Ajax Partners consists of a team of dedicated real estate professionals assembled for the purpose of acquiring, owning, operating and financing a multi-sector real estate portfolio. The team has extensive real estate experience accumulated through hundreds of transactions with a value in excess of $10 billion. Ajax draws from diverse backgrounds that include positions as entrepreneurial owners, developers, project managers, Wall Street lenders, bankers in the public and private real estate capital markets, REIT acquisition specialists, owners, asset managers and financial advisors. Ajax’s team is experienced in all major property sectors with emphasis on the office, industrial, retail, multi-family and hotel/resort sectors. Ajax operates in most major metropolitan areas and a select group of smaller submarkets. Ajax’s team has a unique combination of significant financial, transactional, operational, and development expertise. This experience is complemented by strong relationships with local development partners for opportunities that require new construction or redevelopment. Ajax’s partners have closed transactions with a wide range of public and private equity and debt financing partners. This combination enables Ajax to identify undervalued assets, develop creative repositioning and operational strategies to build value, and enhance the operational strategy with sophisticated financial structures.
Stuart Silberberg - Principal
Stuart has spent his entire 28 career in the commercial real estate finance and investment industry. Stuart is a founding partner of Ajax where he has led the acquisition and financing of over 3 million square feet of assets with an aggregate value over $300 million, while also working extensively on asset management, development, leasing, and investor relations. The Ajax portfolio currently includes office, industrial and multi-family assets. For the last four years, Stuart and the Ajax team advised Starwood Property Trust on whole loan and mezzanine investments totaling $1.5 billion. As an affiliate of Coastal Capital Partners and later through Ajax, Stuart and his team provided client advisory services on over $1 billion of transactions including mortgage financing, acquisition advisory, equity placement, mezzanine investment and debt restructuring. Stuart has also provided underwriting services for Wall Street firms on several billion dollars of real estate assets. Prior to Ajax, he worked with several Wall Street firms, including Deutsche Bank, Nomura Securities and Kidder, Peabody & Co. in all aspects of the public capital markets as well as underwriting, structuring and originating debt, mezzanine and equity transactions for both public and private investors. Over the past 15 years, in addition to the Ajax transactions, Stuart has been involved with the financing and development of numerous projects. These projects include institutional properties such as The St James in Philadelphia, PA, a 308 unit residential project and the 1 million square foot Citadel Center office building in Chicago, IL. Stuart holds a Masters of Management from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science from the Wharton School at the University of Pennsylvania.
Robert Easton - Principal
Robert Easton has been working in commercial real estate for over 22 years. At Ajax Mr. Easton focuses his time on identifying and acquiring value added and development opportunities for the company and its partners as well as executing those investment strategies through property entitlement, property improvement and project development endeavors. Prior to co-founding the Ajax companies, he spent five years with Nomura Securities Co., Ltd.’s Nomura Asset Capital Corp. and The Capital Company of America affiliates where as a managing director he co-ran the development finance and construction lending group. After leading over $1.5B of loan and investment originations in development and re-development projects, Mr. Easton was a lead banker and asset manager as Nomura unwound over 90% of its $16B real estate investment portfolio following Nomura’s 1999 decision to reformat its US commercial real estate investment operations. Prior to Nomura, Mr. Easton spent four years as a senior underwriter at Victor Capital Group, LP, a private merchant banking group, which became the foundation of Capital Trust, Inc. in 1997. He has also worked with LaSalle Partners as a research and management associate and as a development project manager and owner’s representative at Nexus Properties, a private real estate developer/owner/operator of over two million square feet of commercial real estate in central New Jersey. Mr. Easton has an MS in Real Estate Development from the Massachusetts Institute of Technology and a BS in Electrical Engineering from Lafayette College.
Warren Horowitz - Principal
A career entrepreneur, Warren Horowitz has 25 years of self-employed business experience, with a diversified background in real estate that began in 1992. He joined Ajax in 2010 and has focused on purchasing non-performing commercial loans as a means of acquiring property. He co-manages the Ajax portfolio in Brooklyn and Central Harlem and is currently leading the project management on their ground up, high end condominium development in SOHO, NYC. Prior to Ajax, Warren was a principal of Triad Partners LLC. Triad was formed in 1996 to purchase property and facilitate all aspects of in-house renovations and new construction projects. Concentrated in New York City and Long Island, project scopes ranged from high-rise apartment and brownstone renovation to apartment building and single-family residence ground up construction. He has managed and directed all construction activities for Triad Partners LLC and has completed approximately 35 real estate transactions. Warren is also a principal of Titan Enterprises LLC. This entity was formed in 2000 to manage residential multi-family properties acquired or constructed by Triad Partners LLC and currently oversees a portfolio in the East Village of Manhattan. Previous to his involvement in real estate, Warren owned and managed a NYC medallion taxi company. Warren holds a Bachelor of Arts degree from New York University.
Scott Humphrey - Principal
Scott Humphrey has gained extensive experience in all aspects of real estate over his 30 year career in the industry. He joined Ajax in 2007 and has focused on purchasing non-performing commercial loans as a means of acquiring property. He currently co-manages the Ajax portfolio in Brooklyn and Central Harlem. Prior to joining Ajax, he raised equity and developed numerous projects valued at more than $50 million in Brooklyn, NY, Winston-Salem, NC and the US Virgin Islands. Scott has advised several investment banks on over $300 million in transactions. Mr. Humphrey worked as a banker for Chase Community Development Corp. as well as Nomura Securities, closing over $500 million in transactions. He was the Director of Construction for Housing and Services and oversaw the construction of several nationally recognized projects for people suffering from AIDS, as well as over 1,000 units of affordable housing in the South Bronx. Scott began managing rent controlled properties early in his career and worked his way up to oversee construction crews building high-tech labs in Cambridge, MA. Scott holds a Masters of Business Administration from NYU's Stern School and a Bachelor of Arts from Hobart College. Scott is a licensed Real Estate Broker in New York State.
Jason Miller - Principal
Jason Miller is a principal of Ajax and has more than 22 years of experience in real estate investment and finance. Over 13 years at Ajax, Jason has worked on the acquisition and financing of over 3 million square feet of assets with an aggregate value over $300 million, while also working extensively on the asset management, development, leasing, and investor relations for these assets. The portfolio currently includes office, industrial and multi-family assets. For the last four years, Jason helped originate and close $1.5 billion of first mortgage and mezzanine loan financings for Starwood Property Trust. As an affiliate of Coastal Capital Partners and later through Ajax, Jason helped provide client advisory services on over $1 billion of transactions including mortgage financing, acquisition advisory, equity placement and mezzanine investment and debt restructuring. Prior to joining Ajax, Mr. Miller was a Principal with International Venture Partners, LLC, an investment banking firm with offices in New York and Buenos Aires, where he advised US and Latin American clients on real estate investments, corporate strategy, financial restructuring, capital raising and mergers and acquisitions. Previously, Mr. Miller worked for CarrAmerica Realty Corporation, where he identified, evaluated and executed acquisitions of office properties and land for office development, as well as corporate acquisitions. Mr. Miller helped execute over $1 billion of investments as CarrAmerica built a national portfolio of office properties. Mr. Miller also helped underwrite and close several initial public offerings of real estate investment trusts at Kidder, Peabody & Co., where he worked in both the real estate investment banking group and the corporate finance department. Mr. Miller received his Bachelor of Arts degree cum laude from Duke University and his Master of Business Administration degree from the Stanford Graduate School of Business.
Ian Blatt - Vice President
Ian Blatt joined Ajax as an associate in 2014. His responsibilities at Ajax include financial analysis of developments and acquisitions, as well as supporting the team in structuring investments through underwriting and research. Additionally, Ian is responsible for investor relations and collaberation with various partners. Prior to joining Ajax, Ian was an analyst at CRC Group, a family office investing in commercial real estate acquisitions and developments. Ian began his career in financial analysis as a summer analyst at SC Fundamental, LLC, a value oriented, long-short hedge fund. Ian received his Bachelor of Science in Management from Tulane University where he majored in finance. Ian is currently a Level III CFA candidate.
Peter Gulla - Chief Financial Officer
Peter has more than 30 years of experience in real estate finance, accounting, management and development. He joined Ajax in 2006 and oversees all accounting, tax, human resource lease administration and provides operational support for various Ajax entities. Prior to joining Ajax, Mr. Gulla was Chief Financial Officer for Commonwealth Development Group, a large regional mall development company in New England. Previously, he was Controller for The Finch Group, where he supervised the accounting and financial reporting for over 10,000 residential and condominium units and numerous office buildings. Mr. Gulla also served as Senior Accountant for Edelstein and Company. Mr. Gulla holds a BS in Accounting from Western New England College and is a Certified Public Accountant.