Ite

LANDMARK
ACQUISITIONS
Farbman's purchase high profile buildings on Detroit's skyline.

B

rothers David and Andrew Farbman virtually cornered the market
over the past summer on Detroit's Albert Kahn-designed landmark
office buildings.

Their firm, the Southfield-based Farbman Group, purchased the art deco
masterwork Fisher Building and the Albert Kahn Building in the New Center
area, as well as the former Detroit Free Press building on Lafayette Boulevard in
downtown Detroit.
Not only are the purchases the latest steps in the brothers' unique vision for
Detroit, they bring a personal satisfaction as well.
"Albert Kahn was our great-great uncle on our mother's side," said 27-year-
old Andrew, executive vice president of the real estate organization.
Added David, the 30-year-old chief executive officer of the firm, "In some
respects, it is like gaining possession of a priceless heirloom."
The Farbman Group is the fourth owner of the Fisher Building, a Detroit
landmark known for its golden tower. The seven automotive Fisher brothers,
whose heirs are still the largest single owners of General Motors stock, commis-
sioned Kahn to design the building. It opened in 1928.
Detroit industrialist Max M. Fisher, no relation to the brothers, who were
Catholic, maintains his office there, as do radio stations WJR, WDRQ and
WDVD. It is also home to the Fisher Theatre.
The Albert Kahn Building was constructed in 1931, and the Albert Kahn
Associates architectural firm is the largest tenant.
The properties had not been under Detroit ownership for 25 years.
While the Fisher and Kahn buildings will retain their commercial usage,
David Farbman said the Free Press Building, built in 1925, will have a new life
as residential lofts.
David admires "older assets" in commercial real estate. "Their architecture can
never be repeated," he said.

"Andy and I do our part. We are
ensuring that our children will be able
to enjoy downtown. It will never be
the same as it was when our parents
knew it, but it can still be an enjoy-
able experience," said David.
Said Richard Burstein, a partner in
the real estate department of the
Honigman, Miller, Schwartz and
Cohn law firm, headquartered in
Detroit, "David has very good big
ideas and very good insight into the
needs of the city from a
growth standpoint."
Schostak and Sterling,
as two of the three
partners in Kern
Woodward Associates,
have developed the
Merchant's Row proj-
ect, a $30 mil-
lion residential
transformation
of eight
Edwardian era
buildings on
Woodward
Avenue across
from the
former

Hudson's department store.
Jerald Rosenfeld, owner of the JR
Group LLC, land acquisition special-
ists, moved into the Farbman devel-
oped Lofts @ Woodward Center —
which is contiguous to the Kern
Woodward Associates development —
last month. "They're my landlord," he
said of the Farbmans, "and I'm very
pleased with what they're trying to do
for downtown Detroit. They are
making a major investment.
"I call them 'sub-
urban pioneers'
because they are
willing to invest
back. into the
city."

Looking Ahead

But isn't investing in older. . properties in a city like Detroit a ris ky
venture, especially as the economy appears to be heading into a
recession?
"We are visionaries," said David.
"On the financial side, we view Detroit as one of the few mar-
kets remaining that has truly great opportunities" in terms of real
estate prices and values. "It truly is an opportunity to take con-
trol of assets and reposition them for serious upside potential."
Andy added that there is more to the decision that just the
investment angle. "As Generation X'ers, both of us never got a
downtown, certainly not in the way our parents did. We never
enjoyed a Woodward Avenue. For us, downtown was always
something like a strip mall or another necessity-based retail
development."
"We've got to bring this city back," said David. "It is up to us,
and to the Schostak brothers and Gary Torgow of the Sterling
Group. These are other Jews who have some influence on the
rebirth of downtown Detroit.
"If we don't do it, who will? It is important that we do this
because, throughout its history, Jews have been important to
Detroit.

Andy and David Farbinan re ntly

11/23

2001

96

Aq oloqd

Special to the Jewish News

Pn poi

ALAN ABRAMS