|Employer||Post Brothers Apartments|
|Known for||Real Estate Development|
Michael Pestronk is CEO and co-founder of Post Brothers Apartments, a property development company in Philadelphia, responsible for the restoration and renovation of the historic Goldtex building in downtown Philadelphia and Rittenhouse Hill, a large residential project in Northwest Philadelphia among other high-profile development projects.
Pestronk began his professional career with Historic Landmarks for Living, a privately held, Philadelphia-based development, ownership and management company focused on the preservation and restoration of historically significant buildings. Pestronk was responsible for property and asset management and involved in the operational turnaround of a large portfolio of urban Class A apartments. Pestronk also worked with NWJ Companies, an apartment real estate management company based in Philadelphia.
In 2007, Michael Pestronk, along with his brother Matthew Pestronk, founded Post Brothers Apartments, a vertically integrated operating company specializing in property development throughout the area of Philadelphia.
In 2012, Post Brothers faced opposition from local labor unions when union-affiliated workers were awarded only 40% of the work for the development of the Goldtex apartment project in downtown Philadelphia.
Philadelphia magazine wrote an article describing the union controversy surrounding the Goldtex project. Pestronk explained that the decision to consider non-union labor was not a political move, but an economic decision because the cost of an all-union workforce would be "50 percent more."
Pestronk has been responsible for managing a number of other notable developments in the Philadelphia area. In 2011, he worked to secure financing for the redevelopment of Rittenhouse Hill, a large multi-family project in Germantown, Philadelphia.
In 2012, the company announced the development and refurbishment of the Goldtex building in downtown Philadelphia, with an estimated cost of $40 million. The building has a close proximity to Center City, Philadelphia on the site of a former shoe factory built in 1905. After the announcement of the project, the development received national media attention because of the Pestronks' decision to hire non-union contractors.
Post Brothers purchased a 320,000 square foot, partially vacant office building out of foreclosure for over $27 million in July 2012. Post Brothers is expected to convert the former office building located on 260 South Broad Street in Philadelphia into residential apartments or condominiums.
- "NWJ Companies Takes Publicly-Traded Real Estate Company to the Next Level". Reuters.
- "About Us: Our People". Post Brothers.
- Volk, Steve (October 25, 2012). "The Brothers Who Busted Philly Unions. For Good". Philadelphia magazine.
- Saffron, Inga. "Changing Skyline: Unions, developers stuck in standoff over Philadelphia building". Philadelphia Inquirer.
- "Rittenhouse Hill developers get funding for major overhaul of Germantown site". Newsworks.
- "Philly Deals: Rittenhouse Hill apartment renovations moving forward". Philadelphia Inquirer. 28 March 2012.
- "Post Brothers gets funding for Rittenhouse Hill apartments". Biz Journals. 20 March 2012.
- Ballinger, Barbara. "Great Adaptations: Derelict Warehouse Transformed in Downtown Philly". Multi Family Executive.
- "What is Old is New Again as the Multifamily market Continues its rebound". Real Estate Forum. September 2013.
- "20 Best Philadelphians" (August 2013). Philadelphia Magazine. pp. 119–120.