In New York, real estate runs in the family.
At a level that appears unmatched in the rest of the country and perhaps also overseas, huge swaths of the landscape in the city are under the control of a web of fathers and daughters, grandpas and grandsons, second cousins and ex-wives.
Mirroring New York’s rise as a destination for immigrants and a hub of an easy-debt lending culture, family real estate dynasties have surged in stature and influence since the early 20th century after starting out in some cases with a single storefront.
In fact, as some firms embrace their fourth generation of leadership — the LeFraks, Rudins and Dursts — the families rival longtime players like Trinity Church and Columbia University.