The Big Apple has no shortage of wealthy developers, especially as the market booms amid rising prices and a number of massive new projects.
Forbes gathered a list of nine of the city’s top dogs on the development front, ranging in net worth from $1.3 billion to over $5 billion. The prominent group does not include some of the City’s real estate dynasties whose wealth is divided among family members. (For the lowdown on those dynasties, read TRD‘s ranking.)
Richard LeFrak, one of the region’s biggest landowners, topped the list with a net worth of $5.6 billion, according to Forbes. He counts the eponymous LeFrak City among his holdings — a complex with 5,000 units in Corona, Queens.
Related Companies’ Stephen Ross comes in second on the Forbes list, with a $4.8 billion net worth under his belt. Ross’ Hudson Yards project, a $20 billion neighborhood in progress on Manhattan’s far West Side, is arguably the most notable feather in his cap.
Trailing the top duo are Sheldon Solow with a net worth of $3.5 billion, tied with Jerry Speyer and Donald Trump, who hold the same net worth according to Forbes. Jeff Sutton came in sixth with a net worth of $2.7 billion, thanks to his hold on more than 120 properties — some of which command among the country’s highest rents, such as the $19 million generated annually by Prada on Fifth Avenue.
Boston Properties REIT cofounder Mort Zuckerman, with a net worth of $2.3 billion, came in seventh, followed by Dumbo frontman David Walentas with $1.4 billion and Leon Charney, who holds 1.2 million square feet of commercial space in Times Square, with $1.3 billion. [Forbes] — Julie Strickland