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4 v0Ausis
father, Burton, who founded the busi-
ness and is now semi-retired.
The elder Farbman worked for a
Chicago mortgage firm, then Schostak
Brothers to help support the family
after his father, a doctor, died at age
42. He partnered a company with Lee
Stein, who passed away in the 1980s.
The Farbmans moved into their cur-
rent headquarters eight years ago and
now have 300 employees.
David Farbman started doing
cleanup jobs as a youngster, then began
"flipping" houses while in college —
buying foreclosed homes, fixing them
up himself, and selling them. After grad-
uating from Berkley High School, and
from Michigan State University with a
degree in business and commerce, he
worked for an appraisal firm to learn
how to evaluate property.
"The true test of a company's suc-
cess is if management and employees
have the ability to still be grinding by
the end of a tough day," said
Farbman, who is an avid bow-and-
arrow hunter and owns a farm in
northern Michigan. "The real grinders
are the people who succeed."
Soon to "grind it out" with
Farbman will be his brother, Andrew,
25, who will join the company as
executive vice president after gaining
experience for a few years with Wall
Street firms in New York.
The Farbman Group boasts that it's
a full-service organization, handling
land acquisition, reconstruction work,
evaluation, development, brokerage,
sales, leasing, management, and assis-
tance with tax benefits. "We do about
$20 million a year in reconstruction
work alone," said Farbman, "and the
important thing is that we have the
uncanny ability to know precise con-
struction values, helping us to serve
our clients' needs."
Working In Detroit
Among the Farbman Group's achieve-
ments are the purchase and $30 mil-
lion restoration and leasing of the his-
toric Wayne County Courthouse
building; developer of the 100
Riverfront Tower Apartments down-
town; developer of a federal govern-
ment building on Howard Street; part
owner of the building housing the
MGM Grand Casino; and renovator
of 100 acres around the old General
Motors plant on Clark Street.
The Farbman Group's contribution
to the mini-building boom downtown
is Lofts @ Woodward Center
Apartments, a $10 million project
along Woodward between Grand
River and Grand Circus Park — south
of the Crosswinds Woodward Place in
Brush Park.
The 50 lofts, to be ready for occu-
pancy this fall, range from a one-
room, studio-style renting for $700
per month to a two-bedroom version
on two levels (1,000 square feet) at
$1,400 monthly. "They all have high
ceilings, exposed duct work and a lot
of brick," said Marti K. Sciturro,
Farbman's director of residential mar-
keting, "because that's what loft-
dwellers want today.
"About 60 percent of the calls from
prospective tenants are from suburban
residents who say they want to move
downtown to enjoy the cultural activi-
ties."
Farbman spent $3 million renovat-
ing an old building on Seward Street
at Second Avenue in the New Center
area, designed by famed architect
Albert Kahn. The structure was trans-
formed into Gramont Manor
Condominiums. The 45 units range
from 600 to 1,100 square feet and sell
at $60,000 to $89,900.
"We've sold more than 30 so far,
mainly to Detroit apartment residents
who want to purchase a condo to get
some equity out of their home,"
Sciturro said.
Hot Properties
Farbman turned part of the old Parke
Davis Pharmaceutical Building at the
Stroh Riverplace complex on the
Detroit River into 50 luxury condos.
They range from 1,000 square feet at
$190,000 up to 3,000 square feet at a
lofty $500,000 — the price for units
on the top floor with a real view, over-
looking downtown. Called 200 River
Place Condominiums, the project cost
$12 million.
"All 50 units were gobbled up
quickly — and the people hadn't even
seen the floor plans," Sciturro said.
"When stories broke in the newspa-
pers about this project, we received
about 600 phone calls. And other
people have paid $500 just to be on a
waiting list in case anyone backs out."
Adds Farbman, "It just proves what
we've been saying all along ... people
want downtown living spaces. We're
offering them great places to live, and
they're taking them. And the city
couldn't make all of these great moves
without the Jewish developers.
"A big challenge for us is the cost
of construction. The land owners see
their property as having an extremely
high value, and they hold on to the
land much too long before selling,