Isaac Hager

Last updated
Isaac Hager
Bornc. 1970s
OccupationReal estate developer
Known forFounder of Cornell Realty Management
SpouseShifra Hager
Family Mordechai Hager (grandfather)

Isaac Hager is an American real estate developer who founded the New York City-based Cornell Realty Management. [1]

Contents

Biography

Isaac "Itzy" Hager was born in the 1970s and belongs to the Vizhnitz Hasidic Jewish community based in Williamsburg, Brooklyn. The grandson of Rabbi Mordechai Hager, he was raised in the small village of Kaser, New York founded by his grandfather. [1]

In the 1990s, he moved to Willamsburg, where he worked for a packaging equipment company before partnering with diamond trader and real estate developer, Chaim Lax (father of Moshe Lax) in the 2000s. Their real estate development firm, North Development Group, built several high rises in then low-rise North Williamsburg which were very successful. After the death of Lax, Hager had difficulty obtaining financing for legacy obligations of their partnership and filed for bankruptcy in 2009 eventually selling his existing portfolio to Louis Kestenbaum's Fortis Property Group, Xinyuan Real Estate, and Joseph Chetrit's Chetrit Group. [1]

After the recession of the 1990s, Hager re-established his firm under the Cornell Realty Management name. Taking a more conservative approach to development by partnering with larger players - such as Hudson Realty Capital, Madison Realty Capital and L&L Capital Partners - and using funds raised in the Hasidic community, he has been able to rebuild his business. [1] [2]

Since 2017, he has faced opposition from activists when he proposed building a 565-unit apartment complex in Crown Heights, Brooklyn; [3] in April 2019, a judge issued a restraining order against the project. [4] His company, along with city councilwoman Laurie Cumbo, are defendants in a case about the controversial rezoning near the Brooklyn Botanical Garden that would allow for oversize towers to be built there. [5]  

Along with fellow Hasidic developers Simon Dushinsky, Yoel Goldman, and Joel Schreiber, he is considered a prolific real estate developer in Brooklyn. [1] [6] [7] [8]

Personal life

He is married to Shifra Hager. [1]

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References

  1. 1 2 3 4 5 6 Mairer, Mark; Small, Eddie (May 1, 2018). "Isaac Hager's higher power - The developer is gaining outer borough market share, despite a trail of foreclosures and lawsuits from his early real estate days". The Real Deal.
  2. ↑ "Isaac Hager Scores $64M Construction Loan for Williamsburg Project". The Jewish Voice. November 27, 2017.
  3. ↑ "Isaac Hager takes Crown Heights rezoning off the table … for now developer to take second look at rezoning lots for 565 apartments". The Real Deal. April 20, 2017.
  4. ↑ Croghan, Lore (April 18, 2019). "Judge issues restraining order to halt development near Brooklyn Botanic Garden". Brooklyn Eagle.
  5. ↑ Ramirez, Jeanine (8 October 2019). "Controversial Rezoning Argued in Brooklyn Supreme Court". NY1.
  6. ↑ "LISTEN: TRD talks Hasidic real estate empire on WNYC: Ultra-Orthodox investors poured $2.5B into prime Brooklyn real estate". The Real Deal. August 26, 2016.
  7. ↑ Maurer, Mike (August 22, 2016). "Learning and earning: Hasidic Brooklyn's real estate machers: Investors from ultra-Orthodox sect have spent $2.5B+ in 5 areas over past decade: TRD analysis". The Real Deal.
  8. ↑ Weinberger, Shimon (August 24, 2016). "Chassidic Developers Dominate Brooklyn Real Estate Scene". Jewish Voice.
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