Joel Schreiber

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

Joel Schreiber
Born
London, England, United Kingdom
NationalityBritish
American
OccupationReal estate developer
Investor
Known forFounder 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 Kenneth S. Horn 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, Joseph Brunner, 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. 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. 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. 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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