Jonathan Landau constructed an iconic Brooklyn tower at his final gig. Now he’s seeking to do it on his personal. Landau is planning a 47-story residential tower at 205 Montague Road, on the japanese fringe of Brooklyn Heights and just lately closed $213 million in financing.
The final job was at Fortis, which Landau co-founded with the father-son staff of Louis and Joel Kestenbaum. In 2022, he left to launch a improvement agency, Landau Properties, along with his daughter, Yaeli Lowinger, son, Gabe Landau, and son-in-law, D.C. Lowinger. Their first undertaking, in Bay Harbor Islands, is an eight-story, nine-unit, sold-out boutique apartment, Indian Creek Residences and Yacht Membership.
They’re additionally under way on One Kane, a 126,000-square-foot workplace tower, additionally in Bay Harbor Islands, which would be the first in Miami to supply personal boat entry.
The 51-year previous Cleveland native’s thesis is to construct “one thing slightly bit higher than his rivals,” as he places it.” Each developer says one thing like this, however not all can level to Olympia Dumbo, the 33-story sail-shaped apartment tower smashing Brooklyn gross sales information, together with a recent penthouse sale for $16.3 million, or $3,297 per sq. foot, probably the most for a Brooklyn sponsor apartment.
Indian Creek Residences additionally broke pricing information with a $12 million penthouse sale.
However beside the success of Olympia Dumbo was the failure of Fortis’ One Seaport, tormented by delays, litigation and a slight tilt that gave it the nickname “Leaning Tower of Seaport.” The unfinished improvement in Decrease Manhattan is a visible example of the worst-case situation as a New York Metropolis developer.
Now, Landau, a former tax lawyer, has filed plans for the Montague Road undertaking. The road bridges Downtown Brooklyn with Brooklyn Heights, the neighborhood which Landau says is the crème de la crème of Brooklyn improvement alternatives.
Landau, who lives completely in neither of the 2 markets the place he builds, is spiritual and likes to speak about God. Having religion as an actual property developer is a necessity, he says, since something can occur.
This interview has been condensed and edited for readability.
Born: January 3, 1975
Hometown: Cleveland, Ohio
Lives: Baltimore, Maryland
Household: Married, 3 youngsters
The place are you from?
I used to be born in Cleveland, Ohio.
The place do you reside?
Pikesville, in Baltimore.
The place do you keep once you’re in New York Metropolis?
An condo in Gramercy Park.
Why not transfer right here?
I benefit from the quiet in Baltimore on the weekends.
What have been you want as a baby?
I used to be a wild little one. Most likely not wild within the context that you simply assume, however yeah, I had a number of power.
Do you know you needed to be an actual property developer?
I had no thought. I imply, I went to rabbinical faculty. So although I had a number of — I’d say — the enjoyment of life in me, I had a fairly severe spiritual upbringing.
“I used to be a accomplice in an organization that developed it. I’m not a accomplice in that firm.”
I learn that you simply dropped out of yeshiva round 18 years previous.
I went to a few totally different yeshivas. It undoubtedly wasn’t my candy spot. However the degree of intense, analytical and spiritual schooling and engagement within the Talmudic discussions undoubtedly have been an expertise that I loved.
How did that schooling provide help to as a developer?
I’d say important reasoning and evaluation. And that when you could have a dialogue or a debate with someone, it’s important to take heed to what they must say.
What was your first enterprise?
I attempted a enterprise [in] pre-internet occasions [to] promote fireplace extinguishers to individuals who lived round neighborhoods the place there had been fires. State-of-the-art maps would give us the entire addresses for the instant neighboring events. [We’d] ship them letters saying, “There was a severe fireplace in your neighborhood” and promote them fireplace extinguishers for 20 bucks. Our thought was, if we obtained even, like a 5 p.c hit, we’d hit. The issue was that the knowledge we have been getting concerning the fires and places have been many occasions fallacious. It didn’t actually work out.
You went from working with a father-and-son staff at Fortis to working along with your daughter.
It’s been a present.
What’s it like?
We don’t discuss work until we’re at work, as a result of in any other case you erode the entire household relationship.
Some builders have gone into enterprise with their youngsters and have had a falling out. Was {that a} concern for you?
Completely. You take note of all these variables when making a call. While you get married, you possibly can think about the truth that you may get divorced. But, it doesn’t cease most individuals from getting married.
What gave you the boldness you might be a developer?
The primary yr I used to be a lawyer… I used to be invited to go to the Nationwide Affiliation of Actual Property Funding Belief Convention in Arizona.
Arthur Andersen was nonetheless round in these days. I used to be invited to a dinner that had in all probability the highest 10 companions in tax at Arthur Anderson and a bunch of actual property tax legal professionals and actual property legal professionals that have been on the conference.
The pinnacle of my division obtained up and mentioned, “I wish to welcome the latest member of our group… Now let’s go across the desk, and all people give Jonathan a number of of your ideas or possibly some recommendation.”
The primary man obtained up, was a senior accomplice at Arthur Anderson, he mentioned, “Look across the desk right here. Each one among us is profitable. Are you aware why? We’re the very best and most shameless self promoters in our trade.”
Perceive, the those who have been sitting round this desk have been geeks for all sensible functions, however there was a component of confidence and functionality that was expressed to me at that dinner. I used to be younger and I represented some fairly large gamers reverse very seasoned companions in New York legislation companies. And in the event you didn’t believe, you weren’t going to get off the primary base.
How did you meet the Kestenbaums?
I used to be a tax lawyer for them. We have been concerned in a transaction that lasted a number of years, and after that, we had an excellent working relationship.
Do you continue to discuss to them?
I don’t actually have a relationship with them.
Does One Seaport ever hold you up at night time?
Someone as soon as instructed me, worrying is an effective factor if you are able to do one thing about it, however in the event you can’t do something about it, what’s the good thing about worrying about it? And it’s not my transaction. I used to be a accomplice in an organization that developed it. I’m not a accomplice in that firm.
Do you could have any regrets?
I have a tendency to not stay in remorse mode. I have a tendency to pay attention to errors that I’ve made and check out to not repeat them.
Below Jewish legislation, in the event you commit a violation of the legal guidelines, it’s important to repent. And in the event you repent due to your love for God, then that violation turns into an attribute. So generally out of your regrets, you possibly can find yourself having an expertise that you simply wouldn’t have in any other case skilled.
I believe one of many errors I made, and I wouldn’t say I used to be accountable for this error, however I used to be undoubtedly concerned in it, was choosing a contractor on the Seaport transaction that was a really massive worldwide contractor (Pizzarotti) that had restricted expertise right here in New York Metropolis, in all probability cheaper than the following man, or possibly on the low finish of the associated fee scale.
And I believe in the event you would have employed someone like a Tishman or Turner or one thing like that, you in all probability would have had much less publicity, extra prices up entrance, much less publicity down the highway.
In the event you have been the mayor of New York Metropolis, what can be the very first thing you’d do?
I’d truly attempt to discover a method to make reasonably priced housing work. This can be politically incorrect, however the entire idea of integrating reasonably priced housing into luxurious housing tasks is ignoring actuality. Again within the U.Okay., folks didn’t stay within the metropolis of London. They lived on the outskirts of city. I believe the idea of attempting to pressure integration, the place socially it doesn’t work, is No. 1.
Would you ever wish to be a politician?
Completely not.
In 2016, you have been a Trump supporter. Are you continue to?
Sure. Some folks can be scared to say they’re Trump supporters, as a result of they’re frightened concerning the political ramifications. We stay in very tough occasions. You’d be ignorant to not acknowledge that. And whoever the President is would have a really tough time navigating it. And I believe to a sure extent, he’s accomplished a terrific job.
How has he helped the actual property trade?
So long as the bigger economic system is doing nicely, the actual property trade does nicely. Do I attribute that to a single individual in workplace, solely? No. However I believe he’s helped hold the economic system robust.
As an actual property developer, I get a glimpse on the perceived results of political actions. So, for instance, when Mamdani turned mayor in New York Metropolis, all people mentioned there’d be a mass exodus into Miami. And as a developer in Miami, I did obtain a number of cellphone calls from very rich folks saying do you could have any models left? I’d like to maneuver. None of them moved.
The Alexander brothers dealt with gross sales in your Miami undertaking, Indian Creek Residences & Yacht Membership. What was your relationship with them? What did you consider the decision [in their sex-trafficking trial]?
Clearly shocked at the entire info that got here out through the trial. We terminated our relationship with them as soon as the knowledge got here out. I knew one of many brothers for a very long time. I had no indication or concept that there was any of these items on the market. Clearly, they have been womanizers, however that’s it. I don’t actually have another remark.
What’s your dealmaking lunch spot?
In New York Metropolis, I’d say, simply because it’s near our workplace, Zuma. In Miami, it’s extra dinner than lunch.
Which dinner spot in Miami?
4 Seasons at The Surf Membership.
What’s your greatest vice?
wouldn’t even name it a vice, however I’d say snowboarding.
The place do you ski?
Primarily Deer Valley, Utah, and Switzerland.
Do you could have a mentor?
I’ve a rabbi that I discover to be an unimaginable human being and a really sensible 102-year previous grandfather, who I’d name an astute and smart man.
Do you’re feeling wealthy?
Completely. I really feel blessed.
Round Covid, a number of New York Metropolis builders constructed tasks in South Florida. However you determined to come back again and construct. Why did you do this?
There was an enormous quantity of appreciation that had began within the market, and I assumed it nonetheless had some runaway left. So for me, that was an acceptable time. My son-in-law discovered the situation, Indian Creek Residences & Yacht Membership, and raised the cash to do the undertaking singlehandedly. So it was a no brainer. And I do assume the markets are extraordinarily totally different.
New York is interesting to me. There’s institutional cash, and when you could have institutional cash, there’s much less alternative to be artistic. In the event you can execute on that aircraft, on the similar degree as these establishments, however have particular person creativity, you possibly can deliver one thing particular to {the marketplace}.
Why did you decide Brooklyn Heights?
I’ve a possibility to construct one thing that I consider is the very best constructing to ever go up in Brooklyn. Brooklyn Heights is the epitome of a improvement alternative.
The rest you wish to discuss?
God. We didn’t discuss God. I used to be attempting to assume, someone requested me this query: What makes you proud to be a Jew? As human beings, we’ve got limits. And what faith presents you, and I believe it’s a real enhancement, is it offers you the flexibility to say, okay, my limits are constrained, however I think about one thing that’s stronger and extra highly effective than my limits. Having an inspiration, having a connection to different those who really feel the identical means as you and have related beliefs to you, empowers you and whether or not you’re Christian or whether or not you’re Jewish or whether or not you’re Muslim, that’s one thing that enhances your expertise in life. In my case, God is an enormous enhancement in my life and in my household’s life.
