Charles J. Urstadt facts for kids
Quick facts for kids
Charles J. Urstadt
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| Born |
Charles Jordan Urstadt
October 27, 1928 |
| Died | March 3, 2020 (aged 91) Bronxville, New York, U.S.
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| Nationality | American |
| Education | Dartmouth College Tuck School of Business Cornell Law School |
| Occupation | Real estate developer Investor |
| Years active | 1953–2019 |
| Employer | Urstadt Biddle Properties |
| Known for | Development of Battery Park City |
| Title | Chairman emeritus |
| Spouse(s) |
Elinor McClure Funk
(m. 1957) |
| Children | 2 |
| New York State Housing Commissioner | |
| In office 1969–1971 |
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| Governor | Nelson Rockefeller |
Charles Jordan Urstadt (born October 27, 1928 – died March 3, 2020) was an American real estate expert and investor. He was very important in creating Battery Park City in Manhattan. He also played a big role in changing how rent was controlled in New York.
From 1969 to 1971, Governor Nelson Rockefeller chose Urstadt to be the Housing Commissioner for New York State. He became well-known as the first leader of the Battery Park City Authority. This group built a large community with homes and offices on 92 acres of new land in lower Manhattan.
In 1973, he joined Douglas Elliman, a big real estate company in New York. Later, in 1975, Urstadt joined Urstadt Biddle Properties. He became the chairman emeritus when he retired in 2019.
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Growing Up
Charles Urstadt was born in 1928. His great-grandfather was born in the Bronx in 1840. His grandfather bought buildings there in the 1920s. Charles grew up in one of these buildings. His father managed it.
He went to the Bronx High School of Science and finished when he was sixteen. He then studied at Dartmouth College. He also went to Dartmouth's Tuck School of Business and Cornell Law School.
Early Jobs
In 1953, Charles Urstadt started working as a lawyer. He joined a law firm in New York called Nevius, Brett & Kellogg. A year later, he joined the United States Navy and served for two years.
After his time in the Navy, Urstadt worked for several real estate companies. He was a vice president and lawyer for Zeckendorf Property Corporation. He also worked for Alcoa Residences, a company that built homes.
New York State Housing Leader
In 1967, New York Governor Nelson Rockefeller chose Urstadt for a state housing job. He became the main housing leader in 1969.
In 1971, a new law was passed. It changed how rent was controlled in New York City apartments. This meant that when a tenant moved out, the apartment's rent could be set freely. Urstadt helped write this important law.
Another law, called the "Urstadt Law," was also passed that year. It gave the state more power over rent control rules. Supporters of these laws said the old rules were not working well. They believed the old rules stopped new housing from being built. Critics felt these laws took power away from the city.
Six months after the new rent law, Urstadt said that building new homes went up a lot. He believed the new law helped this happen.
Urstadt left his state job in 1973. He wanted to avoid any conflicts of interest. This was because he and some partners bought a real estate company called Douglas L. Elliman & Co.
Building Battery Park City
In 1968, Governor Rockefeller also made Urstadt the leader of the Battery Park City Authority. This state group was created to build a new area on 92 acres in lower Manhattan. Most of this land was created by filling in part of the Hudson River. The plan was to build 21,000 homes, offices, and parks.
The project faced some problems. State and city leaders disagreed on how it should look. Also, the real estate market in New York slowed down. People worried about the city's money problems.
Even with these challenges, the new land was finished. Building started on the first six buildings in 1974. By 1975, the foundations for these buildings were being laid.
However, the city was in financial trouble. A plan to get money for the buildings failed in 1975.
Work on the project started again in 1978 after 17 months. This included new roads and utilities for the apartment buildings. Urstadt mentioned that the American Stock Exchange and the New York Law School were thinking about moving there.
In 1979, New York Governor Hugh Carey replaced Urstadt as the Battery Park City Authority leader.
Urstadt later returned to the Battery Park City Authority. From 1996 to 2010, he was a vice chairman and board member. Governor George E. Pataki appointed him.
During a tough economic time in 2009, Urstadt suggested an idea. He thought the city should buy the Battery Park City land for just $1. This was an option from the original agreement. He believed the city could then get the $200 million in yearly payments from the area. This would help the city's budget.
Real Estate Career
In 1973, Urstadt and a partner bought a large part of Douglas L. Elliman & Co. This was one of New York's biggest real estate companies. Urstadt later sold his share in the company.
In 1979, an investment group led by Urstadt bought another company. This company helped arrange loans for commercial buildings. Urstadt became its chief executive. The company's name later changed to Pearce, Urstadt, Mayer & Greer, Inc. In 1987, Urstadt sold this company.
In 1975, Urstadt joined the board of directors for Hubbard Real Estate Investments. This was a company that owned many properties. He became its chief executive in 1989.
As CEO, Urstadt changed the company's focus. It started to specialize in neighborhood shopping centers. These centers were usually in wealthy areas and had grocery stores. This new plan used the company's knowledge of the market. It also helped manage the properties better. Urstadt made sure the company did not have too much debt.
The company later changed its name to Urstadt Biddle Properties, Inc.. In 2013, the Urstadt and Biddle families owned about 25% of the company. That year, Urstadt stepped down as CEO but stayed as chairman. His son, Charles D. Urstadt, became chairman of Urstadt Biddle Properties when his father retired in 2019.
Personal Life
In 1957, Charles Urstadt married Elinor McClure Funk. They had two children, Charles Deane Urstadt and Catherine Urstadt Biddle. His daughter Catherine is married to Willing L. Biddle, who is the president of Urstadt Biddle Properties.
When Urstadt was 72 years old in 2000, he became a world champion swimmer! He won the 50-meter breaststroke in his age group. He beat 28 other swimmers. He had not competed in swimming since high school. In high school, he won the New York City High School Championships three years in a row. He was also the captain of the swim team at Dartmouth College.
Charles Urstadt passed away at his home in Bronxville, New York, on March 3, 2020. He was 91 years old.
