Capital Allocators – Inside the Institutional Investment Industry Michael Levy – Crow Family Real Estate Empire (EP.353)
Nov 27, 2023
Michael Levy, CEO of Crow Holdings, oversees a $30 billion real estate empire rooted in family values. He shares his journey from New York to Dallas and reflects on challenges faced during financial crises, emphasizing the importance of trust and relationships in asset management. Levy discusses strategic investment decisions, highlighting the rising demand in sectors like manufactured housing and data centers, while cautioning against volatile markets like offices. His insights into leadership and the evolving investment landscape reveal a thoughtful approach to navigating complexities in real estate.
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Path to Crow Holdings
- Michael Levy, a New Yorker for 50 years, moved to Dallas after meeting Harlan Crow.
- Crow's unique interview style focused on personal values and family history, not Levy's resume.
Career Journey
- Levy's career began in real estate investment banking during the S&L crisis, giving him early experience in complex deals.
- He transitioned from advisor to investor during the 2008 financial crisis, restructuring Morgan Stanley's real estate holdings.
Navigating the 2008 Crisis
- During the 2008 financial crisis, Michael Levy navigated Morgan Stanley's real estate challenges, including high leverage and illiquid assets.
- The firm faced potential bankruptcy, requiring extensive restructuring and investor negotiations.