For the first time in its 90-year history, Rose Associates has a chief executive officer.
Amy Rose, who previously served as co-president alongside her cousin Adam, is the company’s new CEO, the New York Post reported. Adam, who’s worked for the company since 1983, is stepping back from his operational role and becoming vice chairman.
“I loved doing 70 Pine, but it took five years,” he told the Post. “And 252 East 57th Street also took five years. They’re both coming out great, but I don’t want to take five years any more to do anything.”
He said in that same timeframe, “Amy cranked out five gorgeous new buildings. It’s time for her to be CEO and president.”
In her new role, Amy will focus on finding a permanent equity partner on the company’s projects (instead of seeking out a different partner for each project). This will also mean the company will use less of its own money.
“HFF Securities is helping us look for a capital source of programmatic equity for us to continue on an aggressive path of development and acquisition,” she told the Post. “We hope to raise $300 million.”
She is also seeking out development projects in transit- focused areas, including New Jersey and Yonkers, she said.
Amy Rose joined the family business in 1989. The company has $2.4 billion worth of projects in development and manages $15 billion in assets.[NYP] — Kathryn Brenzel