It Is What It Is: A True Manhattan Real Estate Nightmare With a Silver Lining, by Colin Rath
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It Is What It Is: A True Manhattan Real Estate Nightmare With a Silver Lining, by Colin Rath
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Deep in a hellish real estate fiasco nightmare and plagued with obstacle upon obstacle, Colin and Pam Rath persevered and managed to crawl to safety. It started with obtaining the right from the city to renovate a single-room occupancy rent-controlled "transient hotel" brownstone building and only got worse. From financial problems of a construction project gone haywire to the tune of $13.5 million, to contractor woes, accidents on the construction site, the disaster of a fraudulently installed foundation, falsified reports, a corrupt and antiquated Department of Buildings, political interference, and numerous lawsuits, their real estate project and personal residence was foreclosed, leaving them $13 million in debt. Nevertheless, they continued to hang on to their dreams of Manhattan real estate development and of a global sailing adventure with their children. In a surprising legal development in 2014, their foreclosure was dropped and their multi-million-dollar condo became theirs again, free and clear. The Rath's story of tragedy and triumph will inspire anyone with a dream and prove that the flames of failure don't have to destroy your vision; rather, they can toughen it, like tempered steel.
It Is What It Is: A True Manhattan Real Estate Nightmare With a Silver Lining, by Colin Rath- Amazon Sales Rank: #1502018 in Books
- Published on: 2015-05-26
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .75" w x 5.51" l, 1.08 pounds
- Binding: Hardcover
- 280 pages
Review Colin and Pamela Rath...two bold dreamers who quixotically dove headfirst into the rough, often-unforgiving waters of Manhattan Real Estate and were almost drowned. Through a mix of colorful malefactors, historical circumstances, and misguided optimism, that dream goes terribly awry. Or perhaps, it actually yields to the better conclusion that waits beyond the horizon, drifting in a sea of endless possibility. Brian Babst Licensed Associate Real Estate Broker, CorcoranAn inspiring story for those who are determined to succeed. Life does have its twists and turns, however, it is through PERSEVERANCE one achieves their goals. Read It Is What It Is and find your own silver lining. Gregory Griffith President, G&G Global DevelopmentRead It Is What It Is to experience a real life Dickens adventure replete with looming foreclosure, bureaucratic ineptitude, and a hero pushing onward despite everything working against him. Kenneth Gillett Principal, Target Marketing Digital
From the Inside Flap Pam and Colin Rath, a young Manhattan couple swept up in the housing bubble, borrow a small fortune to build a cutting-edge "green" luxury condo complex out of a crumbling rent controlled brownstone, only to find themselves facing a series of staggering setbacks while the housing bubble crashed. ***** In the early 2000s, real estate in Manhattan was booming, showing annual double-digit appreciation for the next decade. By the middle of the housing boom, Pam and Colin finished the full restoration of their brownstone, and their building had appreciated by over 700 percent! So what did they do next? They bought the adjacent broken-down building in order to develop the first green-cantilevered condominium complex in Manhattan. At the time, banks were throwing mortgages around like comedy club coupons in Times Square. It seemed un-American not to accept some of that money. Like many others, Pam and Colin got caught up in the housing boom. Green design was the new obsession of the architectural world and their project was all that and a tank of biofuel, incorporating two geothermal wells, passive solar radiant heating, reclaimed natural materials, modular construction, a car lift to a private garage, and Nana doors. It was the green dream on steroids! But then it all came crashing down. This is their story of survival and perseverance that brought a silver lining in the end.
About the Author Colin Rath is a successful entrepreneur, Manhattan real estate developer, and author. He grew up in Connecticut and started his first business--a house painting and refurbishing company--while still in college. After graduation, he took over the reins at Better Lists, Inc, a busy direct mail and fulfillment company, and his leadership propelled the firm into a multi-million dollar business. In 1998 he changed careers and obtained a Series 7 license. He bought a seat on the Chicago MidAm trading floor and traded with his own money. Eight years later he decided to branch out into Manhattan real estate development. He bought his first project for $700,000 and sold it nine years later for a whopping $7,000,000.Pamela Harvey-Rath is a marketing, fashion, and merchandising professional. Originally from Kentucky, she was one of the first "Jordache girls" in the 1980s. Thanks to her excellent marketing instincts and keen eye and ear for public taste and trend, she has been called upon to do product development for top fashion companies.Together the Rath's possess a combined experience and knowledge of development projects, the banking and construction industries, marketing, public relations, Manhattan experience and insights, along with a willingness to take risks and an unusual level of commitment and self-motivation. These factors led them to the successful completion of their green dream project and to its subsequent silver lining.
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Most helpful customer reviews
6 of 6 people found the following review helpful. A spoiled kid born with silver spoon ranting everything and blame everyone else but himself on the failures By jay """Spoiler alert"""The author really hasn't learnt the lessons yet according to his book. He thought His only mistake was working with the wrong people/ trusting the wrong service provider while in reality, the bigger problem or the root of everything is they want way more than they can possibly produce. Their greed or needs are way over what they were capable of producing back in time which results in too high of a leverage, lots of complacency from an one-off success- their first condo project and once the world turns, he blames everything outside. From the description of his family and siblings, it is not hard to see that he is the spoiled kid of the family to whom the parents would give everything he wants , many times without even informing the other children in the family. The contradiction of his family value being love and helping each other, taught by his mother, versus his quick accusation of the siblings skipped that memo (of love and helping each other) , and the fact that he only talks to siblings 3 or 4 times a year tells you that he was the one always receiving love and extra care from the parents and he was living in a protected world shielded by his parents. Look, he gambled money on CBOT then now real estate development, and his full time job was with family business, not a testimony from real world competition from real job market. All this tells you he has lots of desire but little ability to get things done.In the end, when he got a hard lesson from real world problems, what was the reaction ? Blaming others. Blaming the market. Even blaming his siblings who correctly pointed out that he is not entitled to his lavish lifestyle or he is not entitled to waste family money for his own desire. And he thinks those criticisms are not fair, are you kidding me.Only value of this book is to remind everyone to make sure managing your risks in development projects, and don't leverage too much.
0 of 0 people found the following review helpful. A harrowing real estate tale By Alexander It Is What It Is was a unique read with a strong, opinionated editorial voice. The story Colin Rath outlined in his memoir really was a real estate horror story: just about every single thing that can be imagined going wrong with a major development project did. My personal favorite "horror" moment was where it turned out that the steel connecting the the building to it's foundation just wasn't there!Going in, I didn't think that a real estate story could be harrowing, but I was wrong! I'd recommend It Is What It Is to memoir AND horror readers: there's nothing supernatural in the story, but apparently real life real estate development can be pretty terrifying!
0 of 0 people found the following review helpful. Entertaining Narrative and Useful Insight By carlosrlu There is a great mix of entertaining narrative and useful insight in Colin Rath’s “It Is What It Is.” The story is both compelling and sheds light on just New York City’s real estate scene, but real estate as a whole! This book is a definite must-read for those looking for a book on New York City real estate, or really, a good story in general.
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