Admittedly, when you start out in a basement office, there's no place to go but up. But when you see how far Liberty Title Agency has gone in seven years, you have to wonder if the sky is the limit because this company has grown by leaps and bounds. Its sales are in the stratosphere: $50 billion in closings, with no end in sight.
Founded by Brian Madden and Al Yorio seven years ago, the company has more than 60 employees, with offices in Uniondale, Manhattan, Westchester, Southampton and Greenport.
In both the commercial and residential marketplaces, Liberty Title has made its mark, thanks to its impressive roster of real estate veterans - executives, counsel and administrators - who rank among the top title insurance specialists working in the risk-management business today. They have propelled Liberty Title Agency and its family of companies - including Skyline Title, GNY Liberty Abstract and its newest member Liberty Art Title Agency - to the forefront.
"As I've often made it clear," said Madden, "I firmly believe that every job in this company is critical to our success. Our greatest resource is our people."
"When our clients need something from us at two in the morning because they're in another country, we pride ourselves on being there for them," said Yorio, executive vice president, co-founder and general counsel.
From its humble beginnings, Liberty Title has become a major player in the real estate field. It's been involved in the closings of such prestigious properties as Rockefeller Center, the Lipstick Building, 7 World Trade Center, the Citicorp Building, RexCorp Plaza, and the Garden City Hotel, to name a few.
How did they manage this? By assembling the best intellectual capital they could put together and by making very savvy business decisions. For one thing, Madden and Yorio determined early on not to rely on the mortgage refinancing explosion that was occurring - hard as it was to resist the lure of skyrocketing fees. But they knew, based on their years in the business, that the refi market was not immune from cyclical pressures and that it was bound for a slowdown. What they couldn't anticipate was how fast - and how far - the fallout would spread. So while mortgage woes have rocked the industry overall and precipitated unprecedented action on the part of the Federal Reserve, Liberty Title continues to thrive.
"The success we are able to achieve for our clients is grounded in our ability to manage and to negotiate the complexities of corporate and real estate transactions," said James Lark, senior vice president and national coordinator for Liberty Title. "We draw upon a considerable wealth of diverse experience within the firm to fulfill our client's exacting needs at every stage of the project."
Drawing on recognized talent in other areas is another hallmark of Liberty Title Agency's marketing prowess. When the company opened its Manhattan office at 1 Dag Hammarskjöld Plaza, Madden inaugurated a series of Viewpoints receptions for his clients and colleagues, featuring President Bill Clinton, Dr. Calvin Butts and former Sen. Alfonse D'Amato.
Liberty Title Agency knows well the risks inherent in real estate transactions and the importance of providing title protection. That's why the company has earned its reputation as a respected resource for discerning professionals and homeowners. Buyers and lenders want to protect their real property investments. And the same is true for buyers and investors of fine art but until recently they had no similar recourse in the unregulated art world.
With that in mind, Liberty Art Title Agency, LLC - an authorized independent agent of the ARIS Corporation - was launched last year to provide art title protection insurance (ATPI®). Licensed in New York State, ATPI is a sophisticated underwriting system that insures the ownership of art against title defects in the same way that property title insurance protects ownership of a home. It safeguards buyers from risks that may arise at any time in the provenance search as well as protecting investments in fine art and limiting liability, which may be of special interest to philanthropists interested in donating art. The ARIS Corporation, backed by Lloyd's of London, spent years developing the actuarial tables used in its fine art underwriting and assembling panels of art experts to assist in the provenance search. And Liberty Art Title Agency is the first company in New York authorized to sell this cutting-edge insurance product.
"When I first heard about fine art title insurance," Madden said, "I immediately recognized that it offers a risk management solution that our clients need. Commercial real estate developers and owners are by their nature accumulators. They often collect real estate in the same way that they collect art, and they devote a significant amount of their personal assets to fine art."
Stories of costly ownership disputes are constantly making headlines. Just last year, the FBI reported that a Norman Rockwell painting, "Russian Schoolroom," which Stephen Spielberg had bought from a legitimate dealer in 1989, had in fact been stolen from a gallery in St. Louis in 1973.
"Do you think Steven Spielberg would have liked to have had this product? You bet he would," said Madden. "We insure that the person who is selling the work of art has the legal right to sell it free and clear of any encumbrance. Art title insurance not only protects your investment, but makes it more marketable, thus enhancing its value. And for us and our clients, art title protection insurance is a perfect fit."
And it's another fine example of what makes Liberty Title Agency and its families of companies a cut above the rest. Tags: