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Ron Moelis

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Ron Moelis
BornQueens, New York City
🏡 ResidenceNew York City
🏳️ NationalityAmerican
🏫 EducationUniversity of Pennsylvania
NYU Law School
💼 Occupation
CEO and Founding Partner
👔 EmployerL+M Development
Real estate developer, affordable housing specialist
👴 👵 Parents
  • Herbert I. Moelis (father)
  • Gaye Gross Moelis (mother)
FamilyCindy S. Moelis (sister)
Ken Moelis (brother)
Robert S. Rivkin (brother-in-law)

Ron Moelis is an American entrepreneur and real estate developer. Moelis is CEO and Founding Partner of L+M Development Partners Inc., a full-service development firm he co-founded with Sanford Loewentheil in 1984. Moelis is known for developing affordable and mixed-income/mixed-use housing in New York City including projects such as The Kalahari in Harlem, and Essex Crossing, a planned mixed-use development in New York City's Lower East Side. L+M's work includes the rehabilitation of properties in New York City and New Orleans that were damaged by Hurricane Sandy and Hurricane Katrina.

Under Moelis’ leadership, L+M has overseen more than $4 billion in development, construction and investment and has created or preserved more than 15,000 high-quality market-rate and affordable housing units in New York City’s tri-state area, the west coast and gulf coast regions of the United States.[1][2]

Early life & education[edit]

Moelis was born in Queens, New York City and was raised in New Rochelle, New York.[3]

Moelis graduated from the University of Pennsylvania with a B.A. in history from the School of Arts and Sciences and a B.S. in economics from the Wharton School in 1978. He received a J.D. from New York University in 1982 and spent a year as law clerk for judge Stanley Brotman of the Federal District Court in New Jersey.[4]

Career[edit]

Moelis and Sanford Loewentheil co-founded L+M Development Partners Inc. in 1984. The firm began by redeveloping and selling property in the East Village, Manhattan.[4] L+M has diversified since then into a real estate development company, which develops, builds and manages affordable, mixed-income and market-rate housing.[5]

Following the devastating Hurricane Katrina in New Orleans, Moelis partnered with the Enterprise Foundation and Providence Community Housing and worked with the Department of Housing and Urban Development (HUD) in early 2006 to redevelop the hurricane-damaged Lafitte Projects.[6] The redevelopment of the area focused on affordable, mixed-income housing with up to 1,500 units to be built in total.[7]

In 2007, L+M and Full Spectrum NY developed an eco-friendly LEED Gold certified building in Harlem, New York City called The Kalahari.[8] The project in Harlem drew attention from the media for being a green building that focused on affordable housing, the first of its kind in New York City.[9]

In 2012, Moelis and his company purchased Ocean Village, an 1100-unit Mitchell Lama complex in Far Rockaway, Queens, just days after Hurricane Sandy flooded the complex with more than five feet of seawater.[10] Originally built in 1972, the complex suffered from decades of neglect under the prior owners and over 30% of the units were vacant at the time of purchase.[11] L+M executed a $60 million rehabilitation covering all apartment interiors, common areas, roof replacement, mechanical and electrical equipment upgrades, landscaping and various storm-proofing and resiliency measures. In addition, the existing concrete facade was clad with an exterior insulation and finishing system to insulate the buildings, protect the buildings from water infiltration, and update the property’s aesthetic.[12] Throughout the rehabilitation, L+M worked to ensure that Arverne View (renamed by the residents) remained a viable source of affordable housing for the long term.[13][14]

In September 2013, the City of New York selected Delancey Street Associates LLC, a joint venture made up of L+M Development Partners, BFC Partners, and Taconic Investment Partners, to develop the Essex Crossing project for the Seward Park Mixed-Use Development Project.[15] The site is located on the largest stretch of undeveloped City-owned land in Manhattan below 96th Street. The project, renamed Essex Crossing, is among the most significant urban renewal developments in New York City history and will create 1,000 residential units, over half of which will be affordable.[3] The development will also feature over 750,000 square feet of office and retail space, including a Trader Joe's, movie theater, bowling alley, and a medical facility run by NYU Langone.[16] Additionally, Essex Crossing will be home to a public park, a community center run by Grand Street Settlement, a new home for the historic Essex Street Market and the Market Line, a three block long corridor inspired by the great public markets of the world.[17][18]

In 2014, the City of New York selected Triborough Preservation Partners LLC, a joint venture between L+M Development Partners and Preservation Development Partners, to rehabilitate and preserve 875 units of Project-based Section 8 housing owned by the New York City Housing Association (NYCHA) in exchange for 50% stake in the buildings.[19]

Personal life[edit]

Moelis and his wife Kerry Sperling live in Manhattan, New York City and have three children.[20][21]

Honors and awards[edit]

Moelis was inducted as an honorary member into the NYU Law School Chapter of Order of the Coif in 2010.

In 2012, Ernst & Young announced Moelis had won the Entrepreneur Of The Year 2012 Award in New York. The award recognized "Entrepreneurial Excellence in Real Estate and Construction" category.[22]

In 2013, Moelis received the Private Developer of the Year Award from the New York Housing Conference.[23]

References[edit]

  1. "Ron Moelis Interview". The Real Deal.
  2. Solomont, E.B. (July 1, 2015). "The Closing: Ron Moelis". The Real Deal.
  3. 3.0 3.1 Anuta, Joe (December 8, 2013). "Odd developer L+M on hot streak". Crain Communications.
  4. 4.0 4.1 Gross, Max (July 8, 2015). "Home Ron: L+M CEO Ron Moelis is Having His Moment". Commercial Observer.
  5. Brockman, Josh. "More than Shelter Alone". Wharton Magazine.
  6. Nossiter, Adam (December 26, 2006). "In New Orleans, Ex-Tenants Fight for Projects". NY Times.
  7. "HUD Secretary Donovan Joins Former Residents and Elected, Housing Officials to Celebrate Groundbreaking at Former Lafitte Community". PR Newswire. August 27, 2009.
  8. Buckley, Cara (June 25, 2010). "A Building Brings Haves and Have-Somes Together". NY Times.
  9. Tiku, Nitasha (November 1, 2007). "Green Housing For the Rest of Us". Inc. magazine.
  10. Maslin Nir, Sarah (December 25, 2012). "A New Owner and, Many Hope, a New Lease on Life". NY Times.
  11. Chaban, Matt (November 1, 2013). "The dreary and dilapidated Ocean Village in the Rockaways, Queens, is finally getting an entire makeover after decades of being left to fall into disrepair". NY Daily News.
  12. "Two Years after Hurricane Sandy L+M Development Re-Opens Arverne View, Housing Complex Undergoes $60 Million Transformation". Housing Perservation and Development NYC. October 27, 2014.
  13. Colangelo, Lisa (October 27, 2014). "Renovated Arverne View hoping to lure middle-class tenants back to the affordable complex on the beach". NY Daily News.
  14. Kimmelman, Michael (January 25, 2016). "How to Build Affordable Housing in New York City". NY Times.
  15. Bagli, Charles (September 17, 2013). "City Plans Redevelopment for Vacant Area in Lower Manhattan". NY Times.
  16. Kaysen, Ronda (July 24, 2015). "New Mixed-Income Housing on the Lower East Side". NY Times.
  17. "Essex Crossing Development (Seward Park)". NYC EDC. September 12, 2016.
  18. Falco, Tom (September 19, 2013). "Essex Crossing Development Plans Set To Change Lower East Side, Will Cost $1.1 Billion". Huffington Post.
  19. Kusisto, Laura (December 7, 2014). "New York City to Sell Public-Housing Stake". Wall Street Journal.
  20. Knutsen, Elise (August 24, 2011). "Developer Ron Moelis Buys 900 Fifth Apartment". New York Observer.
  21. The Journal News: "Dr. Herbert Lionel Sperling - Obituary" July 2, 2001 | "He is survived by his wife Janice; four daughters Robin Lambert, Kerry and Ronald Moelis, Cindy and Peter Spengler and Kara Sperling. Two sons Lawrence and Jane Sperling and Dr. John and Rebecca Sperling. A sister Marjorie and her husband Richard Shapiro as well as nine grandchildren. Funeral service will be held on Tuesday at 10am at Temple Beth Torah "
  22. "Ernst & Young Announces L+M Development Partners CEO Ron Moelis Is the Entrepreneur Of The Year® 2012 Award Winner in New York". Market Wired. June 21, 2012.
  23. "Private Developer of the Year Award" (PDF). Dev Partners.


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