Real Estate Investor Shares Lessons from Career Setbacks
Joey Chilelli, a partner at Vanbarton Group, reflects on his career in real estate investment, shaped by setbacks, patience, and a productive sense of urgency. Chilelli entered the industry with a background in construction management, later earning an MBA in finance and a master’s in real estate development.
He joined Vanbarton in 2016, drawn by its diverse investment strategies, including office-to-residential conversions, a focus since 2011.
Handling Setbacks and Uncertainty
Chilelli’s career has been marked by significant industry challenges, including the Great Financial Crisis and the COVID-19 pandemic. These periods taught him the value of focusing on long-term goals and breaking them into manageable steps.
During the pandemic, Vanbarton advanced the Pearl House project in Manhattan, a sign of the team’s resilience and vision. Chilelli emphasizes the importance of incremental progress and teamwork in achieving success, even in uncertain times.
The Art of Office-to-Residential Conversions
A key challenge in these conversions is creating a product that feels inherently residential, not just a repurposed office space. This involves meticulous attention to design, materials, and amenities, ensuring a high retention rate by prioritizing livability over unit count.
The process demands both patience and urgency, balancing detailed planning with the drive to innovate and improve outcomes. Chilelli’s approach combines these elements, supporting creativity and a focus on long-term success.
One of the most critical phases in these projects is the initial three to four months, where layouts, unit counts, and floorplate mixtures are fine-tuned. This stage is key for ensuring the units are not only marketable but also livable in the long term.
Chilelli’s philosophy is clear: “If you’re in it, be in it.” This mantra reflects his commitment to active participation and passion, which he believes are key to achieving success in any endeavor.
Balancing Patience and Urgency in Conversions
Chilelli emphasizes the dual nature of his approach to office-to-residential conversions, blending patience with a sense of urgency. While patience allows for detailed planning and fine-tuning, urgency drives innovation and creativity.
Lessons from Setbacks and Early Career
Reflecting on his early career, Chilelli recalls setbacks that shaped his determination. From not making a sports team to facing doubts about his plans, these experiences instilled a drive to prove himself and execute his vision.
This involves careful material selection, interior and exterior design, and attention to amenities. The goal is for residents to perceive the building as a beautiful residential space, not a former office.
Despite widespread uncertainty, the team’s incremental progress and collective effort transformed the building, positively impacting the community and showcasing the potential of office-to-residential conversions.
