Partner and chair of the Real Estate Law Group, Harvey I. Krasner, was recently featured in a round-up of real estate leaders in The Real Deal's "Daily Dirt" newsletter. The Real Deal editor, Erik Enquist, asked top real estate pros for their favorite real estate adages. Mr. Krasner's quip: "Don't fall in love with the bricks."

The article follows below:

We asked Daily Dirt readers last week for some of their favorite real estate adages.

David Breger couldn’t pick just one, so he sent nine:

“No risk, no reward.”

“The best deal is the one at the table.”

“Never make a deal on Friday.”

“Don't buy a building too far to walk to on Shabbos.”

“If you start as a lender, you'll end up as an operator.”

“Real estate is about leverage.”

“Loves the bricks; hates the tenants.”

“Stabilization isn't a ceiling; it's a floor.”

“Don't get a nose job.” (to a successful buyer)

Breger added, “I know a lot of Sol-Goldmanisms that don't read as real estate specific:

‘I could lose my shirt,’ and, ‘You worry about the wrong things. Worry about me.’”

As far as I’m concerned, any Sol Goldman sayings count as real estate-specific. I wonder if the late property magnate had one for the heirs squabbling over control of his empire.

Getting back to the quips and quotes readers sent in, Harvey Krasner, chair of the real estate law group at Warshaw Burstein, submitted, “Don't fall in love with the bricks.”

That prompted me to look back at Breger’s “loves the bricks, hates the tenants.” Reflecting on these two sayings, it occurred to me that some people are in real estate not so much for the money, or for the people, but for the properties.

They grow attached to them, as one would a faithful but aging dog — even if he just can’t pull the sled anymore and is slowing down the rest of the team.

Nostalgia can be a dangerous thing, as Krasner’s adage suggests. It is sometimes necessary to let go of a property to avoid being dragged down by it.

I have to think that many owners of rent-stabilized buildings are wrestling with this issue. Buildings that have been in their families for years, even decades, are no longer producing enough profit to justify the effort of operating them.

Even worse, the buildings are losing money. Which is obviously unsustainable. The image of a chicken racing around with its head cut off came to mind.

That reminds me of one of my favorite adages from economics, coined by Herb Stein: “If something cannot go on forever, it will stop.”

I will conclude with a submission from landlord-tenant attorney and rent-stabilization expert Sherwin Belkin. No doubt reflecting on Zohran Mamdani’s victory in the Democratic primary for mayor, Belkin wrote, “Lately, my favorite real estate adage is ‘Drink heavily.’”

In his world, it helps to have a sense of humor.

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