Arthur G. Cohen

Arthur George Cohen (April 23, 1930 – August 9, 2014) was an American businessman and real estate developer in New York City.[1]

Arthur G. Cohen
Born
Arthur George Cohen

(1930-04-23)April 23, 1930
Brooklyn, New York, US
DiedAugust 9, 2014(2014-08-09) (aged 84)
Kings Point, New York, US
NationalityAmerican
EducationUniversity of Miami
New York Law School
OccupationReal estate developer
Known forCo-founder of Arlen Realty & Development Corporation
Spouse(s)Karen Bassine
Children5
Parent(s)Frances Kostick Cohen
Louis D. Cohen

Early life and education

Cohen was born to a Jewish family in Brooklyn, New York, the son of Frances (née Kostick) and Louis D. Cohen.[2][3] He received a BA from the University of Miami and a JD from the New York Law School.[4]

Career

Arlen Realty & Development Corporation

Cohen became involved in real estate through founding Arlen Realty & Development Corporation with Arthur N. Levien in 1959.[5]

Serving as Arlen's chairman, Cohen began by developing suburban shopping centers throughout the country, and in 1971 he purchased the national discount retail chain E.J. Korvette. By 1975 Arlen owned and managed over 42,000,000 square feet (3,900,000 m2) of shopping centers, and was the largest publicly traded REIT in the nation. Beginning in 1967, Arlen partnered with Donald Soffer's Turnberry Associates in developing the City of Aventura, Florida.[6] In 1975, Arlen partnered with Aristotle Onassis to build Olympic Tower on Fifth Avenue.[7]

Other prominent Arlen buildings included their corporate headquarters 888 7th Avenue,[8] 1500 Broadway and 1501 Broadway in Times Square,[9] 1166 Avenue of the Americas, 800 Third Avenue, 100 Wall Street, and the Westyard Building at 450 West 33rd Street.

Additional Investments

In addition to Arlen, Cohen continued to invest in real estate, lodging, restaurants, aviation, and manufacturing industries.[10] Some projects include the development of the David Childs designed Worldwide Plaza [11] and the Crowne Plaza Hotel in Times Square with William Zeckendorf Jr.,[12] the Peninsula Hotel in New York City,[13] the Hotel Pennsylvania,[14] the Whitehall Building in Battery Park,[15] Fifth Avenue Tower, The Taft Hotel and Manhattan Mall.[16]

Alongside real estate investor Jeff Gural, Cohen was also a partner with David Walentas in the 1979 acquisition of two million square feet of industrial buildings in Dumbo, Brooklyn.[17]

Partnership with Ian Schrager

Cohen partnered with hotelier Ian Schrager in creating some of the first boutique hotels in New York City at a time in which Schrager had much difficulty attracting more conventional sources of financing.[18] The partnership resulted in the acquisition and renovation of hotels such as the Philippe Starck designed Royalton Hotel[19] and Paramount Hotel,[20] as well as the Barbizon Hotel.[21]

Corporate involvement

Cohen was a director of Citicorp (now part of Citigroup NYSE: C),the Home Title Division of the Chicago Title Insurance Company (now part of Fidelity National Financial NYSE:FNF), and the John Hancock Mutual Fund.[22] He was on the board of directors and been part of the ownership group for the 1988 leveraged buyout of Braniff Airlines[23] as well as for the 1989 lLeveraged buyout of national restaurant chain Houlihan's and Darryl's.[24]

Philanthropy

Cohen was a former trustee of Brandeis University, New York Law School, Long Island Jewish Medical Center and the Albert Einstein College of Medicine. He received the Jewish National Fund Tree of Life Award, was named the man of the year by the Anti-Defamation League, and was a member of the Special Mission to Israel under Golda Meir and special envoy to aid underprivileged nations under Lyndon B. Johnson. Cohen received an honorary degree from Long Island University.[22]

Personal life and death

Cohen was married to Karen Bassine from Great Neck, New York. They had five daughters: Lauren Reddington, Susan Siegel, Debra Duran, Rochelle Rosenberg and Kathy Horowitz.[25] Cohen died on August 9, 2014 in Kings Point, New York. He was 84.[25]

References
  1. "State-By-State List of Forbes 400 Richest Americans With PM – Forbes Richest, BJT".
  2. "Deaths – Cohen, Frances Kostick". The New York Times. August 27, 2002.
  3. "Jewish Seminary Honors 2". The New York Times. June 14, 1972. Two New York business and Jewish community leaders were honored yesterday.........Meshulum Riklis, chairman and president of the Rapid American Corporation, and Arthur G Cohen, president of the Arlen Realty and Development Corporation, received the Eternal Light Medal of the Jewish Theological Seminary of America.
  4. "Arthur G. Cohen". Brandeis University.
  5. Shockley, Jay (December 16, 2008). "Society House of the American Society of Civil Engineers" (PDF). Landmarks Preservation Commission. Retrieved August 26, 2012.
  6. Vitale, Joe. "Family & Fortune: Aventura was dreamed up by Donald Soffer. He built it and they came, by the thousands. Now his children are fighting to protect it". Archived from the original on 2013-01-18.
  7. "Olympic Tower, a Premiere New York Condo". Archived from the original on 2012-11-02. Retrieved 2012-08-26.
  8. "888 7th Avenue Emporis".
  9. Kramer, Michael (1974). Howard Samuels O.T.B Payoff. New York Magazine.
  10. "Contrarian Capital Management". Archived from the original on 2013-03-06. Retrieved 2013-03-17.
  11. "William Zeckendorf".
  12. Dunlap, David W. (July 6, 1988). "From Dust of Demolition, a New Times Square Rises". The New York Times.
  13. "The Peninsula Hotel, New York".
  14. "Statler Hotels - Hotel Pennsylvania".
  15. Dunlap, David W. (January 6, 1991). "Commercial Property: City Leases; Financial District Slump Sets Up Some Good Deals". The New York Times.
  16. "New Partnership With Arthur G. Cohen – Project on Track to Become Premier Shopping and Entertainment Destination".
  17. Video on YouTube
  18. Bagli, Charles V. (July 19, 1998). "A Hotelier for Jaded Boomers". The New York Times.
  19. Slesin, Suzanne (September 29, 1988). "At 90, a Dowager of a Hotel Turns Into a Witty Sylph". The New York Times.
  20. Slesin, Suzanne (December 14, 1989). "A Hotel Where Magic and Humor Reside". The New York Times.
  21. "Barbizon Hotel Sold To Developers". The New York Times. August 31, 1988.
  22. "Brandeis University".
  23. "Group Acquires Braniff in Buyout; Appoints Former Piedmont Executives".
  24. "About Darryl's!".
  25. Martin, Douglas (August 15, 2014). "Arthur G. Cohen, Real Estate Developer, Is Dead at 84". p. B8. Retrieved October 31, 2018.
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