The Daily Dirt: Real estate dynasties, 2.0

A new generation is taking over some of New York’s most storied real estate dynasties. 

Two families made major announcements about their company leadership Thursday. In one, Lisa Silverstein is taking over as CEO of her family’s firm, which is simultaneously parting ways with Marty Burger.

The only reason this was not completely astonishing is that real estate loves to gossip. TRD had heard rumors that Burger was on his way out, even though he has long been viewed as the heir apparent of Silverstein Properties, as noted by the Wall Street Journal.

Though we do not have a full picture of why Burger is leaving, he reportedly disagreed with some family members over expansion and deal pace at the firm. In a statement, the company said it is “sharpening its focus on its core businesses.”

In the other succession revelation, developer Bill Rudin announced that he is stepping down at the start of next year and turning the CEO role over to his two children, Samantha Rudin Earls and Michael Rudin. Chief investment officer Neil Gupta will take over for Eric Rudin as president. Eric and Bill will stay on as co-chairs.

Earlier this year, Richard LeFrak indicated that he was preparing to step back from day-to-day operations at his firm, while staying on as CEO. His sons Jamie and Harrison have taken on more responsibility at the company.

We’ve already started to see how the younger generations can shake things up. Stefan Soloviev took over his father’s real estate empire and reorganized the company in 2021, adding agriculture, railroad and ranching divisions. He is now guiding his son Hayden in running the company’s Atlantic region operations. 

What we’re thinking about: What’s next for Marty Burger? Send a note to kathryn@therealdeal.com.

A thing we’ve learned: In the past three months, the Adams administration has secured more than $4 million in civil penalties and criminal contempt judgements against landlord Daniel Ohebshalom. The cases involved allegations of unsafe living conditions in his buildings, tenant harassment and illegal hotel rooms.

Elsewhere in New York…

— New York Republicans are still trying to get Rep. George Santos out of Congress, Gothamist reports. In a resolution that is co-sponsored by four other Republican freshmen, Rep. Anthony D’Esposito on Thursday called for a vote to expel Santos. “New Yorkers deserve better than scam artist George Santos. Now that we have a Speaker, I expect the expulsion resolution we drafted several weeks ago to be acted on shortly. He’s gotta go,” Rep. Nick LaLota told the news site.

— The Adams administration is offering migrants one-way plane tickets to a destination of their choice as a cheaper option than housing them in NYC, Politico New York reports. “When you are out of room, that means you’re out of room,” Adams said Tuesday. “Every year, my relatives show up for Thanksgiving, and they all want to sleep at my house. There’s no more room. That’s where we are right now.”

— An NYPD tow truck driver struck and killed a 7-year-old boy who was crossing the street with his mother, NBC New York reports. The tow truck was turning right on North Portland Avenue in Fort Greene when it hit the boy, who was riding his scooter in the crosswalk. An investigation is ongoing.

Closing Time

Residential: The priciest residential closing Thursday was $46 million for a condo at 217 West 57th Street in Midtown.

Commercial: The most expensive commercial closing of the day was $12.5 million for the site of a planned eight-story, 92-unit building at 68-19 Woodhaven Boulevard in Rego Park.

New to the Market: The priciest residence to hit the market Thursday was a condo at 15 Leonard Street in Tribeca asking $20 million. Bespoke Real Estate has the listing.

Breaking Ground: The largest new building filing of the day was for a 60,000-square-foot, four-story, mixed-use, community facility at 444 Thomas S. Boyland Street in Brooklyn. Marvel Architects filed the permit application. — Jay Young