The Roots of Entrepreneurship: Early Experiences that Shaped a Career

What happens when a teenage bookkeeper grows up to build one of the most diversified global real estate portfolios in the world?

On this episode of The Bob Knakal Show, Bob sits down with Francis Greenburger, Chairman and CEO of Time Equities, for a candid, powerful conversation spanning 50 years of real estate cycles, co-op conversions, global acquisitions, and entrepreneurial grit.

From delivering newspapers in Queens to buying buildings in Montreal for $8 a foot, Francis shares the inside story of how he turned timing, instinct, and smart problem-solving into a multibillion-dollar career. He dives into lessons from New York’s 1970s financial crisis, the co-op conversion boom (and collapse), and the deals that defined an era.

For anyone building a career in real estate—or just fascinated by the city's evolution—this episode is a masterclass in creativity, resilience, and bold decision-making.

Key Takeaways:

• How Francis started investing at 16 and found his way into real estate
• The origin story of Time Equities and the role rent control laws played
• Converting over 10,000 apartments and navigating the Tax Reform Act of 1986
• Buying distressed assets during economic downturns—then holding them for decades
• Lessons from the Savings & Loan crisis, the co-op boom, and today’s market volatility
• How to identify opportunity when everyone else sees chaos
• Why Francis prefers control and long-term holds over chasing scale

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