Jonathan Landau
Jonathan Landau has stepped down as CEO of the luxury assets developer Fortis Assets Group to get started his very own business.
The previous chief government is launching Landau Attributes, a new genuine estate enterprise that will look to obtain and operate properties in New York, South Florida and Boston. Landau will be joined by daughter Yaeli and son-in-law DC Lowinger.
“I’ve always wished to operate closely with my household and am fired up about the opportunity to guide my personal real estate and growth company,” he said in a statement.
Landau, a previous transactional tax lawyer with DLA Piper, led Fortis for a selection of many years together with the father-son staff of Joel and Louis Kestenbaum.
“I am tremendously very pleased of all of the successes that we have completed over these past couple yrs by means of difficult get the job done and diligent financial commitment oversight,” said Fortis chairman Louis Kestenbaum in a statement. “I know that with this new crew in place we will be preferably positioned to consider on all problems as we go on to develop and prosper. God ready.”
Landau’s departure will come amid a sequence of highs and lows for Fortis.
Fortis’ Olympia Dumbo is established to develop into one of the most expensive condominium buildings in Brooklyn on a price for every sq. foot foundation as it nears completion. The developer also just lately scored a $1 billion refinance for its Class A business office tower in Boston’s Economical District for the duration of a challenging lending marketplace.
But the company has knowledgeable some lows. A few months in the past, Madison Realty Money initiated a foreclosures on two of Fortis’s prized apartment growth web-sites in Cobble Hill, Brooklyn that were at the time home to the Extended Island Faculty Healthcare facility campus. Fortis finished up advertising the sites to Madison for an undisclosed price to keep away from the foreclosures.
In Manhattan, Fortis has been battling a foreclosures on an unfinished condo tower in the South Road Seaport. The tower, which was plagued with delays and disputes with its contractors, acquired the nickname “The Leaning Tower” for the reason that it leans 3 inches to the suitable.
Landau fulfilled Louis Kestenbaum when he was seeking to carry on a joint venture partner at 184 Kent Avenue in Williamsburg in the early 2000s. Landau represented Kestenbaum in the offer. The two also labored on the Williamsburg apartment towers Northside Piers.
Landau’s first enterprise at his new company will be in Miami’s Bay Harbor Islands, exactly where the company plans to construct luxury residences. Pre-sales are predicted to launch upcoming 12 months and development is established to commence in May possibly.
9110 West Bay Harbor Travel
With the news of Landau’s departure, Fortis introduced a company restructuring. Joel Kestenbaum will grow to be CEO and Terrence Storey will transition from chief money officer to chief working officer and main financial investment officer.
The enterprise announced a sequence of new hires as very well, which includes Joseph Ginex who earlier served as an government at Hidrock Properties, as main advancement officer. It also employed Tom Palazzo as main economical officer, who previously held the posture at The Chapman Team and RedSky Funds.
