A well-known name in the realm of private equity, real estate investment and development, and debt financing in the UK, the Reuben Brothers are reportedly looking to New York for new opportunities.
Reuben Brothers was co-founded in 2002 by the self-made billionaire brothers David and Simon Reuben. In the UK, the family-run firm has since invested in a broad range of projects including racecourses and pubs, alongside other areas such as shipping and metal warehousing.
In terms of their global real estate developments, the Reuben Brothers has a significant portfolio of holdings including office, hotel, and retail buildings as well as residential and infrastructure properties.
As reported by Airmail, the company now has their sights set on becoming the “LVMH of real estate” in an attempt to “re-invigorate the Upper East Side,” according to the firm’s principal Jamie Reuben.
Driving this move towards investing in New York real estate is the 37-year-old British businessman and investor, Jamie Reuben. Son of the billionaire investor and property magnate, David Reuben, Jamie has made clear the company’s interest in pursuing American hospitality real estate since the COVID-19 pandemic.
Following a $150 million deal in 2020, Jamie Reuben secured the recently-reopened iconic New York hotel, The Surrey, on behalf of the company at 30% below the initial asking price, and has overseen the property’s careful restoration over the past few years.
Despite The Surrey having reopened in October, Reuben has plenty of other New York real estate projects to keep him occupied. This includes the early 2025 opening of the private members’ club, Maxime’s, which can be found on Madison Avenue and 69th Street.
The Reuben Brothers also have another luxury hotel-restaurant-and-members-club hybrid that’s scheduled to open its doors in early 2025 – the Twenty Two. A sibling site to the original Mayfair, London, hotel that was opened in 2022, the New York branch can be found just off Union Square.
As reported by the Miami Herald, Steven Zelkowitz, an experienced managing partner with experience representing clients in complex transactional real estate matters, says the market is the perfect time for cash buyers to make their mark on the hospitality field.
“You have properties that were once revenue-producing that are now unable to maintain the level of business they had previously due to the pandemic,” advised Zelkowitz.
“As we know from past recessions, cash is king, and that is the time to make the investment. The Reubens are on the right track, because they know the hospitality market will turn around at some point.
“When you have a family-owned business, you are more willing to take risks in a down market because you don’t have a board of directors to convince. The Reubens have more flexibility and more vision that other corporate entities might have right now,” said Zelkowitz.
Alongside investing in the New York hospitality sector, the Reuben Brothers have built up substantial retail holdings across the city. This includes a freehold at 609 Fifth Avenue Manhattan anchored by flagship Puma store and 510 Fifth Avenue (North Face’s flagship store).
