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Old Posted May 15, 2015, 1:40 PM
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THE SON RISES AGAIN: Spitzer real estate empire's in play as former Luv Guv calls the shots

May 15, 2015

Former New York Gov. Eliot Spitzer is embarking on an epic third act worthy of the Bard as he begins dismantling the real estate portfolio painstakingly built by his late father, Bernard Spitzer, to make his own mark on the New York City skyline — all against the backdrop of the kind of political disgrace that has made exiles out of lesser men.

.....With the former “Love Gov” at the helm, Spitzer Enterprises is building gleaming new towers in trendy areas such as Williamsburg and Hudson Yards.

.....Indeed, in the past 18 months alone, Spitzer has moved ahead on several ambitious new projects, including two residential buildings on the Williamsburg waterfront and a massive mixed-use tower in the up-and-coming Hudson Yards on the far West Side of Manhattan.

At Hudson Yards, Spitzer ponied up $88 million for a site at 511 W. 35th St., which could support a massive hotel, retail and residential project.

“He could have just sat there and picked up his checks, but what fun is that?” said Bob Knakal, chairman of investment sales at brokerage Cushman & Wakefield, who has represented Spitzer. “Eliot is a very resourceful guy and he enjoys the sport and spirit of the business.”

The current plans represent a major shift for Spitzer, who had shied away from building new projects from scratch and was even rumored to be ambivalent about the idea of building for a living.

It’s also a move away from the prime Midtown corridors favored by his father.

“To find value, you have to go into areas that are not overheated,” said Knakal, who sold the Hudson Yards site to Spitzer.

“When he bought the site in the yards, there was still tremendous upside to be had, and the site in Williamsburg is certainly worth significantly more than what he paid for it even a short time ago,” said Knakal.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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