Executive of the Month: Zlotowitz, president of Eastern Union: Sits at the helm of one of the fastest growing mortgage brokerages in the country

Sitting at the helm of one of the largest (and fastest growing) privately held commercial mortgage brokerages in the country, Ira Zlotowitz sees two things at once. On the surface, he oversees and streamlines the activity churning out of Eastern Union's four offices while personally brokering deals. At the same time, he sees outside of the cubicle walls with a refined sensitivity to market trends changing quicker than some people can jump. While other New York City industries have seen game-changing hi-tech innovations transform their business, some say real estate is less technology oriented. A real estate transaction is "not like booking a plane fare" one critic points out, and even with tech startups like Costar on the scene, brokering a deal still demands the human touch. Ignoring the critics almost before their criticisms were voiced, Zlotowitz invested in software from day one which keeps thousands of clients, deals, documents and data at brokers' fingertips. Everything from "must-do" lists to customized reports which, far from automating client relations, improved and organized them dramatically. More important to clients, colleagues and anyone looking for insight in the field, he keeps up with the changes affecting not just Eastern Union Funding, but everyone involved in commercial real estate. Currently, as president of the company, he's rapidly internalizing the blessings and curveballs of 2013 and preparing his team for the changes 2014 promises to introduce. "The biggest accomplishment in this business is earning your stripes as a trusted adviser," Zlotowitz said. "My brokers would rather shake hands and walk away before doing business that isn't their clients' best option, even if that means losing commision. We just closed $2 billion in 12 months because of that trust, which we can double in a few years by continuing to do business this way." On the market itself, Zlotowitz is optimistic yet cautious. "The risks are inflation, costs, and people realizing these costs," he said. "As we get closer to rates starting to rise, I think that the jitters will affect the cap rates and bring down valuations." Looking ahead, Zlotowitz acknowledges the stumbling blocks and looks forward to leaping over them. Although Eastern Union has a presence on both coast-lines, it's not a bad time to be based in the tri-state area. Multifamily housing In Brooklyn is surging, with Real Estate Weekly reporting a 128% year-to-year increase. "Meanwhile," Zlotowitz said, "banks are making funding for real estate increasingly available. Without getting too aggressive, which is when downturns occur, they are stepping up to the plate and we're seeing it in every deal we close." Exemplifying this trend, Eastern Union closed with over 70 lenders in 2013. Real Estate Weekly reported Eastern Union having a breakout year in 2013, with the company closing nearly $2 billion. At the time of publication, the Howell, N.J.-based firm had grown 60% since 2012 with nine figures in the pipeline for the first quarter of 2014. "As powerhouse brokers have made their presence felt, Eastern Union also hired a slew of experienced underwriters during the year, as well as veteran bankers Dick Cassin, James Hurtig and broker Jack Adler," Real Estate Weekly said. "The company also formed a credit quality division, speeding up the mortgage approval process and elevating conversion rates." Behind all this is an engineer who, in addition to reaching one corporate milestone after another, genuinely enjoys the process of getting there. Those close to Zlotowitz observe this process with respect and amusement. "There are very few people who, when conducting business, are genuinely entertaining to watch," said Sam Applegrad, one of Zlotowitz's clients. It's common practice to find Zlotowitz phone in one hand, term-sheet in another, discussing prepayment penalties on a $30 million single-tenant with a banker, whispering updates to an intern while occasionally consulting an email on a leather-bound Ipad and eating popcorn in his office. Brokers drift in and out offering new developments to conversations started anywhere from 10 minutes to three months ago. Ira is the quintessential multitasker, but before one could accuse him of being distracted, they would look up and see framed newspaper articles, complete with photos of the young businessman in his mid-twenties and accolades such as Crain's 40-under-forty award, which he won at age 29. Years after that tip of the hat, speed still rules the game. The race that Ira runs involves keeping up with an industry whose volume and pace is increasingly centered on technology and out-of-the-box techniques. "We're not looking to reinvent the wheel," Zlotowitz said. "We're looking to find ways to make the wheel spin faster and smoother, even on uncharted terrain."