Charles Cohen

Cohen has been having a tough couple years. Losing approximately $2.1 billion, as estimated by Forbes, will do that. 

Cohen got his start at the family real estate firm, Cohen Brothers. He became general counsel in 1981, and two years later bought out his father and uncle for an undisclosed sum. He made a number of marquee deals, including developing 750 Lexington, between East 59th and 60th Streets, in 1988. Cohen, who always had an interest in show business, also started financing independent films and started his own distribution company.

But the pandemic was tough for business. As offices emptied, Cohen’s operating income was drying up. When entities connected to Cohen Brothers defaulted on a $534 loan portfolio, Fortress Credit came after the billionaire. The two waged war, resulting in one of the largest UCC auctions ever and a $187 million judgment against Cohen. Foreclosure cases have also targeted Cohen Brothers’ assets, including 750 Lex. 

Now he’s selling his portfolio to pay off the lender. Vornado has purchased both 623 Fifth Avenue and 3 East 54th Street, for $218 million and $141 million respectively.