Commercial Property Executive: Stars to Watch -- Toby Bozzuto
April 16, 2013
Memorable Achievements: Working with the development group to start more than 2,500 apartment units valued at over $650 million in the past one-and-a-half to two years—the most prolific in the Mid-Atlantic developer’s 25-year history. Formulating a $150 million equity fund in partnership with Pritzker Realty Group in 2010, during the depths of the recession. Since then, Washington, D.C., has taken off as a favorite market among investors, and the wisdom of the partnership has been vindicated. “We recognized this as a contrarian play—that it was a good time to find development opportunities when others were on the sidelines,” said Bozzuto.
What Others Say About Him: “First off, he is a first-class guy. He is a very stand-up, very honorable, very ethical young man,” said Richard Mostyn, vice chairman & COO of The Bozzuto Group. Mostyn, who co-founded and is co-owner of the company, has known him since Bozzuto was in grade school and says he is “a terrific deal maker. He understands real estate. He understands how to make a deal work. He understands all parties need a win-win to make the deal a success.”
Secrets to Success: “The best I can tell, there are no secrets. I have found that a combination of hard work, integrity and kindness to others is the key to success. Surrounding (ourselves) with people that have similar values and work ethic has allowed us to grow our business and enjoy a wonderful reputation. We must earn this reputation every day.”
Best Advice Received: “I am a third-generation Italian-American, and my ancestors were very poor and came to America with almost nothing in their pockets. My father always tells me to remember where we came from. In other words, regardless of how much success we may achieve, we need to remain extraordinarily humble and never forget who we are.”
Advice to Others: Lions of the real estate world may rest on their laurels, but not Bozzuto. “You are only as good as what you can do tomorrow. Stay extremely humble, maintain your humility and respect for others that you work with, and do what you say you would do. … Our most important value is integrity. If you can live life by that value, then success will follow.”