Sheldon Stein

He began his career managing a real estate portfolio of 200,000 sq. ft. for a commercial laundry business before venturing into real estate development. In 1988 he co-founded Valhal Corp and led the company until 2007. As President and CEO he developed over a million square feet of residential, office and hotel properties. In 2007 he founded Ranger Properties. Stein’s philosophy on development is that the projects have to be not only outstanding aesthetically but they have to be fun and playful. The best long-term value is realized when properties have nuggets of surprise within them. Stein always works to differentiate the firm’s projects, not only to achieve a premium in pricing but often to create a competitive advantage to ensure the firm’s products sell first in a sluggish market. In one of his earliest projects, 25 Minetta Lane, Stein converted a 65 family apartment building into a cooperative in New York City’s Greenwich Village. Because the property market slumped shortly after the acquisition, Stein conceived an idea to divide the rooftop into individual terrace areas and sell them to residents. The concept distinguished the property competitively and was a huge market success and a bigger media splash with the story on the front page of the New York Times Real Estate section, then over the AP wire nationally and internationally and featured on every New York network television news show. In building the twin projects Capitol Hill Tower and the Capitol Hill Courtyard by Marriott side by side in 2004, it was difficult to place the financing in the post September 11th period, especially so near the Capitol building. Although Washington DC had flat housing growth at the time, there were signs that quality of life in the district was improving, but lenders remained wary. Stein managed to obtain the construction financing as an FHA guaranteed loan, but the process was balky and required fixed construction costs to obtain a loan commitment. Stein was able to secure a six-month fixed price construction commitment to eliminate market risk and secure loan. Out of the office, Stein is an active tennis player and weekend cabinetmaker.

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