From the Daily Record:
As the large, publicly owned homebuilders accumulated increasing market muscle in the 1990s, Brian M. Stolar decided to diversify and ferret out niches they ignored to keep his mid-sized Pinnacle Companies competitive.
While he pushes ahead with new ventures along these lines, and swings away from the long-time mainstay of subdivisions in suburban towns such as Montville, he has had to adjust to the cyclical swings that have governed the housing market for decades.
As sales cooled in the past year, Stolar and top company executives “certainly have trimmed everything we can, cut all the costs that we can. Some of our projects have lead times of several years, but we are only building projects right now where there is significant demand.”
He does not disclose financial results of Pinnacle, the privately owned umbrella for three major subsidiaries that focus mainly on upper-end homes, except to say that annual revenues run above $100 million. But even as the number of unsold homes climbs higher along the New Jersey side of the Hudson River, the site of many of Pinnacle’s current projects, Stolar has continued to poke in new directions.