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Feeding off the housing boom

By Farnoosh Torabi | Special to amNewYork

June 19, 2006

(L-R) Carlos Rivera, Josh Blackman, Anne Darer, Derek Bupp of Brownstone Management, in front of a brownstone for sale in Brooklyn. (amNewYork Photo/ Lane Johnson / June 18, 2006)

Josh Blackman is a self-titled "serial" entrepreneur, and he said his latest venture -- running Brownstone Management in Park Slope -- tops the rest.

"I've been starting businesses since I left college," said Blackman, 46. "This is by far the best idea."

Indeed, feeding off Brooklyn's explosion of new residential properties has proved wise. In the past two years, the borough has added roughly 5,000 apartments, with thousands more expected soon.

"We have lots of folks moving here," Blackman said, "and the market has responded."

Brownstone Management now runs 35 buildings, up from just two a couple of a years ago. The buildings include three-unit brownstones and 21-unit coops.

For each building, Brownstone Management oversees maintenance, renovations and inspections. For some units, the business also serves as a real estate broker.

"[Real estate] is a must-have," Blackman said. "People always need a place to live, and that's a good omen for the company."

The biggest challenge, he said, has been creating a bridge between condo developers and residents.

"The developers are savvy, and often the buyers are young and naïve," he said. "They're brought into a situation in which they don't know what they're getting into."

He cited a 20-unit condo he's managing in Greenpoint where the underground sewers date to the 19th century. As one might expect, those sewers flood often.

But Blackman said his new business also offers rewards unlike those of any business he ran before. Blackman, who holds a law degree, has also owned a legal research firm and later, a legal newsletter.

With his new business, he said, "We become a liaison, a champion and an advocate for the property. Now, I'm giving back to the community and that's very gratifying."

The business has also brought Blackman back to his own Brooklyn community where he's lived with his wife for the past 14 years. He works out of the top floor of their Park Slope penthouse -- still another perk to the business.

Blackman hopes to expand the firm into Manhattan. But he's careful not to spread himself too thin.

"We're trying to grow in a measured way," he said. "Our reputation is everything."

Farnoosh Torabi is the business producer at NY1 News. If you know of an interesting small business, e-mail her at amSmallBusiness@gmail.com.