There’s a new group of real estate scions on the industry scene.
Last month’s International Council of Shopping Centers’ RECon in Las Vegas brought out the prominent heirs to some of New York’s mega real estate fortunes for their first time there since they graduated from college and entered the business full time.
For example, Steven Gurney-Goldman, the grandson of legendary investor Sol Goldman, graduated from Vanderbilt University last year and is now officially an employee of his family’s Solil Management. Incidentally, Gurney-Goldman, is also known for his poker-playing skills — he’s netted close to $90,000 in tournament play, according to one online poker database. In a profile last year, The Real Deal estimated his family’s property assets in the city to be worth about $6 billion.
Also spotted making the rounds at the party-filled ICSC convention was Joseph Sutton, the eldest son of retail titan Jeff Sutton, who took a job with the commercial mortgage brokerage giant Meridian Capital Group after graduating from the University of Pennsylvania’s Wharton School last year. He tweeted several photos from Vegas, including one of himself and his father with boxing champ Floyd Mayweather. The elder Sutton, also a Wharton alum, owns an estimated $3 billion of net retail assets concentrated in New York City.
And, finally, Jack Joseph Sitt, son of Thor Equities CEO Joseph Sitt, made his first ICSC appearance since founding a new investment firm called Colt Equities, which is located at his father’s Midtown firm. After graduating last year from George Washington University in Washington, D.C., the younger Sitt worked at private equity real estate firm Savanna before launching his firm in January. The new company has already partnered with a Canadian firm to buy a ground lease covering 335 Canal Street out of bankruptcy on April 30 for $13.5 million.