Inside New York Metropolis actual property circles, Idan Ofer has lengthy been “the opposite” uber-wealthy billionaire Ofer brother. However Israel’s richest man has just lately been making a reputation for himself turning outdated workplace buildings into flats.
Idan is the youthful brother of Eyal Ofer, whose World Holdings has lengthy been an investor in New York actual property and owns properties like 1250 Broadway and 99 Park Avenue.
However over the previous yr Idan, 70, seems to be making his first foray into Massive Apple actual property. The founding father of Quantum Pacific has partnered to transform 4 Manhattan buildings into no less than 1,400 leases — and his dealmaking doesn’t present any indicators of slowing down.
Their father was Sammy Ofer, a Romanian who immigrated to Israel and constructed a transport empire within the Nineteen Sixties with a fleet of tankers and cruise liners. When he died in 2011 on the age of 89, Sammy had a reported internet price of $10.3 billion.
His life wasn’t with out controversy. The Ofers had been one among about 20 households who managed 1 / 4 of Israel’s publicly listed corporations, and had been criticized for being part of the nation’s highly effective elite.
The household was additionally dogged by allegations that it did enterprise with Iran. After their father died, the brothers break up up the household enterprise by dividing the belongings and choosing out of a hat as their mom watched.
“We actually reached in and grabbed an envelope,” Idan advised Bloomberg in a uncommon interview in 2017. “And that’s it. It was peaceable, no drama.”
Eyal obtained stakes in Israel’s Mizrahi Tefahot Financial institution, a portfolio of world actual property and a stake in Royal Caribbean Cruises.
Idan got here away with management of Israel’s largest public holding firm and investments in a number of tech corporations.
The older brother had a knack for actual property and grew his portfolio. However Idan had stated actual property didn’t actually curiosity him and as a substitute centered on areas like energy vegetation and the automotive sector.
He’s additionally large into sports activities, with stakes within the Spanish soccer staff Atletico de Madrid and the Portuguese soccer membership FC Famalicao. Final week his firm purchased a Spanish-based crusing staff for an estimated $60 million.
Regardless of his early aversions to property, Idan has positioned some large actual property bets up to now yr.
Final yr he teamed up with Metro Loft Administration’s Nathan Berman on 767 Third Avenue, an workplace constructing they’re changing into 337 flats. They’re additionally changing 101 Greenwich Avenue into 614 models and final week went into contract to purchase 1 Whitehall Avenue for $100 million.
Berman advised The Actual Deal he expects extra offers within the pipeline with Quantum, highlighting “their means to maneuver decisively, make sensible choices and have the wherewithal to do many extra of those.”
Idan’s foray into actual property is even crossing paths along with his brother’s companions.
Eyal teamed up with the Rudin household in 2011 to transform the previous St. Vincent’s Hospital in Greenwich Village into condos. And now, Idan is partnering with Rudin on changing the workplace constructing at 845 Third Avenue into 411 flats.
Idan advised Bloomberg in 2017 — a time when his brother was proving extra profitable at enterprise — that monitoring his portfolio didn’t curiosity him.
“However I’m used to it,” stated Idan, whose internet price Forbes pegs at $35.5 billion, barely edging out his brother by about $1 billion. “And I’m not a speculator. Having a background in transport makes me snug with cyclical issues.”
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Idan Ofer, Nathan Berman nab 101 Greenwich loan
Nathan Berman to convert 767 Third Ave office to resi
Quantum Pacific, Metro Loft land bridge loan for 845 Third Ave conversion
