Although Cohen Brothers Realty Corporation CEO Charles Cohen has no plans to retire in the near future, the family-run New York-based business has no heir apparent.
Cohen has four children – the eldest age 29 – and none have yet to be involved in the family business. He said he expects that the management team of employees who are not members of the family would hypothetically be up to the task of continuing operations after he retires. The 62-year-old does not intend to step down for many more years. One of his sons, a 25-year-old, is currently studying real estate law at Fordham University’s law school. The firm owns 3 Park Avenue, 750 Lexington Avenue and 622 Third Avenue, among other buildings.
“I’m a dynasty of one,” Cohen told the Wall Street Journal, adding that “Cohen Brothers is a big business and I believe it should be continued.”