From left: Jerry Speyer, Rob Speyer, Bill Rudin, Peter Malkin and Anthony Malkin
Seymour Durst and his brothers built six Manhattan buildings in a 12-year run. Paul and Seymour Milstein built 10 in about the same amount of time. And Lew and Jack Rudin built 11 in two decades.
The breakneck pace of development which was largely clustered in the 1960s and the 1980s by those three families, and a slew of others, laid the foundation for many of New York City’s most established real estate dynasties. (Think Tishman, Fisher, Malkin, Resnick, LeFrak, Rose, and Zeckendorf.)
Indeed, after passing down their real estate portfolios from one generation to the next, many of those families are sitting on bricks-and-mortar fortunes today.
Paula Segal, an attorney who represents Tenants United Fighting for the Lower East Side and other neighborhood groups in one lawsuit, said her clients are considering their legal options.
Kenneth Kimerling, who represents Lower East Side Organized Neighbors and other organizations that brought a second lawsuit, did not immediately return a request seeking comment.
Because the Appellate Division’s decision was unanimous, the groups would need to receive court approval to appeal to the state’s highest court.
The three projects JDS Development’s 247 Cherry Street, L+M Development and CIM Group’s 260 South Street and Starrett Corporation’s 259 Clinton Street would have 2,775 rental units across four towers at three addresses. A quarter of those units would be set aside as affordable.