Joseph Grella:  

CLASS OF 1971
Joseph Grella's Classmates® Profile Photo
Windham, NY

Joseph's Story

I started life as a star quarterback but hen something happened, juvenile onset of MS. Then I focused myself on skiing hoping to get on the junior Olympic team in gs and downhill then I wiped out in downhill training and had to wait another year before I could get another try out but by then I was a drug addict and my job was to buy heroin in Harlem and sell it on long island. After a few years and a few arrests I realized this was not the way to wealth and happiness so I went to work in a tennis club owned by a wealthy shopping center developer. After a year or two he gave me the opportunity of my life when he asked if I would like to work in real estate selecting sites for his new venture which was to open 24 Wendy¿s Hamburger Restaurants on Long Island and Manhattan. Then I met a girl who managed a whorehouse at 211 e 51st street and we became a team in love and life. Did I mention that her mother and father lived on Park Ave and he was an international realtor? It was as if fate had stepped into my life and granted all of my wishes. When we married in 1979 there were 3 conditions that I had to agree to, sort of like a pre-nup; 1- convert to Judaism 2-don't screw other women and 3- don't shoot heroin. At first it was like life was going my way. We were married at the Plaza Hotel under a hupi with a rabbi and I had to break a glass. With my Jewish boss and family and my Italian Christian family and my mafia friends Mike and Richie looking on ¿I felt like I was on top of the world. Little did I know that before the year was out Wendy¿s would be history, my wife would be pregnant and we would move to Philadelphia. When we came home from our honeymoon in London and Paris my position with Wendy¿s was coming to an end and as Paul sold his interests I stayed with him to build an 80,000sf shopping center. E 51st Street had to close and Mike was pushing for me to get my wife to open another house which he would finance. So I found a brownstone at 239 E 61st Street which made a great location, Muhammed Ali and Bill Cosby were neighbors, and within hours of signing the lease I had 10 beds delivered. Before we had turned 1 trick the FBI was visiting. My wife had worked for the bureau getting evidence on various people she worked for over the years and now they wanted her to get info on our investor. After that chilling visit we went on a vacation to Jackson Hole and when we got back we found out she was pregnant with our 1st child. While I was thinking about what kind of Mercedes to get she was thinking about getting out of the life altogether. A few weeks after finding out we packed the little we had and moved back to our Great Neck apartment. There we hunkered down while watching her mustang get repossessed and then my 4 wheel drive golden eagle and we prayed our ¿investor¿ was not looking for us to pay him back. I was travelling every week to Philadelphia providing supervisory management for my father-in-law¿s industrial building then when he sold the property to Allen Pullman I was part of the deal. Until the baby was born we could not relocate so every morning I took the train to NY to meet Allen then we would take the metroliner to Philadelphia. After 6 months of this commute in April 1980 I moved my wife and 3 month old son to a fabulous apartment across the street from the steps made famous by ROCKY! Over the next 3 years Philadelphia would provide unbelievable highs, significant lows and life would again bring me to the top of the world and then slam ...Expand for more
me back into Dante¿s inferno. During the 3 years we spent in Philly I accumulated a lifetime¿s worth of knowledge about how to purchase, finance, lease and develop large commercial properties. Allen Pullman showed me how to create tenants, manipulate the NOI (Net Operating Income) and structure financing that in the short term worked especially if you had no equity. We started with 1 800,000 sq ft industrial building which was 60% vacant and built a hundred million dollar portfolio of industrial, medical office buildings and luxury apartment buildings in Philadelphia and St Louis. Once we were settled in our new city we began to look for additional ways to generate income. In some vacant space at the Pullman Industrial Center we opened a convenience store then we took 40,000 sq ft and opened a bingo parlor. ¿It was wild 3 nights a week we packed 500 people into the hall and played bingo. The game generated 10-15,000 a night and since my wife was counting the money we were able to pocket a large percentage of the profits. The most valuable lesson was it doesn¿t matter if the tenant was you or a stranger as long as the space looked occupied. In the summer of 1982 we were able to connect with a REIT that was lending at 23%.. We then structured a $10,000,000 wrap mortgage that put 2 million in Pullman¿s pocket which was the basis for us to start building the portfolio. Every month from August ¿82 until May ¿83 we were closing new loans as we acquired more property and every month I would ask when were we going to renegotiate my salary which was the same as when I was managing the industrial center. Now my wife was pregnant with our 2nd child and something was seriously wrong with me. When we were at the airport getting ready to go to the closing for the new office building I told Allen when he was ready to sit down and negotiate fair compensation I would come back to work but right now I was going to take care of myself and I walked from him and never saw him again. I had been experiencing pain in my right heel for several years and for the last 5 years had been taking amphetamines to overcome the chronic fatigue that I suffered. So when I left the airport I went into the hospital for testing and while undergoing a spinal tap they took too much fluid and I went into a ¿spinal coma¿ which kept me in the hospital for another 7 days while the St Louis closing was completed. While in the hospital, my finance mentor, Allen Trant, called to let me know that they had heard about the falling out between Pullman and me and that he had held up a 1% fee that was to go to the broker but they decided to pay it to me. That call put $50,000 in my account and suddenly we were able to walk away from Philly and go home to NY. Well by 1990 I had broken 2 of the vows and as for conversion I converted culturally but never had my bar mitzvah so in the summer of 1990 while I was in the hospital detoxing from prescription painkillers, percoset I was served with divorce papers and a protection order barring me from going home. I first went to a halfway house in Detroit. In the shadow of the office building I bought 5 years earlier and had sold for a million dollar profit I now was living with crack addicts and prevented from seeing my children. The 1st chance I got I went home, broke into my house and when my soon to be ex came home with my children she called the police who came and arrested me. After that I knew I could not stay in Michigan so I moved home to long island.
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