The Closing: Joseph Cayre
December 01, 2008 04:22PM By Lauren Elkies
Founder and principal of Midtown Equities, a New York-based real estate investment firm that owns 101 properties internationally, and co-founder and chairman of residential marketing and sales company Core Group Marketing. Cayre was part of a group of investors that bought the World Trade Center in 2001, and part of a team of investors that bought the Sears Tower in 2004, though he wasn't directly involved in the Sears Tower deal, he said, as has been reported. Midtown Equities is working on a $2.3 billion, 55-acre mega-project in Miami with 3,000 condominiums, more than 600,000 square feet of retail and 200,000 square feet of office space. Personally, Cayre sold his house in Midwood, Brooklyn, for $10 million in October 2007, one of the most expensive sales in the borough.
What is your full name?
Joseph Jack Cayre
What is your date of birth?
August 1, 1941.
Where did you grow up?
I was born in Brooklyn on 20th Avenue and 65th Street [on the border of Bensonhurst and Borough Park]. When I was 1, we moved to Kansas City, Mo. I was there from 1 to 8 years old. From 8 to 20 years old, I was in Miami Beach, Fla.
When you think of your childhood, what memory stands out the most?
Moving from Kansas City to Miami. It was a traumatic experience. I left all my friends in Missouri.
What was your first job ever?
Working in my father's retail store in Miami Beach. I was 13. I got out of school at 3. I got to the store at 4. It was open until 10. We sold Miami Beach souvenirs.
Did you have to work or was it something you wanted to do?
We had to work to eat — me, my brother and my dad — and we barely made a living. Things were so tough in the store that I worked as a bellhop at the National Hotel in South Beach.
To what do you attribute your success?
Learning in a retail store. You would sell a lot of stuff, but you were really selling yourself.
Did you graduate from college?
I enrolled in the University of Miami but I never went there because I was a playboy. I went out with girls all day long.
When and why did you get into real estate?
Eleven years ago. When I grew up in Miami Beach, the nicest home sold when I was a senior in high school for $100,000. I saw that house sell for $38 million about 11 years ago.
Where do you live?
Central Park South.
Do you have any other homes?
In Brooklyn, the Jersey Shore and Aventura, Fla. We spend half the week here, half the week in Brooklyn. We spend the summertime on the Jersey Shore and the wintertime in Aventura.
Why do you have a home in Brooklyn when you have an apartment in Manhattan?
My kids live there.
How long have you been married?
Thirty-seven years. She's the love of my life. I love her more every day.
What's the trick to staying married that long?
Resolve everything before you go to sleep and don't [be afraid to say] you're sorry.
How many kids do you have?
Four sons and one daughter.
Do they work for you?
My sons are all equal partners with me. I gave them all an equal share of every company. My daughter just graduated Barnard College and is taking her masters at Columbia University.
What are the challenges of working with your family?
[In the beginning it was] to keep all of them happy, to keep all of them from fighting with each other. It took a couple of years, but we got it down. We have five different skill sets.
What is yours?
Experience. I've been there before.
What do you think is the fastest way to make it rich?
Don't do it the fastest way. Try to do it the slow and steady way.
Do you cook?
I do cook.
What did you make this week?
Vegetarian curry noodle soup [minus the noodles]. I copied [restaurant] Zen Palate's recipe.
Are you and your wife vegetarians?
No. I'm seeing a nutritionist to lose weight.
How many pounds do you want to lose?
Twelve.
You were a bidder for the General Motors Building at 767 Fifth Avenue. Are you happy that you didn't win it? [Mort Zuckerman's Boston Properties acquired the building for a record $2.8 billion in June.]
I'm delighted. I was as high as the selling price and then I backed out. I just didn't like the returns. I like to make money on all my deals. I think that [in the General Motors deal] initially you'd lose your arm.
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Comments
Anonymous
wow! i am realy suprised! i never knew he knew how to do all these things!
Comment #1 Posted By: Anonymous 12/03/08
Anonymous
Joe Cayre is a man to be admired for both his business acumen and his charitable nature. He's also pretty approachable and affable for a man of his standing.
Comment #2 Posted By: Anonymous 12/04/08
Sammy O
This man is my hero he has inspired me to be something big one day. He is also one of the most humble people I have ever encountered. He also has a good business ethic
Comment #3 Posted By: Sammy O 12/04/08
Anonymous
Was he the guy that partnered in that awful 666 retail deal?
Comment #4 Posted By: Anonymous 12/04/08
Anonymous
count your fingers!
Comment #5 Posted By: Anonymous 12/04/08
Anonymous
Joe is a legend with a heart of gold. To come from absolutely nothing to where he is now is quite amazing. Also, he is one of the most generous charity givers you will find.
Comment #6 Posted By: Anonymous 12/05/08
Anonymous
joe cayre is an extremely charitable man and a leader.
Comment #7 Posted By: Anonymous 12/08/08
Bruce C
The Miami FL project is in meltdown mode. He will be taking a bath on this one.
Comment #8 Posted By: Bruce C 12/17/08
Mark K
He's successful? Not with real estate investments! The FL development is a disaster!
Comment #9 Posted By: Mark K 12/17/08
Adi
Trist me. He no good wit money. I get layyed off from Miami job. He make big mistike.
Comment #10 Posted By: Adi 12/17/08
Lech
Its no good being one of his subs! Getting paid each month required a miracle.
Comment #11 Posted By: Lech 12/17/08
Jeff P
One of his henchman gave me the axe for an extremely lame reason. His manager's run wild.
Comment #12 Posted By: Jeff P 12/17/08
Michael S
Mr Cayre has flopped in Bridgeport Ct. also. He sold the local officials a bill of bogus goods. He will lose ALL of his predevelopment investment there. I still kick myself for having joined his incestuous firm.
Comment #13 Posted By: Michael S 12/18/08
Sofia
Mr C is a wonderful boss man. He like my lentil soup very much. Only the best organic ingredients for Mr C and his family. I keep a nice clean kitchen. He like it that way.
Comment #14 Posted By: Sofia 12/23/08
Paul A
The Miami project is HOT, but only because it has so many vendors and subcontractors with tempers that have boiled over. His partner promised me a piece of the action, but all I'll get is a lump of coal this Hanukkah.
Comment #15 Posted By: Paul A 12/24/08
Anonymous
pay your subs
Comment #16 Posted By: Anonymous 01/08/09
Robin
Mr. Joe Cayre is one of the most honerable men I have ever met. I trust his son Michael will eventually learn what made Joe the well liked Mogul that he is. From my heart I wish Joe the best in all his dealing. He is unique to the NYC Real Estate world. Its not all about him. Most, but not all. He shares and he shares honestly.
Comment #17 Posted By: Robin 02/01/09
FN
I have known Joe Cayre for almost 25 years.... He is a very honorable, helpful,and generous person ....When ever I was in need he was there to help. He and his entire family are some of the best people I have ever met.
Comment #18 Posted By: FN 02/12/09
JS
I worked for a company Midtown Technologies LLC, Joe let them share/rent office space and was very decent to Midtown Technologies' owners/officers Dan Herb and Maia. They in turn did not pay their employees, contractors and vendors. They defaulted on payroll, took money out of paychecks for medical premiums for a policy they did not hold in place - they did not tell the employees that they did not have insurance until it was so late that employees would now be forced into a pre-existing conditions clause coverage group - they would not return the medical premiums taken out of paychecks - i had to sue them to get those monies back - they bounced checks - they are very good at ducking, hiding and trying to disappear from their creditors. No one would admit to owning/running the company when it came time to pay the bill. NYS Office of Attorney General called them to ask who owned and ran the company - their story changed. Business is hard - but business with Dan Herb & Maia Aron is harder - and if you deal with them you better get it in writing, get assets to lien, garnish, restrain.
Comment #19 Posted By: JS 08/18/09
Al P.
I dealt regularly with Joe Cayre when he owned Caytronics in the 1970's, and also knew his brother Stan, and once met his father. Joe is a super nice, honorable, personable, and generous person. There is not a single negative comment to make about him.
Comment #20 Posted By: Al P. 08/20/09