Meet the BMAR Member - Gault

Perry Gault's flirtation with real estate began as a boy watching the football Giants at the old Polo Grounds. His father, then the second generation in the real estate business, owned and operated a parking lot across the street from the old ballpark. After graduating from high school, he attended NYU majoring in real estate. When he was inducted into Phi Alpha Kappa, the Real Estate and Finance Honorary Society, he realized that his attraction to real estate was more than a family tradition. His first position in the real estate field began in Manhattan where he worked as a salesman, first for Brett, Wycoff, Potter & Hamilton and then Williams & Co. In 1958, he joined George Gault Co., his father's firm, which at the time had been located on Burnside Ave. for 30 years. After his father's retirement, he opened his own office and continued the family tradition of being Bronx-based for an additional 25 years. Only recently was his office moved to Scarsdale. He attended night classes in real estate at Columbia University. With that background in place, he launched his career specializing in brokerage and mortgage financing. When property values in the Bronx began to erode in the 1970s, he shifted gears and developed a management organization servicing savings banks and other institutions. In the early 1980s, his son Jeffrey joined the firm marking the fourth generation of the Gault family in the real estate business. With their expertise in the management business, they began to operate as principals buying and selling both residential and commercial properties. Fortunately in the early 2000s, Gault and his son began to believe a bubble in residential and commercial prices was developing. When the price of an asset becomes increasingly disconnected from its fundamental value, they believed it was time to sell and they sold a significant position of their portfolio to the major downturn in real estate values that followed. "How we arrived at this decision looking back still puzzles us," said Gault. "Aside from business activities, I have been actively involved as a member of the Bronx-Manhattan North Association of Realtors, for over 40 exciting years holding various positions during that period o time. In 1995, I served as president of the board, and a year later was selected the 'Realtor of the Year.' At the 2005 banquet I had the privilege of becoming a member of an elite group of distinguished and talented active members of our organization when I received 'The President's Award.' Currently I am chairperson of 'RPAC,' (Realtor Political Action Committee) the best kept secret on our industry. In my local community, I have been active over a period of years in numerous charities and in my synagogue," said Gault. "I want to mention my late wife Karen for putting up with me for 60 hour weeks, midnight calls and lost weekends for over 45 years.I am fortunate to have two other children, Clifford and Deena, and six grandchildren. As I look back in time, it's been a great ride, and with God's will, there's a lot more to do and see down the road," he said.