Jeffrey Levine

Jeffrey Levine has been at the real estate game for a long time — long enough to know how to pivot when the market, or political forces, deal him a difficult hand.

Since New York State has yet to renew the 421a residential development tax abatement, and since New York City has increased the regulatory climate under the Mamdani administration, Levine found his ability to build mixed-income and market-rate housing in New York has gotten decidedly harder.

But, like any wily veteran, he used Douglaston Development’s unique business model — which integrates construction, development and property management across three companies but under one roof — to pivot into its dependable lane of creating affordable housing.

“We’ve been focusing on joint ventures with community-based nonprofits in the affordable sector until such time as market-rate, mixedincome comes back to the table,” he said. “You always have to be flexible, and we try to maintain a presence in the affordable world at all times.”

Levine’s recent deals speak to his ability to align himself with other top-tier industry players to achieve his real estate development goals.

In 2025, Douglaston teamed with BEB Capital and Totem to complete and start leasing Atlantic BK, a 17-story, mixed-use building that delivered 456 units of housing to Downtown Brooklyn. It formed a joint venture with nonprofit Breaking Ground to begin construction of the first phase of Sparrow Square, a $1 billion affordable housing development in Flatbush, Brooklyn. It partnered with the Entertainment Community Fund to construct Rialto West, a 158-unit affordable housing project in Hell’s Kitchen. And the firm aligned with Wells Fargo and New York City and New York State to finalize a two-phase affordable housing project near the Bronx’s New York Botanical Garden.

As he nears 50 years in the business, Levine has his eye toward succession. Last year, he established a board of directors, currently including his son Benjamin, vice chair of the firm, and daughter Jessica Sherman, also vice chair and co-chair.

“It’s an exciting development to help us go on into the future,” he said. “I’d love to see my children step into my seat as co-chairs.”