If the vision is good, the possibilities are endless.
With an astounding drive for success and an uncanny ability to get the project done on time and within budget, New York City real estate developer, Craig Nassi, CEO and founder of BCN Development continues to impress the city that never sleeps. The company designs and develops a variety of residential and mix-use properties that are a part of the ever-changing New York City landscape.
Since 1993, Craig Nassi has built a thriving residential development business. BCN Development has built an impressive portfolio of residential developments in major cities across the country. Some of his properties include The Belvedere Tower, The Prado, and Beauvallon in Denver, 315 Park Avenue South in Manhattan, Royalton in Houston, The Palladio in Reno, and many more.
Craig Nassi developed several highly visible projects prior to returning to New York, He is best known for his extraordinary work on what is known as Denver’s Golden Triangle. His unique designs changed the face of the city itself. At seven hundred and fifty square foot, Nassi managed one of the largest projects in the State of Colorado. In addition, Craig Nassi was chosen by his peers for the “Ernst & Young Developer of the Year” awarded by the State of Colorado.
Where did the idea for your company come from?
The idea for BCN Development came when I decided to leave my career in education to pursue my love for great architecture and design and start a new career in the real estate industry. BCN stands for ‘By Craig Nassi’.
What does your typical day look like and how do you make it productive?
My typical day is going around to our project sites. I make sure that everything is up to par and that all is going well. I do quality control. I have a specific vision and expectations for each project that BCN Development creates.
How do you bring ideas to life?
The way I bring ideas to life is by putting the right teams together. Every good leader of a business must start with a vision. If the vision is good the possibilities are endless. As a good leader, I have a way and means of making my visions happen. I know the right people to hire for each project. If there are specific issues with views or height restrictions or Light issues. I know the architects who can bring the exact expertise I require to address the issue and bring the right feel to the vision. I have the right engineer that can build on a site, which is extremely challenging. I have the right designer who can come in at the end and make the place feel the way it is supposed to feel. I have an excellent marketing group who market each project wonderfully. I have a great vision and good people surrounding me who I have chosen to get the job done. They don’t let me down.
What’s one trend that excites you?
The one thing that excites me with my business is the new state laws with development. The law allows people to take capital gains and put it in a real estate development project in an area considered an opportunity zone. We can avoid capital gains if they keep the money in the opportunity zone for ten years. It gives people the opportunity to take money out of the stock market and invest the money in real estate development. It is an exciting trend. It is a win-win situation.
What is one habit of yours that makes you more productive as an entrepreneur?
One of the habits that I have is getting up very early in the morning to brainstorm any issues that may be challenging us at BCN Development. I get everyone together so that they can do what they do best. I also make sure that our website at bcndevelopment.com is doing well.
What advice would you give your younger self?
I would tell younger and more eager Craig Nassi to hire the best people you can for every aspect of what you are doing. Try your hardest to get the smartest most brilliant people to be a part of your vision and your dream. They will get it, and they will understand it because they are smart. Working with smart people will always give you success.
Tell us something that’s true that almost nobody agrees with you on.
I have always had a good sense of who was good in the world of architecture. I have always hired the right architects. As a result, I have never had delays to contend with. Buildings are always done on time and on budget with very rare glitches.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
The one thing where you cannot compromise is the knowledge of your market. Know your area of expertise, and always be up to date on it. Read as much as you can and see what your competitors are doing it and how they are doing it. Know all the information on the area of your expertise.
What is one strategy that has helped you grow your business?
The strategies used to grow my business is knowledge and staying informed. Know your competition. Seeing what the smartest people in my business are doing it and exactly how they are doing it. Following market trends and figuring what is in demand and what products are in demand. Another strategy is taking full advantage of bcndevelopment.com as a marketing strategy.
What is one failure you had as an entrepreneur, and how did you overcome it?
One of the failures that I have had in business was when I had a vision to build a huge building in Sacramento. The marketplace said it has never been done before. But I really felt it could have been done. We spent a tremendous amount of time and money getting everything ready for the build and the recession hit. The financing dried up. It was just to cutting-edge of a project to do in that marketplace. It just didn’t happen. If the market is not too deep in that location. The lesson that I learned is that if the market is not that deep, you’re going to have hardships getting a project going. That is the reason why we stay in New York City because the market is so deep that even if a project goes wrong, the market is here and it is here to stay.
What is one business idea that you’re willing to give away to our readers?
Focusing on a business idea that can be carried out is to focus on doing business in opportunity zones. You can benefit opportunity zones, by being able to utilize the tax benefits today. Our website bcndevelopment.com has also been a great marketing tool.
What is the best $100 you recently spent? What and why?
The best hundred dollars that I’ve spent was when I bought a walker for my one-year-old daughter. It helped her learn how to walk within a week!
What is one piece of software or a web service that helps you be productive?
One a web-service in New York called StreetEasy. It is amazing, it itemizes every address in New York City. It is able to show you what properties are available, how they are available, and all pertinent information on the properties.
What is the one book that you recommend our community should read and why?
One of my all-time favorite books in the real estate industry is 740 Park. It is a story about a building in NYC that more billionaires have lived in than any other building. It talks about why, and the origins of it. It describes how influence manages to relate to the person making the decision to live there. It is a great book relating to how you can have a vision and build the greatest building in the world
What is your favorite quote?
To avoid conflict, say nothing be nothing, and do nothing. by Unknown.
● Every good leader of a business must start with a vision
● If the vision is good the possibilities are endless.
● Try your hardest to get the smartest most brilliant people to be a part of your vision and your dream.
● Working with smart people will always bring you success.
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.