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The Real Estate Of New York Family Dynasty The Rockefellers

WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson -- Marriott International
Mike Gill -- The State of Maryland
Barry Glassman -- Glassman Wealth Services

    David Rockefeller, a member of one of the oldest surviving commercial real estate dynasties, died Monday. He was 101 years old and the last living grandson of real estate mogul John D. Rockefeller — founder of Standard Oil Co. and the father of John D. Rockefeller Jr., the brains behind one of the largest developments in the country: Rockefeller Center.

    The Rockefeller family was instrumental in turning Lower Manhattan into the financial capital that it is today, with David Rockefeller playing a key role in the development of the original World Trade Center as well as the former One Chase Manhattan Plaza, now 28 Liberty. Check out some of the family’s renowned real estate holdings.

    Rockefeller Center

    Developed by John D. Rockefeller Jr. in the 1930s, Rockefeller Center is one of New York City’s most historic landmarks. The Midtown Manhattan 22-acre plaza has dining, shopping, historic art and attractions that have catered to families for decades, including the ice skating rink that celebrated its 80th anniversary last October. The complex remained under the family's control until David Rockefeller sold the remaining stake to Tishman Speyer Properties in 2001 for $1.85B.

    28 Liberty

    The Real Estate Of New York Family Dynasty The Rockefellers

    David Rockefeller was the mastermind behind the banking skyscraper formerly known as One Chase Manhattan Plaza. As head of Chase Manhattan, David Rockefeller pushed to build the banking tower in hopes of reaffirming lower Manhattan’s position as the finance hub of New York during a time when firms were taking their business uptown. The tower came online in 1961, its 60 floors and five basements making it the 19th-tallest building in New York City and the 51st-tallest in the U.S. 28 Liberty was bought by Chinese real estate investment firm Fosun International in 2013. It received an upgrade that included the addition of 150K SF of retail space and a name change in 2015. 

     

    Original World Trade Center

    David and Ryan Rockefeller were involved in the development of the Twin Towers in Manhattan’s original World Trade Center complex. The Rockefellers formed the Downtown-Lower Manhattan Association in 1959 and the project was developed by the Port Authority of New York and New Jersey. It came online in April 1973 and the 1,360-foot WTC towers held the title of tallest buildings in the world for less than a year. 

    Kykuit — The Rockefeller Estate

    The Rockefeller Estate, known as Kykuit, was constructed during the early 1900s by John D. Rockefeller when he was still the richest man in the world thanks to his Standard Oil business. Rockefeller's 3,400-acre estate overlooks the Hudson Valley river. The six-story home includes 40 rooms, 20 bedrooms and more than 100 works of art in a gallery. The home was turned over to the public in 1994 and is a national landmark. It features terraced gardens, an underground art gallery, and a collection of classic cars and horse-drawn carriages.

    CORRECTION, MARCH 22, 9:31 A.M. ET:  A previous version of this story incorrectly listed the size of the Rockefeller estate. The story has been updated.

    International House of New York

    The International House of New York was funded by John D. Rockefeller Jr. in 1924 for International House Movement leader Harry Edmund. Rockefeller Jr. put up $3M to develop I-House New York, heralded as a safe place for foreign and domestic graduate students and scholars to coexist. The project at 500 Riverside Drive, N.Y., accommodates up to 700 students a year with 11 guest rooms and additional student-targeted amenities, including a fitness center, indoor basketball court, laundry room, cafeteria and more.