Issue link: https://nebusinessmedia.uberflip.com/i/1499134
BUSINESS PROFILES | MAY 2023 | HARTFORD BUSINESS JOURNAL 7 W hen developers acquire property, they are typically brimming with optimism and eager to seize the possibilities. But after seeing too many decisions made on the basis of overly optimistic projections and attractive pictures, Tom York and Michael Goman realized the need for a more objective approach. In 2011, they formed Goman+York Property Advisors with the goal of applying a data- driven, analytical approach to commercial real estate development and investment. Today, based on their experience and their advanced analytical techniques, they are providing a growing roster of clients with real- world, project-specific guidance and a high level of client-centered attention, "We believed a market gap existed in helping clients with complex and sometimes troubled projects," Goman says. The firm started out serving commercial real estate developers and investors. However, its founders soon realized the need for their services among public and private institutions in health care, education and other sectors. Such owners often have extensive and complicated real estate holdings and can benefit from the input of experienced advisers. The firm now serves many institutional real estate owners on the East Coast, including large hospitals, universities and transportation systems. "Our institutional client base has grown dramatically over the years," Goman says. The firm also has seen growth in its work for municipal, state and quasi-state agencies on land use planning and economic development. "We recognized that these clients would benefit from the guidance of a highly experienced planning and economic development team grounded in the fundamentals of the real estate industry," Goman says. The firm sees its public-sector clients as full partners in the commercial real estate industry, given their enormous stake in the growth and success of developments in their communities. The company now serves dozens of municipal and state clients on an ongoing basis and has completed several hundred special projects. "As with our institutional clients, we typically become close advisers to our municipal and state clients on large and complex project proposals," Goman says. While the firm is growing, it remains grounded in its original mission: taking a clear-eyed, real-world look at development projects. Hanging on a wall in the firm's office is a sign offering a crucial reminder: "It has to make financial $en$e!" "The point of that sign is to remind us that the projects we work on typically cost tens of millions of dollars," Goman says. "While they may be attractive and serve various goals, it's critically important that they also make financial sense." Experience shows that the projects that make financial sense are the ones that actually get built. Those that don't typically end up as an idea on a shelf somewhere. It's more than just making the numbers line up. "By 'financial sense,' we mean there must be a clear and net financial benefit for the initial equity investor and lender, for the institution that ultimately owns it and for the municipality where it's located," Goman says. "Large, complex commercial real estate projects should benefit all constituencies involved. Achieving that goal is the focus of our organization. We love what we do, and we're good at it." Firm Delivers Clear Thinking on Commercial Real Estate and Economic Development Address: 111 Founders Plaza, Suite 1000 East Hartford, CT 06108 Phone: (860) 841-3271 Fax: (877) 741-7210 Website: www.gomanyork.com Product or Service: Advisors on Land Use, Commercial Real Estate and Economic Development Issues, Policies and Projects, Commercial Real Estate Brokerage Services No. of employees: 15+ Top Executives: R. Michael Goman, Principal, Advisory Services; Tom York, Principal, Brokerage Services Year Founded: 2011 R. Michael Goman is a co-founder and principal of Goman+York Property Advisors.