Robert Knakal, co-founder of Massey Knakal and an industry veteran, recounts the fundamental decisions that shaped his career in commercial real estate. He notes that the success of his company, which sold more investment properties in New York City for 14 consecutive years than any other firm, was not based on a single strategy or a marketing trick, but on a handful of pivotal choices. Many days were ordinary, characterised by hard work, client contact, and transaction negotiations. However, occasionally there were decisions that profoundly altered the course of his career and subsequent events.
Knakal made the first of these decisions even before starting his professional career. During his studies at the Wharton School, he initially planned a career as an investment banker. However, a summer internship at Coldwell Banker in commercial real estate changed his perspective. He became enthusiastic about the entrepreneurial nature of the business, the direct correlation between effort and outcome, and the opportunity to build relationships rather than merely analysing transactions. This experience led him to accept a full-time position at Coldwell Banker after his graduation in 1984 – a decision that set the course for the next 42 years.
A few years later, in 1988, Robert Knakal and Paul Massey decided to establish their own company. Although their initial search for a loan from Chemical Bank was unsuccessful – as young brokers without significant assets were denied trust – they were not deterred. Instead, they saved every possible dollar for two years and founded Massey Knakal in November 1988 with a starting capital of $400,000. In retrospect, this step appears to be the obvious beginning of a success story, although at the time it felt like a leap into the unknown.
Another crucial turning point occurred in 1999. After Massey Knakal had covered all sales territories in Manhattan, the founders faced a choice: either to become a full-service real estate company or to expand geographically while continuing to specialise in building sales. They chose the latter and opened offices in Queens and later in Brooklyn. According to Knakal, this decision illustrated an important lesson: growth often results not from expanding activities, but from concentrating on core competencies within a larger market segment.
Perhaps the most significant decision in Knakal's career was made immediately after the attacks of 11 September 2001. While a large part of the industry cut staff and prepared for a prolonged downturn, Massey Knakal did the opposite. The company believed in the future of New York City and aggressively began recruiting employees. From 21 employees at the time of the attacks, the workforce grew to approximately 150 people within two years. This approach represented the biggest business risk the company ever took. However, the subsequent rebound of the New York market led to the following years becoming the most successful period in Massey Knakal's history.
Not all decisive moments involved taking risks; some required deliberate inaction. In 2007, Massey Knakal negotiated the sale of the company to CBRE for $50 million. Although the transaction ultimately did not materialise, the experience provided valuable insights into acquisition mechanisms, buyer expectations, and the role of founders after a sale. This 'preparation' proved crucial: seven years later, when the company was successfully sold to Cushman & Wakefield for $100 million, they were significantly better prepared due to their previous experience. Such decisions, Knakal says, always required judgement to take well-founded steps even with incomplete information.
