Jorge M. Perez
Encyclopedia
Jorge M. Pérez is a Cuban American real estate
magnate
and author
.
Pérez was born in Argentina
of Cuban
parents and lived in Colombia
before moving to Miami in 1968. He is graduate of Long Island University C.W. Post Campus
, and the University of Michigan
.
Pérez was an economic development director with the city of Miami before he decided to enter the real estate business and became a developer. In 1979, he founded The Related Companies
with New York builder Stephen M. Ross
. Pérez built his fortune by building and operating low-income multifamily apartments across Miami, then branched off into rental apartments before becoming one of the most prolific high-rise condo builders in the Southern United States. Pérez has owned 50 condo towers in various stages of completion in South Florida, Fort Myers and Las Vegas
. He is known as the "Donald Trump
of the Tropics".
The Related Companies had $2.1 billion in revenue in 2004, putting Pérez at the top of the Hispanic Business 500 during this period of time. He is an active Democratic fund raiser; he advised Bill Clinton
on Cuba during his presidency and was an active fundraiser for the failed presidential campaign of Senator Hillary Rodham Clinton
. In 2008, he also hosted and raised money for Barack Obama
after he became the Democratic presidential nominee.
On November 18, 2007, The Related Companies demolished the Sheraton at Bal Harbour to make way for a new project. The Sheraton at Bal Harbour, originally called the Americana, was created by architect Morris Lapidus
, who also designed the Fontainebleau Miami Beach and Eden Roc
hotels. These iconic buildings inspired Miami Modern Architecture
(MiMo).
However with the financial crisis of 2007–2010, many of The Related Companies' projects were in financial strife as buyers, many of whom were speculators, refused to settle on their apartments or banks refused to grant home or property investment loans to the buyers. As a separate business, Pérez set up a vulture fund
to buy distressed real estate. Pérez seemed philosophical on this commenting, "If I die and am worth $50 million as opposed to $3 billion, it is really not important." Before the financial crisis, Forbes
pegged his wealth at $1.3 billion.
. In the book, Pérez specifies business tactics that he says will lead to evergreen profits, including:
He also explains how to manage and grow investments over the long term.
Emphasizing the importance of staying flexible in an ever-changing market, Pérez offers personal anecdotes, key business philosophies, and top insider methods to inspire and motivate any investor or entrepreneur to achieve the ultimate success in real estate.
was named after him.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
magnate
Magnate
Magnate, from the Late Latin magnas, a great man, itself from Latin magnus 'great', designates a noble or other man in a high social position, by birth, wealth or other qualities...
and author
Author
An author is broadly defined as "the person who originates or gives existence to anything" and that authorship determines responsibility for what is created. Narrowly defined, an author is the originator of any written work.-Legal significance:...
.
Pérez was born in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
of Cuban
Cubans
Cubans or Cuban people are the inhabitants or citizens of Cuba. Cuba is a multi-ethnic nation, home to people of different ethnic and national backgrounds...
parents and lived in Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
before moving to Miami in 1968. He is graduate of Long Island University C.W. Post Campus
Long Island University C.W. Post Campus
The C.W. Post Campus of Long Island University is a private institution of higher education located in Brookville in Nassau County, New York, United States...
, and the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
.
Pérez was an economic development director with the city of Miami before he decided to enter the real estate business and became a developer. In 1979, he founded The Related Companies
The Related Companies
The Related Companies L.P. is a real estate developer, manager and financier. The developer of numerous high-profile projects in New York City and around the United States, Related is best known for its historic 2.8 million-square-foot $1,700,000,000 Time Warner Center on Columbus Circle...
with New York builder Stephen M. Ross
Stephen M. Ross
Stephen M. Ross is an American real estate developer. He is the founder, chairman and CEO of The Related Companies, L.P., a New York City-based real estate development company. It is jointly owned by his business partner, Jorge M. Perez. He owns 95% of the Miami Dolphins NFL football franchise and...
. Pérez built his fortune by building and operating low-income multifamily apartments across Miami, then branched off into rental apartments before becoming one of the most prolific high-rise condo builders in the Southern United States. Pérez has owned 50 condo towers in various stages of completion in South Florida, Fort Myers and Las Vegas
Las Vegas metropolitan area
The Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ...
. He is known as the "Donald Trump
Donald Trump
Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have...
of the Tropics".
The Related Companies had $2.1 billion in revenue in 2004, putting Pérez at the top of the Hispanic Business 500 during this period of time. He is an active Democratic fund raiser; he advised Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
on Cuba during his presidency and was an active fundraiser for the failed presidential campaign of Senator Hillary Rodham Clinton
Hillary Rodham Clinton
Hillary Diane Rodham Clinton is the 67th United States Secretary of State, serving in the administration of President Barack Obama. She was a United States Senator for New York from 2001 to 2009. As the wife of the 42nd President of the United States, Bill Clinton, she was the First Lady of the...
. In 2008, he also hosted and raised money for Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
after he became the Democratic presidential nominee.
On November 18, 2007, The Related Companies demolished the Sheraton at Bal Harbour to make way for a new project. The Sheraton at Bal Harbour, originally called the Americana, was created by architect Morris Lapidus
Morris Lapidus
Morris Lapidus was the architect of Neo-baroque Miami Modern hotels that has since come to define the 1950s resort-hotel style synonymous with Miami and Miami Beach....
, who also designed the Fontainebleau Miami Beach and Eden Roc
Eden Roc (hotel)
The Eden Roc Renaissance Hotel Miami Beach is a resort and spa located at 4525 Collins Avenue on Miami Beach, Florida. It was designed by Morris Lapidus, in the Miami Modern style, and opened in 1956...
hotels. These iconic buildings inspired Miami Modern Architecture
Miami Modern Architecture
Miami Modernist Architecture or better known as MiMo, is a style of architecture from the 1950s and 1960s that originated in Miami, Florida as a resort vernacular unique to Miami and Miami Beach...
(MiMo).
However with the financial crisis of 2007–2010, many of The Related Companies' projects were in financial strife as buyers, many of whom were speculators, refused to settle on their apartments or banks refused to grant home or property investment loans to the buyers. As a separate business, Pérez set up a vulture fund
Vulture fund
A vulture fund is a private equity or hedge fund that invests in debt issued by an entity that is considered to be very weak or dying, or whose debt is in imminent default. The name is a metaphor comparing these investors to vultures patiently circling, waiting to pick over the remains of a rapidly...
to buy distressed real estate. Pérez seemed philosophical on this commenting, "If I die and am worth $50 million as opposed to $3 billion, it is really not important." Before the financial crisis, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
pegged his wealth at $1.3 billion.
Book
He is the author of Powerhouse Principles: The Ultimate Blueprint for Real Estate Success in an Ever-Changing Market, which has a foreword written by Donald TrumpDonald Trump
Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have...
. In the book, Pérez specifies business tactics that he says will lead to evergreen profits, including:
- Key points to smart investing
- Cardinal rules for picking and building property
- Commandments on negotiating the best deal
- Valuable tips on securing equity
- Steps for successfully selling property
He also explains how to manage and grow investments over the long term.
Emphasizing the importance of staying flexible in an ever-changing market, Pérez offers personal anecdotes, key business philosophies, and top insider methods to inspire and motivate any investor or entrepreneur to achieve the ultimate success in real estate.
Honors
The Jorge M. Pérez Architecture Center at the University of MiamiUniversity of Miami
The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12...
was named after him.
Selected works
- Powerhouse Principles: The Ultimate Blueprint for Real Estate Success in an Ever-Changing Market. New York: New American Library. 2008. ISBN 0451227050