Top row from left: Solow Building Owner Sheldon Solow, Boston Properties Chairman Mort Zuckerman, LeFrak Organization Chairman Richard LeFrak, investor John Paulson; Bottom row from left: Donald Trump, Tishman Speyer Chairman Jerry Speyer, Blackstone Group Founder Stephen Schwarzman, Red Apple Group CEO John Catsimatidis and Related Companies Founder Stephen Ross
Of the 63 New York City residents to make Forbes new list of the 400 richest people in America at least 13 are closely tied to the real estate industry. For example, the third richest New Yorker, right after businessman David Koch and Mayor Michael Bloomberg, is John Paulson, who made billions betting against the housing market right before the crash. He’s the 17th richest person in the country, according to Forbes, with a net worth of $15.5 billion.
The 60th richest American is New York City real estate magnate Richard LeFrak, who is worth $5 billion thanks in part to the large housing developments he owns. He’s 10th among city residents. One spot behind him, and 66th overall in America, is Stephen Schwarzman, founder of Blackstone Group, which invests heavily in New York City real estate. He’s worth $4.7 billion.
Stephen Ross, founder of the Related Companies, Donald Trump and Mortimer Zuckerman, chairman of Boston Properties, are also city billionaires that frequent the pages of The Real Deal. They’re worth $3.1 billion, $2.9 billion, and $2.2 billion respectively.
Other recognizable real estate pros include Gristedes and Red Apple Group CEO John Catsimatidis ($2 billion), Solow Building owner Sheldon Solow ($1.9 billion) and Tishman Speyer Chairman Jerry Speyer ($1.8 billion). [Forbes]