The Reuben brothers aren’t however broadly recognized in New York actual property circles, nonetheless rapidly they’re going to be.
Simon and David Reuben — a pair of UK-based billionaires who had been born in India to Iraqi Jews and immigrated to London as soon as they’d been children — have been quietly scooping up properties all through New York Metropolis all through the pandemic as they amass thought-about one of many world’s biggest real-estate portfolios.
In December, the siblings paid $150 million to buy the bankrupt the Surrey Lodge — a 95-year-old icon of the Higher East Facet that housed celebrity chef Daniel Boulud’s Café Boulud. In Could 2020, they paid SL Inexperienced $170 million for the retail condominium at 609 Fifth Ave. all through the highway from Saks Fifth Avenue and Rockefeller Heart.
Certainly, whereas the Large Apple’s real-estate market flails amid plummeting rents and occupancy, the Reuben brothers have been purchasing for debt and equity all through hospitality, locations of labor and retail. Final yr alone, their US real-estate acquisitions totaled higher than $565 million, consistent with a provide close to the family.
“They’re captivated with hospitality and need to help the trade and reimagine so many unbelievable properties,” the availability talked about. “Their focus is on persevering with to spend money on their core market of London, and in addition on increasing their holdings throughout the key US facilities from New York to Miami, Chicago and Los Angeles.”
It’s the most recent leg of empire-building by the brothers — David, 80, and Simon, 77 — who had been merely named Britain’s second-wealthiest family within the Sunday Occasions of London. Final yr, the pair donated $101 million to Oxford College, which renamed its newest school Reuben School.
As well as, they’re foremost donors to the UK’s Conservative Get together, and had joined Saudi Arabia prince Mohammad bin Salman’s failed bid last yr to buy Premier League English soccer employees Newcastle United.
Within the US, on prime of the Surrey and 609 Fifth Ave., the Reubens have acquired two landmarked retail belongings on Rodeo Drive in Los Angeles; prime retail home on Value Avenue in Palm Seashore, Fla.; and a 50 % stake in One Thousand Museum, an expensive condominium tower in Miami designed by the late starchitect Zaha Hadid.
The Reubens moreover financed higher than $920 million for US inns along with the Park Lane, the Chatwal, Time Lodge and the Dream Midtown Lodge in Manhattan.
Even sooner than the pandemic, the brothers had been starting to place cash into New York. In 2018, they paid $39.5 million for a landmarked Union Sq. property at 14-16 E. sixteenth, as Facet Dish reported utterly. That home is slated to open in 2023.
In cases of trouble, well-known a provide, cash is king and the Reubens will use theirs for “new alternatives which can come up because of market uncertainties,” the availability talked about.
The Surrey Lodge — a 189-room resort at 20 E. 76th St. — is slated to reopen in 2023. It’s going to boast 97 rooms, 33 suites, 5 “signature suites” and 12 luxurious residences, all overseen by inside designer Martin Brudnizki.
As for Café Boulud, the Reuben brothers are actively making an attempt to relocate the storied restaurant at one different thought-about certainly one of their New York properties, sources inform Facet Dish.