thought to look, and his keen instincts and innovative strategies have taken him from a high-school "dropout" to a well-educated self-made billionaire.

Francis has mastered the "risk game." Now, with Rebecca Paley’s gripping prose, he takes us behind the scenes in Risk Game and reveals firsthand how he has become a self-made force in the competitive world of New York real estate—and a champion for nonprofit organizations in the fields of art, education, and, most recently, social and criminal justice.

Genres: Business, Biography, Entrepreneurship, Memoir, Autobiography

304 pages, Hardcover

Published September 6, 2016

About the author

Francis J. Greenburger is the founder and CEO of Time Equities, Inc., a multibillion-dollar real estate investment and development company, as well as chairman of Sanford J. Greenburger Associates, a literary agency representing some of the most successful writers of our time. He is the founder of two important not-for-profit organizations, the Omi International Arts Center and the Greenburger Center for Social & Criminal Justice. He has served on the boards of over 15 nonprofit organizations for the arts, education, and criminal justice reform. Greenburger is also an active tennis players and skier, political cheerleader, and loving father of four children, each taking their unique journeys through life.

Reviews

[Carla]

A smart, entertaining memoir. The book has much to say about risk, but more about people: friends, family, mentors, they all matter.

[Library of · Rating 4 out of 5]

A good book on an interesting person. Below is my summary. More on similar types of books can be found at www.libraryof.xyz

Francis Greenburger is an American real estate developer, author and philanthropist. Since 1966, his Time Equities has built up a portfolio consisting of over 2.8m sqm of commercial properties (residential, office, retail and industrial) mainly in North America, but also in many places around the world. The portfolio was by 2018 valued at over $4bn. This book is Greenburger’s biography, describing his life from a 12-year-old bookkeeper to a real estate mogul, and the many ups and downs in between.

SORTS OUT HIS FATHERS BUSINESS AS A TEENAGER. Greenburger dropped out of school during his early teens and began working for his father’s publishing company. There he took care of the bookkeeping. His father was not a strong businessman and the publishing house had basically been run at break-even since the start during WWII. When his father died, Greenburger took over the business and sorted out the messy financial situation with debts and receivables in all possible directions. Greenburger quickly forced through substantial price increases and made the publishing house profitable. Thereafter he turned his focus to his latest interest, the real estate market.

FINDS A NICHE WITHIN PROPERTY LEASING. When you stumble upon something difficult to find, and it shows to be a profitable business venture, you likely have found a lucrative business niche. Greenburger learned this when he, as a 16-year-old, rented out half of his rented office for the same amount he paid for the entire rent. His tenant had had difficulty finding an office and once they found one, they were willing to pay up for it. After that, Greenburger started signing leases on large, and difficult-to-rent, premises and divided them up and sublet them at higher rates.

THE CO-OP KING OF NEW YORK. With the profits from the subletting, Greenburger began to buy up rental properties in dilapidated areas. After some renovation and focus on security in the area, he divided them up and sold them as “co-ops” to the tenants. He gave the tenants a discount on the expected market value of the apartments so that they made a nice deal immediately upon purchase, regardless of whether they resold or stayed. By the 1980s Greenburger’s company had become market leader in New York within the conversion of rental housing to co-ops.

CHANGED THE SKYLINE OF NEW YORK. In 1993, Greenburger bought land to build a skyscraper in Manhattan. However, the 64-storey skyscraper on 50 West Street was not completed until 2018 because the financial crisis in the 1990s, as well as again in 2008, temporarily put a stop to the plans. The total cost of the project was $600m.

BECOME THE BEST IN A NICHE. Anyone who spends a lot of time in a certain market, or a certain niche, will ultimately be very good at it. If you look at all the objects in a niche over a long period of time, you will learn what is good value and what are risk traps. In the early years, Greenburger walked up and down Manhattan and built a mental map of all the streets and its properties, getting better at his game than most of his opponents.

PERSEVERANCE – STEP BY STEP. Greenburger never had any grand plan of building a real estate empire. He just took one step at a time, looking at what at the time made most sense and then pursued that. He had grown up with parents who struggled with money and had a strong urge for security and independence, which gave him great perseverance in pursuing his real estate ventures.

LONG-TERM VIEW AND REFI-EXITS. Nowadays, Greenburger generally takes a longer-term view than most in the industry. He does not “flip” properties quickly just to get a great IRR. If there is stable cash flows an “exit” could always be made through re-financing. There is also a tax benefit being a long-time investor, releasing cash through refinancing instead of exits. Time Equities is happy holding properties for 20+ years if the cash flows are stable.

HAVING CASH CAN BE AN EDGE. When Time Equities entered Holland, they bought in at a time where no banks were willing to finance properties outside A locations in Amsterdam. Time Equities was however financially strong and were able to pay all cash. Being one of very few buyers, the acquisitions were done at bargain prices. Later, in a better market, they counted on being able to refinance the assets.

BEING GLOBAL OFFERS OPPORTUNISTIC DEALS AS WELL AS LONG-TERM STABILITY. In the real estate business, things are cyclical but not on a national basis; they are cyclical on a market basis. To be able to ensure strong cash flows regardless of the economy, Time Equities invests in multiple markets and property types, as well as all from development to conversion to management. Real estate companies entirely focused on development of one type of properties in one market inevitably get into trouble when the market disappears – as it now and then always does.

HARDSHIPS GIVE YOU THE ABILITY TO EMPHATIZE WITH OTHERS. You do not build character when things are good. Everybody can have good character in positive times. It is when adversity hits that real character gets defined and built. When you run into problems you should face up to them, embrace them, and do what you can and then move on. Greenburger says that you need to have confidence that the future is going to heal the wounds of the past, whether they are personal or economical. He believes that those that have not experienced tragedy really do not understand it.

[David · Rating 4 out of 5]

Enjoyable read but author comes across as a bit of a womanizing douche-bag

[Amy apple · Rating 3 out of 5]

Interesting read that felt like a candid, authentic memoir that was unapologetically written.

At times I felt Greenburger was jerk and at times I felt like “Wow this person is just incredible” . Either way this is definitely engaging to read.

I did not know who Greenburger was when I started and after reading I have really googled him and learnt even more about the commercial/media side of him.

I also thought this book would have more on his thoughts when he would be risk taking per se, but it’s definitely more about his life and less so business. You do get a small insight as to how he see risk and then it makes sense to what he has done and how he is able to just do it.

Thank you NetGalley for this read.

[Francis · Rating 5 out of 5]

Inspiring. For him to have accomplished all of the things that he did in life is incredible. The book focuses mostly on his upbringing, his family and his career in real estate but, he was behind many of the world's most famous authors as well. James Patterson. Dan Brown. Nicholas Sparks. Brad Thor.

[Mert Zorlu · Rating 4 out of 5]

I thought the early age entreprenuers were a myth exist only on tiktok.

I loved the journey.

I liked how he’s also saying the importance of luck although I never believe in luck made me realize sometimes things happen out of your control even if you have calculated every information available to you.

[Stuart Mutsonziwa · Rating 5 out of 5]

This is excellent. A perfect business autobiography.

[Jordi Valeri · Rating 3 out of 5]

Good insight from real estate tycoon from NYC in the 70s

[Yaakov Zar · Rating 5 out of 5]

An excellent view into the story of an entrepreneur's life, with all of the messiness that entails.

[Josh Rogers · Rating 4 out of 5]

I really enjoyed learning about Francis' life. He pulls no punches in exposing himself and his challenges in life. But nevertheless he is clearly a great human.

[John · Rating 5 out of 5]

Very fine story of the life, to date, of Francis Greenburger. From childhood to the present, his accomplishments in all that has interested him has produced incredible results in the arts, civic engagement and the lives of the people that inhabit his life, businesses and buildings.

His methods are creative and positive with his curiosity and love of life ever present.

Read it and be inspired.

[Mary Busch · Rating 5 out of 5]

I found this book about Francis Greenburger fascinating. He is both immensely talented and modest. It is rare that a person would be able to trace their own development with such integrity and accuracy.

[Alexandru Cosma · Rating 5 out of 5]

It’s an impressive life experience from which you can learn a lot.

Francis is one of a kind human being, who like couple of other great minds of our century, shares with us an amazing life experience. All I can say to him is Thank you.