Laurence Gluck (born 1953) is a New York real estate investor, landlord, and founder of the Stellar Management real estate company.
Video Laurence Gluck
Early life and education
Gluck was born into a Jewish family, raised in a two-bedroom apartment, a rented bathroom in the Bronx. He has two brothers and a sister. His father works in a catering company and operates a restaurant and his mother works as a bookkeeper at a Chrysler dealer. Gluck works as a waiter in the Catskills. In 1968, the family moved to Rego Park, Queens. He graduated from Queens College with B.A. in Psychology and then J.D. from St. Law School of Law John.
After school, he worked at several law firms before working as a litigator at Proskauer law firm, Rose, Goetz & Mendellsohn and then in 1980, he accepted a job in real estate law at Dreyer & amp; Traub where he later became a partner. He took a pay cut (from $ 50,000 to $ 35,000) to go to Dreyer and Traub. Collecting money from family and friends, he bought his first building in Carroll Gardens, Brooklyn.
Maps Laurence Gluck
Careers
In 1985, he partnered with fellow Dreyer & amp; Traub's lawyer, Steve Witkoff, and founded Stellar Management (Stellar's name comes from Ste ve and Lar ry), and buys cheap buildings in Washington Heights. In 1998, due to the collapse of the real estate market, Witkoff and Gluck dissolved their partnership with Gluck taking residential property under his company Stellar Management and Witkoff office building under his company The Witkoff Group. Stellar, with Gluck at the helm, then focuses on the repositioning and renovation of a subsidized middle class residential housing in New York City.
Since 2004, he has purchased more than a dozen old housing complexes built with state subsidies (see Mitchell-Lama program). When the subsidy runs out, it replaces the contracted population with the market-level tenant (usually paying twice or triple the rent). Although he usually renovates the facility, he has confronted tenant groups at several of his properties including Independence Plaza in Manhattan, Meadow Manor in Flushing, Queens and Castleton Park on Staten Island and has been criticized for reducing inventory inventory in New York City. In 2005, he borrowed $ 250 million to buy and renovate the Riverton House, a 1,232-unit residential development in Harlem, New York City with 90 percent of its units rented out but lost it for seizure in 2008 when the real estate boom collapsed.
In 2005, Gluck signed a contract to buy 33 floors of the Tivoli Tower in Crown Heights, Brooklyn with plans to remove it from the Mitchell-Lama program but was deterred when the tenant found an agreement that forbade Tivoli to abandon the Mitchell-Lama program until 2024. Trials ensued and confrontation became politicized with borough president Marty Markowitz and US Senator Chuck Schumer opposing the purchase of Gluck. In 2010, the New York City Housing Development Company, unable to find another buyer who will renovate an aging property, reached an agreement with Gluck: the city will provide Gluck with $ 45.7 million low-interest mortgages to buy the facility and Gluck will be allowed to raise prices rent though in a more measurable way (though still doubled). The term of Mitchell Lama's credit will also be extended from 2024 to 2040. In 2010, Stellar's management has 24,000 apartments in New York, Chicago, Washington, and San Francisco.
Personal life
He married Dr. Sandra Gluck; they have three daughters: Amanda, Dana, and Heather.
References
External links
- CunyTV: BuildingNY: "Laurence Gluck, Chairman & CEO, Stellar Management"
Source of the article : Wikipedia
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