Jerry Gottesman has played the ultimate long game. And it might be time to cash in on it.
The 84-year-old Edison Properties chair invested in storage facilities and parking garages in Manhattan over the course of five decades, according to Crain’s. Now, he’s deciding how, when and if to sell off those assets. It’s also still unclear who will succeed Gottesman as chair of the company.
Developers are now eyeing Gottesman’s properties in hopes of redeveloping the properties into residential, commercial or office space. Gottesman owns roughly 20 parking lots and 17 self-storage properties in the city, Crain’s reported.
In May, Edison sold a High Line development site which he had bought three decades ago for $2.4 million for $870 million.
“Inflation is your friend if you’re in the real estate business in New York City,” Gottesman told Crain’s. “I’m a futures guy. I’m always dealing with what’s going to happen 10 years from now, 30 years from now. I may not be here, but I’m always worrying, hoping that something (I own) works out.” [Crain’s] — Claire Moses