The Real Deal New York

Posts Tagged ‘rubin schron’

  • 100-W

    Carnegie House at 100 West 57th Street (Photo credit: Google)

    David Werner, a Borough Park investor who has wowed New York City with a series of big buys this year, partnered with Rubin Schron and the Cohen family to pay $285 million for the land under 100 West 57th Street, sources told The Real Deal. The 324-unit Carnegie House cooperative building is the ground tenant on the property. [more]

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  • Ruby Schron

    Rubin Schron

    Many people might not know the man behind roughly 15,000 units and a large collection of buildings across the city.

    While Rubin Schron, the 77-year-old president of Cammeby’s International and one of the city’s major property owners, has assembled a $1.6 billion fortune, he has never appeared on an international wealth ranking and has not named any of his buildings after himself. Among his properties is the Pueblo Nuevo, a Lower East Side building inhabited by residents who received rent assistance from the government, according to Bloomberg News. [more]

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  • Jason Meister

    Jason Meister

    Jason Meister, a broker and vice president at commercial brokerage Avison Young, who represented both Joseph Sitt and Rubin Schron in their unsuccessful bids for the Empire State Building, compared the building’s initial public offering to Obamacare on television yesterday. See full story and video after the jump.

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  • From left: Rubin Schron and Robert Verrone

    From left: Rubin Schron and Robert Verrone

    Robert “Large Loan” Verrone’s Iron Hound Management, a leading mortgage broker, has secured $406 million in loans for three different projects — 2 West 46th Street, 369 Lexington Avenue and Bush Terminal, at 241 37th Street, in Brooklyn.

    Iron Hound structured the payoff of a $106 million defaulted loan and the placement of new debt, through Starwood Capital, for 2 West 46th Street and 369 Lexington Avenue on behalf of Joe Stavrach and Faraj Srour, who is also known as Freddy Srour. Iron Hound also restructured a $300 million loan with LNR Property for the 6.1-million-square-foot industrial complex Bush Terminal in Greenwood Heights for Rubin Schron, who famously bid $2 billion on the Empire State Building in June. [more]

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  • Empire_State_Building_Graphic

    From left: Peter Malkin and Joseph Sitt

    Over the past seven years, Malkin Holdings has steered the once warren-like Empire State Building from a derided Class B relic to a reinvigorated office tower that competes for large tenants with the city’s most modern Class A properties. [more]

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  • Empire-State-BuildingJoeSitt

    The Empire State Building, Joe Sitt (Sitt photo courtesy the Brooklyn Paper)

    Retail-focused real estate investor Joseph Sitt, CEO of Midtown-based Thor Equities, has become the latest bidder for the Empire State Building, topping an earlier offer of $2.1 billion, his representative Jason Meister, a broker and vice president at commercial firm Avison Young, told The Real Deal. [more]

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  • esb-malkin

    Empire State Building and Anthony Malkin

    A second bidder — this time unidentified — has bid to buy the Empire State Building before the planned initial public offering for a portfolio that includes the iconic tower, Bloomberg News reported. The would-be buyer pledged to pay $2.1 billion, topping Rubin Schron’s $2 billion offer last week.

    Building owner Malkin Holdings is currently reviewing two unsolicited bids in advance of the planned IPO, according to a regulatory filing cited by Bloomberg News. [more]

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  • The Empire State Building and Rubin Schron

    The Empire State Building and Rubin Schron

    UPDATED, 6:00 a.m., June 19: Rubin Schron, president of Cammeby’s International and one of the city’s major property owners, has offered $2 billion in cash to buy the Empire State Building, according to a letter an attorney for the investor sent Tuesday to an attorney for Malkin Holdings, the firm that controls the iconic skyscraper. [more]

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  • Rubin Schron, the Monterey (credit: CityRealty) and Related’s Jeff Blau

    The Related Companies has agreed to sell the Monterey on the Upper East Side to investor Rubin Schron for $250 million, marking the priciest sale of a multi-family building in Manhattan so far this year, Bloomberg News reported. The 521-unit rental property at 175 East 96th Street was one of Related’s largest apartment buildings. [more]

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  • Ian Schrager, 215 Chrystie Street and Rubin Schron

    Hotelier Ian Schrager and investors including developer Steve Witkoff paid approximately $50 million for a site at 215 Chrystie Street last week. The move that will bring a controversial mixed-use development to the Lower East Side, after a deal with the tenants of an adjacent building at 10 Stanton Street, the Wall Street Journal reported. [more]

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  • From left: Rubin Schron and the Sperone Westwater Gallery

    While many Lower East Side veterans might consider a two-year-old art gallery the definition of a newcomer, the Sperone Westwater Gallery has set its sights on blocking the arrival of an even newer arrival. Owners of the Bowery gallery are working alongside preservationists to halt city approval of a 25-story hotel-condominium development that they say will block a sky view, the Wall Street Journal reported. [more]

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  • Investor Rubin Schron, who last month settled with the U.S. Justice Department over an alleged $50 million kickbacks scheme with nursing home pharmacy Omnicare, used his CAM-Elm Company as a “personal piggy bank,” according to a derivative complaint from shareholders. The complaint alleges that Schron, who owns part of the Woolworth Building and 40 percent of a group that has a 26 percent stake in the Israel Discount Bank, took more than $100 million from the company since 2006 to pay himself back for failed personal investments. The plaintiffs, Mich II Holdings and Seeva II Holdings, on behalf of real estate companies SMV and SWC Property Holdings, are suing Schron, CAM-Elm and Schron’s other companies, Cammeby’s and HSA Equipment, seeking a total of $105 million in damages. They are also suing Schron’s eight children, who are majority owners of CAM-Elm, because they failed to remove their father from his position when he abused it.
    [Courthouse News]

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  • Two prominent New York City real estate bigwigs, investor Rubin Schron and attorney Leonard Grunstein, have settled charges with the U.S. Justice Department that alleged they had taken a $50 million kickback from Omnicare, the largest nursing home pharmacy in the company, according to Crain’s. The charges against Schron, Grunstein and their associate, Murray Forman, claimed that the three had organized a plan to receive the kickbacks in exchange for allowing Omnicare to continue providing to Mariner Health Care, a chain of nursing homes Schron owns. Grunstein, who was once involved in the landmark Tishman Speyer-Stuyvesant Town deregulation case, and the two other men paid $14 million in the settlement.

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  • New York real estate investor Rubin Schron and real estate attorney Leonard Grunstein have been accused of taking $50 million in kickbacks from Omnicare, a pharmaceutical company that serves the nursing home companies they each head. Schron, who owns the Woolworth Building, and Grunstein, a partner at Troutman Sanders, were two-thirds of a group that covered up a $50 million payout they received from Omnicare that enabled the company to continue to provide services at Mariner Health Care and Sava Senior Care, according to a complaint filed today by the U.S. Department of Justice. In the cover-up scheme, the trio allegedly masked the money as a payment for Omnicare’s acquisition of a two-person Mariner business unit that was not worth nearly $50 million. Omnicare will be forced to pay $98 million to states and to the federal government to settle the Medicare and Medicaid fraud charges associated with the case. [Crain’s]

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