(631) 804-6307

Welcome to
New York Real Estate Capital Corp

About Us

George M. Klett, President

I have been in the real estate business for 44 years. After serving  4 years in the U.S. Air Force, In 1974, I was a real estate salesman in the Bronx and then a licensed broker in 1975. I have been in business as a broker and an owner of properties, however, opportunities arose on several occasions for me to create and manage commercial real estate lending departments for banks.  


From 1975 to 1979 I was the Mortgage Loan Officer for Fourth Federal Savings Bank. We had ZERO losses during this period. Fourth Federal eventually went public and is still in existence as Northeast Community Bank. 


From 1979 to 1985, I had my own business in Manhattan as a broker and owner of properties. 


In 1985, I was asked to originate a CRE department for M & T Bank. M & T subsequently acquired East New York Savings Bank. To the best of my recollection, we had de minimis losses on 4 loans in the early 1990’s. 


In 1995, I was offered the opportunity to manage the CRE department for North Fork Bank. North Fork was acquired by Capital One in 2007. We had ZERO losses during this period. 


In 2007, I was asked to start a CRE department for Signature Bank. In a 10 year period, we originated over 7,000 loans totaling in excess of $30 billion with ZERO losses. 


I retired from Signature effective 1/2/2018 and I am a Special Advisor to them until 3/31/2020. 


In my career, I have originated mortgage loans on approximately 20,000 properties consisting of just about every type of property. 


Capitalizing on the numerous client relationships that I have built up all these years, I am investing in properties and mortgage loans, primarily in the New York City area. As I have always said during my banking career “If the subway doesn’t go there, we don’t lend on it”. I am looking forward to clients offering me opportunities to invest in a property or hard money loan. I know this real estate market intimately and can make quick decisions. Also, I will bring deals to clients for investment and have them manage the property and do their magic in creating value. At this point in my career, I am not interested in managing properties. 


Please remember me when you have some investment opportunities. My clientele consist of the “who’s who of real estate”, therefore I will consider any type of real estate or mortgage loan from $1 million to over $1 billion.    


MEMBERSHIPS: 


I have been a member of the Real Estate Board of New York, Inc. since 1980 and served on the Board of Governors and the Real Estate Finance Committee (past chairman). 


AWARDS: 


1999 State of Israel’s Leadership Award for Israel Bonds 


2006 Honoree of the Jewish Children’s Museum 


2013 Harry Chapin Humanitarian Award for Long Island Cares  


2013 Certificate of Special Recognition from the U. S. House of Representatives for the donation of a Veteran’s Services van for Long Island Cares 


Listed as one of the 50 Most Important People in Real Estate Finance over several years, most recently ranked #7

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New York Real Estate Capital Corp

GKlett@nyrecc.com

‭(631) 804-6307‬

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