NYC’s real estate billionaires worth way more than in 2012

Jeff Sutton debuts on list at No. 273

TRD New York /
Sep.September 16, 2013 06:02 PM

UPDATED, 9:27 a.m., Sept. 17: Stephen Schwarzman, Richard LeFrak, Sheldon Solow and Donald Trump were just a few of the big-name players in New York City’s real estate industry named to Forbes’ latest list of the 400 richest people in America.

But despite their riches, outgoing Mayor Michael Bloomberg ranked 10th overall with his fortune of $31 billion, leaving his runners up in the distant dust — a standing little changed from last year.

The closest New York City real estate power player, Stephen Schwarzman, chairman and CEO of private equity juggernaut Blackstone Group, came in at 54th with a fortune of $7.7 billion. That’s up considerably from the $5.2 billion reported last September.

Developer and landlord Richard LeFrak, along with his family, came next in the 74th spot with a fortune of $5.6 billion — up from $5.2 billion a year ago — followed by 94th-ranked Stephen Ross, chairman of the Related Companies, with $4.7 billion. Ross also saw his wealth rise, up from $4.4 billion in September 2012.

Meanwhile, real estate investor Leonard Stern ranked 122nd for his $3.8 billion, which fell from $4.2 billion last year.

Developer and office landlord Sheldon Solow saw his $3.5 billion fortune hold steady two years in a row, landing him at No. 134 on the list.

Both Donald Trump and Jerry Speyer of Tishman Speyer tied with Solow, ranking at $3.5 billion and 134th place as well. Speyer’s total rose from $3 billion last September, while Trump’s increased from $3.1 billion.

The Trump Organization has said the truer figure was around $8.6 billion. TRD investigated the space between the numbers in our July issue.

One of the 20 newcomers to the Forbes 400 was also a New York City real estate player. Retail-focused investor Jeff Sutton came in at No. 273, with a fortune of $2 billion. [Forbes] — Julie Strickland


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