The Real Deal New York

Ross tops NYC developers on Forbes 400, with the Donald about $2B behind

LeFrak, Stern, Speyer among city's real estate players on annual rich list
September 29, 2015 01:15PM

Forbes released its 34th annual Forbes 400 list of the richest Americans on Tuesday, and it features its fair share of major real estate players – including one famously coiffed developer who happens to be running for president.

While Bill Gates retains the top spot on the list for the 22nd straight year with a net worth of $76 billion, the real estate industry is well represented on the list. Donald Bren, chair of Southern California-based Irvine Company, is tops among developers with a net worth of $15.2 billion – good enough for 30th in the rankings.

Related Cos. founder Stephen Ross is second among real estate players — and the highest-ranked New York-based developer — with a net worth of $6.7 billion that places him 71st on the list.

Other New York developers making the rankings include LeFrak founder Richard LeFrak (76th, $6.1 billion), Hartz Group chair and CEO Leonard Stern (114th, $4.7 billion), Tishman Speyer founder Jerry Speyer (124th, $4.4 billion), Sheldon Solow (145th, $3.9 billion) and Wharton Properties founder Jeff Sutton (182th, $3.4 billion).

But there is perhaps no higher-profile figure – developer or otherwise – on the list than Donald Trump, whose $4.5 billion fortune has him ranked 121st. The Trump Organization mogul and GOP presidential hopeful’s net worth has been a hot topic during his run for the White House, and Forbes has devoted a 15-page cover story in latest issue — titled “What’s Donald Trump Really Worth?” – to that very subject. The Real Deal analyzed the Donald’s assets in detail in June of 2013. Experts estimated a total net worth of roughly $8 billion.

Trump declared a net worth exceeding $10 billion on financial disclosure forms required for his presidential campaign, though a Bloomberg analysis in July pegged that number at under $3 billion, with the majority of that fortune derived from real estate holdings.

But as Forbes quotes the Donald himself saying, “I look better if I’m worth $10 billion than $4 billion.” [Forbes]Rey Mashayekhi