Overview
Guterman began a career in real estate at the age of 18 as a night porter for Fred Trump, father of famed developer Donald Trump. The Brooklyn born son of a beverage wholesaler, Guterman amassed a fortune on scores of condominium and co-ops conversions in New York City.
Beginning in the 1980s, he became one of the largest property managers in the United States, with over 60,000 apartments in over 250 communities nationwide and over 16,000 rental apartments converted to condominium ownership.
As chairman of the publicly owned Hanover Companies, Guterman led a trend of selling occupied apartments to investors who would hold them until their tenants vacated. When the units were vacated, the investors could then sell them at a substantial profit.Hanover's holdings also included, among other things, the Stanhope and Adams hotels, a controlling interest in Roosevelt Island and what was at the time, the only magnetic monorail system in the United States.
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