The Real Deal New York

Posts Tagged ‘ruby schron’

  • From left: Westbrook COO Sush Torgalkar, Ruby Schron and Bruce Federman, with 47 Hall Street in Clinton Hill

    From left: Westbrook COO Sush Torgalkar, Ruby Schron and Bruce Federman, with 47 Hall Street in Clinton Hill

    UPDATED, 2:09 p.m., Nov. 13: Westbrook Partners and RXR Realty are contract to buy a half-million-square-foot commercial property near the Brooklyn Navy Yard for more than $160 million, according to sources.  [more]

  • 626 Sheepshead Bay Road

    Rendering of 626 Sheepshead Bay Road in Coney Island (credit: S9) (inset: Rubin Schron)

    Renderings and additional details are out for Rubin Schron’s mixed-use project in Coney Island, and they reveal a sizable retail component.  [more]

  • Ruby-in-the-Ruff

    From left: Rubin, Eli and Avi Schron (credit: Agudath Israel)

    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]

  • Ruby Schron and Bruce Federman with 47 Hall Street

    Ruby Schron, Bruce Federman and 47 Hall Street in Clinton Hill

    Westbrook Partners and Invesco Real Estate are among the investors bidding on a massive industrial building near the Brooklyn Navy Yard in a deal that could value the property north of $300 million.

    The institutional investors are vying for what is most likely a minority stake in 47 Hall Street, a 550,000-square-foot warehouse in Clinton Hill owned by partners Bruce Federman, Rubin Schron’s Cammeby’s International and Eli Fruchthandler , sources told The Real Deal. [more]

  • From left: Ruby Schron and Rachel Gardens

    From left: Ruby Schron and Rachel Gardens

    The Montville, N.J. apartment complex that New York investor Ruby Schron purchased last week for $136 million is still causing static between the former owners. Even the judge who presided over the case that put the property on the auction block is being dragged into the fray. [more]

  • From left: Ruby Schron, 480 West 187th Street and the Yeshiva University logo

    From left: Ruby Schron, 480 West 187th Street and the Yeshiva University logo

    Yeshiva University has closed on the sale of ten apartment buildings on its Wilf Campus, a broker from Massey Knakal Real Estate Services confirmed on Friday afternoon. [more]

  • Stuy Town lawyer pleads guilty to perjury

    December 12, 2013 08:55AM
    From left: Leonard Grunstein and Ruby Schron

    From left: Leonard Grunstein and Ruby Schron

    Prominent real estate attorney Leonard Grunstein, known for his work on the Stuyvesant Town Peter Cooper Village case, has pleaded guilty to perjury in the third degree in a case concerning a real estate deal with investor Ruby Schron.

    Schron made a $100 million loan to help finance a $1.3 billion leveraged buyout of nursing home operator Mariner Health Services, which was to give him a controlling share of the resulting company, SV Care Holdings. [more]

  • Ruby Schron

    Real estate investor Ruby Schron has forked out $25 million to buy a 49,000-square-foot building at 532 Neptune Avenue near Coney Island, according to public records filed with the city today. But the notoriously low-key real estate mogul isn’t just looking to be closer to the Cyclone.

    Schron plans on tearing down a fence on the edge of the property and combining his latest acquisition with the adjacent Trump Village Shopping Center, which he has owned since the early 2000s, he told The Real Deal via a spokesperson. The three-story building he purchased has eight commercial units. Retailer Walgreens occupies the ground floor. [more]

    1 Comment
  • From left: Ruby Schron and Ian Schrager

    A Lower East Side art gallery has gone to court to block a proposed 25-story hotel and condominium project developed by Ian Schrager and Ruben Schron, arguing that an environmental review is needed. Sperone Westwater Gallery, itself a relative newcomer to the area, has opposed the development on the grounds that the proposed hotel would be twice as tall as any other building in the neighborhood and hurt the property values of the gallery by blocking out existing sunlight. [more]

  • Ruby Schron, modest mogul

    December 07, 2012 10:30AM

    Ruby Schron

    From the December issue: Ruby Schron is not the type of real estate mogul who has racks of shiny suits spilling out of his closet.

    Associates of the septuagenarian investor describe him as “the opposite of pretentious” and “anything but glitzy” — a man so careful with his money that he still lives in the same single-family home in Brooklyn where he raised his eight children, even as his fortune has swelled into the hundreds of millions of dollars. [more]

  • 215 Chrystie Street, Ruby Schron and a blueprint of the hotel

    Ruby Schron appears to have found the fastest way to a community board’s heart — promises of rent regulation. The Cammeby’s International head was given the green light by Communtiy Board 3 to build a controversial 25-story hotel on Chrystie Street in the Lower East Side in exchange for extended rent regulation at an adjacent building, Bowery Boogie reported. [more]

  • 215 Chrystie Street

    A 25-story mixed-use hotel and luxury condo building could rise above Chrystie Street on the Lower East Side if Community Board 3′s zoning committee approves the recently resubmitted project next month.

    According to Bowery Boogie, the developer, which public records reveal to be Ruby Schron’s Cammeby’s International, is seeking to amend plans from 1982 for one of the last undeveloped properties in the Cooper Square Urban Renewal Area, at 215 Chrystie Street. [more]

  • From left: Steve Witkoff, Ruby Schron and the Woolworth building

    An Israeli investor has signed a contract to buy the top 25 floors of the Woolworth building for about $70 million, Crain’s reported. The deal comes six weeks after reports first emerged that Steve Witkoff’s Witkoff Group and Ruby Schron’s Cammeby’s International were considering a sale of the upper portion of the property, which has remained vacant for years in advance of a residential or hotel conversion.  [more]

  • From left: Steve Witkoff, Ruby Schron and the Woolworth building

    The Witkoff Group and Cammeby’s International partnership that owns the historic Woolworth building is in talks to sell the property for as much as $500 million, the New York Post reported. Steve Witkoff and Ruby Schron’s companies joined forces to purchase the 59-story, 935,633-square-foot building, at 233 Broadway near Barclay Street, for $137.5 million in 1998. [more]

    1 Comment
  • The wheels are finally turning on the long-awaited conversion at the top of the Woolworth Building. According to the Post, the building’s ownership is prepared to make a decision on whether the upper portion of the building will be rental apartments or a hotel within the next 30 to 45 days. Office tenants at the 57-story landmark currently occupy floors as high up as the 27th — above that, the floors are vacant, said Steve Witkoff, CEO of the Witkoff Group and a partner in the building’s ownership group, which also includes Cammeby’s International head Ruby Schron. Floors 28 and up are also served by separate elevator banks, and permits to move the stairways and elevators on floors 30 through 47 — a $6 million project — were approved by the Department of Buildings earlier this month.  … [more]