New Home Signifies New Beginnings For Princeton Real Estate Group

Matthew Hersh

There are new neighbors on the block. A family that has been in the business of housing Princetonians for decades has found a home for its business right in the heart of Princeton. The Henderson's Princeton Real Estate Group acquired a 50-year old building at 34 Chambers Street to carry on a family tradition that began 50 years ago.

On September 19, the Hendersons acquired their new headquarters from the Sword family, which had previously used the site to house their investment banking establishment. The going rate for the property was $3.9 million.

The real estate business became a family affair in 1970, when John, along with his wife Peggy, who joined the firm in 1968, joined the Henderson real estate establishment that started in 1953 on Alexander Street.

The business exploded to 12 offices by the end of the 1980s and had downsized to eight offices by the end of 1998. Around the same time, Jud Henderson, the son of Peggy and John, was diagnosed with lymphoma and embarked on a taxing therapy regimen. Jud had plans to one day take a leadership role in his family's business, but at the time, it was not the best option for him or his family. The business had several offers for a buy out, and the family finally agreed to sell to the Gloria Nilson organization. It would be two years before the family would work again as one unit.

In 2001, the family had the opportunity to open a business in a smaller office on 199 Nassau Street at the Princeton Real Estate Group. The office, Jud Henderson recalled, was two buildings away from the original business's location in the 1970s.

"The move made a lot of sense because at the time we had only nine agents," Mr. Henderson said. The location's small surroundings allowed the company to have a good starting point for regrowth.

"[The office] suited us perfectly and it was a great way to come back," Mr. Henderson said. By the time Princeton Real Estate Group began to grow into the entity it once was as Henderson Realty, the family found that former agents were returning to the business. Beyond that, the Hendersons recruited 25 full-time agents.

It was at this point that the Hendersons decided it was time to move.

The new location on 34 Chambers Street, originally known as the old Phone Company Building, was developed by George Gallup Sr., of the Gallup Survey, in the 1950s. The Gallup Company sold the building in 1989 to the Sword family for $2.25 million, but subsequently entered an agreement with the Swords to convert the building into a multi-tenant facility.

According to Jud Henderson, the Chambers Street location enables the company to move ahead spatially and technologically. The facility allows an increase in square footage, approximately 2000 square feet for the floor the Hendersons occupy, and accommodates technological advancements such as DSL and more comprehensive computer networking. Mr. Henderson, however, jokingly understates the building's capabilities.

"It is a great, comfortable, and charming space," he said.

The move for the Princeton Real Estate Group also signifies a symbolic rebirth for the family as well. In addition to his recovery, Mr. Henderson and his wife, Christiana, celebrated the birth of their daughter, Margaret "Maisie" Mary, on August 1.

"All these things coming together at once is fantastic," Mr. Henderson said of the coincidental occasions of his daughter's birth and the acquisition of 34 Chambers Street.

"We've had this rebirth, figuratively, and literally. It's like we have picked up where we left off before I was diagnosed" he said. "It was a pretty emotional month."

The Hendersons have found a way to combine familial ties and a working cooperative into a successful enterprise. Mr. Henderson's parents, John T. and Peggy, have remained active in the business, with John handling the advertising end and assuming the position of broker of record. Peggy handles the roles of bookkeeping, training, deals with buyers and sellers. Brother Matthew is the commercial manager, and Christiana, who is on maternity leave, is office manager.

"It's been a great relationship," Mr. Henderson said of working with his family. "We all have a hand in where we want the business to be going and how we want to get there," he said.

Mr. Henderson discounted familial conflict in the decision-making processes. He pointed out that the family is "generally on the same page" as far as business goals and tactical business maneuvering is concerned. He also noted that because there are five votes cast when something needs resolution, there is always a tie-breaking vote.

However, the bottom line for the Hendersons is to move forward and remain working as the team that got Princeton Real Estate Group back into the position as a leader in real estate in the Princeton area.

"It's healthy to get everybody's perspective and find the best way to proceed," Jud Henderson said.