From the June issue: Like Manhattan’s jagged skyline, the history of its real estate industry is shaped by steep rises and swift falls. There is William Zeckendorf, who rose from small-time broker to seminal developer of the 1950s and 1960s only to die bankrupt. Decades later, Harry Macklowe rose from college dropout to real estate mogul, lost it all in the 2007 downturn and landed back on his feet in the years after.
The latest developer to climb the industry’s peak at breakneck speed is Michael Stern, the 36-year-old head of JDS Development Group. [more]