Less than two years after A&E Real Estate tapped James Patchett as its next CEO, the top executive has left the post, The Real Deal has learned.
Patchett left in December to become a partner at consulting giant McKinsey, A&E confirmed, but he didn’t update his LinkedIn and Twitter profiles, and the news of his departure never hit the press, though he emailed colleagues and business associates about it.
Douglas Eisenberg, A&E’s co-founder and executive chairman, has stepped back in to run the business, a spokesperson for the firm said Tuesday. The “our team” section of the firm’s website has been removed.
A&E is the fourth largest multifamily landlord in New York City, with about 200 properties and 10,000 units. It also does property management and construction. Patchett joined the real estate firm in April 2021 — 10 years after its founding — upon leaving as CEO of the New York City Economic Development Corporation.
EDC is essentially the city government’s landlord: At the agency, Patchett ran a portfolio of more than 60 million square feet and managed $10 billion in development and infrastructure projects.
Before that, Patchett spent seven years at the Urban Investment Group of Goldman Sachs investing equity and debt in real estate projects, working with fellow Amherst College graduate Alicia Glen. He was later chief of staff to Glen when she served as deputy mayor for housing and economic development in the de Blasio administration.
The A&E spokesperson said Patchett launched the firm’s integrated leasing platform and implemented “a number of popular resident-focused initiatives throughout our portfolio.”
Neither Patchett nor McKinsey commented by press time.
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Former EDC head James Patchett named CEO of A&E Real Estate