In January, Avi Schron did something his father Ruby never had.
On behalf of Cammeby’s International, he filed plans to build a new 41-story tower in South Brooklyn, the first major solo ground-up development by the family firm in its nearly 50-year history.
When New York real estate folk talk about “old-school investors,” they’re often picturing Rubin Schron. Starting Cammeby’s in 1967 with a handful of Bronx properties, he parlayed those modest holdings into an enviable portfolio that includes the Woolworth Building, Industry City and over 15,000 apartments. While many of his peers moved into development, Schron, who Bloomberg estimates is worth about $1.6 billion, stuck to what he knew: measured investment plays, long-term multifamily holds and shrewd partnerships on office and industrial properties.
Though he remains a force even at the age of 78, his sons Avi and Eli are beginning to shape the future of Cammeby’s, pushing the company into ground-up projects and more audacious acquisitions.
“When a family makes a big shift in perspective and appetite, it’s generally based on what the next generation wants to do,” an industry source who has worked with the Schrons said. [more]