Ross, Milstein, Zell make Forbes billionaire list

TRD New York /
Mar.March 04, 2013 02:30 PM

The New York City real estate industry is no stranger to huge volumes of cash trading hands. But only a few local players crack the upper echelons of the world’s wealthiest individuals. Still, several familiar names grace Forbes’ 2013 list of 1,426 global billionaires, who collectively have a net worth of $5.4 trillion.

Related Companies founder and Miami Dolphins owner Stephen Ross ranks No. 286 on the list with a net worth of $4.4 billion. Related, which was founded in 1972, recently broke ground at Hudson Yards. Ross ranked No. 277 in 2010.

With a net worth of $4 billion, Equity Residential’s Sam Zell nabbed the No. 329 spot on the list. Zell’s investments include affordable housing in Egypt, homes in China and malls in Brazil. As reported last June, Equity entered a $250 million contract for the Beatrice apartment complex on Sixth Avenue.

More locally, Richard LeFrak and his family settled into the No. 225 slot with a net worth of $5.4 billion. The LeFrak Organization recently converted a Rego Park, Queens office building into a 5,000-unit residential complex, as previously reported. The family also has a $3 billion investment in a 16 million-square-foot retail commercial and residential complex in Newport, N.J.

Mayor Michael Bloomberg also made the list with a net worth of $27 billion, which put him at No. 13 on the rankings. Bloomberg, in his final State of the City address delivered last month, said that city mega-developments, such as Hudson Yards and One World Trade Center would help spur economic growth to ensure that New York City remains a major international player. [Forbes]Zachary Kussin


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