Martin Kravet - Royal Abstract: over a half-century servicing NY's real estate industry

Real Estate Weekly, July 29, 1998

In 1934, he founded New York Abstract Corp., the first full-service title insurance agency in the area. Twelve years later, he began Royal Abstract Corp.

Stanley Kravet, his son-in-law, joined the company in 1956 after graduating from New York University and Brooklyn Law School. During the past 40 years, Stanley has represented many real estate operators and developers as attorney, and has participated as title agent insuring many of New York's leading buildings.

In 1985, Martin Kravet, Royal Abstract's third-generation member, joined the firm after graduating from Wharton School of Business and New York University of Law. He is now responsible for overseeing all aspects of the operation.

"I feel the combination of my business and law degrees has helped to give me greater insight into the complex transactions we have been handling," said Kravet. "I am able to analyze risks from the perspective of the purchaser and lender, as well as an attorney."

The cornerstone of Royal Abstract's success is personalized service, knowledge of the industry and legal expertise. The company's staff is composed of several in-house attorneys and numerous dedicated employees who average more than 10 years with the firm. According to Kravet, "These assets - combined with our integrity and hands-on approach - have helped us build our reputation, as well as a venerable roster of clients. We have learned that customer service is what builds long-term relationships, and to this day, it remains our top priority. We truly understand our clients' needs and are driven to find the most efficient solution to any challenging problem."

In an industry that has been slow to enhance personalized service with technological resources, Kravet has pushed the limits and taken advantage of every resource available. "We use state-of-the-art computer technology to ensure that our clients' transactions are handled in the most expeditious and comprehensive way," he said. "This combination of superior service and technology are our ingredients to the fulfillment of our client's number one priority: successful closings."

Royal is one of the few agencies which represent almost every leading title insurance company. According to Kravet, "In the past several years, our national department has handled numerous complex multi-state transactions in which local affiliations and nationwide underwriting is crucial. Our underwriting strength and longevity have afforded us the opportunity to service some of the leading regional and national real estate developers and Real Estate Investment Trusts."

Royal has always been resilient to the many cycles that are inherent in the real estate industry. "The 90's have certainly been no exception," said Kravet. "We are keenly aware of the changes and have created a vision to become one of the most technologically advanced and customer-focused title insurance agencies in the industry. In order to remain competitive, we now provide our customers with a variety of real estate products, including on-line services, property and casualty insurance, flood certifications and a full range of closing services. We will continue to listen and react to our customer's needs and remain result-oriented."

One of the benefits of the company's success has been the opportunity to give back to the community. Kravet's philanthropic activities include sponsorship of many national and local charities including The Educational Alliance, JASA, several local YMCAs, and The TaySachs Foundation. He also holds a position on the board of the Genetic Disease Foundation.

Through aggressive outreach, the company has been able to gain a sizeable share of the metropolitan marketplace, and Martin Kravet has established a solid reputation for himself and the firm. With its focus on consistent effort and customer service, Royal Abstract's stability and prosperity will be ensured well into the next century.