Charles Jordan Urstadt (October 27, 1928 – March 3, 2020) was an American real estate executive and investor.
He was an important figure for the development of Battery Park City in Manhattan and for the elimination of rent control in New York.
He became known as the first chairman of the Battery Park City Authority, a public benefit corporation that created a mixed use development on 92 acres of landfill on the lower west side of Manhattan.
[4] Urstadt grew up in one of the buildings his grandfather owned and his father managed on West 195th Street in the Bronx.
[9] In 1967, New York Governor Nelson Rockefeller appointed Urstadt as deputy commissioner of the division of housing and community renewal.
[11] In 1971, the state legislature approved a bill that ended rent control on New York City apartments as tenants voluntarily vacated them.
[14] Urstadt resigned his position as commissioner in 1973 to avoid conflict of interest when he and four partners bought the Manhattan real estate firm of Douglas L. Elliman & Co.[15] In 1968, in addition to his duties with the New York state division of housing, Urstadt was appointed chairman of the Battery Park City Authority by Gov.
Then, the New York real estate market slowed amid concerns over the city's fiscal condition.
Site work had been halted because of conditions set by the Carter Administration for federal financial guarantees.
[20] In 1979, New York Governor Hugh Carey replaced Urstadt as Battery Park City Authority chairman with William D. Hassett Jr.[21] Urstadt later returned to the Battery Park City Authority from 1996 to 2010 as vice chairman and board member.
[25] In 1973,[15] GMU Associates, a partnership that included Urstadt and Edwin Jay Gould, bought a majority interest in Douglas L. Elliman & Co., one of New York's largest real estate companies.
[4] Once he took over as CEO, Urstadt changed the company's focus from a diverse portfolio to one specializing in neighborhood shopping centers in the suburban New York region.
The new strategy took advantage of the company's extensive market knowledge and allowed for more efficient management of the properties.
[31] An important part of Urstadt's plan was to keep the company's debt low relative to the size of its assets.
[38] When Urstadt turned 72 years old in 2000, he became the world champion swimmer for the 50-meter breaststroke in the 70 to 75 age group in tournaments held by the amateur Masters Swimming organization.