Podcast Summary

Podcast: Founder's Story
Host: Daniel, IBH Media
Episode: What 3 Generations Taught Me About Building a Century-Old Company
Guest: Jonathan Kaufman Iger, Founder of Sage Realty
Date: October 16, 2025

Episode Overview

This episode explores the remarkable 101-year legacy of Sage Realty, a family-owned and operated commercial real estate company based in New York City. Host Daniel and guest Jonathan Kaufman Iger, the fourth-generation leader of Sage, dive into the lessons learned from three generations, the challenges and responsibilities of multi-generational leadership, and how Sage’s focus on vision, adaptation, and hospitality has allowed it to thrive for over a century.

Key Discussion Points and Insights

1. The Secret to Sage Realty’s Longevity

(02:16, 04:25, 11:39)

• Leadership & Vision: Jonathan credits Sage's endurance to his great-grandfather William Kaufman’s ability to foresee macroeconomic and societal changes, and adapt the company’s strategy accordingly.
  • Quote: “The first part to longevity is leadership and vision. What William was so successful in doing…was really seeing what was going on on a macro level… and really understand how that would have an impact on the real estate business.” — Jonathan Kaufman (02:25)
• Adapting to Change: Sage shifted focus from residential to office investments post-WWII, expanded asset classes, and adjusted strategies internationally, always responding to macro-events (e.g., GI Bill, FHA).
  • Quote: “It’s not having the initial conviction… but moving between asset classes within real estate, depending on what’s going on on a macroeconomic, on a societal level.” — Jonathan Kaufman (05:30)
• Wayne Gretzky Principle: The philosophy of “skate to where the puck is going” versus where it is encapsulates Sage's proactive approach.
  • Quote: “That Wayne Gretzky, you know, saying…to skate to where the puck’s gonna be and not where the puck is…that’s a large portion of our success.” — Jonathan Kaufman (02:52, 06:22)

2. Building for Generations vs. Building for Exit

(11:39–14:05)

• Cultural Contrast: Daniel raises the difference between US entrepreneurs who build to exit, versus Asian business cultures more focused on generational continuity.
• Family Legacy: Jonathan reflects on Sage’s immigrant roots and the importance his ancestors placed on building for their descendants.
  • Quote: “It was important to William, when his two sons…came back…it was very important to him…to really run the business together.” — Jonathan Kaufman (12:45)
• Resurgence of Generational Focus: Jonathan suggests America historically had more generational business orientation, and perhaps could benefit from a return to this mindset.

3. Managing Legacy and Responsibility Amid Change

(14:05–16:30)

• Personal Pressure: Jonathan describes struggling with the responsibilities of continuing a family legacy, intensified by recent challenges like COVID-19 and a shifting commercial real estate market.
  • Quote: “When I joined the business in 2010…at that time the company was 85 years old. I did understand both the honor…but the pressure…where it really became apparent was when my grandfather got sick.” — Jonathan Kaufman (14:05)
• Commitment Over Exit: For Sage, there is no intended “exit”—instead, commitment and responsibility to the longevity of the company and its people are paramount.

4. The State and Future of New York Commercial Real Estate

(17:25–20:52)

• Market Not Dead: Jonathan dismisses doomsday headlines about the demise of office space, asserting that core market economics are at play: supply-demand, vacancies, and a “flight to quality.”
  • Quote: “What this really boils down to at the heart of it is…economics 101, this is supply and demand.” — Jonathan Kaufman (17:27)
• Aging Stock & Repositioning: NYC’s office inventory is oldest among global gateway cities, requiring recycling and adaptive reuse for continued vibrancy.
• Rising Rents in Right Segments: Despite broader vacancy, certain best-in-class buildings are seeing rent increases and high demand.

5. The New Competitive Advantage: Hospitality and Tenant Experience

(21:33–24:51)

• Beyond Amenities: Sage pioneered a hospitality-focused approach, inspired by European concierge systems, to create a holistic tenant experience rather than chasing “amenities arms races.”
  • Quote: “Rather than talk about amenities…and even services…what we focus on is experience…the Sage experience.” — Jonathan Kaufman (22:38)
• Programming, Not Just Building: Jonathan stresses the importance of not just building amenities, but actively programming them to foster community and value.
  • Quote: “This is not ‘If you build it, they will come.’ You need to build it and you need to program it.” — Jonathan Kaufman (23:30)

6. Learning from Other Industries to Elevate Service

(24:51–31:22)

• Borrowing Best Practices: Jonathan draws inspiration from hospitality, retail, and travel—recounting small, thoughtful details like durable branded umbrellas for tenants on rainy days.
  • Quote: “I love this idea. It just needs to be executed on better… We have Sage branded umbrellas that are super strength…tenants…can grab.” — Jonathan Kaufman (28:10)
• Emotional Resonance: What brings people back to a space isn’t just physical offerings but how it makes them feel—a lesson learned from high-end restaurants and hospitality.
  • Quote (attributed to Tom Colicchio): “People come to the restaurant for the food, they come back for the experience.” — Jonathan Kaufman (29:52)

7. Vision for the Next 50 Years of the NYC Skyline

(32:44–36:05)

• True Mixed-Use Development: Jonathan proposes that the future of thriving cities is supporting true mixed-use buildings (residential, office, hotel), which increases efficiency, vibrancy, and sustainability.
  • Quote: “One of the great keys to unlocking what I think can make New York and so many other cities…more vibrant…is not just allowing but also…supporting true mixed use properties.” — Jonathan Kaufman (33:07)
• Barriers: He points to zoning as a hurdle, suggesting change is possible with policy evolution and innovative thinking.

Notable Quotes & Moments (with Timestamps)

• On Legacy & Vision:
  • “First part to longevity is leadership and vision.” — Jonathan Kaufman (02:25)
• On Adapting Across Eras:
  • “You may be invested in real estate as an asset class, but moving between asset classes within real estate, depending on what’s going on on a macroeconomic, on a societal level.” — Jonathan Kaufman (05:30)
• Pressure of Legacy:
  • “I did understand both the honor of being asked to come in, but the pressure associated…when my grandfather got sick…we would talk about leases…being conscious that he’s not going to be here probably for the first five years of the lease…” — Jonathan Kaufman (14:20)
• On Tenant Experience:
  • “Rather than talk about amenities and even services…what we focus on is experience…the Sage experience.” — Jonathan Kaufman (22:38)
• On Lessons from Hospitality:
  • “People come to the restaurant for the food, they come back for the experience.” — Quoted by Jonathan Kaufman (29:52)
• Future Vision:
  • “If I could reimagine Manhattan’s skyline…supporting true mixed-use properties…would transform the skyline. It would transform the city. I’d love to see it.” — Jonathan Kaufman (34:03)

Important Segment Timestamps

• 02:16 – Introduction to Sage’s Centennial and Principles of Longevity
• 04:25 – Founding Story and Family Adaptation Post-WWII
• 11:39 – Generational Business Philosophy: Building Legacy vs. Building to Sell
• 14:05 – Pressure and Responsibility of Stewarding a Family Business
• 17:25 – Myths and Realities of New York’s Office Market Post-COVID
• 21:33 – Sage’s Hospitality-Centric Approach & “The Sage Experience”
• 24:51 – Translating Hospitality Insights to Commercial Real Estate
• 28:10 – Anecdote: Bringing Super-Strength Umbrellas to Sage Properties
• 32:44 – Designing the Next 50 Years: The Case for Mixed-Use Buildings

Flow and Tone

• The conversation is thoughtful and candid, mixing personal anecdotes, historical context, and business insights.
• Jonathan speaks with humility about his family’s achievements and the responsibility he bears, while Daniel engages with curiosity and admiration.
• The dialogue weaves together macro trends, company lore, practical innovations, and philosophical considerations about the meaning of legacy.

Summary for Listeners

If you want to understand what it takes to build and sustain a business for more than a century, this episode with Jonathan Kaufman Iger is essential listening. Through stories of adaptation, the weight of family legacy, and a relentless focus on tenant experience inspired by the world’s best hospitality practices, you get an inside look at a company that doesn’t just measure success by profits, but by staying power, community impact, and the lived experiences of its people and customers. From the past to a visionary take on the city’s future, Sage’s story is both a blueprint and an inspiration.