Rubin Schron.
Rubin Schron
Founder and Chairman at Cammeby’s International Group
Rubin Schron had a busy 2021.
Schron’s Cammeby’s International Group controls billions in assets but had been fairly quiet in the last few years. Not so last year.
Cammeby’s vastly expanded its multifamily holdings in New Jersey, with the acquisition of a $1 billion workforce portfolio in the state with Harbor Group International. The portfolio consisted of 41 buildings with more than 5,000 units in 14 cities.
While that was Cammeby’s largest purchase, it is also involved in a notable deal to acquire a Brooklyn portfolio from All Year Holdings, which will allow the troubled landlord to exit bankruptcy if approved. Cammeby’s is a minority partner in a group led by Graph Group, which has bid $62 million for more than 100 assets, primarily small apartment buildings in gentrifying neighborhoods. The group would also assume about $600 million in uninsured claims against All Year.
Not only is that the bargain of a lifetime (despite the work that the apartments likely need) but it would help close a chapter in the very Brooklyn saga of All Year: A small landlord that rose from the ruins of the Great Recession to become the largest developer in the borough, before flaming out disastrously and selling off its holdings in a complicated and years-long restructuring.
Cammeby’s also plans break ground on its Coney Island development this month, which has been in the works for a while. The group released new plans in December for a three-tower complex to replace the Trump Shopping Village Center at 532 Neptune Avenue, and is set to begin construction on a 16-story rental tower that has been redesigned to fit into the neighborhood contenxtually.
Additionally, to prepare for New York’s climate regulations, Cammeby’s partnered with BrainBox AI at 45 Broadway in Lower Manhattan to implement that firm’s technology and increase the energy efficiency of the building.
Cammeby’s was founded in 1967 and controls more than $13 billion of assets in office, multifamily and senior-living facilities.
In the past, Schron had been involved in high-profile commercial ventures, including a failed bid for the Empire State Building in 2013, and is part owner of Brooklyn’s Industry City.
