The Real Deal New York

The Closing: Keith Rubenstein (VIDEO)

The Somerset founder on being "Superman," dropping $400K on a bunny and dealing with critics in the Bronx

May 12, 2016 09:35AM
By E.B. Solomont

Keith Rubenstein

Keith Rubenstein

From the May issue: Keith Rubenstein is a founder of real estate investment firm Somerset Partners, which has acquired more than $2 billion worth of office and multifamily property nationwide since launching in 2000. In the mid-aughts, Somerset earned a reputation for betting big on its Manhattan properties. In 2005, it paid $294 million for an office building at 85 Tenth Avenue, which it sold for $430 million two years later. It followed that with the 2007 purchase of 450 Park Avenue, an office tower, for $509 million — a record at $1,583 per foot. Somerset sold the building in 2014 to Oxford Properties Group for $575 million. More recently, the company has made headlines for a mega development in the South Bronx, where it and a partner the Chetrit Group plan to build as many as six residential towers. [more]