Great real estate families.
At the turn of the 20th century, a young immigrant arrived at Ellis Island with his life savings--three dollars--sewn into the lapel of his coat. Joseph Durst, a charismatic and hard working man, found America a hospitable place for entrepreneurship and in 1915 made his first Manhattan real estate purchase, a small office building on 34th Street.
So began The Durst Organization, which, nearly a century later--under the current leadership of cousins Douglas and Jonathan (Jody) Durst as co-presidents--ranks among New York's largest and most highly regarded family owner/developers, with a worldwide leadership role in the environmental development and alternative energy movements. (A fourth generation is currently learning the business from the ground up.)
Seymour Durst, Joseph's son, joined his father in the 1930s, and later set the stage for a long period of rapid growth through a series of land assemblages on both the East and West Sides of midtown Manhattan. Seymour, whom writer Tom Schachtman once called "the premier property assembler of his generation," skillfully steered the firm through volatile economic cycles. By the '80s, he had established The Durst Organization as a major owner on Third Avenue and Avenue of the Americas, with a midtown office building portfolio of more than five million square feet.
As the decade came to an end, Douglas Durst engineered a near-miracle, negotiating a creative agreement for the IRS to take a major portion of 1133 Avenue of the Americas, with a separate entrance in a "building within a building" arrangement.
A few years later, in a dramatic show of faith for the rebirth of Times Square, the Dursts initiated another growth phase with their bold spec development of 4 Times Square, the district's first new office building in decades. An instant success, the 1.6-million-square-foot tower became the home of the Conde Nast global publishing empire and headquarters of international law firm Skadden, Arps, Slate, Meagher & Flom.
Equally important, 4 Times Square emerged as a model for environmental design, winning awards and setting new standards for indoor air quality and innovative alternative energy management systems, water conservation, sustainable building materials, construction and clean-up methods.
Durst's current projects push "green" development even further. The 2.1-million-square-foot Bank of America Tower at One Bryant Park, under construction on West 42nd Street, in a co-venture with Bank of America, is attracting worldwide attention for its innovations in conservation and comfort features.
The Helena, a 597-unit rental building at 11th Avenue and West 5Th Street, is expected to become one of the first multi-family buildings to earn gold LEED certification (Leadership in Energy and Environmental Design) from the U.S. Green Buildings Council.
A third major current project, an unusual mixed-use development co-ventured with Sidney Fetner Associates and the Franciscan church, similarly reflects the Durst family zeal for environmental sensitivity in design and construction.
Jonathan, a mechanical engineer by training, says the company's commitment to green development "demonstrates that respect for the environment enhances productivity and the bottom line. A healthier working environment and reduced energy costs benefits both owners and tenants."
Douglas, co-chairman of the Friends of Hudson River Park, and chairman of New Water Taxi, is a potent advocate of making better use of the city's rich waterfront resources.
"The park is opening New York's magnificent waterfront by adding over 500 acres of public facilities, contributing immensely to the city's quality of life and economic well being," says Mr. Durst. "New York is blessed with rivers, and we believe they will be a growing factor in our magnificent city's future development."
The Dolgin Family
When Kalmon Dolgin, a grocery store owner from Russia, decided to start a real estate brokerage business in Brooklyn, he probably had no idea that 100 years later, his great-grandson would be handling the firm's new investments.
Four generations of realtors and investors at Kalmon Dolgin Affiliates Inc. have expanded across the bridge to Manhattan, The Bronx, Queens, Long Island, lower Westchester, Connecticut, New Jersey and beyond, keeping a low profile, but amassing an impressive portfolio of commercial and industrial real estate up and down the East Coast.
For Dolgin's grandson, also named Kalmon Dolgin, 62, the key to the business's success has rested on organization and people skills.
"Most family concerns never make it past the second generation," Dolgin said. "It requires a very unique balance of interpersonal relationships, professional respect and planning in order to integrate the different skills that are necessary for each succeeding generation."
Dolgin said the firm's longevity rested on a firm's commitment to organization and expansion. The Dolgin firm's investment wing was launched in 1943, when the founder's sons, Morris and Israel Dolgin, bought their first building on Hope and Roebling streets in the Williamsburg section of Brooklyn.
The company continued to grow, with Israel's two sons, Kalmon and Neil joining in the late '60s and '70s respectively. Their investments expanded into construction of office buildings and shopping centers, medical plazas and industrial conversions along the East Coast. Divisions were added within the firm for appraisal and third-party management. Kalmon Dolgin Affiliates operates two brokerage offices in Brooklyn and the Bronx, with a Long Island affiliate in Stony Brook. More than 40, full-time brokers offer transactional representation of building owners, tenants, sellers and buyers. On the building management side, the firm applies its accounting, architectural and operational services to more than five million square feet of space. Likewise, Kalmon Dolgin Affiliates' appraisals are recognized in every court for all purposes of valuation.
The goal of the firm, Dolgin said, has always been "to build on the foundation, increase its stability, and for an expansion in new directions that create a whole that's greater than a sum of its parts," he said.
The company's workforce has grown from two to 60 men and women, including individuals specializing in professional support, accounting and management.
But because of commuting situations, well-spread clientele and smaller scale operations, the company has never thought of relocating to Manhattan, choosing instead to stay in Brooklyn, according to Neil Dolgin, 53.
"We're very happy in our little situation being the big fish in the small pond," Neil Dolgin said, also noting the firm's diverse clientele. "Every different sect you can possibly think of is situated in and around our outer boroughs."
Diverse age groups are represented within Kalmon Dolgin as well, ranging from Israel Dolgin, who until his recent death at 92 was still working from the firm's Richardson Street offices, to Josh Dolgin, 33, Israel's grandson.
And last year, Kalmon added, was "one of our banner years."
"We were able to take advantage of a recovering economy and a resurgence in the outer boroughs, plus the fact that we expanded our presence in New Jersey, Florida and some other sections on the eastern seaboard."
For Josh Dolgin, who handles the firm's new acquisitions and financing, getting into the real estate business was a no-brainer from childhood.
"I was always interested in listening to my father talk about work--a lot more, I think, than my other brother and sister," he said. "I think I always knew, since I was five, that this is where I would be."
The Gural Family
Aaron Gural taught his son that a handshake was as good as a contract. Decades later, that philosophy is still one of the core beliefs at Manhattan-based Newmark, one of the largest independent real estate firms in the United States.
"That's one of the advantages of a family business. People know if they shake my hand or my son's hand, then they have a deal," explained second generation Chairman Jeffrey R. Gural, who currently works with his son Eric, his sister Jane and nephew Brian.
Jeff Gural, 62, inherited the chairman title at Newmark several years ago when his now 88-year-old father stepped down because of declining health. However, he was already a principal owner of the company, and had been working with his long-time partner, Barry Gosin to take the company to new levels since 1978. Within the past decade, Newmark has gone from primarily an owner and manager of Garment District and other secondary buildings throughout Manhattan to a top national brokerage firm.
It has evolved from an old-line New York City real estate family firm to a more diversified leasing and managing agent to a major regional and national player with worldwide offices employing nearly 800 people.
Gural and his partners own a portfolio of over 8 million square feet of property, including the landmark Flatiron Building. Annually, the firm completes more than 25 million square feet of transactions, valued at nearly $9.5 billion in total consideration. Additionally, Newmark manages and/or leases more than 50 million square feet of commercial space nationally.
The firm has remained profitable and stable through numerous economic cycles, and expanded at a time when many competing firms have contracted.
Jeff Gural credits family ownership--and family values--for a large part of the firm's success. "As a private company, we are in a position to make decisions quickly. We don't have to make decisions based on shareholder return or value perception," Gural explained. "We can rely on experience and instinct, and have a very hands-on approach to our business."
Gural said he and Barry Gosin were determined to grow the company while maintaining the values on which it was established. "There is nothing more important to my father than integrity. That's something he passed on to his family, and something we never lost sight of even as we were expanding and growing," he explained.
Aaron Gural is widely regarded as one of the elder statesmen of the real estate industry in New York. He climbed the ladder from an office boy at Spear and Company--a firm started by two of his uncles--while attending college full-time in the 1930s. Aaron Gural made his mark as a broker in the Garment District before opening his own company in the 1950s. After several years on his own, he joined Harris-Newmark, a company founded in 1905. He rose to partner and several of his colleagues at the firm subsequently purchased it when Dave Newmark retired and Aaron became chairman.
Jeff Gural was introduced to the business while he was still in college. He worked as an elevator operator in a Newmark building between semesters while earning his degree in Civil Engineering from Rensselaer Polytechnic Institute.
After graduation, he left New York to work for the State of California as an engineer on public works. Two years later he was back in New York, spending the next six years as an executive at Morse-Diesel Construction Co., where he was responsible for the supervision and construction project management of more than a million square feet of new office space in such notable buildings as 437 and 645 Madison Avenue.
He joined his father at Newmark in 1972, and initially focused on the conversion of small older commercial buildings into residential buildings. He soon earned a reputation for his skills in acquisition and development in such buildings as the Old McGraw Hill Building, 10 Astor Place, 55 Wall Street, 40 Worth Street and various other major properties.
In 1978, Gural and Gosin, who had been directing the firm's fee-generating services like brokerage and management, bought the firm from his father and his two remaining partners. Their strategy was to combine Aaron Gural's existing portfolio with continuing acquisition activity, while providing leasing and managing services for the firm's own account and outside parties. Gosin had previous New York experience in brokerage having started his career with Eddie Gordon.
Jeff Gural credits Gosin, now vice chair and chief executive officer, for significantly expanding the company. "Barry brought a desire to grow the company. He was more ambitious, and had a real vision for expansion. He pushed us in a direction to build our holdings and make acquisitions at a time when owning real estate was more affordable," Gural recalled. "Today, that strategy has paid off as real estate values have soared."
Presently, in addition to serving as chairman, Jeff Gural concentrates on acquisitions and managing and leasing properties in Newmark's non-institutional portfolio.
Gosin, along with the firm's president, Jimmy Kuhn, directs day-to-day operations and ensures the continued growth of Newmark's commercial leasing activities. Over the course of his career, Barry has facilitated several billion dollars worth of office leases. In the past 15 years alone, he has been responsible for leasing more than 30 million square feet of commercial space in some of the largest and most innovative transactions in New York City history, Gural noted. "Jimmy and some of our younger partners have also been instrumental in the growth of Newmark."
"My dad always said to be very careful when you pick your partners," Jeff Gural said. "I was. It has worked out very well for us both, and just as well for the company." However, Jeff Gural has not lost focus on the family, or the importance of bringing relatives into the business.
His son Eric, 37, a 1990 graduate of Union College, is a Senior Managing Director of Newmark specializing in owner representation and property management. His primary responsibilities include managing and leasing property on the West Side of Manhattan, where he manages a portfolio consisting of nearly 3 million square feet. It includes 520 8th Avenue, a property he helped convert from a manufacturing building into an office complex, successfully leasing more than 600,000 SF; 1560 Broadway, where he currently leases 240,000 SF; 630 9th Avenue in which he currently leases 270,000 SF; and 5-9 Union Square West in which he currently leases 100,000 SF.
More recently, a sister, Jane Gural-Senders, has joined the firm. She returned to work after rearing five children, and is now managing a building at 230 Fifth Avenue in Manhattan. He has also brought on a nephew, Brian Steinwurtzel, who is running several buildings and handling special projects.
Jeff Gural is a member of the Board of Directors of The Real Estate Board of New York (REBNY) and recipient of its 2005 Humanitarian Award. He is also a vice president of the Real Estate Lodge of B'nai B'rith; president of the New York Chapter of The Starlight Foundation; member of the Board of U.S.O.; Chairman of "IHAD-NY"; co-sponsor of the Chelsea-Elliott "I Have A Dream" Project; chairman of the Board of Directors of the District Management Association for the Times Square Business Improvement District; member of the Board of Directors of the 14th Street-Union Square District Management Association; member of the Board of Directors of the Eldridge Street Synagogue; and member of the Board of Directors of the Jewish Community Center of the Upper West Side and a Board Member of Cooper-Union.
Although he has stepped down from most of the multiple positions he once served in New York real estate because of advanced age, Aaron Gural still holds the titles of chairman emeritus at Newmark and honorary vice chair of the Real Estate Board of New York.
Jeff Gural is already looking forward--to the next generation in the family business. "I'd like to hang around long enough to get one of my grandchildren interested," the grandfather of five said. "But there're still young, all under age 10. I guess I just have to be patient ... and wait another 15 years."
The Fisher Family
Fisher Brothers is a privately held partnership composed of Fisher family members, and currently operates close to 6.5 million square feet of Class A assets in New York City and Washington, D.C. Founded in 1915 by brothers Martin, Larry and Zachary, the firm began by building residential apartment buildings in Brooklyn, Queens, the Bronx and Westchester. In the 1940's and 1950's, they also developed major hotels in Florida, including the 300 room Sherry Frontenac in Miami Beach, leading up to the firms' first foray into Manhattan. From the mid 50's through the 1980's, Fisher Brothers developed some of NYC's most prestigious residential addresses, including, on the commercial side, 400 Park Avenue, their first office building, built in the mid 1950's. During the 1990's Fisher Brothers was one of the largest purchasers of hotel portfolios from the RTC.
The current core portfolio in New York City includes:
Park Avenue Plaza, 55 East 52nd Street--a Skidmore, Owings & Merrill designed building of 1.2 million square feet at Park Avenue between 52nd and 53rd Streets completed in 1981. Widely imitated for its many functional and aesthetic breakthroughs: 12 corner offices per floor, column-free 45-foot interior spans.
299 Park Avenue-l.1 million square feet between 48th and 49th Streets. Headquarters for Fisher Brothers and North American headquarters for UBS Warburg. Originally built over primary rail tracks for the New Haven Railroad, making its construction and engineering a remarkable coordination feat.
1345 Avenue of the Americas-"The Alliance Capital Building." 1.9 million square feet in 50 stories between 54th and 55th Streets, with fabulous views of Central Park and close proximity to Fortune 500 neighbors and the city's finest hotels and restaurants.
605 Third Avenue-"The Neuberger Berman Building." 909,000 square feet of high profile space between 39th and 40th Streets. Blocks away from the new Grand Central and the United Nations.
In Washington, D.C., Station Place-In a joint venture with Louis Dreyfus Property Group, the partnership is currently developing 1.5 million square feet of Class A office space adjacent to Union Station. Station Place is Washington's largest private office development, consisting of three buildings separated by landscaped courtyards. The US Securities and Exchange Commission has leased over a million square feet of space in Buildings 1 and 2 of Station Place. Space will be available in Building 3 in the third quarter of 2006, including floor plates of approximately 32,000 square feet to 55,000 square feet, with a total of 505,000 square feet on 11 floors.
The firm has steadily diversified its activities and assets over the past several decades and established itself as a broad-based investment company. Today, the firm is led by partners Arnold, Richard, Kenneth, Steven and Winston Fisher. Each assumes primary responsibility for a different aspect of the business. Together they preside over an organization vastly more complex, sophisticated, and far-reaching than the one they inherited.
An example of Fisher Brothers now is their City Investment Fund, partnered with Morgan Stanley Real Estate Fund IV, LP, an affiliate of Morgan Stanley & Co.. CIF is an investment vehicle created expressly to pursue real estate investments within the five boroughs. The fund targets investments in commercial, office, multi-family residential, retail, mixed use, industrial and lodging hospitality real estate.
Growth in community service has also expanded in a big way over the last decades. From the Intrepid Sea, Air & Space Museum, including the Michael Tyler Fisher Center for Education and The Intrepid Fallen Heroes Fund to 33 Fisher Houses world wide, the Fisher Brothers Foundation and the Fisher Center for Alzheimer's Disease Research Foundation to name the most visible enterprises.
The Koeppel Family
The management, leasing and development of the Koeppel Companies LLC real estate portfolio are handled today by four Koeppel family members; Edward A.K. Adler, Caleb D. Koeppel, David J. Koeppel and Sarah K. Cohn. All attorneys, they are the fourth generation of the Koeppel family in the real estate business. Their great-grandfather, Abraham, was a builder/developer of loft and residential buildings in the early years of the last century and their grandfather, Max, founded Koeppel & Koeppel with his brother Harry between the World Wars. For many years beginning in the 1960's, the senior principals of the firm were Max's sons, Alfred and Bevin. Following Alfred's death in 2001, the present management company was formed by the next generation. Bevin Koeppel remains active in the business.
Highlights of the family's real estate activities over the past half century begin with the purchase of the Standard Oil Building at 26 Broadway from the Mobil Oil Company in 1956. This 650,000 square foot property was purchased completely vacant when Mobil moved to midtown. Installing central air conditioning and converting the 23 manually operated elevators to automatic were the first of many capital projects undertaken. Recently all of the elevators were once again upgraded to state-of-the-art capability with electronic access controls, and an extensive restoration of the limestone facade was completed this year. The property is now a New York City Landmark.
575 Lexington Avenue, a 600,000 square foot office building built in 1958, was purchased by the Koeppel family in 1965. The entire building was renovated in 1990 while it was 95% occupied. The renovation included a new glass and aluminum curtain wall, new retail facades, new all marble lobby, and new elevators. Koeppel Companies LLC main office is located on the 29th floor of the building.
Until the late '80s, the family held a substantial portfolio of residential rental buildings in Manhattan, Queens, Brooklyn and the Bronx, some under family ownership for over fifty years. One Manhattan building, 130 E. 63rd Street, originally purchased by the family in 1963, was converted from a luxury rental apartment building to a cond-op in 1991. The six retail stores on Lexington Avenue became a commercial condominium and have been retained as a permanent part of the family portfolio. In the fourteen years since the conversion became effective, sales of all but sixteen of the seventy-four cooperative apartments have been concluded as renters vacate unsold apartments.
The family's 130 Fulton Street project has been underway for several years and completion is expected by the first quarter of 2006. The property formerly known as 87 Nassau Street, a nine-story loft/office building in downtown Manhattan, was built in 1890 by Otto Kahn and has been in the family portfolio since 1957. The project includes adding four new floors to the top of the structure, constructing on what had been a yard a totally new service core for elevator shafts and stairways, and the creation of 20 luxury condominium units for sale. The retail stores on Fulton and Nassau Streets and the second and arcade floors of commercial and retail space will be retained as part of the family portfolio.
In 1988, several of the Koeppel family members founded the full service real estate firm now known as KTR Newmark Real Estate Services LLC. KTR provides brokerage, valuation, underwriting, environmental, engineering, construction loan monitoring and consulting services throughout the country with its main office in New York and other offices located in Chicago, Dallas and Los Angeles. Newmark Real Estate Services, Inc. made a strategic investment in KTR which transaction was completed in 2001. The alliance with Newmark has been instrumental in broadening the market penetration of KTR while at the same time enabling Newmark to offer its clients services that a traditional broker/manager does not offer.
The Gallin Family
From its start in 1886 as a small masonry and concrete company, John Gallin & Son, Inc. has evolved into a thriving construction company that today is run by direct descendants of the original John Gallin: Mark Varian, a nephew of the Gallins and current president, and imes Square. The firm also is completing an assignment for the Research Foundation of the City University of New York (CUNY) at 230 West 41st Street in Manhattan.
Gallin has won numerous awards and accolades for construction excellence. By strategically assisting its clients from the initial stages of a project to its final completion, Gallin has secured its reputation as a quality firm that consistently provides superior work and keeps its promises.
Gallin's success lies in its ability to meet the challenges and changes of the times, a characteristic that has resulted in numerous faithful clients and a steady inflow of projects, which have helped shape the city for over a century and will continue to do so for decades to come.
The Kalikow Family
BY EDWARD KALIKOW
When Joseph Kalikow began his real estate career in the 1930's, the dynamics of the business were much less complicated than they are today. There were no REIT's or collateralized mortgages; there were no bundling of mortgages or defeasance experts. What existed was a time in which honesty, integrity and relationships were valued as much as the success that was amassed by the accumulation of wealth.
During the past 80 years much has changed in the real estate industry and fortunately the characteristics embraced by Joseph Kalikow live on today. Joseph's sons--Harold, Nathan and Sidney continued in the tradition of their father building an empire of over 10,000 units of solid, multi-family rental units that are still producing income, and are homes to many New Yorkers today. In their footsteps followed their son's--Peter, Richard and myself--Edward Kalikow. We followed different paths when the brothers went their separate ways in the 1970's. Each of us has been successful in his own arena of the real estate industry. Today, I welcome the involvement of the fourth generation in the family business started by Joseph.
Honesty, integrity, charity and devotion to family are traits that have served and continue to serve the Kalikow family well. Today my management firm Kaled Management Corp., (www.kaled.com) manages in excess of 5,000 rental, co-op, condo and HOA units in the New York metro area. We continue to own 2,000 units built and acquired by Sidney over the decades.
Seeking opportunities in growth markets the newest portion of my firm The Kalikow Group, (www.thekalikowgroup.com) has over the past 10 years provided equity capital to form Joint Ventures with local developers throughout the country. We have raised in excess of $60M that has enabled us to participate in over $250M of real estate ventures. Some of our markets include: New York, Pennsylvania, Connecticut, and Massachusetts, both coasts of Florida, Raleigh-Durham, North Carolina, Charleston, South Carolina, Houston, Texas, Pell City, Alabama and Las Vegas, Nevada.
Relationships drive the success that has followed. Practically all of our developer partners continue to do business with us. Earnings per share or the vagaries of the capital markets do not motivate us. These "constraints" which some view as opportunities, inhibit my ability to deal with real estate the way Joseph did. One must "kick the tires", get dirty and have strong relationships. Today it would be very difficult to build a building based on a handshake the way Joseph did.
The dynamics of the market place are constantly changing. Where my son Gregory and my nephew Jordan choose to take the organization in the future is not yet know. However, embodied with the fundamental concepts instilled in them by me, as taught by my father Sidney which was taught to him by his father Joseph, I expect the Kalikow name will continue to be a shining star in our industry.
I wish to thank Real Estate Weekly for nominating our family on their 50th anniversary as one of the great real estate families. We wish them much continued success during their next 50 years.
The Tisch Family
The story of Laurence (Larry) and Preston Robert (Bob) Tisch and their rise to the top echelons of the corporate world is well known in the annals of business history. What is not widely reported is the role which "hard assets"--particularly real estate have played in fueling the steady growth of their business, Loews Corporation, which is now one of the country's top Fortune 500 diversified financial corporations.
Larry and Bob spent their careers maximizing real estate values and capitalizing on new investment opportunities--growing Loews into a corporation with assets now valued at over $70 billion. Following in their father's footsteps, the second generation of Tisches--Andrew, James and Jonathan, who assumed the helm of the company in 1999 after Bob and Larry stepped down from day-to-day management--continue their father's business traditions and appreciation of the real estate potential of any holding.
For the Tisch family, it all began in 1935, with a small summer camp in Blairstown, New Jersey, which the family owned and operated. When they built a 32-room guesthouse for visitors to the camp, the Tisches got their first taste of the hotel business--marking the beginning of the family's remarkable success story.
The sale of the camp provided the seed money for the family's full fledged entry into the hotel business in 1946 when they purchased the 275 room Laurel-in-the Pines hotel in Lakewood, New Jersey. Soon they had enough profits from the hotel to purchase another--and before long had built a thriving hotel chain in Manhattan, New Jersey, Atlantic City and Florida.
It was in 1959, when Metro-Goldwyn-Mayer was forced to spin off their Loews Theatre division because of anti-trust regulations, that the Tisch brothers began to broaden their business. They bought the movie theater chain (then about 120 screens across the country) realizing the value of the land underneath each of the buildings. A real estate specialist, Arthur Raporte, was added to the Loews staff to evaluate the theater portfolio, keeping those movie houses which were viable as theaters and selling those which were deemed not to have potential. He was Loews first Vice President of Real Estate, succeeded by John Malino, who held that position for 35 years, and followed by Jason Boxer, who now heads the Real Estate Department.
Funds from the theater sales propelled the brothers into an ambitious program of hotel construction. Between 1961 and 1963, the company built seven hotels (six in Manhattan and one in Puerto Rico) and two luxury apartment houses in New York City.
Larry and Bob continued to expand, seeking under-valued assets, which, to this day, is a keystone of Loews's philosophy. One such investment made in 1995 through Loews insurance subsidiary CNA, was the purchase of 25 1/2% equity in Canary Wharf, the 15 1/2 million square foot commercial center in London. This investment netted the Company $750 million, through a combination of rental income, dividends and sales of portions of the stake. CNA sold the final piece of the project last year.
Loews subsidiaries now include CNA; a tobacco company--Lorillard; an oil drilling company--Diamond Offshore Drilling; a gas pipeline company--Boardwalk Pipelines, which consists of two companies, Texas Gas and Gulf South Pipeline; a watch and clock company--Bulova; and Loews Hotels, which now has 18 properties in the United States and Canada. Each of these subsidiaries came with significant real estate, which has to be managed, in some cases consolidated, and in some cases sold.
Although real estate has never driven the Tisch family or Loews management, it is clear that property assets have always been a large part of the evaluation process which occurs when considering a new acquisition. As Bob Tisch, Chairman of Loews, recently said, "We have always tried to make the most out of real estate that has come with each of the businesses we have bought--and I know that the second generation is continuing to do just that."
The Milstein Family
For three generations, the Milstein family has been a major force in the development of New York City, the region, and beyond. Their entrepreneurial spirit is evident in their major holdings--Milstein Properties, Milstein Brothers Capital Partners and the Emigrant Savings Bank--as well as the august institutions that bear their name: Milstein Hospital Building of New York Presbyterian Hospital; Milstein Hall of Ocean Life ("The Whale Room") at the American Museum of Natural History; Milstein Division of Local History, American History and Genealogy at the New York Public Library; Milstein Hall at the Cornell University's College of Architecture, Milstein Plaza at Lincoln Center for the Performing Arts, and many others.
The family enterprises began with Morris Milstein in the wood flooring business. Starting with nothing but his two hands, Morris founded Circle Floor Company, Inc., in 1919. Circle Floor grew and, after World War II, expanded into floor tile, acoustical ceilings and drywall construction. By 1960, Paul Milstein had led Circle Floor to dominate the New York market, installing floors--and later walls and ceilings--in many of New York's best known modern landmarks: Rockefeller Center, the United Nations campus, and LaGuardia and Kennedy airports, Lincoln Center, the World Trade Center and the new Madison Square Garden. Paul Milstein launched the family's first real estate development projects in the 1950s.
The Milstein vision was to invest in large scale developments that would serve to anchor and revive ailing neighborhoods. Paul, with his sons, Howard and Edward, developed a keen vision for identifying neighborhoods where they saw extraordinary potential long before most others.
* While the Lincoln Center area was still viewed by many through the prism of "West Side Story," the Milsteins developed three important buildings: Dorchester Towers (1962 [the first luxury building in that area since the Second World War]), One Lincoln Plaza (1972) and 30 Lincoln Plaza (1978).
* When East 96th Street was still viewed as the "DMZ," the Milsteins developed the massive Normandie Court with 1500 80/20 units.
* When Battery Park was still raw landfill, the Milsteins built Liberty Court, Liberty House, Liberty Terrance and, finally, Liberty View.
* Before Murray Hill became a "hot" community on the East Side, the Milsteins developed Windsor Court, a full square block.
* When Eighth Avenue in Hell's Kitchen was just a tawdry extension of Times Square, the Milsteins bought the 1300 room hotel that would become the Milford Plaza, an and developed that abandoned shell into the most successful tourist-class hotel in the United States with the fabled Mama Leone's Restaurant. At the same time, their investment helped to turn around New York's faded theater district.
In 1989, the Milsteins expanded beyond their own projects and acquired Douglas Elliman--a white glove firm that had pioneered the concept of the Park Avenue coop. By the time they sold it in 1999, the Milsteins had parlayed the once-venerable brand they acquired into the gold standard for residential real estate brokerage and management in New York City. And they used their position to help clean up corruption in New York's entire real estate management industry.
In 1986, the Milsteins acquired Emigrant Savings Bank, a $3 billion historic NYC bank. Under the leadership of Co-Chair, President and CEO Howard Milstein, it is now, at $10 billion, the largest privately owned bank in the country.
Throughout the second half of the 20th century, the Milstein family has remained one of the most dynamic forces on the real estate scene through their own activities, and from 1963 until 1999, their leadership of Starrett Housing Corporation and HRH. As for their current projects:
* The Milsteins are developing the last remaining parcel of land in the Times Square area into a mixed-use, innovative 850,000 square foot tower.
* They are developing over one million square feet of residential and retail in Stamford, CT.
* A major residential project is under way In Ridgefield, CT.
* In long-depressed Niagara Falls, the Milsteins are implementing a 6 million square foot mixed use urban redevelopment project.
And many other future projects....
Ogden CAP Properties
Drawing on a notable Milstein family tradition of holding assets rather than buying to trade them, while continuing to grow and cultivate their portfolio, Seymour's children, Connie and Philip, and his granddaughter, Abby Elbaum, created Ogden CAP Properties in 2003. The firm manages an extensive portfolio of prime residential, commercial, and hotel properties in New York City, including Normandie Court, Windsor Court, One Lincoln Plaza, Biltmore Plaza, and Dorchester Towers. The firm also continues to operate the 1,300-room Milford Plaza Hotel, which is set for a tip-to-toe renovation in the near future, and there is rumor of both another hotel and bank acquisition.
There is also the ongoing and vital family tradition of philanthropy, marked by a long-term involvement as a trustee or a board member of Columbia University, New York Presbyterian Hospital, the 92nd Street Y, and the New York City Opera, to mention a few.
"Connie, Philip and I hope in setting up Ogden CAP Properties to achieve the highest standards, and continue the values and philosophy of our father and grandfather," explains Abby, a fourth-generation Milstein, who left a career in private banking at Seymour's request to prepare to assume the helm of the family enterprise.
"To that end we are looking optimistically towards the future and a host of exciting new challenges and opportunities that would make my grandfather proud."
The Olnick Family
The Olnick Organization, Inc., a privately held, third-generation New York-based real estate development company was founded by Robert S. Olnick more than 50 years ago. The firm is active in the development, management and financing of prime New York metropolitan area residential, office and hotel properties.
Today, under the direction of the late Mr. Olnick's son-in-law, company president Richard (Rick) Lane and his son-in-law, executive vice president and COO Neil L. Rubler, Olnick has expanded its portfolio and services. Olnick is the owner of Manhattan office properties 270 Lafayette Street and 130 Fifth Avenue, and in New Jersey, the premier office properties Four Gateway Plaza in Newark and Headquarters Plaza in Morristown (this property is owned in partnership with Fisher Development).
The Benenson Family
Benenson Capital Partners, LLC represents the very definition of "Real Estate Family." This private company is built on a tradition that spans 100 years. Following founder Benjamin Benenson and his visionary successor Charles B. Benenson, today's new generation of leadership includes Bruce W. Benenson, Frederick C. Benenson and Lawrence B. Benenson, the founder's grandsons. Together with senior executives Richard A. Kessler and James E. Stifel, this team provides a level of continuity and expertise that may be unmatched in the real estate investment community.
Benenson Capital Partners, LLC (BCP) is the management arm of the Benenson group of companies which includes The Benenson Capital Company. Dating back to 1905, Benenson Capital Partners has always been a leader among privately held operating companies in real estate investment, development and asset management. The company owns more than 175 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States, Canada and Europe.
The Benenson Family survived the Great Depression because of the company's lucrative lease with The Horn & Hardart automat at 31st and Broadway. Charlie Benenson, an impressionable youth at the time, never forgot the important lesson he learned. Thus began Benenson's history of great credit tenants and great locations. One primary focus for Benenson Capital Partners is single-tenant triple-net leased properties occupied by major corporate tenants. Corporations and entities with which Benenson has long net lease relationships include General Electric, Home Depot, Wal-Mart, The Ford Motor Company, The World Bank and the U.S. Government.
Since its inception, the company has expanded its real estate portfolio while maintaining a keen contrarian eye for long-term values. For example, the firm acquired underdeveloped land inexpensively in the 1960s and 1970s, and then successfully developed this land throughout the 1980s and 1990s--building highly profitable mixed-use properties across the country.
Benenson Capital Partners also pursues strategic relationships and value-added transactions with corporate tenants, lenders, and joint venture partners. These initiatives capitalize on opportunities in undervalued assets, build-to-suit projects, new development and redevelopment. Developments in New York include 1180 Avenue of the Americas and The Metropolis, a new residential tower on East 44th Street.
As Benenson Capital Partners has grown through acquisition, investment and development across the country, it remains, at its heart, a "real estate family" business. Founded and led by highly principled individuals who were passionate about business, philanthropy and the betterment of New York City, the company continues in those traditions today. During the 1990s, the firm focused on developing its management depth and creating an outstanding reputation for its professional staff, while upgrading its technologies and forming strategic relationships with leading corporate tenants, lenders and joint venture partners.
Today's Benenson Capital Partners remains a reflection of its past leaders, yet is a modern entrepreneurial real estate company capable of organizing and analyzing projects of any size. The company's real estate portfolio features strong geographic and tenant diversity, and its financial performance does not depend on any single company, economic sector or property type. The fourth generation of Benensons is now emerging as the company's link to the future, as Benenson Capital Partners enters its second century.
The LeFrak Family
Recognized as one of the world's leading building firms, the Lefrak Organization has been acclaimed internationally for its commitment to large-scale affordable housing, responsible community development, and sensitivity to environmental preservation.
A paragon in its field, Lefrak revolutionized the building industry with its "Total Facilities for Total Living" in vast communities, like Lefrak City--5,000 apartments on 42 acres--where residents enjoy year-round on-site facilities for shopping, entertainment, and leisure.
The Organization also met the challenge of developing the 92-acre Battery Park City at the first major waterfront landfill community in New York in more than 100 years. Lefrak built the first 1,700 apartments at Battery Park, the attractive Hudson River esplanade, an underground garage, retail and commercial space, and a health and swim club.
When Harry LeFrak founded the Lefrak Organization in 1901, he strived to identify his name with building integrity and quality ... as several generations of forefathers in France had achieved before him.
From 1948 until his death in 2003, Harry's son, Samuel J. LeFrak, as chairman of the Company, initiated and oversaw an increase in construction to meet enormous post-World War II housing demands. By the early 1950s, the Company also began to reclaim large tracts of land to develop innovative mini-cities for which the Lefrak Organization has been acknowledged as a leader in its field. Thus, the Lefrak name has become synonymous with excellence in design, construction, engineering, and urban planning.
Today, Richard S. LeFrak, chief executive officer, chief operating officer, and president, together with his two sons, Managing Directors Jamie and Harrison, are leading the Lefrak Organ nization into the future, while preparing the way for the next generation of LeFraks to assume the mantle of leadership.
Lefrak currently is building Newport, a $10 billion development on 600 acres along the Jersey City Hudson River waterfront. The largest mixed-use community in the nation, Newport is an environment encompassing the "total living" concept pioneered by Lefrak, and represents the Company's commitment to serving consumers and business through a century-old tradition of excellence.
The Resnick Family
Founded by Jack Resnick in 1928, Jack Resnick & Sons, Inc. has been a leader in development, construction, ownership and management of commercial and residential real estate in New York City for over 70 years. Burton R Resnick (Jack's son) joined the firm in 1953, became its chief executive in 1971, and today is the firm's Chairman of the Board and Chief Executive Officer.
One of the real estate industry's most respected leaders, Mr. Resnick recently served as Chairman of the Board of Governors of the Real Estate Board of New York and is actively involved in countless philanthropic causes. With his three sons firmly entrenched in the business, the family tradition will continue. Scott Resnick, who joined the firm in 1989, is President and Chief Operating Officer; Peter Resnick, who came aboard in 1995, is a Managing Director in Commercial Leasing; and Jonathan Resnick, who arrived 1996, is a Managing Director in Construction.
The Resnick Family has developed, and owns, a portfolio of important residential and commercial buildings (comprising approximately 1,500 apartments and 5 million square feet of office space) in prime locations in New York City, including several luxury apartment buildings such as The Gershwin (250 W. 50th Street), Gracie Mews (401 E. 80th Street) and Symphony House (235 W. 56th Street), and office properties such as One Seaport Plaza (199 Water Street), Two Chase Manhattan Plaza (20 Pine Street), 110 East 59th Street, 485 Madison Avenue and 75 Park Place. The family is currently developing a 400 unit residential tower in Tribeca.
Jack Resnick & Sons, Inc. is comprised of experienced, high-level executives who execute the firm's full service real estate capabilities in development, construction, leasing and management. Most of these executives have been associated with the Resnick team for over twenty years, a tribute to the ownership and management philosophy, as well as the success of the firm.
The Rechler Family
Throughout their history, the Rechlers have enjoyed a reputation for providing the highest quality product and service available in Long Island's real estate market. Today, the Rechlers are drawing on their experience, knowledge of various market sectors, vision and resources to create unique properties and business solutions, not only on Long Island, but throughout the region. Through their company R Squared LLC, Mitchell Rechler and Gregg Rechler oversee over 7 million square feet of properties throughout the New York Region, including Rechler Equity Partners LLC, representing over 100 industrial and office buildings on Long Island.
The Rechler family made its entrance into real estate in 1958 with the development of New York City's first industrial park at Newtown Creek, Brooklyn. Just two years later, the family began investing in Long Island real estate, purchasing a number of industrial properties, including the 600-acre ITT parcel (formerly the Voice of America Operations Center), with options on an additional 600 acres to create the Vanderbilt Industrial Park. In 1964, they developed the first planned industrial park on Long Island--the second largest industrial park in the country.
The Rechlers did not stop there, and in 1968, Donald, Roger and their father William Rechler founded Reckson Associates, a company that two years later developed the first award-winning, high-tech industrial park in New York State, a 1.8 million-square-foot project within Airport International Plaza in Bohemia.
Throughout the '70's and '80's, the Rechlers became the leading developers of office and industrial properties on Long Island. In 1995, the Rechlers once again made history by taking Reckson public on the New York Stock Exchange as Reckson Associates Realty Corp. (NYSE:RA), with approximately $285 million in proceeds to the Company. Their initial portfolio included 72 office and industrial properties totaling 4.5 million square feet, substantially located on Long Island. From 1996 to 2001 they expanded the Company to include properties in New York City, Connecticut, New Jersey and Westchester--completing the Tri-State strategy, and growing the Company's portfolio to over 22 million square feet with a total market cap of $3.3 billion.
In 2001, while still acting as Co-Presidents or Reckson, Mitchell Rechler and Gregg Rechler formed R Squared LLC with their development of a $95 million retail center in White Plains, followed by a series of other retail, residential and hospitality projects throughout the region.
In 2003, Mitchell, Gregg, Donald and Roger Rechler left Reckson and formed Rechler Equity Partners, which acquired the Long Island Industrial portfolio of Reckson Associates Realty Corp. in a $315 million transaction.
The Rudin Family
The Rudin family philosophy of real estate ownership actually began over a century ago when Samuel Rudin's father purchased 153 East 54th Street. He advised the young Rudin to never sell the building and to try to purchase all the property around it. Following his father's advice, Samuel Rudin eventually acquired a majority of the surrounding properties and, to this day, the building remains a proud part of what's one of the most prized privately owned real estate portfolios in New York City.
As the Rudin passion for New York real estate grew, Sam and his brothers Edward, Henry and Nathan created the management and leasing company, Rudin Management Co., in the early 1920's. Their simple principle of vertically integrating all aspects of real estate with a hands-on approach to management continues today to attract some of the world's most prestigious tenants to Rudin's residential and commercial buildings.
After World War II ended, Sam and his sons, Jack and Lewis, set out to expand their holdings and positively influence the skyline of New York, first with apartment buildings, and later with office buildings. Today, the company owns 16 Manhattan office properties containing over 10 million square feet of space.
Following Sam's death in 1975, Jack and Lewis took over the company and not only expanded its portfolio but advanced Sam's interest in philanthropic and civic affairs. In 1971, Lewis, along with other business, real estate and civic leaders, created the Association for a Better New York in response to the fiscal crisis.
In the early 1990's William Rudin was named president of Rudin Management. At that time the real estate market in New York was suffering, particularly in lower Manhattan. William immediately devised a plan that spearheaded the family's role in the revitalization of downtown, creating a center for high tech companies at 55 Broad Street. This project set a new direction for Rudin, which now integrates the concept of broadband connectively into the fabric of the family's real estate.
Today, a third generation of Rudins--Eric, Beth Rudin DeWoody and Madeline Rudin Johnson--are actively involved in continuing the family's leadership role in real estate.
The Stern Family
One of the most-repeated of the great American success stories begins in 1926 when the late Max Stern immigrated to America from his native Germany with five thousand singing canaries that he received in payment of a debt, spawning Hartz Mountain Industries.
Expanding his business led him to manufacture bird foods under the Hartz Mountain brand. During the decades that followed, Hartz pioneered the sale of canaries, parakeets, hamsters, tropical fish, goldfish and their supplies in variety stores throughout the United States and Canada.
In 1959, at the age of 21, Leonard Stern joined his father at Hartz Mountain, immediately expanding the Company's bird food product lines to include a complete pet supply department into more than thirty thousand supermarkets and mass merchandisers throughout North America and the United Kingdom. And he began addressing the growing concern's real estate issues, moving some operations from lower Manhattan to property Hartz purchased in New Jersey.
A shift of emphasis was signaled in 1966 when Hartz undertook a major new speculative industrial development Bayonne. Two years later Hartz made the first of several major land acquisitions with the purchase of a 750 acre tract of land in the New Jersey Meadowlands, less than six miles from Manhattan, which now is called Harmon Cove and is one of the most successful warehouse and distribution centers in the world. In time Hartz Mountain would purchase more than 1,800 acres in the Meadowlands and other large tracts elsewhere in New Jersey, and real estate development would come to be the dominant activity of the company. A strategic decision to sell the pet products company in 2000 further focused the company.
Currently, Hartz Mountain Industries owns more than 200 buildings comprising 38 million square feet, including 22 million-square feet of industrial, 10 million square feet of office, 2 million square feet of retail, and 11 hospitality properties containing more than 2,200 rooms. Most of Hartz Mountain's holdings are in New Jersey, but its portfolio contains several notable Manhattan properties, including the chic Soho Grand and Tribeca Grand Hotels, and 667 Madison Avenue, a 267,000 square foot 25-story world-class office building.
The late 1990s represented a major threshold at Hartz, as the recovery of the commercial real estate market coincided with the promotion of Emanuel Stern, Leonard Stern's son, to Chief Operating Officer of Hartz Mountain Real Estate. In 1997 Hartz Mountain correctly anticipated the rejuvenation of the Jersey City waterfront by purchasing Colgate Center, triggering an intensive construction era for itself and the waterfront with its speculative development of 70 and 90 Hudson Street. It also developed the remaining acreage in Harmon Cove, adding three major new warehouse facilities. And both Manhattan hotels were opened to rave reviews and record rates, igniting a still burning trend for downtown boutique hotels.
The turn of the century saw Hartz renewing its focus on retail development. Harmon Meadow, the Secaucus-mixed use development that was the original model for the suburban lifestyle center was reinvented with a distinctly big-box flavor by adding a Wal-Mart and Sam's Club in 2003 and this year Marshalls, Home Goods and AC Moore opened stores and will be joined in 2006 by Linens 'N Things. In all, nearly one million square feet of new retailing will be opened, joined by new restaurants and a rejuvenated tenancy at Hartz's adjoining Mill Creek Mall, now anchored by Kohl's.
In early 2005 Hartz purchased a 102-acre site on Route 1 in Edison, formerly a Ford manufacturing plant, where it will create a new one-million-square-foot lifestyle center with retail and entertainment uses. Promising another reinvention of the suburban mixed-use experience, development of the last large retail-friendly site in Middlesex County is expected to commence in 2006.
Historically high capitalization rates and low interest rates have caused recent shifts in the Hartz Mountain portfolio strategy, in particular its shedding of some office assets in the Meadowlands and development of new investments in premier suburban retail and office markets. The company added 15 Exchange Place, the 135,000-square-foot historic neighbor of Colgate Center in Jersey City that has long been the home of Wall Street clearing operations.
Hartz also purchased the finest office building in Ridgewood, outbidding more than 20 contestants and paying a record price for an outstanding and unique 110,000 square-foot asset. And, not ignoring its roots, the company is reinforcing its position in the industrial market by redeveloping and repositioning some warehouse facilities--it was recently acknowledged by the New Jersey chapter of NAIOP as a Deal of the Year Finalist in 2004 for redeveloping a former warehouse in Harmon Cove into a banking center for North Fork Bank.
Maintaining its energy and leadership position has been accompanied by recognition of its achievements, with the company receiving several important accolades this year. It was named by NJPA Real Estate Journal as the "Best Developer of 2004" and by Business News New Jersey (NJBIZ) as one of the "Best Places to Work in New Jersey" for 2004.
Often the senior player in an industry takes on a risk-averse air, but at Hartz Mountain there is a determined focus on new opportunities. With its strong balance sheet and a highly diversified professional management team, Hartz Mountain Industries has positioned itself to continue to build and add to its portfolio--and its legacy.
The Rockefeller Family
Throughout his life, John D. Rockefeller, Jr. was involved in numerous worthwhile initiatives around New York City--the Palisades Interstate Park, the Cloisters and Fort Tryon Park, Riverside Church, the United Nations, and the like.
While all of these endeavors are memorable, John D. Rockefeller, Jr.'s most enduring contribution to New York City, the nation, and the world may have been a real estate project he undertook in the midst of the Great Depression--the construction of Rockefeller Center.
Rockefeller's original purpose for the property in midtown Manhattan was to lease the land from its owner, Columbia University, as a new home for the Metropolitan Opera. When the Opera backed out of its share of the lease in 1930, it was left to Rockefeller himself to shoulder the load. Faced with no tenants and a 24-year lease of approximately $120 million in the middle of a Depression--Rockefeller's task was a daunting one.
The construction cost for such a mammoth project was enormous, and given the state of the economy, there was no assurance that tenants could be found once the buildings were completed.
Rockefeller decided to proceed. He consulted with several distinguished architects and builders, who modified the original proposal, envisioning in its place a new "Rockefeller Center," to be used as an entirely commercial development.
For the life of the project, from 1929 to 1939, Rockefeller's expenditures on construction, taxes, lease payments, and other aspects totaled $125 million--the equivalent of $1.5 billion today. Astoundingly, Rockefeller received no income from the project and recouped less than half of the capital he had invested.
Nonetheless, John D. Rockefeller's willingness to move ahead on the construction of Rockefeller Center at a time of great economic distress in the nation provided much-needed employment to New York City construction workers.
The turning point for Rockefeller Center came when it signed its first tenant, the Radio Corporation of America which agreed to lease one million square feet of space for offices and motion picture theatres in the project's major building. With this major tenant in place, architectural planning could move ahead for most of the site. Just as important, by aligning a real estate project with radio and motion pictures--two of that era's most exciting new technologies and growth industries--a cachet was created for Rockefeller Center that has continued into a new century.
Despite its difficult beginnings, Rockefeller Center became a universally acclaimed real estate property. As John D. Rockefeller, Jr.'s youngest son, David, wrote about the Center in his Memoirs in 2002, "The clean, bold thrust of its modernist lines and rooftop gardens, gave it a simple beauty, elegance, and imaginative quality that silenced even its harshest critics."
The risk taken by John D. Rockefeller, Jr., at the height of the Great Depression, today stands as a model of urban design and a centerpiece in the skyline of New York City.
The Riguardi Family
Combined, Edward and Peter Riguardi have more than 60 years of commercial real estate experience in Manhattan. And for the past 20 years they have worked together at some of New York's highest profile real estate companies, establishing the beginnings of a dynasty in one of the most dynamic real estate markets in the world.
Edward Riguardi has been called the "Dean of Property Management in New York." He pioneered the institutional approach to property management in Manhattan and was one of the first executives from the property management side of the business to end up running a full-service real estate company.
Edward Riguardi launched his career in New York real estate at Williams Real Estate, where he worked for 29 years. He rose to become one of the firm's three senior executive vice presidents and served as a member of its six-man executive committee, which oversaw the operations of the firm. At its peak, the Williams's portfolio comprised nearly 30 million square feet of office space in 200 Manhattan office buildings that boasted more than 5,000 tenants.
Peter Riguardi also got his start in the real estate business at Williams, working summer internship programs during high school and college. He joined the company full time in 1983 after graduating from Iona College. By 1986, Peter had risen to the position of senior vice president becoming the youngest executive to reach that level in the history of the firm.
Edward and Peter Riguardi left Williams to launch Koeppel Tener Riguardi in 1989 with Edward serving as president, and Peter as co founder and director of the firm's brokerage division. Edward Riguardi created KTR's property management group, which grew to oversee more than six million square feet of institutional property, and he also assisted Peter in the growth of the firm's brokerage, consulting and appraisal businesses. Edward and Peter Riguardi were instrumental in expanding KTR's consulting and appraisal business.
In 1994, Edward and Peter Riguardi acquired KTR's leasing and property management groups from their partners in the firm, the Koeppel family. The Riguardis merged the units with Abrams Benisch & Riker to create Colliers ABR, with Edward assuming the role of co-chairman, and Peter taking the position of executive vice president. Peter Riguardi also became a major shareholder in the company. At Colliers ABR, the Riguardis were key factors in boosting the company's profile and visibility in the Manhattan real estate market. Peter Riguardi completed major high-profile transactions such as the Metropolitan Transportation Authority's 1.6 million-square-foot net lease at 2 Broadway, which remains the largest leasing transaction in the history of New York. He also represented Morgan Stanley in the development of its 1.1 million-square-foot office building at 745 Seventh Avenue and was responsible for coordinating Merrill Lynch's expansion and real estate strategy in lower Manhattan.
In 2002, Peter Riguardi was recruited by Jones Lang LaSalle Americas to serve as president of its New York office. He is responsible for broadening the company's New York platform, and directly overseeing new business development and implementation and the implementation of a full range of real estate services in the New York, New Jersey and Connecticut area. Edward Riguardi joined him to serve as managing director at the company, providing senior oversight of the management portfolio and corporate facility management on all in the New York metropolitan area, and senior advisory to the firm's management team.
In the more than two years that has Peter helmed Jones Lang LaSalle's New York office, he has helped advance Jones Lang LaSalle into a dominant market player. Jones Lang LaSalle has landed the most prestigious assignments in New York under his leadership, including Bank of America's 1.1 million-square-foot lease and codevelopment agreement with Durst Organization at One Bryant Park, the redevelopment of Madison Square Garden, a real estate consulting assignment for the Port Authority on the rebuilding of the World Trade Center, the redevelopment of Governors Island, and the redevelopment of Roosevelt Island.
Edward and Peter Riguardi both value their strong relationship and family ties, and consider their work relationship only a part of a strong father and son bond. Edward and his wife, Marie, have been married for 48 years and have two children, Peter and oldest sister Sarah. Peter Riguardi and his wife, Linda, have been married for 20 years and have four sons Eddie, Peter Jr., Nicholas and Alexander.
Interestingly, Peter's oldest son, Eddie, who recently graduated high school, will be interning at Jones Lang LaSalle's New York office this summer. He will work with the company's project management group.
Jones Lang LaSalle is the world's leading real estate services and money management firm, operating across more than 100 markets around the globe. The company provides comprehensive integrated expertise, including management services, implementation services and investment management services on a local, regional and global level to owners, occupiers and investors. Jones Lang LaSalle is also the industry leader in property and corporate facility management services, with a portfolio of over 835 million square feet under management worldwide. In the New York region, Jones Lang LaSalle provides leasing and management services for 45 million square feet of office buildings.
For more information, visit www.joneslanlasalle.com.
The Tishman Family
Tishman Realty & Construction Co., Inc., founded in 1898 by Julius Tishman, is today one of the world's premier builders, real estate developers, and asset managers. From its original Owner/ Builder heritage in high-rise residential properties, the privately-held organization has grown to become an ubiquitous presence in the construction, real estate, and hotel industries, while inspiring an entrepreneurial spirit throughout.
The firm is led by Julius' grandson, John L. Tishman, the longest serving Chairman in the company's history; John's son, Daniel R. Tishman, who heads up all of its construction-related and technologies operations; and John A. Vickers, who is responsible for the company's real estate ownership interests and hotel management activities.
As a builder, Tishman has a growing legacy of landmark achievements to its credit, comprising a roster that includes facilities of every size and type. Having constructed over 425 million square feet of space, the firm's notable projects of the 20th Century include the original World Trade Center twin towers and complex, and restoration of the landmark Carnegie Hall and New Amsterdam Theatre in New York City; the John Hancock Center in Chicago; The Century City Theme Center in Los Angeles; and Walt Disney Company's EPCOT Center in Florida.
As a real estate developer and owner, Tishman Realty has in its portfolio such prestigious properties as The Westin New York at Times Square, The Sheraton Chicago Hotel & Towers, the Walt Disney World Swan and Dolphin resort hotels, and The Westin Rio Mar Beach Golf Resort & Spa in Puerto Rico.
In the new Millennium, Tishman Construction is engaged in building new, landmark high-rises, such as the innovative Freedom Tower at the World Trade Center site, as well as the new 7 World Trade Center, and One Bryant Park/Bank of America Tower in Midtown Manhattan. Tishman's resume of recently completed buildings includes the Conde Nast Headquarters, the Reuters Americas Headquarters, and Judy and Arthur Zankel Hall--all in New York; the Boston Convention & Exhibition Center in Massachusetts; and the Strathmore Music Center in Maryland.
Beyond its shaping of urban environments, Tishman is a pioneer in advocating and implementing design and construction techniques to benefit the environment as a whole. In doing so, the firm has become one of the nation's most recognized "Green Builders" for its unwavering leadership in developing sustainable building practices that continue to set the highest precedent with each successive project.
In addition to its construction and real estate arms, Tishman affiliates include: Tishman Hotel Corporation, specializing in hotel operations, and asset and property management; Tishman Real Estate Services, a full-service, real estate advisor and brokerage organization; Tishman Urban Development Corporation, specializing in joint public/private real estate development; Tishman Technologies, serving the telecommunications and 24/7 world; and Tishman Interiors, which specializes in fit-outs of all types. Additionally, Tishman is the only firm in the development/building business to have its own research affiliate, Tishman Research Corporation, which has pioneered several products and techniques that have been adopted by the commercial building industry as standard practice.
The Tishman legacy is not built in steel and concrete alone. Underlying all that the firm partakes in is a passion for independent thinking, dynamic leadership, integrity, and commitment to education, the environment, and cultural affairs. Dedication to family, business, and the communities in which the firm does business have been constants throughout the storied history of Tishman Realty & Construction, as is the understanding that innovation, creativity, and staying true to ones core values are important touchstones to longevity and success.
The Wien/Malkin Family
Among the esteemed New York families that built and sustained dominant positions in real estate across multiple generations, one has a particular distinction: it has flourished consistently by making it possible for others to succeed in real estate.
Lawrence A. Wien created the concept of syndicating real estate in the 1930s, making direct ownership of income property accessible to groups of individual investors for the first time. In the early 1950s, Mr. Wien furthered the concept by structuring the first public real estate syndications, beginning with 25 Broad Street in Manhattan's financial district. A short time later, he was joined by his son-in-law, Peter L. Malkin, and in the ensuing years they raised the firm to an even higher level of achievement with landmark deals such as the acquisition and syndication of the master lease of the Empire State Building.
From that time on, the Wien & Malkin family has set the standard of excellence in real estate syndication, maintaining its focus on long-term value while securities brokerages, investment banks and other entities often embraced faddish retail investment trends that frequently burned out.
In the late 1980s, Peter's son, Anthony E. Malkin, became president of the service arm of the family business, W&M Properties, and achieved two fundamental objectives. Anthony created a vertically integrated, full-service company in support of Wien & Malkin-led syndications, and at the same time, shifted the acquisition focus to high-quality smaller properties that were not reaching their potential but could be rejuvenated with better management and fresh capital. The steep recession of the early '90s presented a variety of such excellent turn-around opportunities.
Wien & Malkin investors reaped the rewards of a briskly recovering real estate market in the 1990s, as distressed properties acquired on favorable terms and astutely repositioned became thriving business centers and multi-family communities. In was at this time that Wien & Malkin pioneered real estate "branding" with their suburban Fairfield/ Westchester Counties W&M Properties portfolio.
As the new millennium took hold, Wien & Malkin extended its success in branding W&M Properties to its core Manhattan syndicated properties, creating the W&H Properties brand under the guidance of Wien & Malkin Supervisory Services. It was an instant success, establishing W&H buildings as superbly located and modernized properties that combine pre-war style with the best-in-class common areas and pre-built offices and most up-to-date technological and comfort amenities. Another key element is proactive management and ready-to-do-business ownership.
Today, in the face of a fully-priced real estate capital environment, Wien & Malkin remains true to its discipline, making only very selective acquisitions while continuing to offer accredited investors a variety of alternatives, including mezzanine debt and preferred equity funds and alternative investment products in real estate and real estate-related securities. Additionally, in the face of high octane pricing and low capital gains tax rates, Wien & Malkin is selling properties.
Continuity, planned succession, creativity and a disciplined approach to the marketplace have made the Wien & Malkin family pre-eminent in real estate syndication for more than a half-century.
The Stacom Family
The Stacom Family has a long history in New York real estate.
William B. Stacom was a builder of houses on the Lower East Side in the early 1900s.
Matthew J. Stacom Sr. was a builder of private homes and commercial-industrial properties on Long Island during the 1920s.
Matthew J. Stacom Jr., father of industry brokers Tara and Darcy, and one of the industry's top brokerage professionals of all-time, began with Cushman & Wakefield in 1946.
He became an officer, executive committee member, stockholder and director in the 1950s and 1960s and is currently Vice Chairman, based in Miami.
Among his many accomplishments, Matthew Stacom originated the sale of Cushman & Wakefield to The Rockefeller Group from RCA in 1976, and was instrumental in Cushman & Wakefield's acquisition of the 150-year-old European real estate services firm, Healy & Baker.
His career consisted of major leases and sales of office buildings throughout the United States, including the origination of the Sears Tower in 1968, which was then the tallest building in the world.
The Stacom Family employed at Cushman & Wakefield has included the late Claire P. Stacom, Stacy, Tara, Darcy, Matthew III and sons-in-law Eric Ossorio and Chris Kraus.
Tara Stacom is Executive Vice President of Cushman & Wakefield and a member of the firm's Board of Directors. She has more than 20 years of experience in landlord leasing, tenant representation, investment sales and corporate finance transactions.
Tara has consistently been one of the top ten producers at the firm. In 2004, she ranked number one worldwide.
She is most widely regarded for her prominent landlord leasing agency assignments and currently handles a portfolio of properties in excess of 10 million square feet. Tara has also excelled at handling complex tenant representation assignments on behalf of some of New York City's largest employers, including Bank of New York and Visiting Nurse Service of New York. She has been involved with many property sales, most notably 48 Wall Street, 485 Lexington Avenue/750 Third Avenue, and 100 Park Avenue.
She is a trustee of Lehigh University and is chairing a new initiative in Real Estate Studies in the Business College.
Darcy Stacom is Executive Vice President and Partner of CB Richard Ellis. She has made a specialty of building sales. Starting with bread and butter ($15 to $30 million sales) in the mid 1980's she carved a niche that grew dramatically. After 23 years at Cushman & Wakefield, where she served on the Board of Directors and won the National Client Services Award, she joined CB Richard Ellis where she runs the Investment Properties Group in New York for CBRE. Together with her team she has sold in excess of $15 billion of real estate in Manhattan and several billion nationally. In 1997 she was nicknamed the "Queen of the Skyscrapers" by the Wall Street Journal.
Both Tara and Darcy are proudest to simply be called Matt Stacom's daughters.
The Schor Family
Established by the Schor family, The Treeline Companies, a premier, full-service real estate ownership and investment firm based in Garden City, currently owns and manages more than 1.5 million square feet of strategically located commercial real estate in the NY Metropolitan area. Although Treeline's roots are in Long Island, its branches extend throughout the five boroughs of NYC, Westchester, and the greater Metro area, including New Jersey and Connecticut. Their proven and successful approach to investment and property management has been the result of strong ties and commitment to the communities they serve. Strategic acquisition of exceptionally located properties is the hall mark of Treeline's success. The company is currently evaluating a broad range of investment opportunities as its business grows to a new level. Prime targets for acquisition include institutional quality properties throughout the tri-state area that will benefit from their proven and innovative methods of enhancing value.
In 2005, The Treeline Companies will vastly expand its portfolio through the acquisition of Class A office properties in NY, NJ and CT, both on its own and with institutional investor partners. As the company meets this challenge, they have maintained an outstanding reputation among brokers, tenants and the entire real estate community for impeccable ethical standards, proactive and responsive management practices and intelligent and versatile investment acumen.
Frances Schor, CEO of The Treeline Companies, is an experienced real estate professional and licensed real estate broker who began her career as an investor by developing and supervising the renovations of brownstones, co-ops and condominiums. She has forged Treeline's reputation as an aggressive development firm in all aspects of commercial real estate. With her husband Glenn, Ms. Schor has been instrumental in creating the Treeline business model and in developing Treeline's hands-on approach to property management and tenant retention. She supervises property level operations at all Treeline properties.
As Chief Operating Officer of The Treeline Companies, Glenn Schor directs investor relations and is responsible for property acquisitions and financing. Mr. Schor also plays a key role in Treeline's leasing activities, developing creative approaches to making and closing lease deals. Glenn has over 30 years experience in real estate as a developer, investor and attorney. His extensive knowledge and his wide range of contacts in the industry enable him to respond quickly and thoroughly to facilitate and conclude deals of remarkable complexity. He continues to evaluate the marketplace to find opportunities for Treeline to execute its business plan.
Michael Schor joined the Treeline team after a successful tenure as an attorney in the Business Finance & Restructuring Department of the international law firm, Well, Gotshal & Manges LLP. While practicing as an attorney, he worked on the insolvency cases of Macy's, Olympia & York, Barney's, and gained through that experience extensive knowledge of real estate finance and the restructuring of distressed real estate debt. At Treeline, Michael is responsible for all aspects of the firms' real estate acquisition and finance activities. He also oversees Treeline's legal department and is involved in complex leasing transactions and other legal matters.
Howard Schor joined The Treeline Companies recently as Vice President of Strategic Operations and Planning. Howard oversees the strategic planning operations and in-house management of Treeline's portfolio. Howard's job title was created by Treeline to meet the demands of its corporate growth and expansion in the New York region. Howard was formerly employed as Associate Media Director at the advertising agency of Kirshenbaum Bond & Partners/ The Media Kitchen. He has won several advertising industry awards including the 2004 Gold Effie Award and the Cannes Media Lion, Best Integrated Campaign, Silver 2003 for his work supporting the campaign, "Steven Spielberg Presents: Taken."
The Maidman Family
The Maidmans are a shining example of how one family has stayed ahead by mixing fundamentals and new ideas in nearly six decades of doing business in the New York real estate market.
Ever since the 1950s when the late William Maidman went from dress manufacturing to buying his first building--a factory on 39th Street--the Maidmans flourished by adhering to a straightforward approach: Invest, manage, hold, invest some more, and if the price and buyer are right, sell.
Today that approach continues, albeit with cautious new direction, at the Maidmans' company, Townhouse Management, under a team which includes William's son, Richard H.M. Maidman, Chairman and Managing General Partner; William's grandsons, Mitchel Maidman, President, and Gregory Maidman, Chief Operating Officer; and Mitchel's wife, Arlene Maidman, Director of Acquisitions.
The Maidmans have a portfolio of over 20 residential properties with 800 units valued at an estimated $200 million. Many are five- and six-story pre-war walkups and elevator buildings which the family has purchased and renovated over the years and are nearly always fully occupied. Townhouse Management also operates over 40 parking facilities with its affiliate The Manhattan Parking Group.
Last year, the family made headlines when they sold the Chelsea at 160 West 24th Street for $93 million. Townhouse Management had purchased the Chelsea jointly with Pine Equity N.Y., in June, 2001, for $63 million, with total investment after closing costs and renovation coming to about $74 million. The family renovated and leased the entire building as corporate housing to ExecuStay Corporation, a subsidiary of Marriott International, Inc.
One commercial property that the family held a long time and finally did sell in a well-publicized deal is 113 West 42"d Street, which went for over $13 million to Douglas Durst as part of a Times Square assemblage.
"The events of September 11 prompted us to put aside other concerns and concentrate on reviving the plans for the future of this great town. I am sure this is what my father, William Maidman, would have wanted," said Richard Maidman.
As part of the sales agreement, Durst was required to erect a plaque on the new building he constructed that commemorates the Maidmans' original ownership and its sale to the Durst family.
Shortly after purchasing the Chelsea, the Maidmans undertook their most ambitious project. They broke ground at 37th Street and Third Avenue for the Aurora, a 32-story, 133-unit, mixed-use corporate housing and luxury condominium apartment tower, Marriott's first ground-up corporate housing complex in the U.S.
Opened in the fall of 2003, the Aurora has 126 furnished studio and one-bedroom units on the first 25 floors leased to Marriott's ExecuStay and available on a 30-day minimum-stay rental basis. Townhouse continues to manage the physical operation for the Marriott. The top seven floors of the Aurora are being sold as full-floor luxury loft apartments for $4 million each.
Still another project which the Maidmans saw as an opportunity was the purchase and gut renovation of two apartment buildings at 35-37 East 63rd Street into one 20,000-square-foot mansion, which is being marketed for S30 million.
The Swig Family
Founded in 1936 by Benjamin H. Swig, The Swig Company has established a successful legacy as a developer, investor, owner and manager in the commercial real estate market. From its base in San Francisco, The Swig Company has built a presence in several major markets across the United States through ownership of prominent office and hotel properties. The Swig Company achieved early renown as the force behind the famed Fairmont Hotel brand. The Company acquired the San Francisco Fairmont Hotel in the immediate post-World War II period and went on to flag and/or develop hotels in Chicago, New Orleans, Dallas, Denver, San Jose, New York and Boston. The flagship Fairmont Hotel on Nob Hill in San Francisco has been featured in numerous films and television shows.
While the hotels were the most visible of the The Swig Company's holdings, the family steadily built a major presence as a part developer, owner and operator of prominent office buildings and other commercial properties across the country. In 1998, with hotel values at or near historic peaks, The Swig Company made a strategic decision to sell the majority of its hotel holdings and re-focus the portfolio on office properties, new acquisitions and development opportunities.
Today, the Company's office holdings comprise more than 11 million square feet and include prominent and historic buildings in markets such as New York, Dallas, San Francisco, Oakland and Southern California.
Currently owned properties:
1114 Avenue of the Americas
711 Third Avenue
7 Hanover Square
Buildings that The Swig Company has either built or owned, at one time, in New York City, include:
777 Third Avenue
437 Madison Avenue
15 Park Row
290 Madison Avenue
292 Madison Avenue
21 East 41st Street
210 Livingston Street (Brooklyn)
468 Park Avenue South
15 East 26th Street
80 Maiden Lane
Plaza Hotel (Fairmont)
Two Fifth Avenue
405 Park Avenue
1065 Avenue of the Americas
In addition, the Company owns Penn Station in Newark, N.J. Penn Station is an historic Art Deco-era multi-modal facility, which, in addition to the City Subway, supports New Jersey Transit commuter rail, Amtrak long distance trains, the PATH rapid-transit line to New York City, and local, regional and national bus services. The station and land are leased on a long-term basis to New Jersey Transit. The owners have begun to explore future opportunities, including air rights and development rights for the property, which, with recent improvements in Newark's economic picture, are growing more attractive.
The Rose Family
The story of Rose Associates, Inc. begins in 1928, with the construction of a 216-unit, six-story apartment building by David Rose in New York City. Today, the firm operates throughout the East Coast as developer and manager of more than 30 million square feet of major office towers, commercial retail centers, mixed-use complexes, and high-rise residential buildings.
For eight decades, the firm has demonstrated the talent and financial strength to respond to a broad range of challenges, from large scale, new project development to the rehabilitation and repositioning of older properties. As a result, Rose is increasingly asked to provide development consulting and property management expertise by leading financial and investment firms.
The Rose operating philosophy favors enduring, long-term relationships, with decisions based on a long-range perspective developed over years of ownership experience. This emphasis on creating capital value has been the foundation of lasting associations with prominent financial institutions and real estate investors.
Born in Jerusalem, David Rose in 1892 and Samuel Rose in 1890 started Rose Associates in 1927. Among their best known projects was the Banker's Trust Company on 280 Park Avenue at 48th Street. In his later years, David Rose took a strong interest in medical technology. He played a major part in the design and construction of a special pressurized surgery chamber at Mt. Sinai Hospital in New York. He also acted as a consultant in the design and construction of Hadassah Hospital in his native Jerusalem and at the Salk Institute in La Jolla, California. He died in 1986 at the age of 94.
Samuel Rose died on September 3, 1964 at the age of 74. He was a furrier as well as a founding partner of Rose Associates with his brother. Besides 280 Park Avenue, other buildings constructed by the Rose brothers are 300 Perk Avenue and 1 Battery Park Plaza. Rose Associates also owns 344-46 East 58th Street; 771-85 Broadway, 1441-55 Second Avenue and 2-8 William Street to name a few. 60-68 East 8th Street and 45 East 89th Street was developed by Rose Associates.
Samuel Rose's son Frederick Rose (1923-1999) was responsible for two dozen major apartment projects and an equal number of institutions that adorn the New York skyline. In 1999, he supervised the construction of a 50 story apartment house, the Belvedere, on 29th St. between 5th & Madison. At the same time, he oversaw the construction of Frederick Phineas and Sandra Priest Rose Center for Earth and Space that now houses the Hayden Planetarium at the Museum of Natural History. Rose donated $20 million and acted as Project Leader for the trustees.
Along with $15 million gift to Lincoln Center, he supervised the construction of the 31-story Rose Building that houses rehearsal space and dormitories for musicians & students at Juilliard, NY Philharmonic and the School of American Ballet.
All told he donated $95 million to the cultural institutions of NYC.
Today, Rose Associates offers full-service project responsibility-from initial concept to the last finishing detail. The firm integrates its own skills in finance, planning, construction, project administration, marketing, and property management with the talents of the nation's most innovate designers, consultants, and planners.
The Trump Family
Before there was "The Donald," there was simply Fred C. Trump, one of the last of New York City's great major postwar builders. Mr. Trump, like Sam LeFrak, another master builder, helped change the face of Brooklyn and Queens with thousands of homes for the middle class in plain but sturdy brick rental towers, clustered together in immaculately groomed parks. Although overshadowed in the news for the last two decades by his flamboyant son Donald, Mr. Trump, a self-made man, built more than 27,000 apartments and row houses in the neighborhoods of Coney Island, Bensonhurst, Sheepshead Bay, Flatbush, and Brighton Beach in Brooklyn and Flushing and Jamaica Estates in Queens.
Frederick Christ (pronounced Krist) Trump was born in New York City in 1905.
His father was a barber who arrived from Kallstadt, Germany, in 1885 and joined the Alaska gold rush. By the turn of the century, he owned the White Horse Restaurant and Inn in White Horse, Alaska, while also supplying food and lumber to the miners. He went back to Germany to court his neighbor Elizabeth Christ and married her in 1902. When they returned to New York, they settled down in a single-family house in Woodhaven, Queens. They had three children; when Fred C. was 13, his father died of pneumonia.
Two years later, at 15, he started his own construction business while continuing his high school education. He knew he was too young to build entire houses, so he thought of building housing for the new mode of transportation then sweeping the nation; after all, those newfangled automobiles needed garages. Too young to sign checks, he became partners with his mother, Elizabeth: they called their company E. Trump & Son. His mother, who was a dynamo in her own right, was the partner who signed the checks.
Their business was a success, and one of the things he did with his earnings, his sons said, was to help send his younger brother John to Brooklyn Polytechnic Institute, then to Columbia for his master's and then to the Massachusetts Institute of Technology, where he received his Ph.D.
When he started at Brooklyn Poly, John Trump was planning to become an architect and to go into business with his brother Fred. The two actually built one or two houses together, but before long, they realized they had two very different philosophies.
As he grew older, Fred Trump began building single-family houses in the late 1920's--most of them in Queens--which were sold for $3,990 each. The concept of supermarkets was new back then, too, and when Mr. Trump built Trump Market in Woodhaven in the middle of the Depression and advertised, "Serve Yourself and Save!" it was an instant hit. About a year later, Mr. Trump sold the store for a profit to the King Kullen chain.
In World War II, Mr. Trump built barracks and garden apartments for the Navy in Chester, Pa., Newport News, and Norfolk, Va. When the fighting was over and apartments for returning servicemen and their families were in short supply, he branched out into middle-income housing; he built Shore Haven in Bensonhurst in 1949 and Beach Haven near Coney Island the next year for a total of 2,700 apartments. In 1963, he put up the 3,800-apartment Trump Village in Coney Island--five years after his contemporary, Mr. LeFrak, began Lefrak City in Queens.
"He made a great contribution; he filled a very big hole in the market," Mr. LeFrak recalled. "We took Queens; he did more in Brooklyn. He was a great builder who rallied to the cause like we did; he built housing for the returning veterans. I guess you could say we're the last of the old dinosaurs."
In 1936, Mr. Trump married Mary McLeod, who had come to this country when she was 19 from Stornoway, Scotland. Miss McLeod had two sisters who lived in New York; shortly after she arrived, her sisters took her to a dance, where she met Fred Trump. They had five children. In addition to his wife and his sons Robert and Donald, he is survived by two daughters, Maryanne Trump Barry of New York City, who is a Federal judge, and Elizabeth Trump Grau of New York City. Another son, Fred Trump Jr., died in 1981.
In the recession of the 1970's, Mr. Trump, who retained ownership of most of the rental buildings he built, started buying up apartment buildings from other builders, who had run into trouble keeping up their properties. According to Edward S. Gordon, a commercial real estate executive, Mr. Trump amassed the buildings in a "very quiet way." Mr. Gordon praised Mr. Trump's business acumen, saying, "Most smart men and women paid attention to the ball; Fred Trump focused on the shadow of the ball."
In the mid-70's, Mr. Trump lent support--and a small amount of money--to his son Donald's aspirations of becoming a developer. "But what he lent was mostly knowledge; Donald really did it on his own, along with whatever boost he got from being Fred Trump's son, of course," Robert Trump said.
Donald Trump said he was happy his father stuck to Brooklyn and Queens. "It was good for me," the developer said, chuckling. "You know, being the son of somebody, it could have been competition to me. This way, I got Manhattan all to myself!"
Fred and Mary Trump donated the pavilion that bears the Trump name to the Jamaica Hospital Medical Center in appreciation of the care received there by Mrs. Trump. They gave a wo-building rental complex in Brooklyn to the National Kidney Foundation of New York/New Jersey and to Community Mainstreaming Associates of Great Neck, an organization that provides homes for functionally retarded adults. Mr. Trump gave another building to the Cerebral Palsy Foundation of New York and New Jersey, which has since turned it into co-op. He also supported the Hospital for Special Surgery in Manhattan, the Long Island Jewish Hospital and the Kew Forest School in Queens, where his children went to school.
Fred's son Donald J. Trump, may have a very different personality, but he too is the very definition of the American success story, continually setting the standards of excellence while expanding his interests in real estate, gaming, sports and entertainment. He is a graduate of the Wharton School of Finance and started his business career in an office he shared with his father.
In New York City. the Trump signature is synonymous with the most prestigious of addresses, among them the world-renowned Fifth Avenue skyscraper, Trump Tower, the Trump International Hotel & Tower, voted the best US Hotel by Conde Nast Traveler, Trump World Tower at the United Nations Plaza, 40 Wall Street, and Trump Park Avenue. Besides New York, he is involved in developing properties across the nation, with projects in Chicago, Las Vegas, Miami, Atlantic City, Los Angeles, and Palm Beach. Mr. Trump's portfolio also includes four award-winning golf courses in New York, New Jersey, Florida and California, and the historic Mar-a-Lago Club in Palm Beach, Florida.
The Macklowe Family
Macklowe Properties was founded in the mid-1960's by Harry Macklowe, the chairman of the company, who currently runs the organization in conjunction with its President, William Macklowe. For the past 40 years, the company has been an active and profitable developer, acquirer, redeveloper, owner, and manager of a diverse array of real estate investments. The company has successfully achieved a full level of vertical integration, combining design, planning, construction, management, accounting, and executive-level ownership and operation to provide for absolute responsibility and control over its assets. These investments, which have covered virtually every sector of the property market, have included the development, acquisition, and repositioning of office and apartment buildings, land assemblages, and conversion of industrial and loft properties. In the aggregate, these developments have totaled over 10 million square feet and have taken place in nearly every commercial and residential submarket of Manhattan. The company currently owns approximately 3 million square feet of office space and 1,700 apartment units.
The company's diverse capabilities and proven success in closing transactions and completing projects has made it a favored counterpart in transactions with financial institutions, tenants, brokers, and other property owners in the Manhattan real estate community. These longstanding relationships have yielded access to acquisition and development opportunities before they are widely marketed, resulting in lower acquisition and start-up costs than those which would likely be incurred under a competitive bidding process. The ultimate objective and mission of Macklowe Properties has always been the creation of secure and highly profitable real estate investments that will sustain and grow through all business cycles. Moreover, our diversified portfolio approach has enabled us to take advantage of multiple and synergistic investment opportunities and build a diversified income stream to provide a stable foundation for growth through market cycles.
The Uris Family
By building more than 13 million square feet of office space in seventeen skyscrapers in New York between 1945 and 1971, Percy and Harold Uris reshaped the midtown Manhattan skyline and stimulated the growth of new commercial districts in the city.
The sons of a Russian immigrant ironworker; the two brothers always knew they would follow their father, Harry H. Uris, into business. With him, they built the Hotel St. Moritz and Buckingham Hotel. After college they formed an investment building firm, and during the 1920's designed, constructed, and owned apartment houses. Some of these buildings included 1 University Place, 2 Sutton Place, and 880 and 930 Fifth Avenue; they are among Manhattan's most desirable residential addresses today. The depression curbed their activity, however, and the only building the brothers did during World War II was defense housing for the federal government.
After the war, however, the Uris brothers came into their own. They built office towers at 380 Madison Avenue (the site of the old Ritz-Carlton Hotel), at 300 Park Avenue, and at Lexington Avenue at 46th Street. In 1959 they formed a public corporation, with each brother retaining thirty percent of the stock.
The brothers were a team. Percy, trained in economics at Columbia, handled the financing and mortgaging arrangements, and Harold, with a civil engineering degree from Cornell, ran the construction side of the firm.
Their major projects followed incorporation. They opened 2 Broadway in 1959, and the ITT Building (320 Park Avenue) and the Western Publishing Building (850 Third Avenue) in 1961. The next year the RCA Communications Building (60 Broad Street) and the Sperry-Rand Building (1290 Avenue of the Americas) were completed. The New York Hilton (1335 Avenue of the Americas) registered its first guests in 1963, and J.C. Penney moved into its new corporate headquarters at 1301 Avenue of the Americas the year after. The Uris brothers finished the American Tobacco Company Building (245 Park Avenue) in 1967, and the First National City Bank Operations Center (111 Wall Street) in 1968. The brothers' last major New York projects were 1663 Broadway (1970), an office tower cum legitimate theatre, and 55 Water Street, (1971).
Besides this phenomenal activity, both brothers were generous philanthropists, giving of their time and energy as well as money. Percy served Columbia as the president's assistant for new construction, and as the donor of a hall for the Graduate School of Business. There is a Uris Hall at Cornell, too, where Harold funded much campus construction and renovation as well.
Percy died in 1971 at the age of 72, leaving Harold in charge of what had become the nation's largest publicly owned investment building company. Harold chose not to continue without his lifelong partner and sold the company to the National Kinney Corporation in 1973. He died at 76 in 1982.
The Zeckendorf Family
William Zeckendorf took Daniel Burnham's advice to "make no little plans" very much to heart. His gift for recognizing "a great piece of land" and conceiving of a "suitable edifice" for it transformed dozens of underused New York acres into offices, hotels, housing projects, parks, and the headquarters of the United Nations.
Born in Illinois in 1905, Zeckendorf grew up in the Bronx and attended New York University. In 1925, during his last year of college, an uncle put him in charge of renting one of his office buildings. Zeckendorf filled the building with tenants and promptly left the University for the real estate profession. He brokered for Leonard S. Gans from 1926 to 1939, earning a partnership in 1930. In 1937 he negotiated a sale for a rival company Webb & Knapp, and a year later joined them as vice-president. Webb & Knapp, was then a fairly conservative company that managed about fifty million dollars worth of property. Zeckendorf vastly broadened Webb & Knapp's horizons, attracting clients like Vincent Astor, whose commissions contributed handsomely to the company coffers.
As his financial resources increased, Zeckendorf's plans for grand real estate projects took a sharper definition. In the early 1940's, he assembled parcel in Flushing, where he hoped to build shopping center, hospital and hotel complex connected by underground walkways, but these structures were never built. In 1946 Zeckendorf had paid $6,000,000 for the Swift and Wilson slaughterhouse land at the East River and 42nd Street, eight fetid acres whose odor was a nuisance to nearby Sutton Place and Tudor City. He envisioned constructing a huge platformed community of offices, apartments, shops, opera and convention halls, a 6,000-room-hotel with yacht slips and helicopter pads. But he could find no investors for "X City," and the land lay fallow. However, Zeckendorf was aware of the dickering over a site for the United Nations headquarters. Just as the UN was about to start looking at land in Philadelphia, he offered this parcel. John D. Rockefeller II bought it $8,500,000 and presented it to the City. As a result, New York became the world organization's home and Zeckendorf reaped praise and profit. He always referred to this transaction as his "capstone" achievement.
In 1949 Zeckendorf became the sole owner of Webb & Knapp, and three years later he set up the Webb & Knapp Construction Corporation so that the company could also be general contractors for its own projects. The 1950's saw Zeckendorf move in many different directions. He built Roosevelt Field, one of the first large suburban shopping malls in the metropolitan area, on the former airfield on Long Island. He developed an office park in Westchester. He began trading in major hotels and office buildings, holding, at one time or other, the Astor, St. Regis and Drake Hotels, and the Graybar and Chrysler Buildings. He also attracted financing for a large textile center building at 1407 Broadway.
In the mid-1950's, Zeckendorf took up the cause of urban redevelopment too, becoming one of the nation's leading developers of urban housing. He replaced slum tenements with huge new apartment projects: Lincoln Towers, with its over 4,000 units adjoining Lincoln Center, set the stage for the renewal of the upper west side of Manhattan; Park West Village on its 23 acre site provided housing for nearly 2500 families; and Kips Bay Plaza, designed by I.M. Pei & Associates, was certainly one of the handsomest urban renewal projects.
In addition to his record of enormous accomplishment as a builder, Zeckendorf's uncanny ability to identify locations with promise led the way for other developers as well. For example, his unrealized plan to erect a large hotel at the corner of 51st Street and Sixth Avenue attracted other hotel developers to Manhattan. Even his short-lived American history amusement park in the Bronx, called "Freedomland" (one of the first "theme parks") was eventually recycled into the site for the massive Co-op City residential complex.
Zeckendorf's impact was felt not only in New York, but also in the redevelopment of Montreal and Denver and the construction of Century City in Los Angeles.
Today, the Zeckendorf tradition is carried on William Zeckendorf's grandsons, brothers Arthur and William Lie Zeckendorf. Since 1994, Arthur and William Zeckendorf have been principals in approximately $200 million of real estate development and acquisitions, including 2,000 condominium apartments. They are owners and Co-Chairmen of Terra Holdings, LLC, which owns and operates several real estate service firms including Halstead Property Company.
In 1995, the Zeckendorf brothers developed the Millennium Tower, a 75-unit condominium at the top of the Lincoln Square condominium, in partnership with Sumitomo Real Estate Sales and Goldman Sachs & Co. They have also been active since 1994 in numerous marketing sales efforts including the sales of third parties of CitySpire, the Ansonia and the Mondrian condominiums.
The Elghanayan Family
Rockrose Development Corp., an owner-builder-manager with a reputation for architectural excellence, sensitivity to neighborhoods and careful management of its projects, was founded more than 30 years ago by the three Elghanayan brothers, Henry, Thomas and Frederick. Named after the block they grew up on in Queens, Rockrose Place, the company began with the renovation of brownstones on West 16th Street in Manhattan. Through their hard work and perseverance, Rockrose gradually expanded to new apartment construction, large scale rehabilitation, and major office development.
Rockrose has completed 39 projects and currently has three projects under construction totaling over 10 million square feet of space and 7,500 apartments. Many of their projects have been met with favorable public review and design awards by landmarks and government agencies at the city, state and federal levels. Among these award-winning projects are the 232-unit River Rose Apartments in Battery Park City's South Cove; Tribeca Point, a 350-unit residential building in Battery park City's North Cove; the 470-unit Archive; the 337-unit Turtle Bay Towers; and Carnegie Hall Tower, a 535,000 square-foot Class A office building on 57th Street in Manhattan.
In large part, the Elghanayans' success can be attributed to following a simple business philosophy: select projects carefully, plan rigorously and manage intensely. To ensure consistent performance, Henry, Fred and Tom oversee in-house departments at Rockrose for each development, including acquisition, design, construction, marketing and management. This hands-on operational style assures efficiency, controls costs and maintains quality.
The Winter Family
"Such things as luck, hunches and speculative ideas play a relatively small part in progress. It is mastery of one's subject and conservative dealing which have brought success to those who have it."
Benjamin Winter Sr., among the first of New York's most prominent self-made real estate entrepreneurs spoke those words in a newspaper interview in the 1930s. Today, the company, a fourth generation, family-operated private owner-developer and manager of commercial, residential, retail and industrial real estate that still bears his name, The Winter Organization, upholds those same principles. Still focused on the contemplative study of key markets and long-term yet opportunistic investing, Ben Winter and his brother Jim, Benjamin Winter Sr.'s grandsons, along with Ben's son, David, adhere to the prudent conservative strategy of their founder, which has become the hallmark of the company.
The story of The Winter Organization begins in 1901, when at age 19, Benjamin Winter Sr. emigrated from Poland to New York. Benjamin Sr.'s father, who had arrived in the United States a year earlier, took his son to see the great mansions of Manhattan, including the Astor and Vanderbilt homes, the very day he arrived in America. Though the elder Mr. Winter instructed his son that America was indeed the land of opportunity, he never could have imagined his son would, just a decade later, come to own both properties.
Through diligent study, Benjamin Winter Sr. quickly learned how to buy and sell well-located properties in rising neighborhoods. His investing prowess was venerable--in a mere 20 years, he had became the foremost realtor of his generation with half a billion dollars in sales to his credit. In one 12- year period, he executed approximately 300 real estate transactions and never once failed to realize a profit. His portfolio of prominent properties came to include the Hotel Delmonico, the Stanhope, the Hotel Lenori, the Spanish Flats and numerous residential properties along Park and Fifth Avenues.
In the 1950s, Marvin Winter, Benjamin Winter Sr.'s son, helped develop and solidify the investment philosophy that has now characterized The Winter Organization for almost a century. After returning from military service and consolidating his late-father's holdings, Marvin Winter continued to focus on the New York property market. While Benjamin Winter Sr. was one of the most highly regarded pioneers in the opportunistic trading of real estate, Marvin Winter developed a belief in acquiring and holding well-located properties for the long-term. Some of the real estate assets in the Winter portfolio today have been held for over 50 years.
Now in its fourth generation, The Winter Organization, already well-entrenched in the fiber of the New York City real estate market is poised to become a more prominent national investor in the years ahead. Yet the old-fashioned principles of hard work, dedication to purpose and conservatism in investment will always be its guiding force.
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|Publication:||Real Estate Weekly|
|Article Type:||Company overview|
|Date:||Aug 20, 2005|
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