Boomer Barons

Boomer Barons

New York Daily News

By PETER GRANT

Out of the rubble of the real estate crash of the early 1990s, a new generation of moguls has appeared.

They're younger than the traditional powerbrokers and have no ties to the names that have long ruled the office and apartment building canyons of Manhattan -- the Trumps, the Dursts, the Helmsleys, the Rudins.

Their pockets bulging with Wall Street cash, they have muscled past lesser-financed competitors and in some cases big names who've been buying up and building New York for most of this century.

In recent months, this group -- most of them in their late 30s and early 40s, and many without traditional real estate backgrounds -- have generated a flurry of big deals.

And they've targeted some of the most recognizable landmarks in Manhattan, including The News Building and the Chrysler Building.

"It's a good sign for New York," real estate kingpin Bill Rudin said of the new crop of competitors. "Some of them have made good deals for themselves."

But Rudin, who's family has been a power since the early part of the century, cautions that it's a tough game.

"Some of them will make it, and some of them won't," he said. With that in mind, here's a Daily News tip sheet on the Baby Boomer Barons.

MITCHELL RUTTER: Rutter was on a fast track at Simpson Thacher & Bartlett, one of the top law firms in the city. But he wasn't happy.

"I felt like I was hanging wallpaper in other people's houses," he said.

So Rutter decided to start building his own houses. And stores and office buildings.

Ten years later, he owns such skyscrapers as 151 William Street and 2 Dag Hammarskjold Plaza, and is eyeing two major residential developments: one on the Upper West Side, and the other in the Flatiron District.

© Essex Capital, 2012