The Big Board
Keeping Up with the New York Region’s Leading Developers
Taking stock of the moves and plans of the region’s biggest and busiest real estate developers.
Advance Realty, Bedminster, N.J.
Principals: Peter Cocoziello, president, CEO; Gregory Senkevitch, COO
Advance runs 5.5 million sq ft of properties and has 9,400 residential units and 8 million sq ft of commercial space in development. Last summer, it started on a $20 million redevelopment of Southgate, a 320,000-sq-ft office facility in Morris Township, N.J. In September, New York’s Turner Construction began work on Advance’s Harrison MetroCentre in Harrison, N.J., which will have 3 million sq ft of offices, 300,000 sq ft of retail space, 3,500 residential units, and a 25,000-seat stadium for the New York Red Bulls pro soccer team. (www.advancerealtygroup.com)
Albanese Organization, Garden City, N.Y.
Principals: Anthony Albanese, chairman; Vincent Albanese, vice chairman; Russell Albanese, president, CEO; Christopher Albanese, executive vice president
The privately-held firm, which started in 1949, develops and manages residential, commercial, and public-private properties. It has been a sustainable development pioneer, especially in Manhattan’s Battery Park City, where last year it opened the $100 million Verdesian and where it also started work on the $310 million Visionaire residential tower. (www.albaneseorg.com)
Alchemy Properties Inc., New York
Principal: Ken Horn, president
Alchemy Properties has acquired or developed more than 1 million sq ft of residential and commercial space in the New York City area since 1996. It is currently developing new buildings or converting existing properties at 330 E. 56th St. and 125 W. 21st St. in Manhattan and 199 State St. in Brooklyn. This year, the firm will open Manhattan’s 47-unit Oculus Condominiums, designed by FXFowle of New York. (www.alchemy-properties.com)
American Development Group, LLC, West Hempstead, N.Y.
Principal: Perry Finkelman, partner
The residential developer manages its own construction but taps outside designers. Its Manhattan pipeline includes 123 Baxter St., a 22-unit condominium building in Little Italy that will have a fully-automated garage; 206 E. 95th St., an 18-story condominium conversion; and a luxury condominium building at 343 E. 50th St. (www.adgorg.com)
Antares Investment Partners, Greenwich
Principals: Joseph Beninati, James Cabrera
The real estate development and private equity firm, which has a $4.5 billion portfolio, is a partner in Harbor Point District in Stamford, an 80-acre, $3 billion waterfront revitalization project. In Armonk, N.Y., the firm is developing Armonk Square, a retail and residential complex, and CiderMill, a gated community. Last year, the company paid $223 million for two residential complexes in Greenwich, and will spend $125 million to convert 392 of the 462 units into luxury condominiums.
Applied Development Co., Inc., Hoboken, N.J.
Principal: David Barry, president
The 37-year-old residential and hotel developer focused on New Jersey’s Hudson River waterfront plans to complete Hoboken’s 25-story W Hotel this year. It is building the 400-unit 50 Columbus in Jersey City. It also is partnering with Shenkman/Kushner Affiliates on Liberty Harbor, an 850-unit residential complex in Hoboken, and is one of several developers on the two-tower $415 million Trump Plaza residential complex in Jersey City. (www.appliedco.com)
Arc Development, New York
Principal: Joseph Korff, president, CEO
Arc develops residential, office, hotel, retail, and public-private projects, often in joint ventures. This year, the firm will complete the $56 million Solaria condominium building in the Bronx’s Riverdale district. It is also active in Queens and Manhattan and has more than $150 million in gross real estate assets. The firm projects $84 million in 2007 revenue.
Athena Group, New York
Principals: Louis Dubin, president, CEO; Lee Saltzman, COO; Barry Seidel, executive vice president
Founded in 1993, Athena has about 4,500 residential units primarily in new and converted multifamily projects from New York to Los Angeles, and develops 3 to 5 new projects per year. In September, the firm expects to complete the $90 million 111 Central Park North, as well as start construction in Jersey City on the 1.3 million-sq-ft 111 First Street, a joint residential project with BLDG Management that will be designed by Rem Koolhaas’s Office for Metropolitan Architecture of Holland. Athena has completed or developed roughly $2.5 billion in assets. (www.theathenagroup.com)
AvalonBay Communities, Inc., Alexandria, Va.
Principals: Bryce Blair, chairman, CEO; Timothy Naughton, president; Frederick Harris, senior vice president of development, New York
The firm sometimes handles its own construction management for multifamily rental housing projects in New York. It is currently developing the $175.6 million, 39-story Avalon Riverview North in the Long Island City section of Queens; the $180 million, 588-unit Avalon on the Sound II rental tower in New Rochelle, N.Y.; and Avalon Bowery Place in Manhattan. The firm has a $4 billion development pipeline and 2005 revenue of $671 million. (www.avalonbay.com)
Bishopscourt Realty, New York
Principals: Keith and John Jacobson
The company started up in 2005 with loft conversions in Manhattan’s SoHo and TriBeCa districts. Last year, it completed the 11-story 520 West Chelsea, designed by Selldorf Architects of New York. (www.bishopscourt.net)
Boston Properties, Boston
Principals: Edward Linde, president, CEO; Robert Selsam, senior vice president, New York regional manager
A national real estate investment trust, the company builds and manages Class-A office space in Midtown Manhattan and Princeton, N.J., including Citigroup Center, which it acquired in 2001. Most recently, the firm added the 1.2-million-sq-ft, 47-story Times Square Tower in 2004. (www.bostonproperties.com)
Cappelli Enterprises, Valhalla, N.Y.
Principal: Louis Cappelli, president
The firm’s $1 billion portfolio includes mixed-use, office, retail, entertainment, and residential projects in New York, New Jersey, and Connecticut, which total more than 10 million sq ft. It is now working on Renaissance Square, a $400 million mixed-use project slated to open next year in White Plains; the $750 million, 30-story Trump Plaza in New Rochelle; and the 50-acre Barger Brook Manor residential complex in Yorktown, N.Y. In the pipeline are the $750 million Lawton Street Urban Renewal District project in New Rochelle, which will include 875,000 sq ft of hotel, office, retail, and luxury housing in two 32-story towers, and the $500 million Concord Resort and Convention Center in Kiamesha Lake, N.Y., which includes a 1,500-room hotel. The firm has several subsidiaries, including George A. Fuller Construction. (www.cappelli-inc.com)
Clarett Group, New York
Principal: Veronica Hackett, managing partner
The firm has a joint venture with Prudential Real Estate Investors called Clarett Capital, which uses New York’s Bovis Lend Lease for construction. It recently completed Place 57, a 36-story luxury residential building designed by Ismael Leyva & Associates and the 64-unit Chelsea House, designed by GKV Architects. Under construction and due to open later this year is the FXFowle-designed, 30-story Forté Condominiums in Brooklyn’s Fort Greene district, and the 55-story Sky House in Manhattan, also by FXFowle. Slated to open next year is the Costas Kondylis-designed 27-story 200 West End, which Clarett is developing with ING/Clarion for $206.5 million. (www.clarett.com)
DeMatteis Organizations, Elmont, N.Y.
Principals: Richard DeMatteis, president; Scott DeMatteis, senior executive vice president, CEO; Alan Sullivan and Alfonso DiMeo, executive vice presidents
The family-owned group develops, manages, and constructs residential, commercial, office, recreational, and school properties, primarily using its Leon D. DeMatteis Construction unit. It is currently building a 34-story residential tower containing a 520-seat New York City public middle school on Manhattan’s Upper East Side. (www.DeMatteisorg.com)
Douglaston Development, New York
Principal: Jeffrey Levine
The firm develops New York residential properties, both rental and for-sale, managing construction through its Levine Builders arm and frequently partnering with existing landowners. In Manhattan, its $200 million 325 Fifth Ave., a 50-story, 250-unit condominium tower near the Empire State Building, is nearing completion. The firm broke ground last summer on the 21-condominium Zinc Building in Lower Manhattan, designed by Greenberg Farrow Architects. Levine is also about to break ground on the Edge, a 1-million-sq-ft residential development in Brooklyn’s Williamsburg district that will feature 1,400 residential units, 60,000 sq ft of retail, and a waterfront esplanade. The firm is in pre-development with Continental Properties at 160 W. 62nd St. on a 53-story condominium building with 250 units. (www.douglastondevelopment.com)
Dornoch Holdings, Lakewood, N.J.
Principals: Frank Macios, Glen Fishman, Paul Scura, managing directors
The firm buys and repositions distressed residential and commercial properties in New York and New Jersey. It has two residential and retail redevelopment projects in the works in Rahway, N.J., valued at $56 million. A 973-unit residential development with 60,000 sq. ft of retail space and an 83,000-sq-ft hotel and conference center is in the pipeline in Paterson, N.J. (www.dornochholdings.com)
Durst Organization, New York
Principals: Douglas and Jody Durst, co-presidents
The family-owned firm develops, owns, and manages Manhattan real estate properties, including “green” pioneers such as the 4 Times Square office tower and the 600-unit Helena residential tower. Durst is co-developer with Bank of America on One Bryant Park, a 2.1-million-sq-ft office tower in Midtown being built by Tishman Construction of New York and slated to open in 2008. (www.durst.org)
Elad Properties, New York
Principals: Miki Naftali, president; Yoel Shargian, Yehuda Mor, and Jay Jameson, vice presidents, construction
Mainly a residential developer in Manhattan, Elad is redeveloping part of the Plaza Hotel into condominiums, due to open this year, and is completing the Link, a 42-story residential tower in Hell’s Kitchen. Its portfolio is valued at approximately $2.5 billion. (www.eladproperties.com)
Extell Development Co., New York
Principal: Gary Barnett
Extell develops residential and commercial properties, with several new projects coming as a result of a 2005 acquisition, with the Carlyle Group of Washington, D.C., of the unbuilt 77-acre portion of the Riverside South development on Manhattan’s West Side for $1.76 billion. The site has 10 buildings approved for development, and Extell and its partner have already completed the 32-story Avery and broken ground on the 43-story Rushmore, where apartments will start at $1 million. Extell recently completed the 60-story, $305 million Orion condominium tower at 350 W. 42nd St., co-developed with Carlyle. With financing assistance from the New York City Industrial Development Agency, the firm is also developing the $434 million New York Diamond Tower on Manhattan's W. 47th St., a complex that will house several jewelry businesses. (www.extelldev.com)
Forest City Ratner Cos., Brooklyn
Principals: Bruce Ratner, president, CEO; MaryAnne Gilmartin, executive vice
president, commercial development and leasing; Jim Stuckey, EVP, commercial and residential development; Bob Sanna, EVP, design and construction
The Brooklyn-based unit of Cleveland’s Forest City Enterprises has 6 million sq ft in operation, 1.2 million sq ft under construction, and another 1.5 million sq ft under development. It is co-developing the Renzo Piano-designed, 53-story New York Times headquarters nearing completion near Times Square and broke ground last fall on the Frank Gehry-designed Beekman Tower, a 75-story mixed-use building in Lower Manhattan. The company is also developing a mixed-use retail complex called Ridge Hill Village Center in Yonkers, N.Y. Last year’s biggest news was the green light from New York State officials for the firm to build its $4 billion Gehry-designed Atlantic Yards complex in Brooklyn that would include 15 high-rise buildings and a basketball arena, although lawsuits over the proposed use of eminent domain are pending. (www.fcrc.com)
Ginsburg Development Cos., Valhalla, N.Y.
Principal: Martin Ginsburg, president, CEO
The firm has developed and built apartments, houses, office buildings, and shopping centers. It is currently co-developing, with Cappelli Enterprises, the $78 million One Harbor Square mixed-use project on a 4.5-acre waterfront site in Ossining, N.Y., that will include residential, retail, and recreational spaces. It is also developing the Abbey at Fort Hill, which will include 124 stone town homes in Peekskill, N.Y., and Christie Place, a 42-unit building for active adults in Scarsdale. (www.gdc-homes.com)
Glenwood Management, New York
Principals: Leonard Litwin, principal; Gary Jacob, executive vice president
The high-end Manhattan rental apartment developer manages some construction in house and develops one or two projects a year. This spring, the firm plans to finish 10-12 Barclay in Lower Manhattan, a 50-story residential tower. (www.glenwoodnyc.com)
GPG Equities, New York
Principal: Mario Procida, president, CEO
The parent firm of Procida Realty & Construction, Second Development Services, and Gordon Group Holdings, topped out last fall on the Richard Meier-designed On Prospect Park, originally called One Prospect Park, a 15-story, 200,000-sq-ft residential complex overlooking Grand Army Plaza in Brooklyn. (www.procidarealty.com)
Hannah Real Estate Investors, Stamford
Principals: Seth Weinstein, principal; Jennifer Triano, vice president, operations
Hannah develops residential, office, hotel, and mixed-use projects, focusing on Connecticut urban brownfields. Partnering with Stillwater Investment Management, it completed the $25 million Mill River House condominium in Stamford, which includes affordable housing. This year in Stamford, it will complete the 39-unit 1515 Summer Street, combining lofts and townhomes in a $35 million office-to-residential conversion. Also in Stamford, it broke ground last year on the 140-unit Glen View House, developed with Stillwater and Glenview Associates, and the 112-unit, $45 million Eastside Commons, developed with Stillwater. The firm reports having more than $350 million in current developments in Connecticut. (www.hannahrealestateinvestors.com)
Hartz Mountain Industries, Inc., Secaucus, N.J.
Principals: Leonard Stern, chairman, CEO; Emanuel Stern, president, COO
The firm owns about 200 properties in northern New Jersey and New York, along with a successful pet supply business that started when the company’s founder, Max Stern, immigrated from Germany in 1926 with 5,000 singing canaries. It also once owned Manhattan’s Village Voice newspaper. The firm has planned a major redevelopment of a former Ford truck assembly plant in Edison Township, N.J., to create a 1 million-sq-ft retail-office-entertainment complex. (www.hartzmountain.com)
J.D. Carlisle Development Corp., New York
Principal: Jules Demchick, president
In Manhattan, the residential and retail developer recently completed Cielo, a 27-story Upper East Side condominium tower, and topped out the Centria, a 152-unit condominium building at 18 W. 48th St. It handles construction management through its M.D. Carlisle Construction affiliate and uses outside design firms.
Kushner Cos., Florham Park, N.J.
Principals: Sam Gershwin, president; Jeffrey Freireich, managing director
Kushner’s Westminster Communities unit handles site selection, planning, development, and construction for mixed-use redevelopments in New Jersey and New York. It is currently at work on Wesley Grove in Asbury Park, N.J., part of the $400 million Oceanfront Asbury redevelopment that will include 740 homes and 35,000 sq ft of retail, scheduled for completion in 2010. The firm’s pipeline includes Cranford Crossing, a luxury development in Cranford, N.J., that includes upgrades to the town’s infrastructure. (www.westminstercommunities.com)
LeFrak Organization, New York
Principal: Richard Lefrak, president
The firm that developed LeFrak City in Queens and Manhattan’s Battery Park City has most recently invested $1 billion in Newport in Jersey City. The development has 11 million sq ft of office, retail, and residential space so far and at build-out, the $10 billion plan would feature 9,000 living units and 9 million sq ft of commercial space on its 600 acres. It is currently building the 438-unit Shore Condominium Residences, its first for-sale units at Newport since the late 1980s. (www.lefrak.com)
Leviev Boymelgreen, Brooklyn
Principals: Shaya Boymelgreen, Lev Leviev
The partnership of Boymelgreen Developers, Africa Israel Investments, and Leviev Group, a diamond manufacturer, has more than 6 million sq ft completed or under construction in New York, including the recently completed 88 Leonard Street, a 21-story residential tower designed by Costas Kondylis, and the 23-story Beacon Tower in Brooklyn. It is developing RKO Plaza, a 15-story mixed-use complex in Queens; the Smith, a 13-story, $45 million condominium building in Brooklyn; and the 12-story Novo Park Slope rental tower and five-story City View Gardens, both in Brooklyn’s Park Slope neighborhood.
L&M Equity, Larchmont, N.Y.
Principals: Sandy Loewentheil, Ron Moelis
The firm has a construction arm, L&M Builders, which also builds for other developers. The firm is currently one of several developers on a residential project at 164 Kent Ave. in Brooklyn, comprised of Northside Piers and an adjacent affordable housing project called Palmer’s Dock. Further north, L&M is also codeveloping the two-tower, 350-unit Shafer Landing, which also includes an affordable housing component. Slated for completion this year is the 250-unit mixed-income Kalahari condominium complex in uptown Manhattan that it is codeveloping with Full Spectrum New York, and a 127-unit market-rate building in the Bronx’s Riverdale section, among others in New York City. (www.lmequity.com)
Metro Homes, LLC, Hoboken, N.J.
Principals: Dean Geibel, managing partner; Paul Fried, partner
The firm develops mixed-use residential and retail, and is building the 862-unit Trump Plaza, a two-tower $415 million condominium project in Jersey City set to open this year, with the Trump Organization. Metro is also developing Esperanza, a 224-unit mixed-use complex in Asbury Park, N.J.; Gulls Cove, a 432-unit mixed-use project in Jersey City; Mulberry Street, a seven-phase project with up to 2,000 condominium units in Newark; and Metro Stop, a 113-unit Hoboken high-rise. (www.metrohomesllc.com)
Migdol Organization, New York
Principal: Gerald Migdol, president; Aaron Migdol, executive vice president
Through several subsidiaries, Migdol develops and manages residential housing, primarily in the Bronx and Harlem, and often includes not-for-profit community space. It handles construction management and design through its TAMCO Development subsidiary. The firm recently completed the Rockwell Condominiums in Harlem, a brownstone complex with units starting at $500,000. It has various affordable housing and senior housing projects in the pipeline.
Moinian Group, New York
Principals: Joseph Moinian, CEO
Moinian develops residential, office, and retail projects, employing outside construction managers and design firms. It is currently finishing the Atelier, a 478-unit, 46-story condominium building on 42nd Street and 11th Avenue. It also is developing the $240 million 123 Washington Street, a 53-story luxury hotel and residential condominium project in Lower Manhattan. (www.moiniangroup.com)
Muss Development, Forest Hills, N.Y.
Principal: Joshua Muss
Founded in 1906, Muss has developed more than 10 million sq ft of commercial, residential, industrial, and retail space in New York, and has another 5 million sq ft planned, primarily in Queens, where it develops retail and mixed-use space, as well as in Staten Island, where it builds planned communities, and in Brooklyn, where it now has residential projects in Brighton Beach. It is working on Flushing Town Center, a 14-acre project in Queens that will have 800,000 sq ft of retail space and 1,100 residential units when finished in 2009, and Grossinger’s, a 450-acre resort in Upstate New York. (www.muss.com)
Reckson Associates Realty Corp., Uniondale, N.Y.
Principal: Scott Rechler, CEO, chairman
Reckson, which manages and develops suburban Class A office and retail properties and often handles its own construction management and design, agreed last summer to be acquired by New York’s SL Green Realty Corp. in a deal expected to close early this year. Its current roster of projects under development includes six office properties in Connecticut, New Jersey, Long Island, and Westchester County ranging from 39,000 sq ft to 500,000 sq ft.
Related Cos. LP, New York
Principals: Stephen Ross, chairman, CEO; Jeff Blau, president
A developer and owner, Related’s portfolio exceeds $15 billion across 315 properties, with another $9 billion in the pipeline. Last year, it finished the $178 million One Carnegie Hill on Manhattan’s Upper East Side, which includes 461 for-sale and rental units. This year, it expects to complete the $56 million Hub Retail and Office complex in the Bronx and the 34-story Veneto condominium in Midtown East. It will also continue work on the $500 million Gateway Center at Bronx Terminal Market commercial complex in the South Bronx, which is scheduled for completion in 2009. In the pipeline are two 17-story residential condominium buildings on Roosevelt Island in the East River, as well as several high- and mid-rise buildings in Manhattan, such as the Caledonia on West 17th Street, a luxury condominium tower next to the new High Line Park that it is building in a joint venture with Taconic Investment Partners. Its biggest project on the horizon is in a joint venture with Vornado Realty Trust of New York to redevelop the James A. Farley U.S. Post Office building in Midtown Manhattan into the 950,000 sq ft Moynihan Station complex, which had been described as an $818 million project to create a new train station and various commercial spaces. Now, the plan is awaiting approval of its latest incarnation, which would relocate Madison Square Garden from its current site across 8th Avenue and place it in the western half of the Farley complex, allowing redevelopment of the current arena site with more than 6 million sq ft of new mixed-use space. The partnership would also have air rights to a 1 million sq ft residential high rise on another nearby parcel. (www.related.com)
Jack Resnick & Sons, Inc., New York
Principal: Jack Resnick
The family-owned firm develops and manages commercial space and residential units in Manhattan. It is completing 200 Chambers Street, a 30-story condominium tower designed by New York-based Costas Kondylis and Partners in Lower Manhattan. (www.resnicknyc.com)
Silverstein Properties, New York
Principal: Larry Silverstein, president, CEO; Roger Silverstein, senior vice president; Lisa Silverstein, vice president
The firm is developing, owns, and manages office, residential, and retail space across the New York region. Last year, the firm completed the 52-story 7 World Trade Center, at a cost of $750 million. It also relinquished ownership of two of the five towers it had been slated to built at the World Trade Center site to the Port Authority of New York and New Jersey, including the 2.6-million-sq-ft Freedom Tower. It has commissioned designs for the three remaining office towers that will line Greenwich Street, known now as 150, 175, and 200 Greenwich Street, and plans to break ground on them in 2008. The rough development costs for each is $1.5 billion. (www.silversteinproperties.com)
SJP Properties, Parsippany, N.J.
Principals: Steven Pozycki, Founder, Chairman, CEO
SJP owns and manages more than 14 million sq ft of office space with additional 6 million sq ft of development potential in New Jersey and New York. It also operates its SJP Residential Properties unit develops luxury high-rise residential buildings throughout the New York metropolitan area. It is currently developing 45 Park Avenue, a 22-story, $60 million condominium building set to open this year on the site of the former Sheraton Russell hotel on East 37th Street. It developed 10 of its current office holdings, all in New Jersey, and now is planning to develop and build 11 Times Square, a new 1-million-sq-ft tower at 42nd St. and Eighth Avenue that may include a three-story, 55,000-sq-ft retail base and a rooftop atrium. FXFowle Architects is designing the new tower, which is slated to break ground this summer and open in fall 2009. (www.sjpproperties.com)
Swig Equities LLC, New York
Principals: Kent Swig, president; Philip Jones, senior vice president, director of project management
The development and management firm builds, acquires, and manages office, hotel, and residential properties, using its Falcon Pacific Construction affiliate to oversee construction efforts. Last year, it purchased the 25-story, 350,000-sq-ft 44 Wall Street office building and plans to redevelop it into a boutique office building. (www.swigequities.com)
Tarragon Corp., New York
Principals: William Friedman, CEO; Robert Rothenberg, president and COO; Robert Rohdie, president, CEO of Tarragon Development
Tarragon develops and operates for-sale and rental residential properties in high-density cities and in master-planned communities, frequently partnering with other firms. Tarragon and its partners were designated the developer on a 14-building, 2,000-unit residential project in northwest Hoboken, which started in 2004 and is expected to take several years. The firm is starting on a 240-unit waterfront project and another 140-residential-unit and 40,000-sq-ft retail space project, both in southern Connecticut. It is finishing One Hudson Park, a $60 million, 16-story, condominium project in Edgewater, N.J., and Trio, a $60 million, 202-unit, three-building complex in Palisades Park, N.J. It has $2 billion in assets, and reported $360 million in revenue for the nine months ended last September. (http://investor.tarragoncorp.com)
TDC International Development & Construction Corp., Flushing, N.Y.
Principal: Michael Lee, CEO
TDC develops and manages commercial, residential, and mixed-use properties around New York. It has two large projects in Queens on the boards. One is the planned $500 million Flushing Commons mixed-use development with Rockefeller Group of New York, a 300,000 sq ft residential, commercial, hotel, and community complex on 5.5 acres. The other is the 407,000 sq ft. Queens Crossing retail and office complex in Flushing, which was designed by New York’s Thornton Tomasetti Group and is set to open in May. (www.fandtgroup.com/tdc/tdc.html)
Taconic Investment Partners, New York
Principals: Paul Pariser, Charles Bendit, cofounders and co-CEOs
Founded in 1997, the firm focuses on developing and redeveloping office and residential properties, and manages many of its own assets. It is partnering with the Related Cos. of New York on development of the Caledonia, a new condominium building next to the new High Line Park in Manhattan. The firm is also converting a 62,000-sq-ft space at 401 W. 14th St. in Manhattan into high-end commercial space, using Sciame Construction of New York as its construction manager. (www.taconicinvestments.com)
Toll Brothers, Horsham, Pa.
Principals: Robert Toll, chairman, CEO; Zvi Barzilay, president, COO; Richard Hartman, New York urban division president; Douglas Yearley, New Jersey urban division president
Toll Brothers, a national single-family home builder, also has $750 million in mid-rise and high-rise assets under development. In New York and New Jersey, the company sometimes partners with other developers or investors, and in New Jersey, the company performs its own construction management on half of its projects. In Hoboken, the firm is developing Maxwell Place, an 800-unit condominium development in four high-rise towers, slated for completion in 2010, with Bovis Lend Lease of New York as construction manager. It also is building another 500 condominium units at Hoboken’s Hudson Tea development, which already has 500 units. In the East Village in Manhattan, Toll Brothers started work last year on a 21-story condominium tower at 110 3rd Ave., which is slated for completion this summer. And in Brooklyn’s Williamsburg district, the company has taken advantage of a recent rezoning of the neighborhood to start development of One Northside Piers, a 180-unit, 29-story tower on the waterfront, slated for completion this summer. It is partnering with L&M Equity of Larchmont, N.Y., on that project. (www.tollbrothers.com)
Tishman Speyer, New York
Principals: Robert Tishman, chairman; Jerry Speyer, president, CEO
Owner of the Chrysler Building and Rockefeller Center, the firm also develops mixed-use, retail, office, and residential projects, and participates in public-private projects through master planning. It is codeveloping, with Med-Mac Properties of New York, the redevelopment of a municipal garage site in Queens Plaza into an office complex. It is also developing Court Square Two, a $290 million, 15-story, 528,000-sq-ft tower for Citigroup in the Long Island City section of Queens. (www.tishmanspeyer.com)
Trump Organization, New York
Principal: Donald Trump, chairman, president
The owner and developer is currently working with partners on two large residential complexes under its “Trump Plaza” brand. One is the two-tower, $415 million, 862-unit Trump Plaza Jersey City condominium complex that it is building in Jersey City with Metro Homes of Hoboken, and the other is the $750 million, 30-story Trump Plaza in New Rochelle that it is building with Cappelli Enterprises of Valhalla, N.Y. It is also developing the 42-story Trump SoHo Hotel Condominiums New York at 246 Spring St. in Manhattan, which would be the tallest structure in SoHo under a design unveiled last year. The 386,000-sq-ft tower, which would offer 413 “hotel condominiums” with a maximum 29-day stay, is scheduled to open in 2009. (www.trump.com)
Vornado Realty Trust, New York
Principals: Steven Roth, chairman, CEO; Michael Fascitelli, president, trustee
The publicly traded real estate company is the development partner with the Related Cos. on a plan to convert the James A. Farley U.S. Post Office building in New York into Moynihan Station, a project that originally called for construction and renovation of 300,000 sq. ft. for a new rail station, 750,000 sq. ft. for new commercial space, and up to 1 million sq. ft. of air rights to build on an adjacent site. Now, the proposal is pending further approvals because of the development team’s new proposal that would relocate Madison Square Garden from its existing location across the street from the post office structure and build a new arena in the new complex’s western half toward 9th Avenue. That would allow the team to redevelop the current arena site with more than 6 million sq ft of new space. Vornado already owns various existing office towers in the Pennsylvania Station area known as Penn Plaza. (www.vno.com)
Zeckendorf Development, LLC, New York
Principals: William Zeckendorf, owner, founder, co-chairman; Arthur Zeckendorf, owner, co-chairman
The firm broke ground on 15 Central Park West, a $1 billion residential project on the site of the former Mayflower Hotel north of Columbus Circle, in 2004 and is slated to finish the building this year. The Robert A.M. Stern-designed building has 20- and 43-story wings and is using Bovis Lend Lease as construction manager.