The Real Deal New York

The towering ambition of Michael Stern

The JDS Development boss is making risky bets even in the face of a changing luxury market

June 06, 2016 07:00AM
By Konrad Putzier

Michael Stern, flanked by 111 West 57th Street (left) and 9 DeKalb Avenue

Michael Stern, flanked by 111 West 57th Street (left) and 9 DeKalb Avenue

From the June issue: Like Manhattan’s jagged skyline, the history of its real estate industry is shaped by steep rises and swift falls. There is William Zeckendorf, who rose from small-time broker to seminal developer of the 1950s and 1960s only to die bankrupt. Decades later, Harry Macklowe rose from college dropout to real estate mogul, lost it all in the 2007 downturn and landed back on his feet in the years after.

The latest developer to climb the industry’s peak at breakneck speed is Michael Stern, the 36-year-old head of JDS Development Group. [more]

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