Adam Weinstein, president & CEO Phipps Houses Group; 'A non-proft Cinderella story'

Real Estate Weekly, Jan 2, 2002

His real estate portfolio is among the most impressive in New York City, yet Adam Weinstein isn't enamored with the art of the deal. He is, however, passionately committed to building strong New York neighborhoods one apartment - and one family - at a time.

As president and CEO of Phipps Houses and chairman of Phipps Community Development Corporation, Weinstein, 39, oversees one of the nation's oldest and largest not-for-profit organizations committed to creating, owning and managing affordable housing. With 30 separate corporate entities under his control, Weinstein manages an asset base of over $1 billion in replacement value, an operating budget of $55 million, 750 employees, more than 10,000 apartments in Manhattan and the Bronx, and a vast network of supportive educational, job training and social service programs that keep the Phipps' communities thriving.

Weinstein arrived at Phipps in 1989 to serve as assistant to the president, having cut recently his public finance teeth at Goldman Sachs, and having whet his public service appetite as assistant to the Commissioner of the New York City Office of Business Development. An eager, aggressive and astute young man, he rose quickly through the ranks, appointed at various times during his tenure to head each of Phipps' operating entities: real estate, asset management, property management and community development. He was named president and CEO of Phipps Houses Group, and chairman of the Phipps Community Development Corporation in September 2001 -- twelve short years after his arrival.

With a breadth of knowledge unprecedented in the organization, he is moving forward with an aggressive 3-year effort to develop 1,000 more affordable apartments and increase its units under management to 12,000, or an increase of nearly 25%. The organization currently has a financing/refinancing pipeline approaching $200 million.

As New York City faces a continuing affordable housing shortage, under Weinstein's leadership, Phipps is well positioned to expand its efforts in housing development and preservation, and foster greater economic and educational opportunities in New York City's lower-income neighborhoods.

A native New Yorker and a self-described "aging aggressive skier,"' Weinstein holds an MBA from Harvard Business School, and a BA from Yale University. He lives in Pelham with his wife and two young children.

Weinstein's professional career can best be described as a non-profit Cinderella story - rising from an assistant in the office of the president, to taking control of one most well respected providers of affordable housing in the nation. He is dedicated to building and preserving New York City communities and empowering Phipps' residents to succeed.

Weinstein joined Phipps Houses in 1989 as assistant to the president, becoming a vice president in 1992, CEO in 1993, and recently its president and CEO. The Phipps Houses Group is the nation's oldest and one of its largest not-for-profit organizations committed to creating, owning and managing affordable housing. Its affiliate, Phipps Community Development Corporation, provides extensive educational, vocational, child care, and support programs for households of all ages, principally in neighborhoods where Phipps has a substantial housing presence. The Phipps Houses Group has developed over 6,000 apartments, continues a controlling interest in over 4,000, and manages nearly 10,000 affordable apartments throughout New York City.

He oversees a diversified not-for-profit real estate and community development enterprise, devoting his activities principally to generating new business and program opportunities, strategy, and operations. During his career at Phipps, he has at various times headed each of its operating entities (real estate development and asset management, property management, and community development). He oversees over 30 corporate entities employing a staff of approximately 750, an asset base of over $1 billion replacement value and over $55 million in operating revenues. The organization currently has a development pipeline of nearly 700 units, and a financing/refinancing pipeline approaching $200 million.

Early in his career Weinstein served as assistant to the commissioner of the New York City Office of Business Development, primarily responsible for budget and new economic development programs. Weinstein was also an associate in public finance at Goldman Sachs & Co. He sits on the boards of the Greyston Foundation and Target Margin Theater, and is married with two young children.