How Rich Are New York's Real Estate Developers?
Pretty gosh darned rich, according to Forbes magazine.
Twelve of New York’s celebrated real estate titans bought, sold and leveraged their way onto or up Forbes' 2008 list of the 400 wealthiest Americans. While the vast sums of wealth are truly staggering, New York’s wealthy real estate developers still lag far behind the big players on Wall Street; in fact, no real estate developer was rich enough to crack America’s top 50–-Paul Milstein and family were closest at No. 68.
The list: wealth (in billions) and ranking
- Paul Milstein and family: $5 (68)
- Richard LeFrak and family: $4.5 (78)
- Stephen Ross: $4.5 (78)
- Leonard Stern: $3.7 (97)
- Donald Trump: $3 (134)
- Mort Zuckerman: $2.8 (147)
- John Catsimatidis: $2.1 (215)
- Sheldon Solow: $2 (227)
- Jerry Speyer: $2 (227)
- Tamir Sapir: $1.9 (246)
- Leon Charney: $1.5 (321)
- Steve Roth: $1.3 (377)
The Forbes 400 capped a rather unpleasant year for Harry Macklowe. Last year, Mr. Macklowe was the 239th wealthiest American, with an estimated fortune of $2 billion and an impressive portfolio of some of New York's finest real estate (the GM Building!). This year: unranked.
16 Park Avenue
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From The New York Observer, May 7, 2000, due for an update:
"At the same time, he has been moving to change the public face of the Macklowe empire. Last year, he forced out Mr. Cole, who, as president of the company since the late 1980's, presided over Mr. Macklowe's return from the brink. By last September, however, Mr. Cole was gone, and Mr. Macklowe was refusing even to allow his former employee to move into an apartment he had purchased in one of his buildings, a lawsuit alleges. Mr. Cole's wife was pregnant with their first child at the time.
In a complaint filed last October, Mr. Cole claims that Mr. Macklowe fired him after a dispute over ownership stakes he was promised in 10 properties, worth $13.8 million. Mr. Macklowe, the complaint alleges, also failed to repay the $4.7 million Mr. Cole loaned the company "when Mr. Macklowe's business was cash-starved, which was often." (Mr. Macklowe has asked a judge to dismiss the case, saying that his agreements with Mr. Cole were not legally binding.)"
Is Trump contesting his rank again?
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