Fred Ohebshalom Explained

Fred Ohebshalom
Birth Date:May 23, 1952
Birth Place:Tehran, Iran
Nationality:American
Education:Pace University (BA)
Occupation:Real estate developer
Known For:Founder of Empire Management
Spouse:Yvonne Ohebshalom
Children:4

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

Biography

Ohebshalom was born to an Iranian Jewish family[3] in Tehran, Iran. In 1964, he emigrated to the United States where he graduated with a B.A. in Business Administration from Pace University. 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. 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.[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

Ohebshalom sits on the boards of the Iranian American Jewish Committee and of the Bet Hadassah Iranian Jewish Center.[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. 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) 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

Ohebshalom lives in Kings Point, New York with his wife Yvonne; they have four children: Richard, Sandy, Alex and Stephanie. His son Alexander serves as Vice President at Empire Management.[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. Real estate developer Ben Shaoul interned with his company.[19]

Notes and References

  1. http://www.acsz.org/site/DocServer/Heartbeat_2009_Low_Res.pdf?docID=1281 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"
  2. Web site: SHAI Gala Celebrates 26 Years Of Service. Great Neck Record. March 24, 2018. August 7, 2018.
  3. http://columbiaspectator.com/2006/10/03/tenants-allege-intimidation Columbia Spectator: "Tenants Allege Intimidation" By Sara Vogel
  4. Web site: Empire Management . www.empiremanagement.com . November 4, 2016.
  5. https://www.nytimes.com/2003/10/05/realestate/for-rental-buildings-a-rising-market.html New York Times: "For Rental Buildings, A Rising Market" By ALAN S. OSER
  6. http://www.crainsnewyork.com/article/20140310/REAL_ESTATE/140319984/downtown-lot-hits-market-at-a-princely-260m# Crain's New York: "Downtown lot hits market at a princely $260M" By Daniel Geiger
  7. https://www.lireia.com/fidi-development-site-hits-market-for-260-million/ Long Island Real Estate: "FiDi development site hits market for $260 million" by Angela Hunt
  8. http://therealdeal.com/blog/2011/07/15/pink-stone-capital-led-by-richard-ohebshalom-plans-luxury-rental-at-111-washington-street-according-to-meir-milgraum/ The Real Deal: "54-story luxury rental planned for 111 Washington in FiDi" By Adam Pincus
  9. http://newyorkyimby.com/category/111-washington-street# New York Yimby: "Vertical Potential: 111 Washington Street" by Nikolai Fedak
  10. http://www.vosizneias.com/14039/2008/02/01/new-york-ny-shalom-organization-accused/ Voz Iz Neias: "New York, NY - Shalom Organization Accused of Illegal Evictions"
  11. http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs20040427-01.2.36 Columbia Spectator: "110th St residents Disgruntled"
  12. http://www.qchron.com/editions/central/middle-village-city-block-dies-a-slow-death-why/article_0c7b3e2b-6f3c-5f53-bdec-122ed4a82a1e.html Queens Chronicle: "Middle Village City Block Dies A Slow Death: Why" by Austin Considine
  13. Web site: View Case: WEST 45th ST. VENTURE LLC v. LADERA PARTNERS, LLC. Leagle.com. August 28, 2014.
  14. Web site: Beth Hadassah Synagogue of Great Neck History. Beth Hadassah Synagogue of Great Neck. August 7, 2018.
  15. https://www.nytimes.com/1999/12/05/nyregion/long-island-journal-circling-the-welcome-wagons.html?pagewanted=all New York Times: "LONG ISLAND JOURNAL; Circling the Welcome Wagons" By MARCELLE S. FISCHLER
  16. http://www.meirpanim.org/news_e.php?id=273 Meir Panin Organization: "Iranian Jewish Community Gathers to Support Meir Panim"
  17. http://bhgn.org/?page=history Beth Hadassah Synagogue: "History of Beth Hadassah"
  18. http://therealdeal.com/issues_articles/fear-and-lending-in-new-york/ The Real Deal: "Fear and lending in New York: With regulators on their backs, banks get too timid" By Adam Pincus
  19. Web site: He Takes the Village . Rebecca Flint Marx . The New York Times. July 6, 2012. July 12, 2014.

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