Rubin Schron
Rubin Schron | |
|---|---|
| Born | Rubin Schron Manhattan, New York City, U.S. |
| Other names | Rubie Schron |
| Occupation(s) | Real estate investor, philanthropist |
| Years active | 1967–present |
| Known for | Founder of Cammeby's International Group; major real estate investments including Woolworth Building and outer-borough apartments from Donald Trump estate |
| Notable work | Acquisition attempts of Empire State Building; nursing home chains SavaSeniorCare and Mariner Health Care |
Rubin "Rubie" Schron is a prominent real estate investor based in New York City, philanthropist, and the founder of Cammeby's International Group. In 2013, he submitted a $2 billion offer to acquire the Empire State Building, which ultimately did not succeed. A decade earlier, in 2003, his investment firm purchased around 6,000 apartments located in the outer boroughs from Donald Trump for $705.6 million. Schron is an Orthodox Jew, father to eight children, and grandfather to 50 grandchildren, residing in Brooklyn.
Early life
Raised in an Orthodox Jewish household on Manhattan’s Lower East Side, Schron’s family began their real estate ventures by investing the inheritance received following his brother’s death during World War II into a modest apartment building.
Career
Schron expanded the family’s holdings by acquiring multiple properties in the Bronx and established Cammeby's International Group in 1967. Known for collaborating with partners on transactions, he grew the enterprise to oversee assets exceeding $1 billion by 2007.
Notable deals include:
- 1998: Acquired the Woolworth Building alongside Steve Witkoff for $137.5 million.
- 2003: Purchased approximately 6,000 outer-borough apartments from Fred Trump’s estate.
- 2007: Disposed of 4,000 Mitchell-Lama apartments for $940 million to Urban American Management and City Investment Fund.
- 2011: Sold Harlem’s Lionel Hampton Houses for $32.5 million.
- 2013: Attempted a $2 billion acquisition of the Empire State Building but was unsuccessful.
- 2013: Bought the Monterey, a 521-unit apartment complex, from Related Companies for $250 million.
Nursing home investments
Guided by attorney Leonard Grunstein, Schron acquired two major nursing home chains in 2002, encompassing over 18,000 patients and 183 facilities across 27 states for $1.4 billion. In 2003, he took over the bankrupt Integrated Health Services, which was rebranded as SavaSeniorCare, followed by the acquisition of Mariner Health Care in 2004; these purchases were entirely self-financed by Schron. The businesses were structured with a real estate company under Schron’s management owning the properties and an operating company led by Grunstein and banker Murray Foreman running the nursing homes and paying rent to the property owner.
The partnership deteriorated when Grunstein argued that rent increases were not feasible despite rising interest rates, resulting in legal disputes. Schron responded with a countersuit to activate a $100 million option to purchase the nursing home operations outright. Represented by attorney Andrew J. Levander, Schron prevailed in court and assumed full ownership of both companies, which reported revenues of $1.4 billion by 2012.
Wedding hall
Schron acquired a wedding venue in Brooklyn, dedicating it in memory of his late wife.
Personal life
Living in Brooklyn, Schron and his late wife Marta—who passed away in June 2020—were parents to eight children.