J
oining the family business is not always a given for everyone. Some decide to forgo real estate entirely, while others may join later in life. The September issue of the magazine explores how succession plans (or lack thereof) have played out in some of the most storied real estate family dynasties.
In the case of Stellar Management, Larry Gluck's daughter Amanda holds a VP title and a marketing and public relations role at the firm. Dana, who has a master's degree in real estate finance and investment from New York University, worked for Stellar Management but has since stepped away. Heather, another daughter, is not involved in the business and appears to be pursuing a career in writing.
Larry Silverstein's oldest child, Sharon, worked at the family firm for a few years before getting her MBA from Harvard Business School. In his forthcoming book, Silverstein reveals that Sharon "wound up returning to the warm West Coast weather to be a full-time mother."
Dara, the eldest Kushner sibling, does not participate in the family business. Similarly, Jennifer Birnbaum, daughter of Ira Drukier, once worked for the company but is no longer involved on a day-to-day basis. Anita, the oldest of Douglas Durst's children, runs the art nonprofit Chashama.
Non-real estate-focused family members tend to stay out of the limelight, but when disagreements over succession arise, they sometimes come into the spotlight. Amy Goldman Fowler, who has accused her siblings of wrongfully squeezing her out of her share in the family firm, has a PhD in clinical psychology and has authored five books on gardening. She has three more underway.
What we're thinking about: Are millionaires and billionaires in real estate building bunkers to ride out the apocalypse? Who has the nicest bunker? Send a note to [email protected].
A thing we've learned: "The Black Sun" is an annual murmuration of starlings that temporarily blocks out the sun for those watching from the West Coast of Denmark, according to Popular Science.
In other news...Linda Sun, a former aide to Gov. Kathy Hochul was indicted Tuesday on charges of accepting benefits worth millions of dollars in exchange for using her position to benefit the People's Republic of China and its Communist Party, according to the New York Times. Sun allegedly used the money to buy a $3.6 million home on the North Shore of Long Island and a $1.9 million condo in Hawaii.
The city provided 150 migrant families with up to $4,000 each to leave the city's shelter system and find permanent housing, according to Gothamist. The one-time grants were offered to families and pregnant women living at 62 emergency Department of Homeless Services shelters.
One person was shot and killed, and four others were injured during the West Indian American Parade in Brooklyn on Monday, according to CBS. Police are still searching for the shooter. Denzel Chan, 25, was shot in the abdomen and later died from his injury.
Closing Time: Residential: The most expensive residential sale of the day was $7.4 million for a 2,775-square-foot co-op at 10 Bond Street in NoHo. The Eklund Gomes Team of Douglas Elliman had the listing.
Commercial: The largest commercial sale of the day was $10.5 million for a 3,833 multi-story retail building at 132 Bedford Avenue in North Williamsburg.
New to the Market: The highest price for a residential property hitting the market was $22.95 million for a 2,761-square-foot condominium at 15 Central Park West in Lincoln Square. Elizabeth Mercedes Berk of Engel & Volkers has the listing.
Breaking Ground: The largest new building application filed was for a proposed 49,058-square-foot, 5-story school building at 78-07 51st Avenue in Elmhurst. Jonathan Imani of IMC Architecture filed the permits on behalf of Liberty Search Ventures.
