Lance Bergstein, Lincoln Equities
Chief Executive Officer
Lincoln Equities
Years with company/firm: 7
Years in field: 7
Years in real estate industry: 9
What is your greatest professional accomplishment?
We had a unique life science deal that was scheduled to close in March of 2020. After the initial COVID restrictions, our lender and equity partner for the deal backed out. I was able to replace the equity and subsequently the lender and close on the transaction. This deal will likely be one of the highest returning deals of my career. I aspire to beat it.
What is your most notable project, deal or transaction?
A 886,000 s/f build to suit warehouse for UPS in the port in Bayonne. We purchased the old military ocean terminal non-contingent. The site required a site plan approval as well as bringing in 1.2 million cubic yards of clean fill to raise the site to meet post Sandy FEMA standards. While not official, it is anticipated that UPS may barge trucks into the boroughs given the lease permitted exclusive use of the wharf on the peninsula. This could be the beginning of the marine highway on the Hudson.
How do you contribute to your company and/or the industry?
I think my background in corporate finance has helped the company structure deals a bit more creatively. I bring an extensive network to be utilized by any member of my organization. I think this has really helped in increasing deal volume along with our access to a broad range of LP Equity.
Who or what has been the strongest influence in your career?
Unequivocally, my father. Long before I was even in the real estate business, his creativity, work ethic, and true realization of the American Dream rubbed off on me. The bar was set extraordinarily high to exceed his success level but that is exactly what drives me every day. He taught me to be comfortable in the uncomfortable and to think abstractly which when applied correct are an immense competitive advantage.
What impact has social media/networking had on your career?
Truthfully, I need to work on my professional usage of social media. It provides a unique platform to digitally brand yourself. You control that narrative but also have the ability to reach so many people both in and out of your immediate network. Real Estate is a business of real assets and with that comes the importance of people. Your network is one of the most valuable assets you have in your career. It can drive deal flow, capital, advice and growth.
What were some of your early goals and did anything happen to change them?
When I joined Lincoln Equities, my main goal was to grow the volume of deals the business could do annually while maintain the quality and entrepreneurial approach to identifying opportunities. It required more access to capital and the monetization of pieces of the portfolio to create additional liquidity. That goal has not changed and it is one where the goal line can continually be moved.
What unique qualities and or personality do you feel makes you most successful in your profession?
I think it is really important to be genuine and accessible. I speak very freely and sometimes a bit to my detriment. I pride myself on my transparency and directness. While it is a taste to be acquired by some, you will always know where I stand on something. The other aspect I think goes a long way with people is being accessible. I am available by phone to almost anyone business related. There are no hoops to get through to get my attention, keeping it though requires a bit more work.
What challenges and or obstacles do you feel you needed to overcome to become as successful as you are today?
Growing up there were personality traits of mine that used to get me in trouble in school. It is strange because it was instilled in me at a young age that tapping into that side of my personality and psyche was not a good thing. I eventually learned that what served me poorly at a young age actually served me very well later in life. It was challenging to reprogram myself to lean into those traits’ vs. suppress them.
What was the most defining moment for you?
Taking over as CEO a year ago. The transformation of Lincoln Equities Group over the years has been quite significant. Prior to a clear succession plan, the future of the business was unclear. My new role assured that The Company is going to be around for a long time and continue to be a real presence in the world of Real Estate Development.
Who do you feel was most influential in your life when choosing this profession?
I started my career as a healthcare investment banker. Strangely enough, the healthcare group at UBS was involved in the healthcare REIT related transactions. I had spent my time helping sell, acquire, and raise capital for operating business that were in a sense intangible. I remember on the first REIT deal I worked on touring properties in Amarillo, Texas. Seeing physical real assets struck me to have a sense of purpose and permanence. Being able to physically touch deals that I work on is unique to this business. The development side of this business requires such high political acumen along with business acumen. Those two aspects of the business are what drew me.
What outside activities do you enjoy during you free time?
Outside of time with my wife and kids, I race cars in professional series around the US and Europe.
Driving race cars is more physics and strategy than it is a pure adrenaline rush. It is a great way to escape work and reset. It is easy to be on your phone reading emails anywhere you are these days. But if you lose focus for a split second in a race car there are serious consequences. For me that level of focus is a feeling I chase.
What inspiring word of advice would you give to a young executive graduating from college today?
My first piece of advice is that it is more than ok to be wrong, as long as you approach situations with objectiveness. My second piece is Do not be afraid to do things differently. There are basic skillsets that are an important baseline for everyone in a certain profession to be proficient in but let be the end of the standard playbook. How you apply those skills and mesh them with unique perspectives and contrarian ideas create success.
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