Charles CohenWith commercial properties like 805 Third Avenue, 3 Park Avenue, and Grand Central Plaza dotting the city’s skyline, Charles Cohen is now turning his attention to the bright lights of the movie business.
Cohen, the owner and CEO of Cohen Brothers Realty Corporation, owns a portfolio of over 12 million square feet in New York, California, Florida and Texas.
But he is also a major cinephile (he authored the movie quiz book “TriviaMania”) who invested in “Frozen River,” his first breakthrough film, last year.
Cohen’s movie production endeavor came serendipitously. A litigation attorney who worked for Cohen approached him for $2 million of financing for a movie his wife, Courtney Hunt, was writing and directing. After some back-and-forth, Cohen invested $340,000 in the movie.
The result was a drama that depicts the struggles of two working-class single mothers forced to smuggle illegal immigrants from Canada to make ends meet.
Famed director Quentin Tarantino called it “one of the most exciting thrillers I’ve seen this year.” The movie was nominated for two Academy Awards, one for the lead actress Melissa Leo and one for Hunt’s screenplay.
Cohen, who is married with four children, said the project has already grossed almost $5 million. He said he’s already looking at future projects. “I’ve probably read 50 or 60 scripts” he told The Real Deal.
He also said he’s creating a company that will establish “a more efficient distribution model” for movies. “Films are no less or more risky than real estate,” he said. “If I had done ‘Frozen River’ a year later, I don’t think it would have done as well.”
Cohen is currently paying for the renovation of a screening room at the Lighthouse International, where he is a trustee. He also leased a space at 475 Park Avenue South for the Film-Makers’ Cooperative, charging only a symbolic rent of $1 per year for the next five years.
So will this Cohen try to emulate Hollywood’s famed Coen brothers, whose films “Fargo” and “The Big Lebowski” have garnered cult followings?
“Cohen is like Smith, a very popular last name,” he noted, pointing out that the spelling of the surnames is of course different.
“Their movies are odd and great; everything they do is very professional,” he continued. “Me? I want to approach films intelligently, from a different perspective. But I’m not neglecting my real estate business, and we have more than 90 percent occupancy nationwide. I have a lot of projects going on.”