Rubin Schron

Last updated
Rubie Schron
Born1938 (age 85–86)
NationalityAmerican
OccupationReal estate investor [1]
Known forFounder of Cammeby’s International Group
SpousesMarta Schron (- 2020) Rebbetzin Raizel Katz
ChildrenEight

Rubin "Rubie" Schron [2] is a New York City real estate investor, philanthropist, Torah scholar, and the founder of Cammeby's International Group. In 2013, Schron made an unsuccessful offer to buy the Empire State Building for $2 billion. [3] In 2003, an investment group led by Schron paid $705.6 million for a portfolio of about 6,000 outer-borough apartments from Donald Trump. [2] Schron, who practices Orthodox Judaism, has eight children and 50 grandchildren. He and his family reside in Brooklyn.

Contents

Early life

Schron grew up on the Lower East Side of Manhattan in an Orthodox Jewish family. [4] [5] His family entered the real estate business by using the proceeds from the death of his brother in World War II to purchase a small apartment building. [4]

Career

Schron continued with the family business purchasing several buildings in the Bronx. In 1967, he founded the real estate investment company Cammeby's International Group. [4] Typically partnering in all his transactions, Schron steadily grew the business. In 2007, Cammeby's was managing over $1 billion in assets. [4] Rubin Schron partners with Avrohom Fruchthandler president of FBE Limited on most of his large real estate deals.

Significant transactions include:

Nursing home investments

In 2002, Schron was advised by his friend and attorney, Leonard Grunstein, to purchase two large nursing home chains with over 18,000 patients and 183 facilities spread out over 27 states for a combined $1.4 billion. [4] In 2003, the bankrupt Integrated Health Services (renamed SavaSeniorCare) was purchased and in 2004, Mariner Health Care was purchased. [8] Schron financed the entire transaction. [9] [10] They split each company into two entities: a real estate company which would hold the real property (run by Schron); and an operating company that would run the nursing homes (run by Grunstein and a banker named Murray Foreman). The operating company would make lease payments to the real estate company. [4] The partnership deteriorated after Schron was told by Grunstein that he could not raise rent payments even while interest rates were rising. A lawsuit resulted and Schron countersued to exercise a $100 million option to purchase the nursing home side of the business. Schron, represented by attorney Andrew J. Levander, prevailed and in 2012, he took full control of the two nursing home companies with a combined $1.4 billion in revenues. [4]

Wedding Hall

Schron purchased and put his late wife's name on a wedding hall in Brooklyn. [11]

Personal life

Schron, who lives in Brooklyn, lost his wife Marta in June 2020, with whom he had eight children. [12]

Related Research Articles

<span class="mw-page-title-main">Brookfield Corporation</span> Canadian asset management company

Brookfield Corporation is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of May 2024, Blackstone has more than US$1 trillion in total assets under management making it the largest alternative investment firm globally.

<span class="mw-page-title-main">Forest City Realty Trust</span> Real estate management and development company

Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.

David Lichtenstein is an American billionaire, entrepreneur, and real estate investor. He is the founder and CEO of The Lightstone Group, which he founded in 1988.

<span class="mw-page-title-main">Omnicare</span> American health care company

Omnicare is an American company working in the health-care industry. It was established in April 1981 as a spinoff of healthcare businesses from Chemed and W. R. Grace and Company. It is currently a pharmacy specializing in nursing homes. In 2015, Omnicare was acquired by CVS Health.

Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. The company's biggest presence is in the New Jersey residential market.

<span class="mw-page-title-main">Jorge M. Pérez</span> Argentine-American businessman

Jorge M. Pérez is an Argentine-American businessman, investor, philanthropist, and writer. He is best known as the chairman and CEO of The Related Group, a Miami-based real estate company that has been well known for building and operating affordable and luxury multifamily apartments across the United States and internationally. He is ranked 316th on the Forbes 400 list with a net worth of US$ 2.6 billion as of October 2018, and 1,833rd on Forbes Billionaires list with US$1.7 billion as of November 2021.

<span class="mw-page-title-main">Starwood Capital Group</span> American private equity and investment firm

Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.

Leonard Grunstein is an American finance executive, retired lawyer and philanthropist. He is Managing Member of Hanlen Real Estate Development & Funding LLC, and Hanlen Healthcare Development & Funding LLC. Grunstein practiced law for over 35 years before retiring from the practice of law, and is the founder and current chairman of Project EZRAH.

Steven Roth is an American real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties, and chairman and chief executive officer of Alexander's.

Steven Charles Witkoff is an American real estate investor and landlord based in New York City, and founder of the Witkoff Group.

Joseph Chetrit is an American real estate investor and developer and founder of the Chetrit Group.

Jeffrey Feil is a New York-based real estate developer and president and CEO of The Feil Organization.

David Bistricer is a New York-based real estate developer and the founder and principal of Clipper Equity. His firm focuses on the conversion of non-residential buildings to residential uses. One of Bistricer's latest ventures, in partnership with Chetrit Group, is the transformation of the shuttered four-building Cabrini Medical Center at 220 and 230 East 20th Street and 215 and 225 East 19th Street into a residential a condo project, Gramercy Square, with 223 units. The Woods Bagot-designed development features a different style for each property: a modern, a prewar, a boutique and a tower building. It also has about 38,000 square feet of amenities including a 75' sky-lit pool, a gym, a theater, a meditation room exclusively programmed by MNDFL and a wine cellar. And there's ample green space with a courtyard, a greenhouse and landscaping around the buildings.

Yosef/Joseph "Joe" Nakash is an Israeli-American businessman, real estate investor, and co-founder of Jordache Enterprises. In 2020, Forbes Magazine estimated his family’s net worth at $1.93 billion.

Stanley Isaac Chera was an American billionaire businessman and investor. The founder of Crown Acquisitions. Born in Brooklyn to a Syrian Jewish family, Chera started purchasing real estate in New York City in the 1980s, first as a minority partner and later in the 2000s as the lead developer.

<span class="mw-page-title-main">Business career of Donald Trump</span> Business Career Of The 45th President of the United States

Donald Trump began his career as a businessman at his father's real estate company, Trump Management, which he later renamed the Trump Organization. He expanded its business to Manhattan, where his father's financial and political backing enabled him to do his first deals, demolishing and renovating landmark buildings. After overextending himself and narrowly escaping personal bankruptcy in the late 1990s, Trump entered various businesses that did not require capital funding, including licensing his name to lodging and golf course enterprises around the world. Building on his public persona in the New York tabloid press, he later starred in the reality TV show The Apprentice.

Louis Kestenbaum is an American real estate developer who is the founder and chairman of New York City-based Fortis Property Group.

David Werner is an American real estate investor and founder of David Werner Real Estate.

<span class="mw-page-title-main">David J. Adelman</span> American businessman (born 1972)

David J. Adelman is an American businessman and entrepreneur. He is the CEO of Campus Apartments, the Co-Founder and Vice Chairman of FS Investments, and the Founder of Darco Capital Chair. Adelman is also a limited partner of Harris Blitzer Sports & Entertainment, which owns and operates the Philadelphia 76ers and New Jersey Devils. His net worth was estimated by Forbes to be $2 billion in May 2023.

References

  1. ↑ "Rubin Schron". Real Capital Analytics. July 2017. Retrieved July 28, 2017.
  2. 1 2 Barstow, David (2 October 2018). "Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father". The New York Times . Retrieved 3 October 2018.
  3. ↑ Karmin, Craig. "Rubin Schron Makes Long-Shot Bid for Empire State Building". WSJ. Retrieved 2024-03-30.
  4. 1 2 3 4 5 6 7 8 9 10 11 The Real Deal: "The modest mogul - Investor Ruby Schron could quietly become the city’s next billionaire landlord, despite eschewing glamour and a place in the spotlight" Adam Piore, Therealdeal.com, December 01, 2012
  5. ↑ "Mirrer Yeshiva - Pictures of Mezuzah hanging". Theyeshivaworld.com. August 30, 2006.
  6. ↑ Jewish Voice: "Rubin Schron Bids $2B for Empire State Building" Ariella Haviv, Jewishvoiceny.com, June 26, 2013
  7. ↑ "Related said to sell Monterey for $250M", Crainsnewyork.vom April 3, 2013
  8. ↑ "The SeniorCare Investor: SNF Business At A Crossroads--Lawsuits, Verdicts, Reimbursement: Bracing For The Future", Levinassociated.com, November 14, 2013
  9. ↑ New York Courts: "Rubin Schron, et al., Plaintiffs, v. Troutman Saunders LLP, et al., Defendants, Nycourts.gov, retrieved October 25, 2013
  10. ↑ Bloomberg: "Real Estate Investor Schron Sues Partner, Lawyer Over Fiduciary Breaches", Karen Freifeld, Bloomberg.com, June 23, 2010
  11. ↑ Shmuel Botnick; Yosef Herz (May 9, 2023). "Happening in Brooklyn:". Mishpacha . Retrieved June 2, 2024. In an exciting development for mechutanim, (and their guests!), Ateres Matel Leah in Brooklyn opened its doors this week
  12. ↑ "Petira of Mrs Marta Schron A"H, Wife of Reb Ruby Schron". Yeshiva World News . June 24, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.