Peter Feldman
By Joshua Burd
Legacy Real Estate Developers has named Peter Feldman as its president, filling the role with a trusted executive from the affiliated Saddleback Real Estate Developers.
In his new post, Feldman is responsible for all financial, managerial and operational oversight of the Fairfield-based firm and its projects, according to a news release. His goal is to rapidly grow the Legacy portfolio over the next few years, identifying and investing in a wide range of industrial and warehouse properties, including distressed commercial real estate with the potential to become revenue-generating properties for their communities with the right management and resources behind them.
Feldman takes on the new position after seven years with Saddleback Real Estate Developers, the firm founded in 1985 by the Frassetto family as an outgrowth of Frassetto Construction.
“For years, Pete has been an integral part of managing Saddleback’s finances and has demonstrated a keen understanding of, and passion for, the needs of northern New Jersey’s commercial real estate market,” said Salvatore V. Frassetto, Saddleback’s chairman and founder and co-chairman of Tulfra Real Estate. “The reins at Legacy Real Estate Developers are in incredibly capable and talented hands.”
The news release noted Frassetto founded Legacy Real Estate Developers in 2023 to diversify and expand the family’s real estate investment portfolio. The firm has since focused on identifying, acquiring and managing distressed or undervalued properties that need a strong financial partner with deep resources to best serve their tenants and communities.
Feldman joined Saddleback in 2018, where he was responsible for overseeing the accounting and financial operations of the Frassetto family’s commercial real estate portfolio in New Jersey, gaining deep insight into asset performance, budgeting and portfolio management, the news release said. He has successfully managed more than 20 million square feet of office and industrial properties, with projects valued at more than $1 billion.
The firm added that Feldman initially focused on financial oversight at Saddleback, handling all facets of its finance and accounting functions while making sound investment decisions for the firm’s portfolio. Frassetto said he saw Feldman’s potential for an expanded role from his earliest days, planting seeds for Feldman’s growth and involvement in the company years before founding Legacy Real Estate Developers.
“Legacy Real Estate Developers was created to service the many well-located properties throughout New Jersey that simply needed more resources to attract tenants and bring value to the municipalities in which they’re located,” Feldman said. “By tapping into the incredibly valuable experience Sal and the Frassetto family bring to commercial real estate, Legacy Real Estate Developers is well-positioned to service distressed and undervalued assets that will benefit from this collective experience, knowledge and connections.”
Feldman’s role with Saddleback included taking on the added responsibility of managing a portfolio worth more than $100 million, the news release said. That dovetailed with efforts to redevelop hundreds of thousands of square feet of office, industrial, multifamily, self-storage and retail space.
He also remains integral to the day-to-day operations at Tulfra Real Estate, working closely with its leadership team. Over the past 18 months, Feldman has helped generate more than $60 million in new business for Tulfra and Saddleback Realty.
“All the work Pete has put in over the years, combined with the hands-on experience and lessons learned by working closely with the leadership at Saddleback, has made him the perfect candidate to lead Legacy Real Estate Developers into its next growth phase,” Frassetto said.
Legacy Real Estate Developers is one of several real estate-focused firms established and built by Sal Frassetto and his family. His daughter, Andrea Frassetto-Sidlovsky, runs the Franklin Lakes-based custom residential property company Garden State Homes, while his son-in-law, Robert Adams, is principal and broker of record of Fairfield-based Garden State Realty.
“For decades, the Frassetto family has been an essential part of northern New Jersey’s commercial and residential real estate development, and I’m honored to carry that legacy forward as president of Legacy Real Estate Developers,” Feldman said.
