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Headquartered in Hoboken New Jersey, The Pegasus Group was formed in 1997 as an owner and developer of multi-tenant real estate properties. We have established and maintain a philosophy and operating
style that is putting us in the forefront of the business within our market. While young in age, we have 60 combined years in the business.
One definition of creativity is to look at the same thing as everyone else, but see something different. This has been the essence of our success. We see value in projects where others don't. We are able to do this for two reasons:
First, we have an extensive and in-depth knowledge of northern New Jersey. This allows us to leverage our operating and financial assets to the fullest.
Secondly, we focus on the long view. We see every development and relationship not just in terms of today, but as a long-term involvement.
Placing Value On Community
We built our business on properties that had been neglected or overlooked in urban areas. Why focus on urban areas? Our answer is simple: cities are stable environments where mass transit keeps commuting at reasonable levels. People need housing. And municipalities have a hard time keeping up with the demand for quality housing.
Valuing Investment Partners
We are dedicated to always maintaining and strengthening our relationships with our lenders and investors. We do this by making sure that it is financially rewarding for them and we also do it by showing them that our projects are valuable to the communities in which they are located.
Richard A. Miller, Chief Executive Officer
Richard Miller has been in the real estate development business since 1984. Starting with small multifamily projects on Manhattan's Upper West Side and growing into large-scale redevelopments throughout Northern New Jersey, the arc of Mr. Miller's career has included many interesting and unique developments. Over the years, Mr. Miller has acquired, developed and managed for sale and for rent housing, commercial space and structured parking garages.
With an extraordinarily deep well of experience in adaptive reuse, Mr. Miller has successfully completed the conversion and repositioning of dozens of urban sites. His portfolio of work includes properties as diverse and different as the Keuffel and Esser ("K&E") Factory and the former US Testing Headquarters, each located in Hoboken.
The first new market-rate apartment development in Hoboken in over two decades, the K&E Factory was added to the National Register of Historic Places and converted into 99 market-rate apartments with structured parking. The former US Testing Headquarters was an industrial building retrofitted to accommodate vehicular circulation and converted into a structured parking facility in Hoboken's northern end.
As a founding member of The Pegasus Group, Mr. Miller has been instrumental in the acquisition, capitalization, construction and operation of millions of square feet of development. Mr. Miller's ability to build relationships with equity partners, financing sources, community leaders, elected officials, and construction managers has secured highly-coveted developer designations for Pegasus in both Hoboken and Harrison.
An active member of the Urban Land Institute, Mr. Miller graduated from the University of Michigan Business School and later earned an MBA from the New York University.
Michael E. Richman, Chief Operating Officer
Michael Richman began his career rehabilitating and repositioning a portfolio of small residential assets in New York City. As a sole practitioner, he quickly learned to navigate the many disciplines of real estate development.
Following a return to graduate school, Mr. Richman joined Hines Properties where he was responsible for the conception, development and implementation of portfolio-wide building management systems, financial analyses, partnership and lease negotiations, and dispositions of commercial real estate properties with large financial institutions. Mr. Richman also served as head of a specially assembled business development team.
After leaving Hines, Mr. Richman joined The Pegasus Group where his corporate perspective and experience across multiple asset classes has proven to be invaluable. In addition to contributing a wealth of construction and development, property management, financial analysis, deal structuring, and asset acquisition experience, he continues to be the driving force behind the company's long-term planning efforts.
Several of the projects Mr. Richman has worked on have won awards for excellence. In 1990 his marketing work was acknowledged by the New York Real Estate Journal and in 1993, his team won the BOMA Building of the Year Award and while with Pegasus, he led the efforts that won the NJASLA Chapter Award.
A member of the Urban Land Institute, The New Jersey Apartment Association and the National Brownfields Association, Mr. Richman, graduated Hamilton College with a BA and later earned an MS/MBA from Regent's College in London and Boston University.
Edward Kohler, Chief Financial Officer
Edward Kohler began as a project manager for affiliates of Carol Management Corporation (the parent of Doral Hotels and Resorts) where he was exposed to the planning, development and finance of residential, office, hospitality and golf course properties. While with Doral, Mr. Kohler oversaw the completion of a 138-unit luxury condominium project, an extensive golf course renovation, the expansion of a 350,000 square foot four-star conference center, the planning of a new 200-unit residential rental project and numerous loan refinances and restructurings.
In the years that followed, Mr. Kohler took a more active interest in the financial side of real estate development and acquisitions as he accepted Chief Financial Officer positions with owners and developers of commercial and parking-based real estate in Philadelphia and New York City. Mr. Kohler's parking experience includes the acquisition and development of over 10,000 parking spaces in urban locations throughout the United States and Canada. Throughout his career, Mr. Kohler has closed over $1B in equity and debt financings including, public debt issues, tax increment financings and other structured programs.
Also a member of the Urban Land Institute and a former guest lecturer at Rutgers University's Edward J. Bloustein School of Planning and Public Policy, he earned a BS in Chemical Engineering from the Massachusetts Institute of Technology, where he augmented his studies with coursework at the Alfred P. Sloan Graduate School for Management, and the MIT Center for Real Estate.
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One definition of creativity is to look at the same thing as everyone else, but see something different. This has been the essence of our success. We see value in projects where others don't. We are able to do this for two reasons:
First, we have an extensive and in-depth knowledge of northern New Jersey. This allows us to leverage our operating and financial assets to the fullest.
Secondly, we focus on the long view. We see every development and relationship not just in terms of today, but as a long-term involvement.
Placing Value On Community
We built our business on properties that had been neglected or overlooked in urban areas. Why focus on urban areas? Our answer is simple: cities are stable environments where mass transit keeps commuting at reasonable levels. People need housing. And municipalities have a hard time keeping up with the demand for quality housing.
Valuing Investment Partners
We are dedicated to always maintaining and strengthening our relationships with our lenders and investors. We do this by making sure that it is financially rewarding for them and we also do it by showing them that our projects are valuable to the communities in which they are located.
Richard Miller has been in the real estate development business since 1984. Starting with small multifamily projects on Manhattan's Upper West Side and growing into large-scale redevelopments throughout Northern New Jersey, the arc of Mr. Miller's career has included many interesting and unique developments. Over the years, Mr. Miller has acquired, developed and managed for sale and for rent housing, commercial space and structured parking garages.
With an extraordinarily deep well of experience in adaptive reuse, Mr. Miller has successfully completed the conversion and repositioning of dozens of urban sites. His portfolio of work includes properties as diverse and different as the Keuffel and Esser ("K&E") Factory and the former US Testing Headquarters, each located in Hoboken.
The first new market-rate apartment development in Hoboken in over two decades, the K&E Factory was added to the National Register of Historic Places and converted into 99 market-rate apartments with structured parking. The former US Testing Headquarters was an industrial building retrofitted to accommodate vehicular circulation and converted into a structured parking facility in Hoboken's northern end.
As a founding member of The Pegasus Group, Mr. Miller has been instrumental in the acquisition, capitalization, construction and operation of millions of square feet of development. Mr. Miller's ability to build relationships with equity partners, financing sources, community leaders, elected officials, and construction managers has secured highly-coveted developer designations for Pegasus in both Hoboken and Harrison.
An active member of the Urban Land Institute, Mr. Miller graduated from the University of Michigan Business School and later earned an MBA from the New York University.
Michael E. Richman, Chief Operating Officer
Michael Richman began his career rehabilitating and repositioning a portfolio of small residential assets in New York City. As a sole practitioner, he quickly learned to navigate the many disciplines of real estate development.
Following a return to graduate school, Mr. Richman joined Hines Properties where he was responsible for the conception, development and implementation of portfolio-wide building management systems, financial analyses, partnership and lease negotiations, and dispositions of commercial real estate properties with large financial institutions. Mr. Richman also served as head of a specially assembled business development team.
After leaving Hines, Mr. Richman joined The Pegasus Group where his corporate perspective and experience across multiple asset classes has proven to be invaluable. In addition to contributing a wealth of construction and development, property management, financial analysis, deal structuring, and asset acquisition experience, he continues to be the driving force behind the company's long-term planning efforts.
Several of the projects Mr. Richman has worked on have won awards for excellence. In 1990 his marketing work was acknowledged by the New York Real Estate Journal and in 1993, his team won the BOMA Building of the Year Award and while with Pegasus, he led the efforts that won the NJASLA Chapter Award.
A member of the Urban Land Institute, The New Jersey Apartment Association and the National Brownfields Association, Mr. Richman, graduated Hamilton College with a BA and later earned an MS/MBA from Regent's College in London and Boston University.
Edward Kohler, Chief Financial Officer
Edward Kohler began as a project manager for affiliates of Carol Management Corporation (the parent of Doral Hotels and Resorts) where he was exposed to the planning, development and finance of residential, office, hospitality and golf course properties. While with Doral, Mr. Kohler oversaw the completion of a 138-unit luxury condominium project, an extensive golf course renovation, the expansion of a 350,000 square foot four-star conference center, the planning of a new 200-unit residential rental project and numerous loan refinances and restructurings.
In the years that followed, Mr. Kohler took a more active interest in the financial side of real estate development and acquisitions as he accepted Chief Financial Officer positions with owners and developers of commercial and parking-based real estate in Philadelphia and New York City. Mr. Kohler's parking experience includes the acquisition and development of over 10,000 parking spaces in urban locations throughout the United States and Canada. Throughout his career, Mr. Kohler has closed over $1B in equity and debt financings including, public debt issues, tax increment financings and other structured programs.
Also a member of the Urban Land Institute and a former guest lecturer at Rutgers University's Edward J. Bloustein School of Planning and Public Policy, he earned a BS in Chemical Engineering from the Massachusetts Institute of Technology, where he augmented his studies with coursework at the Alfred P. Sloan Graduate School for Management, and the MIT Center for Real Estate.