Jonathan Landau has stepped down as CEO of luxury real estate developer Fortis Property Group to start his own company.
Executives are about to launch Landau Properties, a real estate venture that aims to acquire and operate properties in New York, South Florida and Boston. Landau will be joined by his daughter Yaeli and stepson his DC Lowinger.
“I have always wanted to work closely with my family and am thrilled with the opportunity to lead my own real estate and development company,” he said in a statement.
Landau, a former transaction tax attorney at DLA Piper, said: Fortis Over the years with the father-son team of Joel and Louis Kestenbaum.
Following news of Landau’s resignation, Fortis announced a corporate restructuring. Joel Kestenbaum will become his CEO and Terrence Storey will transition from Chief Financial Officer to Chief Operating Officer and Chief Investment Officer.
The company also announced a series of new hires, including Joseph Ginex, formerly Chief Development Officer at Hidrock Properties. We also hired Tom Palazzo as Chief Financial Officer. He previously held that position at Chapman Group and his RedSky Capital.
“We are extremely proud of all the successes we have achieved over the past few years through hard work and diligent investment oversight,” said Louis Kestenbaum, Chairman of Fortis, in a statement. With that in mind, I know we are ideally positioned to meet any challenge while continuing to grow and prosper.”
Landau’s departure comes in a series of ups and downs for Fortis.
Fortis Olympia Dumbois nearing completion and will be one of Brooklyn’s most expensive condos in terms of price per square foot. The developer recently earned $1 billion in refinancing a Class A office tower in Boston’s financial district during a difficult time in the lending market.
However, the company has experienced some lows. A few months ago, Madison Realty Capital began his two foreclosures of Fortis’ valuable condominium development site in Cobble Hill, Brooklyn, which was once part of the campus of Long Island College Hospital.Fortis is over sell the site to Madison At an undisclosed price to avoid foreclosure.
In Manhattan, Fortis has fended off a foreclosure on an unfinished condo. South Street SeaportPlagued by delays and disputes with contractors, Tower earned the nickname “Leaning tower” That’s because it’s tilted 3 inches to the right.
Landau met Louis Kastenbaum when he was looking for a joint venture partner. 184 Kent Avenue Williamsburg in the early 2000s. Landau said he represented Kestenbaum in this transaction. The two also worked on the Condominium Tower Northside Piers in Williamsburg.
Landau’s first venture in his new company was in Miami Bay Harbor Islands, the company plans to build luxury homes. Pre-sales are set to begin next year, and construction is expected to begin in May.