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Fred Ohebshalom

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Fred Ohebshalom
BornMay 23, 1952
Tehran, Iran
NationalityAmerican
EducationPace University (BA)
OccupationReal estate developer
Known forFounder of Empire Management
SpouseYvonne Ohebshalom
Children4

Fred Ohebshalom (born 1952) is an American real estate developer and founder of Empire Management.[1][2]

Biography

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Ohebshalom was born to an Iranian Jewish family[3] in Tehran, Iran.[1] In 1964, he emigrated to the United States[1] where he graduated with a B.A. in Business Administration from Pace University.[1] In 1975, he purchased his first building in Rego Park, Queens.[4] He built the company by focusing on purchasing modest-size rental buildings in Manhattan.[5] As of 2014, he owns over 100 apartment buildings in Manhattan.[3] In 2011, he made a foray into large scale development with the purchase of 111 Washington Street in the Financial District for $50 million after the owner defaulted; three years later, thanks to a boom in financial district real estate, it was listed for sale at $260 million.[6][7] He now plans to build a 54-story tower on the site.[8][9] Although he has been criticized for raising the rent after rent stabilized tenants move out, New York State law allows a 17-20% increase to rent if a rent stabilized tenant vacates.[3][10][11][12] In 2011, 357 West 45th Street, a property owned by Ladera Partners, LLC, a company owned by the Ohebshalom family, was foreclosed upon; in 2012, Ladera sought the subsequent sale of the property to be vacated and the property returned to their ownership. The request was denied due to the fact that "Ladera defaulted on its mortgage in early 2010...Ladera failed to pay taxes and failed to maintain the building, allowing serious conditions of disrepair to develop in occupied residential buildings."[13]

Philanthropy

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Ohebshalom sits on the boards of the Iranian American Jewish Committee and of the Bet Hadassah Iranian Jewish Center.[1][14] He has also served as president of the Sephardic Heritage Alliance[15] and represents the Iranian community on the board of the Hebrew Immigrant Aid Society.[1] He is a benefactor of the Parviz Ohebshalom Cancer Pain and Palliative Medicine Clinic at Shaare Zedek Medical Center in Jerusalem (named in honor of his brother)[1] and Meir Panim which is dedicated to feeding hungry Israelis.[16] He was an early founder of the Beth Hadassah Synagogue in Great Neck, New York.[17]

Personal life

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Ohebshalom lives in Kings Point, New York[16] with his wife Yvonne; they have four children: Richard, Sandy, Alex and Stephanie.[1] His son Alexander serves as Vice President at Empire Management.[4][18] His son Richard is also the CEO and Founder of the real estate development firm, Pink Stone Capital.[8] His brother Nader is President of residential and commercial property management company Gatsby Enterprises.[1] Real estate developer Ben Shaoul interned with his company.[19]

References

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  1. ^ a b c d e f g h i American Committee for Shaare Zadek Medical Center in Jerusalem: "Nader and Jeanette Ohebshalom (Kings Point, NY) and Fred and Yvonne Ohebshalom (Kings Point, NY) - Newest Gift: $260,000 to Name The Parviz Ohebshalom Cancer Pain and Palliative Medicine Clinic" Archived July 28, 2014, at the Wayback Machine Spring 2009
  2. ^ "SHAI Gala Celebrates 26 Years Of Service". Great Neck Record. March 24, 2018. Retrieved August 7, 2018.
  3. ^ a b c Columbia Spectator: "Tenants Allege Intimidation" By Sara Vogel October 3, 2006
  4. ^ a b "Empire Management". www.empiremanagement.com. Retrieved November 4, 2016.
  5. ^ New York Times: "For Rental Buildings, A Rising Market" By ALAN S. OSER October 5, 2003
  6. ^ Crain's New York: "Downtown lot hits market at a princely $260M" By Daniel Geiger March 10, 2014
  7. ^ Long Island Real Estate: "FiDi development site hits market for $260 million" by Angela Hunt retrieved July 18, 2014
  8. ^ a b The Real Deal: "54-story luxury rental planned for 111 Washington in FiDi" By Adam Pincus July 15, 2011
  9. ^ New York Yimby: "Vertical Potential: 111 Washington Street" by Nikolai Fedak March 26, 2014
  10. ^ Voz Iz Neias: "New York, NY - Shalom Organization Accused of Illegal Evictions" February 1, 2008
  11. ^ Columbia Spectator: "110th St residents Disgruntled" April 27, 2004
  12. ^ Queens Chronicle: "Middle Village City Block Dies A Slow Death: Why" by Austin Considine March 6, 2008
  13. ^ "View Case: WEST 45th ST. VENTURE LLC v. LADERA PARTNERS, LLC". Leagle.com. Retrieved August 28, 2014.
  14. ^ "Beth Hadassah Synagogue of Great Neck History". Beth Hadassah Synagogue of Great Neck. Retrieved August 7, 2018.
  15. ^ New York Times: "LONG ISLAND JOURNAL; Circling the Welcome Wagons" By MARCELLE S. FISCHLER December 5, 1999
  16. ^ a b Meir Panin Organization: "Iranian Jewish Community Gathers to Support Meir Panim" Archived July 25, 2014, at archive.today January 25, 2012
  17. ^ Beth Hadassah Synagogue: "History of Beth Hadassah" retrieved July 19, 2014
  18. ^ The Real Deal: "Fear and lending in New York: With regulators on their backs, banks get too timid" By Adam Pincus April 2, 2012
  19. ^ Rebecca Flint Marx (July 6, 2012). "He Takes the Village". The New York Times. Retrieved July 12, 2014.
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