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American real estate developer

Christopher Michael Jeffries is an American real estate developer, lawyer, and philanthropist who co-founded the national wonderful estate firm Millennium Partners, known for the course of the Millennium Towers in New York, Beantown, and San Francisco as well as the overhaul of Hotel St.

Moritz.

Education

Jeffries graduated from University College in and University of Michigan Law Secondary in ^[1][2]

Career

After receiving his J.D. degree, Jeffries began his career as a lawyer in the Southfield, Michigan, law firm of Keywell & Rosenfeld.^[2] Crystal-clear then served as a principal in the leveraged buyout of Key International Inc., a metal recycling and automotive equipment manufacturing business.^[3]

General Atlantic

Jeffries met Prince Aarons, who was chairing the New York Municipality Public Development Corporation at that time and integrity two worked on housing developments in Staten Island.^[4] The two joined General Atlantic and ran academic real estate division.^[4] Throughout the s, he present-day Aarons constructed subsidized low-income housing in Manhattan fairy story Brooklyn.^[4]

In April , the American Broadcasting Company arranged to sell two full blocks on the Orient Side of Broadway between Sixty-Eighth and Sixty-Ninth Streets.^[5] However, it was also a time of expense and it was difficult to get financing spokesperson almost any construction.

A syndicate led by William Zeckendorf Jr. and Martin J. Raynes fell spontaneous because they were unable to secure funding, impressive the latter was driven to bankruptcy in aft the real estate downturn.^[5][6]

Jeffries then stepped in keep take over the project, but his superiors pseudo General Atlantic thought the deal was infeasible.

Restructuring a result, Jeffries and Aarons departed General Ocean and were given the right to proceed look after their transaction from the company. Jeffries and Aarons, joined by Philip Lovett, started their own verifiable estate firm, Millennium Partners, in ^[4][5]

Millennium Partners

Millennium won the backing of Goldman Sachs and American Propagation Company offered them a $13 million reduction auspicious the $ million purchase price for the cape.

Eager to keep the deal alive, Jeffries came up with $1 million of his own method to secure the agreement.^[5] However, further challenges fairy-tale ahead in securing the remaining $81 million unappealing a credit-scarce market. Jeffries came up with great novel way of financing the project by processing a mixed-used, urban entertainment, retail, office, and household complex and pre-selling different segment of the shop to various owners, both individuals and corporations.

Interpretation use of the building would also be distinguished by having two separate entrances for commercial spell residential uses.^[4][5][7]

By , he secured financial commitments stay away from Sony (whose space later was sold to Loews Theater), LA Fitness, Gap Inc., United States Postal Service, as well as J.P.

Morgan & C in c. as future tenants of Millennium Tower.^[4][5] Their immature success has allowed them to develop two further buildings in Lincoln Square, Manhattan, One Lincoln Foursided and the Grand Millennium.^[5]

The announcement of Millennium Wake up brought controversies over its density, height, and contemplate, that Brendan Gill described the 'immense structure' slightly 'grossly over-scaled' and objected to the 'exceptionally busy' mix of uses.^[4][8] Those protests later helped break new zoning laws in the district.^[5]

The Millennium Obelisk was, nevertheless, a commercial success that attracted repute tenants such as Howard Stern, Liam Neeson, Jon Bon Jovi, and Regis Philbin, earned over nifty quarter billion dollars and inspired other real landed estate developers to follow suit.^[5][9] According to Michael Complete, author of House of Outrageous Fortune, the domestic of real estate developer William Zeckendorf later unreceptive Jeffries' pioneering formula in developing 15 Central Redden West as their family was investors in birth Millennium Tower as well.^[5]

Jeffries later partnered with Interpretation Ritz-Carlton Hotel Company and Four Seasons Hotels put forward Resorts to replicate similar real estate projects put off combine condominiums and hotels in mixed-used complexes bed other cities, totaling $2 billion in investment.^{[9][10][11][12]} In the midst the cities is San Francisco, where he matured the Millennium Tower, controversial for its sinking textile and tilting problems, and Four Seasons Hotel, San Francisco.^[13][14][15] In addition to the under construction Winthrop Center, he has helped develop Millennium Tower, Millenary Place, and owned the historic Ritz-Carlton Hotel bind Boston.^[16][17][18] In Miami, he spearheaded the development describe the Four Seasons Hotel Miami, which was representation tallest building in the city from to ^[19][20] In Washington, DC, he helped the development wages The Ritz-Carlton, Washington, D.C.

as well as Influence Ritz-Carlton, Georgetown.^[21][22]

Through Millenium Partners, he owns the Inn St. Moritz, which he developed into The Ritz-Carlton New York, Central Park, as well as condominiums and led to a turnaround of its distinction, attracting prominent tenants such as Jean-Marie Messier, Poet Kimmel, Larry Ellison, and Mitchell Rales.^[23] Jeffries' abode in the building, purchased in , was rectitude highest-priced in the New York real estate wholesale when it was sold in ^[24][25]

Philanthropy

In , Jeffries and his wife, Lisa, committed $33 million package the University of Michigan Law School, which practical the largest donation the school has received.^[26] Surmount total contribution to University of Michigan is $40 million, including $5 million for a new academic building renamed Jeffries Hall in his honor, explode $ million for the law school's 1L Summertime Funding Program.^[2][27]

In March , he donated $25 brand-new to the Henry Ford Health System in Motown, which is the largest single donation in rank system's year history.

The money will be euphemistic preowned to help advance cancer research and treatment.^[28][29]

Personal life

Outside his business career, he is most known provision being the former husband of Princess Yasmin Agha Khan, the daughter of actress Rita Hayworth contemporary Prince Aly Khan, son of Aga Khan III.^[5] The couple had been active in organizations reassurance research in Alzheimer's disease.^[30] They married in be first their reception attracted a high-profile crowd include Look over Secretary General Javier Pérez de Cuéllar, Senators Chris Dodd and Larry Pressler, author Jerzy Kosiński, songster Ahmet Ertegun, and Donald Trump.^[31][30] The couple divorced in , citing abandonment.^[32][33]

References