Merrie Frankel
“Real estate is a great business with various facets, may it be finance, law, accounting, engineering, brokerage, portfolio management, etc. . Bottom line - work hard, be honest, know your facts, understand your audience, and have a sense of humor.”
WomenWhoBuild, Meet Merrie Frankel!
Merrie is the CEO of Minerva Realty Consultants, an advisory firm that provides independent credit rating and capital structure analysis for clients contemplating accessing the public markets and litigation support. Merrie has worked on over 70 REITs and REOCs throughout her 40 year long career. On top of her incredibly impressive professional career, Merrie is also a Professor at the Graduate School of Architecture, Planning, and Preservation at Columbia University as well as an Adjunct Professor at NYU’s Shack Institute of Real Estate.
What was your first introduction to the Real Estate field? What led you to consider it as a career path?
I finished my joint JD/MBA in the 1980’s during a recession. Since I had a joint degree, I was fortunate to receive offers by October/November of my last year from accounting firms. I joined what is now Ernst & Young where I was an attorney in the tax department. I worked with one of the tax partners on a number of real estate partnerships, which was one of my first introductions to Real Estate other than acting as a receiver while working as an intern at a law firm during law school.
You were an English major in your undergraduate studies at the University of Pennsylvania, and went on to study Law and Business at Hofstra University obtaining both a J.D and an M.B.A. How did your studies in these fields influence your career trajectory? What skill sets were you able to transfer over to the field of Real Estate?
During my JD/MBA degree, I took Real Property 101, which I enjoyed. I like Real Estate because it encompasses all skill sets and there are many facets to it. You have to write, speak, analyze information, and convey concepts succinctly. . so that’s where I think the joint degree has affected my career path.
You've held a variety of senior leadership positions throughout your career in a male dominated industry. How did you ensure that your voice was heard?
Number one, be calm and number two, be fact-oriented as well as show some chutzpah periodically.
After an 18 year tenure at Moody's you founded your own firm, Minerva Realty Consultants, LLC, which provides independent REIT and rating advisory services. What gave you that initial push to create your own company. What were your biggest challenges and your greatest triumphs?
I had been thinking about leaving Moody’s to start a consulting business and wanted to start getting on public boards, which is not possible while working at a rating agency. I was already teaching at NYU and Columbiafor 12 years at that point. It was January of 2016, I woke up on New Years day and decided this was the year. I initially was thinking year-end. Towards June, I realized that if I waited until year-end, December 2016, I could miss a whole window period. I have always been a big believer in window periods in life- sometimes they come by and you grab them, sometimes you miss them, sometimes it’s okay to miss them, but at least make a conscious decision. In September, people return from Labor Day, and like students, are raring to proceed with year-end deals and budgeting for the next year. I apprised my bosses in July and left in August,hoping that departing before year-end would enable them to promote some people.
I joined the board of Agree Realty Corporation, a retail net lease REIT, in the Fall of 2016 where I chair the Nominating and Governance Committee and sit on the audit committee. I also joined the board of The Martha Graham Dance Company, which has existed for over 93 years, where I chair the Audit/Finance Committee and continue to chair the Investment Policy Committee for the Financial Women’s Association of New York. In addition, I have had my own business for about three years.I have realized is that you modify what you thought you were going to do once you identify the market needs. I have worked on assignments such as taking projects through the rating agencies and a litigation support case where I testified in the Southern District Bankruptcy Court. Getting the word out about your firm in a succinct manner is important.
You are an adjunct professor at Columbia University's Graduate School of Architecture, Planning and Preservation and NYU's Shack Institute of Real Estate where you teach Real Estate Capital Markets. How does being a professor differ from being a professional in the field? How do you balance the two?
We all balance different things in life. I have been on non-profit boards or committees for over 25 years and juggled various roles. Teaching entails getting your point across, relaying information and being clear, which we must do in our jobs every day. I enjoy the diversity of client projects, teaching and board work.
What is one piece of advice you have for females entering the field?
Real estate is a great business with various facets, may it be finance, law, accounting, engineering, brokerage, portfolio management, etc. . Bottom line - work hard, be honest, know your facts, understand your audience, and have a sense of humor.