James Nederlander, major Broadway landlord, dies at 94

Company owns or operates nine Midtown theaters

TRD New York /
Jul.July 26, 2016 07:10 PM

James Nederlander, patriarch of a real estate dynasty that owns several famous venues in the Theater District, died Monday at his Southampton home at the age of 94.

The Nederlanders are among the Theater District’s biggest landlords — second only to the Shubert Organization — and own or operate nine theaters, including the Minskoff, the Neil Simon, the Gershwin, the Palace and the Nederlander Theatre.

Developers have clamored to acquire the sought-after air rights above Nederlander’s theaters for decades. A development team led by Sharif El-Gamal’s Soho Properties TRData LogoTINY paid $8.9 million to purchase nearly 20,000 square feet of unused air rights from the Neil Simon Theatre last year for their Dream Hotel project at 560 Seventh Avenue.

The company also recently entered into a deal with Maefield Development to physically elevate the historic Palace Theatre by 29 feet in order to make way for new retail space.

“Jimmy was a true giant,” said real estate attorney Jay Neveloff, who represented Nederlander on the Palace deal. “He was a man of great wisdom, judgment and integrity. He will be missed.”

Nederlander reportedly began working at the company, which was started by his father David Nederlander, in 1939. He initially worked as a stagehand and an usher and even swept theater lobbies. He took over the company after his father died in 1965.

While the Nederlanders’ business has its roots in Detroit, it began actively acquiring in New York in the 1960s. In Los Angeles, the company formerly operated the famed 6,200-seat Greek Theater at Griffith Park, but that contract expired last year.

Nederlander also owns a site at 6201 Hollywood Boulevard in Los Angeles that is currently being developed into a 500-unit rental building in partnership with DLJ Real Estate Capital Partners.

In recent years, Nederlander’s son Jimmy Nederlander Jr. has overseen daily operations at the company.

“He was my best friend, and partner in every aspect of our business,” his son said in a statement to Variety. “We collaborated every day. The world has lost one of its great impresarios.”


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
CoStar CEO Andy Florance (iStock; Getty)

CoStar plots international push with Emporis buy

CoStar plots international push with Emporis buy
Colliers’ Jay Hennick (iStock; Colliers)

Colliers’ profit rebounds

Colliers’ profit rebounds
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
Photo-illustration of Iron Hound Management’s Robert Verrone (Headshot by Studio Scrivo)

Here are the most active players in the loan workouts space

Here are the most active players in the loan workouts space
Jake Fingert, Casey Berman and Jeff Berman (Camber Creek)

Camber Creek closes $155M fund

Camber Creek closes $155M fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...