Muss Development, helmed by a new generation, eyes Manhattan projects

Jason Muss, the 41-year-old heir apparent of his family’s real estate business, is steering the firm towards Manhattan residential and commercial projects, rather than the outer boroughs development the company is known for, the Wall Street Journal reported.

For example, Muss Development has acquired the near-fully leased office building at 64 West 48th Street, a fully leased office property at 87th Street and Third Avenue and a luxury rental located at 119th Street and Third Avenue in East Harlem.

“We’re trying to be more multi-dimensional,” Jason Muss told the Journal.

The family is also hoping to develop a resort in the Catskills near the original Grossinger’s Hotel and Resort and have been in touch with potential casino operators.

However, the expansion plans are somewhat risky, the Journal said, as most city real estate dynasties are focusing more on preserving their wealth than creating more.

Still, the family remains active in the outer boroughs. For example, the company recently began construction on a $40 million tower on Brighton Beach. [WSJ] —Zachary Kussin