The Hot Seat: Peggy Aguayo

Welcome to the Hot Seat, where we talk with folks who work in Brooklyn real estate, development, architecture, and the like. Introducing Peggy Aguayo, of Aguayo & Huebener.

Brownstoner: What neighborhood do you currently live in, and how’d you end up there?

Peggy Aguayo: I have been a resident of Park Slope since 1973. I moved to the area because I would visit friends and I felt it was a fascinating neighborhood. It was so unique, not just the brownstones and parks, but the new pioneer, artist, writers and professionals had a casual feel, it wasn’t pretentious.

BS: So how’d you get started in real estate?

PA: In 1983, I was teaching and I had three kids. A friend of mine told me that I could earn extra money by doing real estate. I did two rentals and then met a developer…I then sold him 5 apartment buildings. I didn’t know anything about development but I learned on the job, it was luck and a great mentor! I always knew I had marketable traits and large groups of children scared me. I found real estate was the perfect fit. In 1984, I started my firm.

BS: A&H has a pretty strong presence in Brooklyn real estate. Was there a decision in the beginning to only focus on Brooklyn properties? Can you speak on having to adapt as a real estate company to a such a rapidly growing, and changing, borough?

PA: There was a decision to focus primarily on Brooklyn. Being born and bred in downtown Brooklyn, it was an easy focus. The game plan was to remain local; to live, work and know the area like the back of our hand. I wanted to be an expert. Through my 30 years in the business, there have been many changes. There [used to be fewer] people in the field, no huge corporations, mortgage brokers, publicists or marketing companies. As a realtor your job was to act in all those roles. We called for mortgage rates daily, we designed our own brochures. Now, with the industry being more technological the only way to grow is to surround yourself with young, brilliant entrepreneurs. You have to keep moving forward in order to stay relevant and to go beyond your comfort zone.

After the jump, Peggy’s most memorable projects and why On Prospect Park is her favorite new building in Brooklyn….

BS: Any recent anecdotes you can share that you think reflect where the market is today?

PA: “Seller beware.” It is flattering to say your home is worth more than what the value is. Your home is your castle but it is important to take the emotion out of the process. Ask your realtor for comparables that reflect similar product that recently sold on the market within the last 6 months. This is the only ethical and honest way to price your home. The market will tell you the right price.

BS: What projects from your firm are you most looking forward to? What are some of the most memorable projects you’ve had in the past?

PA: We currently launched 659 Bergen Street. It is a beautiful boutique building with reclaimed wood features. It’s priced right, and geared to the style-conscious, first-time buyer. We have so many projects in the pipeline that will be launching in the fall. I cannot wait to see the market’s reaction to what I believe is quality and stellar projects. One of my most memorable projects was The Cathedral Condos. This is a conversion of one of the most amazing architectural finds in Brooklyn, a former Catholic Prep School. I worked closely with the developer and architect to maintain the architectural integrity of the building while at the same time creating modern living spaces. Next, would be the project on 3rd street which converted a whole block into new construction homes, Park Slope Estates. This 36-unit project was the first new construction project in Park Slope between 4th and 5th Avenue. It was so exciting to see the transition from vacant land, to a picturesque, tree-lined block with phenomenal homes.

BS: And, finally, your favorites: What’s your top Brooklyn neighborhood and favorite new development—not listed by your firm!—on the market?

AH: Park Slope is my top Brooklyn neighborhood, this is why I choose to live and work in the area for almost 40 years now. There is so much at your disposal, between restaurants, boutiques, the parks and schools. It is such a lively neighborhood. My favorite product on the market that is now that is not listed with my firm is the Richard Meier building at 1 Grand Army Plaza. It shows the transition of Prospect Heights and how the demographic has changed. Also, it is a wonderfully conceived structure surrounded by so much antiquity and beauty. It must have been quite a challenge to design a building that is not jarring. I feel because of the glass design it almost disappears into its surroundings. It should not compete with the other buildings.