He Built Millions of Square Feet in NYC… Then Almost Lost It All

Joseph (Joey) Jerome is the co-founder of JEMB Realty, a behemoth real estate development, investment and management firm based in New York City. In this episode, Joey and I sit down for dinner to unpack his journey from working in his father’s deli to DJing his way into owning two homes by 25. He opens up about surviving a seven-year real estate collapse, why giving back is fundamental to who he is, and what he would do if he were starting from zero today. Enjoy! __________ Check out Avi Akiva on Momentum: https://www.youtube.com/watch?v=0YeKj9Yz_OM&t=117s __________ SPONSORS: • Yazdi Entertainment: New York's Premiere Event Production Company. [email protected] or (646) 765-5643 • The Hedaya Capital Group: Your Trusted Financial Services Partner. Visit https://HedayaCapital.com or [email protected] • Jeff Sitt Consulting: Book Your Free Pivot and Prosper Strategy Call Today! Visit https://JeffSitt.com • Real Property Captive: Own Your Insurance. Recapture Your Premiums. Visit https://RealPropertyCaptive.com Special thank you to Salt Steakhouse for the amazing meal! Visit SaltGourmetMarket.com to order. __________ ABOUT MOMENTUM: 🎙️ Momentum brings you the stories, advice, and wisdom of business visionaries, designed to inspire and guide you on your path to success. Be sure to subscribe on all platforms: YouTube: https://www.youtube.com/@TheMomentumPod Spotify: https://open.spotify.com/show/1jOPoArXfY3OU5uv4BpA3h?si=0311640b82154d1b Apple Podcasts: https://podcasts.apple.com/us/podcast/momentum/id1762657981 Instagram: http://instagram.com/momentumpodcast_ __________ GEAR: • Cameras: https://amzn.to/3UuwW5o • Podcast Mics: https://amzn.to/3J5QWsv • Clip-on Mics: https://amzn.to/3H52iwo • Mic Stands: https://amzn.to/4kZj4uL • Lights: https://amzn.to/45lA5up • Tripods: https://amzn.to/4lHHQAI __________ (00:00) Coming up... (03:22) Growing up in a working-class family (04:17) Working at his father's deli (05:14) "We struggled, but we got by" (06:41) Why did you become a DJ? (09:17) Getting arrested (10:20) Ad: Yazdi Entertainment (11:20) Hiring people to help with DJ gigs (12:09) "My big break" (15:24) DJing to make money (16:11) Expanding to large parties (18:27) Winning a Cadillac for $3 (20:36) "I owned 2 homes by age 25" (23:13) Ad: Hedaya Capital Group (24:50) Scaling his father in law's Burger King opereaton (26:50) Maintaining respect while working for your father-in-law (28:32) Shifting from Burger Kings to real estate (29:43) Extreme stress/panic during real estate crash of late 1980s (33:07) Diversifying his real estate portfolio (34:26) Rock bottom: when the bank called Joey's wife to a deposition (37:24) Thoughts on when to get married (39:42) "Never bring work into the home" (41:04) Ad: Jeff Sitt Consulting (42:01) If you had to start over, what would be your first step? (43:45) The importance of exuding confidence (45:08) How do you motivate your employees? (46:33) The hardest part of leadership: letting go (47:41) Proudest deals (48:32) Ad: Real Property Captive (49:39) When to cut your losses (51:08) Does money still motivate you? (51:29) How has your view of money changed over time? (52:50) Legacy (53:34) Getting involved in community-building at age 16 (58:19) Why do you donate tens of millions of dollars? (59:35) Outro and 3 key takeaways