Rubin Schron

Rubin "Rubie" Schron[2] is a New York City real estate investor, philanthropist, Torah scholar, and the founder of Cammeby's International Group. Founded in 1967, Cammeby's portfolio includes office buildings; market-rate and government-subsidized apartment complexes; nursing homes, the 16-building complex in Sunset Park now known as Industry City; a stake in the bottom half of the Woolworth Building; and industrial properties across Long Island. In 2013, Schron made an unsuccessful offer to buy the Empire State Building for $2 billion. 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] Other buildings he owns include the Monterey, a 521-unit rental multifamily building on Manhattan's Upper East Side; over the decades, Schron has also amassed a portfolio of Mitchell-Lama apartment buildings whose values have been skyrocketing to record values, after reverting to market rates when government subsidies expired. In 2007, he sold nearly 4,000 units of former Mitchell-Lama properties in five complexes in Harlem and on Roosevelt Island for $940 million. Schron, who practices Orthodox Judaism, has eight children and 50 grandchildren. He and his family reside in Brooklyn.

Rubie Schron
Born1938 (age 84–85)
NationalityAmerican
OccupationReal estate investor[1]
Known forFounder of Cammeby’s International Group
SpousesMarta Schron (- 2020) Rebbetzin Raizel Katz
ChildrenEight

Early life

Schron grew up on the Lower East Side of Manhattan in an Orthodox Jewish family.[3][4] 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.[3]

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.[3] Typically partnering in all his transactions, Schron steadily grew the business. In 2007, Cammeby's was managing over $1 billion in assets.[3] Rubin Schron partners with Avrohom Fruchthandler president of FBE Limited on most of his large real estate deals.

Significant transactions include:

  • In 1998, he and partner Steve Witkoff purchased the Woolworth Building for $137.5 million.[3]
  • In 2003, he purchased 6,000 outer borough apartments from the estate of Fred Trump.[3]
  • In 2007, he sold 4,000 Mitchell-Lama apartments for $940 million to Urban American Management and its private equity partner, City Investment Fund.[3]
  • In 2011, he sold the Lionel Hampton Houses in Harlem to real estate investor Israel Weinberger for $32.5 million.[3]
  • In 2013, he made an unsuccessful bid for the Empire State Building.[5]
  • In 2013, he purchased the Monterey, a 521 unit apartment tower, for $250 million from The Related Companies.[6]

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.[3] In 2003, the bankrupt Integrated Health Services (renamed SavaSeniorCare) was purchased and in 2004, Mariner Health Care was purchased.[7] Schron financed the entire transaction.[8][9] 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.[3] 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.[3]

Personal life

Schron lost his wife Marta in June 2020.[10] They had eight children together.[10] He lives in Brooklyn in the same single-family home where he raised his family.[3] He leads a humble life and eschews interviews.[3]

References
  1. "Rubin Schron". Real Capital Analytics. July 2017. Retrieved July 28, 2017.
  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. 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
  4. "Mirrer Yeshiva - Pictures of Mezuzah hanging". Theyeshivaworld.com. August 30, 2006.
  5. Jewish Voice: "Rubin Schron Bids $2B for Empire State Building" Ariella Haviv, Jewishvoiceny.com, June 26, 2013
  6. "Related said to sell Monterey for $250M", Crainsnewyork.vom April 3, 2013
  7. "The SeniorCare Investor: SNF Business At A Crossroads--Lawsuits, Verdicts, Reimbursement: Bracing For The Future", Levinassociated.com, November 14, 2013
  8. New York Courts: "Rubin Schron, et al., Plaintiffs, v. Troutman Saunders LLP, et al., Defendants, Nycourts.gov, retrieved October 25, 2013
  9. Bloomberg: "Real Estate Investor Schron Sues Partner, Lawyer Over Fiduciary Breaches", Karen Freifeld, Bloomberg.com, June 23, 2010
  10. (June 24, 2020) Petira of Mrs Marta Schron A”H, Wife of Reb Ruby Schron The Yeshiva World
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