Lendlease exec jumps ship for Suffolk Construction

Ralph Esposito will lead the firm’s Northeast, Mid-Atlantic operations

Tri-State /
Nov.November 05, 2020 07:00 AM
Ralph Esposito (Twitter)

Ralph Esposito (Twitter)

After more than two decades with Lendlease, the head of the company’s eastern region is heading to a firm that set up shop in New York five years ago.

Ralph Esposito, president and general manager of Lendlease’s East Region construction division, will serve as president of Suffolk Construction’s Northeast and Mid-Atlantic region operations, company representatives told The Real Deal. Esposito said he has been impressed by Suffolk’s growth since it first opened its New York City office in 2015 and was drawn to the company’s commitment to technology.

“You are always mindful of what your competition is doing,” Esposito said in an interview. “Over the past five years, I watched Suffolk with great admiration.”

Suffolk, which was founded in the 1980s and is headquartered in Boston, has offices in New York, Miami, Los Angeles and elsewhere in the U.S. The company’s recent projects in New York include a 126-unit condo tower at 50 Bridge Park Drive in Brooklyn Heights and a 429-unit apartment building at 222 East 44th Street in Turtle Bay. Suffolk also recently invested in building materials start-up, Agora, as part of a broader effort to invest in new construction tech companies.

Esposito will work alongside Charlie Avolio, president and general manager of the firm’s New York operations. Suffolk CEO John Fish described Esposito’s hiring as a “coup and important milestone” for his company.

Denis Hickey, CEO of Lendlease Americas, said the firm was “grateful for [Esposito’s] contribution and wish him the best with his future endeavors.” He added that in the short term, Mike Fratianni, managing director of Lendlease’s construction in North and South America, who is based in New York City, will be taking over Esposito’s role.

Esposito’s departure from Lendlease comes as the luxury residential market — a sector the international construction giant has dominated in New York City — is taking a beating. Manhattan home sales plunged 56 percent year over year between March 23 and Aug. 16, according to the Wall Street Journal, based on data from UrbanDigs. The drop for properties priced at $4 million or above was even steeper during that time frame, at 67 percent. Lendlease has been doubling down on development, most recently picking up a Greenpoint site with an Australian pension fund for $110.8 million.





    Related Articles

    arrow_forward_ios
    Eli Weiss and a rendering of 3875 9th Avenue
    Developers land $414M for Inwood project after waiting out rezoning fight
    Developers land $414M for Inwood project after waiting out rezoning fight
    Redeemer’s Timothy Keller and 150 East 91st Street (Getty, Google Maps, Redeemer)
    Redeemer Presbyterian’s UES development plans vex co-op residents
    Redeemer Presbyterian’s UES development plans vex co-op residents
    275 Atlantic Avenue (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Thomson200/CC0/via Wikimedia Commons)
    Brooklyn leads NYC in demolition permits — by a wide margin
    Brooklyn leads NYC in demolition permits — by a wide margin
    Rinaldi Group’s Robert Baselice (Getty, LinkedIn/Robert Baselice)
    Kickback city: Rinaldi exec accused of fleecing developers
    Kickback city: Rinaldi exec accused of fleecing developers
    Urban Umbrella's Benjamin Krall with 500 Main Street (Getty, Loopnet, Crunchbase)
    Urban Umbrella brings its artful scaffolding to Texas
    Urban Umbrella brings its artful scaffolding to Texas
    RiseBoro Community Partnership CEO Scott Short and 75 Linden Street in Bushwick (Getty, RiseBoro Community Partnership, Google Maps)
    RiseBoro’s passive house retrofits save landlord a bundle
    RiseBoro’s passive house retrofits save landlord a bundle
    From left: BTEA's Louis Coletti, Assembly member Rodneyse Bichotte Hermelyn and Sen. James Sanders Jr. (Getty; Illustration by Kevin Rebong for The Real Deal)
    Hochul signs bill to raise fines for construction companies
    Hochul signs bill to raise fines for construction companies
    (Illustration by The Real Deal with Getty)
    TRD Pro: Is homebuilding really down?
    TRD Pro: Is homebuilding really down?
    arrow_forward_ios

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

    Loading...