Real Estate Royalty Report All Is Well
This odd profile today in the Times of the current state of New York office-building-owning real estate royalty indicates that they are all just fine and dandy! The Rudins, the Dursts, the Roses—they have weathered the storms (now all long past, apparently?) and there's not a single bit of data in this accounting about any upcoming lease expirations or negotiations or regarding any possible dropping of rental prices per square foot. The only bit of contrast to their apparent success offered is the disaster facing solely residential developers, like Shaya Boymelgreen, in deep trouble for having jumped wholeheartedly into providing a glut of luxury condos. Somehow still, the Speyers end up on the outs here, due to their recent loss of Stuyvesant Town—even as, just last June, they were the family dynasty to worship. Also: not a mention of the arriviste Trumps or the Kushners.
Quick copy-edit:
"They do not necessarily take pleasure in the downfall of the upstarts, but they do relish the fact that, as one scion said with a bit of exaggeration, “Now, we’re the only ones breathing.”
Should read:
"They do not necessarily take pleasure in the downfall of the upstarts, but they do. They really, really do."
Trump and Kushner dont really own that much (comparatively) in NY, but I am curious about where the wheeling and dealing of Rosen and Fuchs of RFR left them now the dust is settling.
Shaya Boymelgreen is people!
Yes!
I endorse the hell out of this comment.
http://www.nysocialdiary.com/i/partypictures/10_19_09/Adam%20R.%20Rose,%20Sandra%20Rose,%20Peter%20R.%20McQuillan-8077.jpg
or rather : Adam R. Rose & Peter R. McQuillan (former NYC cop / partner) & some rich old bag
The Speyers have a pretty different business model–they don't really do the generational, low-leverage investing that the other families do, and they mostly invest other people's money (where with the other families it's all their own).
Also no mention of the Macklowes, curiously–I suppose their colossal failure runs too far counter to the theme of the piece.