Louis Dubin - News by PLAZOO - The News and Blog Search Engine

Tomwsulcer: /* External links */ added category {{Infobox Celebrity |name = Louis Myerberg Dubin |image = |caption = |birth_name = Louis Myerberg Dubin |birth_date = January 31, 1963 |birth_place = ((United States)) |occupation = ((President)), ((Chief Executive Officer|CEO)) |networth = |awards = "1993 Real Estate Deal of the Year"<ref name=tws2nov26/> Corporate leadership award (2003)<ref name=tws2nov13/> CHDD award (2004)<ref name=tws2nov14/> |alma_mater = ((Washington and Lee University)) ((American University)) | website = | parents = Richard & Elizabeth Dubin<ref name=tws2nov26/> | spouse = Tiffany Rounick (1989-2004) Kim Kassel-Mnuchin (2008-present) | salary = | signature = }} '''Louis Myerberg Dubin''' is a prominent fourth-generation<ref name=tws2nov26/> ((New York City)) ((real estate developer)) notable for developing upscale condominiums, typically in large east-coast ((United States)) cities.<ref name=tws2nov12/> His firm Athena often sold condominiums to middle and upper-middle class buyers by touting affordability and panoramic skyline views.<ref name=tws2nov12/> In addition, his firm converted landmark buildings into luxury condominiums, some of which were bought by luminaries such as ((Charles Bronfman)). He is known as a creative promoter for bringing movie stars such as ((Julia Stiles)) to lavish real estate promotion parties, and designed buildings to feature art prominently by artist-sculptors such as ((Jonathan Cramer)).<ref name=tws2nov03/> His views are quoted in newspapers and magazines, and he has made appearances on real estate talk shows.<ref name=tws2nov34/> During the real estate bust beginning 2008, his firm was hit hard,<ref name=tws2nov39/> and he formed a new firm, LMD Worldwide LLC and is pursuing new projects.<ref name=tws2nov05/> ==Background and education== Dubin's great-grandfather, grandfather, and father were all developers.<ref name=tws2nov26/> He studied ((political science)) at ((Washington and Lee University)) in ((Washington, D.C.|Washington)).<ref name=tws2nov13/> During his college years, he met future wife Tiffany<ref name=tws2nov01>{{cite news | author = ELIZABETH HAYT | title = Bringing the party to Sotheby's | quote = In 1984, she entered Georgetown University (where she met her future husband, Louis Dubin, a real estate developer), | publisher = New York Times | date = September 26, 1999 | url = http://www.nytimes.com/1999/09/26/style/bringing-the-party-to-sotheby-s.html?pagewanted=all | accessdate = 2009-11-02 }}</ref> whose stepfather is ((A. Alfred Taubman)), the Detroit-based shopping mall pioneer.<ref name=tws2nov01/> Dubin earned a law degree at ((Washington College of Law)) at ((American University)).<ref name=tws2nov07/><ref name=tws2nov13/> The pair were married in 1989 at the "socially prestigious"<ref name=tws2nov19/> Temple Emanu-El in Manhattan and fashion reporters from the ((New York Times)) described that guests wore "crisply tailored suit jackets worn over long, narrow skirts."<ref name=tws2nov04>{{cite news | author = Staff writer, Bill Cunningham | title = FASHION: On the Street; Eye-Catching Wedding Finery | quote = ...Elizabeth and Louis Dubin were married... | publisher = New York Times | date = June 18, 1989 | url = http://www.nytimes.com/1989/06/18/style/fashion-on-the-street-eye-catching-wedding-finery.html | accessdate = 2009-11-02 }}</ref> ==Career== After law school, Dubin worked in his family's real estate development firm as general counsel.<ref name=tws2nov07/> The firm developed single-family, high-rise condominium, and planned community properties.<ref name=tws2nov07/> After the ((Savings and Loan crisis)) during the late 1980s and early 1990s, Dubin worked for the government in the position of director of the $1.7 billion National Land Fund for the ((Resolution Trust Corporation)).<ref name=tws2nov05/> This agency disposed of assets acquired by the government during the early 1990s.<ref name=tws2nov07/> Dubin formed strategic partnerships between the ((private sector)) and the government.<ref name=tws2nov07/> He described his role: "I was a ((Federal government of the United States|federal)) official running clean up for all the non-performing land in the ((United States))."<ref name=tws2nov26/> ===Athena=== In 1993, Dubin founded the Athena Group, a residential real estate investment and development fund.<ref name=tws2nov05/> It was structured legally as a ((limited liability corporation)) or LLC.<ref name=tws2nov09/> Dubin was both president and ((Chief Executive Officer|CEO)).<ref name=tws2nov07>{{cite web | title = Speaker's Biography: Louis Dubin | quote = Louis Dubin is President and Chief Executive Officer of Athena | publisher = Milken Institute | date = April 22, 2002 | url = http://www.milkeninstitute.org/events/events.taf?EventID=gc02&SPID=22&cat=allconf&function=show&level1=speakers&level2=bio | accessdate = 2009-11-02 }}</ref> The business approach was to identify opportunistic real estate projects. Dubin hired Rosen Consulting to do macroeconomic forecasts of job development and household formation in key cities in the United States.<ref name=tws2nov26/> The next step was having acquisitions people hunt for opportunities in those markets.<ref name=tws2nov26/> Dubin hired analysts typically with ((Master of Science in Real Estate|Masters degrees in Real Estate)) as well as ((Master of business administration|MBAs)) who he felt were "well rounded individuals" and "tactile with numbers" yet had a feel for "concepts and form."<ref name=tws2nov26/> Athena had weekly development meetings with employees at all levels as a way, in part, "for teaching the younger people the business."<ref name=tws2nov26/> The firm developed a proprietary fund in association with large investment banks such as ((Morgan Stanley)) and ((UBS)) which gave it ready access to cash for large projects; for large deals, Athena solicited partners.<ref name=tws2nov26/> Dubin described his firm as existing in a "nether land where we have the capitalization of a public company and the nimbleness of a private company."<ref name=tws2nov26/> In the early 1990s, the firm had a return on investment equity over 30%, according to Dubin.<ref name=tws2nov26/> While the principal focus of Athena was on residential properties with "high barriers to entry"<ref name=tws2nov11/> in the eastern ((United States)),<ref name=tws2nov11>{{cite news | title = Valuation Committee Meeting Minutes | quote = Louis Dubin and The Athena Group focus on cities with job growth | publisher = ncreif.org | date = February 24, 2005 | url = http://docs.google.com/gview?a=v&q=cache:vPFZOLPpNY4J:secure.ncreif.org/ncreif.org/download.aspx%3Ffile%3D2005-02-24_valuation_minutes.pdf+louis+dubin+athena+group&hl=en&gl=us&pid=bl&srcid=ADGEESgYx_anmENk8X84C_jqZmju4l17s3NTcpO4C9UWFlrskfxyTQl49I3kqn-9xDYDIF6K7T8eulQxIp8DPlW63lk4ExL1TQpPLqo4mbupQ6LzQU7_T398VQlZMm5JhZAuXgl7Wyr0&sig=AFQjCNH32jqyiiYi1-S2XXFtDfMZ_taiWw | accessdate = 2009-11-02 }}</ref> principally ((New York City)), the firm also did projects involving offices, condominium conversions,<ref name=tws2nov15>{{cite news | author = Smith, Jennette | title = Athena Group gives Taubman a real estate avenue. | quote = New York City-based Athena was founded in 1993 by CEO Louis Dubin. | publisher = Crain's Detroit Business | date = Apr. 4, 2005 | url = http://findarticles.com/p/articles/mi_hb5251/is_200504/ai_n20117523/ | accessdate = 2009-11-02 }}</ref><ref name=tws2nov30>{{cite news | author = | title = Financial Chemistry | quote = 'We were impressed with the high level of expertise that (Karlton) brought to the table,' said Louis Dubin, president of The Athena Group, which is based in New York City. | publisher = Commercial Property News | date = March 16, 2003 | url = http://www.allbusiness.com/operations/facilities-commercial-real-estate/4422407-1.html | accessdate = 2009-11-02 }}</ref> land development deals, distressed debt purchases,<ref name=tws2nov10/> and renovation projects.<ref name=tws2nov09/> Dubin's role in the firm has been described as developing and cultivating relationships with parties necessary for big deals, including financiers, advisers, investment banks, developers, architects, and builders.<ref name=tws2nov07/><ref name=tws2nov13/> Dubin, by marriage ties with his wife, benefited by having a strong partner in his father-in-law ((A. Alfred Taubman)) who could not only invest significant sums in Athena's development projects, but who provided excellent advice.<ref name=tws2nov15/> Dubin spoke glowingly about Taubman: "He is the most knowledgeable person I have ever met with the planning and design of real estate ... He's an incredible adviser. There's not a building we build that we don't ask him to look at the plans. He critiques everything–the parking, the closets. He's very meticulous. He has the best eye I've ever seen in my life."<ref name=tws2nov15/> Taubman is a billionaire marketing pioneer who pioneered many features of today's modern shopping mall. The firm screened and analyzed possible acquisitions.<ref name=tws2nov07/> When it found properties to buy, it would analyze a prospective purchase in depth, including doing ((due diligence)),<ref name=tws2nov07/> which is a comprehensive ((real estate)) checklist process of examining systematically such details as environmental issues, ((Geology|geological)) and marketing factors. It thrived during the real estate boom years during the early and middle years of the 2000s. In the early 2000s, Athena bought a building in Miami's ((South Beach, Miami|South Beach)) called The Waverly. It got an ((internal rate of return)) in the low 20s, according to Dubin.<ref name=tws2nov30>{{cite news | title = Financial Chemistry | quote = 'We were impressed with the high level of expertise that (Karlton) brought to the table,' said Louis Dubin, president of The Athena Group, which is based in New York City. | publisher = Commercial Property News | date = March 16, 2003 | url = http://www.allbusiness.com/operations/facilities-commercial-real-estate/4422407-1.html | accessdate = 2009-11-02 }}</ref> Around this time the firm had a project in ((Providence, Rhode Island)), called the "903", which featured prices in the range of $350 per square foot.<ref name=tws2nov26/> In 2002, the firm encountered a setback when 78-year old ((A. Alfred Taubman|Taubman)) was convicted of ((price-fixing)) in connection with his ownership of the Manhattan-based auction house ((Sotheby's)) and he spent ten months in jail.<ref name=tws2nov02>{{cite news | author = CAROL VOGEL and RALPH BLUMENTHAL | title = Ex-Chairman Of Sotheby's Gets Jail Time | quote = In addition to his wife, the group included Mr. Taubman's two sons, Robert and William; his daughter, Gayle Kalisman; his stepdaughter, Tiffany Dubin; and her husband, Louis. | publisher = New York Times | date = April 23, 2002 | url = http://www.nytimes.com/2002/04/23/nyregion/ex-chairman-of-sotheby-s-gets-jail-time.html | accessdate = 2009-11-02 }}</ref> In 2004, Athena had $265 million in residential and commercial sales.<ref name=tws2nov15/> Condos were pitched at middle to upper-middle class buyers, and prices were at or below the median prices for their respective cities, and ranged from $200 to $2,000 per square foot, according to Dubin.<ref name=tws2nov15/> By 2005, during the ((United States housing bubble|real estate boom)), it had invested $200 million in properties worth a total of $1 billion, according to one estimate.<ref name=tws2nov09/> At one point, the firm had a construction and development pipeline exceeding $1.8 billion, according to one source.<ref name=tws2nov13/> From 2002 to 2005, Athena focused on ((condominium conversion)) projects, but after 2005, shifted to ((real estate development)) which included building new high-rise structures from the ground up.<ref name=tws2nov15/> It worked with Detroit-based construction contractor Walbridge Aldinger on tasks such as preconstruction, estimating, predevelopment and construction-bidding work.<ref name=tws2nov15/> In 2005, the shortage of prime space in downtown Manhattan caused several hotels to be converted to condominiums.<ref name=tws2nov29/> Dubin explained that "economic calculations heavily favor conversion ... For a 1,000-square-foot hotel suite, you could get $2 million. At a top hotel with services and a great location, let’s take those two rooms—they have to throw off $400 to $500 a night, and they have maybe 70 percent occupancy ... In the best of cases, they could net $200,000 (per year). Property taxes take 35 percent, maybe 40 percent for operations—that’s only a 5 to 6 percent return."<ref name=tws2nov29>{{cite news | author = Deborah Schoeneman | title = Eloise, Meet Your New Neighbors | quote = The economic calculations heavily favor conversion, explains developer Louis Dubin of the Athena Group. | publisher = New York Real Estate | date = May 21, 2005 | url = http://nymag.com/nymetro/realestate/columns/realestate/10520/ | accessdate = 2009-11-02 }}</ref> In the first part of the decade as well, Athena considered investments in projects in ((Russia)) but pulled out because of concerns about timing.<ref name=tws2nov15/> Athena did projects in the suburbs of ((Washington, D.C.|Washington)), ((Florida))<ref name=tws2nov15/>, ((Providence, Rhode Island|Providence)), ((Raleigh, North Carolina|North Carolina)), ((Deer Valley, Utah|Utah)), ((Las vegas, Nevada|Las vegas)) and ((Los Angeles, California|Los Angeles)).<ref name=tws2nov16/> Athena's projects have been financed by firms such as ((Morgan Stanley)) and ((UBS)) AG.<ref name=tws2nov15/> By 2008, it had up to 45 employees with a main office in ((New York City|New York)) and branch offices in ((Los Angeles, California|Los Angeles)), ((Miami, Florida|Miami)), and ((Washington, D.C.|Washington)), and had 4,500 residential units under management, according to a source based on company information.<ref name=tws2nov05/> By 2009, according to one estimate, the firm had completed or developed roughly $2.5 billion in assets.<ref name=tws2nov05/> The firm streamlined payment systems by using software from firms such as AvidXchange which digitized invoices.<ref name=tws2nov10>{{cite news | author = Michael Praeger | title = Athena Opts for a Wiser Solution in Payables Management | quote = The Athena Group, a private real estate investment, operating and development company, has selected AvidXchange as its solutions provider for automated payables. | publisher = AvidXchange (software maker) | date = 2007-01-05 | url = http://docs.google.com/gview?a=v&q=cache:IEA_Z3grGw0J:www.avidxchange.com/media/AvidXchangePR_Athena.pdf+louis+dubin+athena+group&hl=en&gl=us&sig=AFQjCNH-vZNxTZV-gwE6DZQuQ9aPqnJ2jQ | accessdate = 2009-11-02 }}</ref> The firm made campaign contributions to both ((Democratic party (United States)|Democrats)) and ((Republican party (United States)|Republicans)), including ((John McCain)), ((Mitt Romney)), ((Robert Menendez|Senator Menendez)), and ((Hillary Clinton)).<ref name=tws2nov06>{{cite news | title = Louis Dubin–Political Campaign Contributions–2008 Election Cycle | quote = Louis Dubin Contribution List in 2008 | publisher = CampaignMoney.com | date = 2008 | url = http://www.campaignmoney.com/political/contributions/louis-dubin.asp?cycle=08 | accessdate = 2009-11-02 }}</ref> ===Fifth Avenue Opulence=== In the late 1990s, a prominent headquarters building for the 11-story ((Union of American Hebrew Congregations)) at 838 Fifth Avenue at 65th street, originally built in 1950,<ref name=tws2nov36>{{cite news | author = RACHELLE GARBARINE | title = RESIDENTIAL REAL ESTATE; A Luxury Condo Project on Fifth Avenue Is Attracting Buyers | quote = Principals in the development company are A. Alfred Taubman, chairman of both Sotheby's and the Taubman Group, a shopping center development and management company, and Louis M. Dubin and Metin Negrin, both of the Athena Group, a real-estate investment and development company in Manhattan. | publisher = New York Times | date = March 3, 2000 | url = http://www.nytimes.com/2000/03/03/nyregion/residential-real-estate-luxury-condo-project-fifth-avenue-attracting-buyers.html | accessdate = 2009-11-02 }}</ref> was bought by ((A. Alfred Taubman)), and who worked with Athena to convert the units to luxury condominiums.<ref name=tws2nov19>{{cite news | title = About 838 Fifth Avenue | quote = Louis Dubin and Metin Negrin of The Athena Group are the developers and Beyer Blinder Belle is the architectural firm handling the conversion, which created storage rooms, wine cellars and servants' quarters in addition to the apartments. | publisher = City Realty | date = 2009-11-02 | url = http://www.cityrealty.com/nyc/manhattan/838-fifth-avenue/13781 | accessdate = 2009-11-02 }}</ref> Sonnenblick-Goldman arranged some of the financing.<ref name=tws2nov08/> The building is opposite Temple Emanu-El.<ref name=tws2nov19/> Athena worked with architects ((Beyer Blinder Belle)) and created storage rooms, wine cellars, and servants' quarters for each unit.<ref name=tws2nov19/> There was controversy about how to handle religious inscriptions on the building's exterior, which included "Love Thy Neighbor As Thyself" and "Do Justly Love Mercy Walk Humbly With God", and discussion was picked up in the ((New Yorker (magazine)|New Yorker)).<ref name=tws3nov103>{{cite news | author = Paul Goldberger | title = The Talk of the Town: "Good Neighbors Department" | quote = Now the Athena Group, a development company controlled by A. Alfred Taubman, who is the chairman of Sotheby's, and his son-in-law Louis Dubin, is converting the building into luxury condominiums, and the company is considering having the religious inscriptions removed. | publisher = The New Yorker | date = March 8, 1999 | url = http://www.newyorker.com/archive/1999/03/08/1999_03_08_025_TNY_LIBRY_000017669 | accessdate = 2009-11-03 }}</ref> The building features a "discrete access ramp" for the disabled on the southeast corner.<ref name=tws2nov23>{{cite news | author = Carter B. Horsley | title = 838 Fifth Avenue | quote = Mr. Taubman, Mr. Dubin and Mr. Negrin expanded it in the conversion by adding one floor and a 10-story addition on 65th Street. | publisher = The Upper East Side Book | date = 2009-11-02 | url = http://www.thecityreview.com/ues/fifave/fif838.html | accessdate = 2009-11-02 }}</ref> It was converted from an 11-story office building into a 10-unit residential condominium project.<ref name=tws2nov23/> The building was expanded by adding one floor and a 10-story addition on 65th Street.<ref name=tws2nov23/> Limestone from the same quarry in ((Indiana)) used for the original building was used for the restoration.<ref name=tws2nov36/> According to spokesperson Bret S. Bobo, developers were drawn to the building because it was "the only opportunity left in a prime location."<ref name=tws2nov23/> Apartments ranged from 4,522 to 5,423 square feet.<ref name=tws2nov23/> Interiors were demolished and reconfigured with nine-foot-high ceilings, and included corner living rooms of up to 47 by 20 feet and libraries with wood-burning fireplaces.<ref name=tws2nov23/> Buyers had the option of purchasing one of seven ground floor studio apartments. Nine 45 square-foot wine cellars and fifteen storage units were for sale in the basement.<ref name=tws2nov23/> One unit was bought by ((Charles Bronfman)), co-chairman of ((Seagram)), and the sale was reported to be $18 million, according to several sources.<ref name=tws2nov19/><ref name=tws2nov20>{{cite news | author = Kate Kelly and Carmela Ciuraru | title = Charles Bronfman Buys 838 Fifth Penthouse From Alfred Taubman | quote = Seagram Company Ltd. co-chairman Charles Bronfman has signed a contract to pay close to $18 million for a duplex penthouse condominium just around the corner at 838 Fifth Avenue, the former site of the Union of American Hebrew Congregations | publisher = New York Observer | date = October 17, 1999 | url = http://www.observer.com/1999/charles-bronfman-buys-838-fifth-penthouse-alfred-taubman | accessdate = 2009-11-02 }}</ref><ref name=tws2nov21>{{cite news | author = Office of the State Comptroller | title = Real Estate Advisory Committee | quote = Louis M. Dubin–President & Chief Executive Officer–The Athena Group | publisher = New York State | date = 2009-11-02 | url = http://www.osc.state.ny.us/retire/employers/employer_partnership/the_fund/committees.htm | accessdate = 2009-11-02 }}</ref> Other units sold for $16 million and $12 million.<ref name=tws2nov20/> Renovation work happened in 2000 and 2001.<ref name=tws2nov21/><ref name=tws2nov23/> ===Liberty Lofts=== In the early 2000s, Athena acquired and converted the Liberty Warehouse property in the ((Lincoln Center)) district of Manhattan at 43 West 64th street.<ref name=tws2nov24>{{cite news | author = Elizabeth Lent | title = Buy, Buy! Plenty of Real Estate to Go Around in 2002 | quote = 'It’s the first project on the Upper West Side to truly incorporate loft living,' says Louis Dubin, CEO of The Athena Group, which developed the project. | publisher = The Cooperator: The Co-op and Condo Monthly | date = 2002 | url = http://www.cooperator.com/articles/706/1/Buy-Buy/Page1.html | accessdate = 2009-11-02 }}</ref> Sonnenblick-Goldman arranged financing for the deal, according to one source.<ref name=tws2nov08/> The building was described as a "quiet enclave" and "very residential" and close to midtown, shopping, transportation, and restaurants.<ref name=tws2nov24/> Dubin said "It’s the first project on the ((Upper West Side)) to truly incorporate ((loft)) living."<ref name=tws2nov24/> Athena took the old Liberty Warehouse and modernized it; since it operated an entire block, the new building features a drive-through area for valet parking.<ref name=tws2nov24/> Renovated units were priced from $1 million and $4 million, and penthouses cost between $5 million and $10 million.<ref name=tws2nov24/> The new building was marketed as "Liberty Lofts." Since 1902, the building had a 37-foot high copper statue built in ((Akron, Ohio))<ref name=tws2nov33/> that was closely modeled on the ((Statue of Liberty)) and which was visible from ((Lincoln Center)).<ref name=tws2nov33/> During renovation, Athena added four floors, reclad the building, and created loft-style condominiums ranging from 1600 to 6,151 square feet.<ref name=tws2nov33/> In February 2002, the Liberty statue was moved to the ((Brooklyn Museum of Art)).<ref name=tws2nov33/> Residents included ((Gretchen Carlson)), host of the CBS ((Early Show)) and her husband Casey Close.<ref name=tws2nov33>{{cite news | title = About Liberty Lofts, 43 West 64th Street | quote = The Athena Group is headed by Louis Dubin and has also converted and expanded the building at 838 Fifth Avenue into luxury condominiums | publisher = CityRealty | date = 2009-11-02 | url = http://www.cityrealty.com/nyc/manhattan/liberty-lofts-43-west-64th-street/27221 | accessdate = 2009-11-02 }}</ref> ===Central Park North=== In 2003, Athena bought Harlem property on ((Central Park North)).<ref name=tws2nov27>{{cite news | author = MAX GROSS | title = ACROSS 110TH–CENTRAL PARK NORTH IS BREAKING REAL-ESTATE RECORDS | quote = 'We bought the property around four years ago,' says Louis Dubin, president of the Athena Group. | publisher = New York Post | date = June 14, 2007 | url = http://www.nypost.com/p/across_th_yl1UnaTul5sykVpskNRYVP | accessdate = 2009-11-02 }}</ref><ref name=tws2nov40>{{cite news | author = CANDACE TAYLOR | title = Gourmet Market's Opening Signals Shift in East Harlem | quote = A decade ago, however, the area had a reputation as one of the most dangerous and economically depressed in the city, Louis Dubin, the CEO of the developer of 111 Central Park North, the Athena Group, said. | publisher = New York Sun | date = July 10, 2008 | url = http://www.nysun.com/real-estate/gourmet-markets-opening-signals-shift-in-east/81576/ | accessdate = 2009-11-02 }}</ref><ref name=tws2nov37>{{cite news | author = Alex Padalka and Tom Stabile | title = Keeping Up with the New York Region’s Leading Developers | quote = Principals: Louis Dubin, president, CEO; Lee Saltzman, COO; Barry Seidel, executive vice president | publisher = New York Construction | date = February 2007 | url = http://newyork.construction.com/features/archive/2007/02_feature2A.asp | accessdate = 2009-11-02 }}</ref> Initial plans called for a 20-floor high-rise doorman-building with 80 units targeted to upper-middle class families and single professionals with prices for each unit ranging from $500,000 to $1.7 million.<ref name=tws2nov12>{{cite news | author = BRADEN KEIL | title = HARLEM HIGH-RISE PLANNED | quote = The Post has learned that luxury condominium builder, The Athena Group, has bought three property parcels at the northwest corner of Central Park North and Lenox Ave. | publisher = Wired New York | date = July 16, 2004 | url = http://wirednewyork.com/forum/showthread.php?t=5144 | accessdate = 2009-11-02 }}</ref> Dubin said "This is an opportunity for New Yorkers to be on the ((Central Park (New York)|park)) at roughly half the price of ((Central Park South))."<ref name=tws2nov12/> The rebirth of Harlem along Central Park north had attracted celebrities such as ((Marcia Gay Harden)), ((Maya Angelou)), and ((Kareem Abdul-Jabbar)).<ref name=tws3nov101>{{cite news | author = Deborah Schoeneman | title = Above It All–Central Park North always had great views—and few takers. But the secret is ﬁnally getting out. | quote = “We call it Upper Manhattan,” says developer Louis Dubin of the Athena Group. Dubin recently bought the shopping center at the corner of Central Park North and Lenox Avenue, and hopes—pending a construction-hardship variance—to build seventeen stories of condos there selling for $450,000 to $2 million. | publisher = New York Magazine | date = May 21, 2005 | url = http://nymag.com/nymetro/realestate/columns/realestate/10414/ | accessdate = 2009-11-03 }}</ref> The finished building was 20 stories tall with 48 residential units, 9,500 of ground floor retail space, 48 parking spaces, and each unit had a view of Central Park.<ref name=tws2nov18>{{cite news | author = MICHAEL STOLER | title = The Tale of Three Harlems | quote = 'Approximately 30% of the units have been presold, including a complete floor of 5,200 square feet, for $6.6 million, or approximately $1,200 per square foot,' the president of the Athena Group, Louis Dubin, told my class at the New York University Real Estate Institute last week | publisher = New York Sun | date = December 4, 2006 | url = http://www.nysun.com/new-york/tale-of-three-harlems/44549/ | accessdate = 2009-11-02 }}</ref> In December 2006, 30% of the units had been presold, and prices per square foot were about $1,200, and parking spaces cost $75,000.<ref name=tws2nov18/> To encourage sales, Dubin teamed with ((Esquire Magazine)) and its advertisers to throw a lavish party in September 2007 attended by movie star ((Julia Stiles)) and her boyfriend-sculptor ((Jonathan Cramer)).<ref name=tws2nov03>{{cite news | author = C. J. HUGHES | title = Magazine-Style Life, Made Manifest | quote = Over all, 20 percent of the 48 units are available, including Esquire’s penthouse, which is listed for $8.5 million, according to Louis Dubin, the president of the Athena Group, the building’s Manhattan-based developer. | publisher = New York Times | date = September 9, 2007 | url = http://www.nytimes.com/2007/09/09/realestate/09post.html | accessdate = 2009-11-02 }}</ref> Cramer made the outdoor sculpture called ''The Shape Matrix'' that greets visitors upon arrival to the property.<ref name=tws3nov102>{{cite news | author = John Majeski | title = Developers canvas public art projects | quote = The way Louis Dubin sees it, there's "good karma" in incorporating public art in private development. | publisher = Real Estate Weekly | date = Feb 20, 2008 | url = http://www.entrepreneur.com/tradejournals/article/print/175875806.html | accessdate = 2009-11-03 }}</ref> According to one report, Athena and the magazine commandeered, for the party, "a pair of penthouses, a 4,000-square-foot triplex with an additional 1,700 square feet of terraces," with a projection screen to "mimic an airplane’s interiors, courtesy of ((Lufthansa Airlines|Lufthansa))."<ref name=tws2nov03/> A living room with 22-foot ceilings featured designs by ((Versace)) and ((Campion Platt)).<ref name=tws2nov03/> The showroom penthouse was listed for $8.5 million, and most apartments, featuring three bedrooms, two and a half baths, and 1,900 square feet of space, were listed at $2.1 million.<ref name=tws2nov03/> Esquire magazine described some of the units as the "ultimate bachelor pad."<ref name=tws2nov27/> One newspaper account suggested the property was "the only condominium in Harlem that has achieved a sales price of $1,000 a square foot."<ref name=tws2nov35>{{cite news | author = MICHAEL STOLER | title = "The Residential Market, Too, Surges in Harlem" | quote = president of the Athena Group, Louis Dubin, who jointly developed the project with the City Investment Fund, more than 70% of the building has been sold, with prices exceeding $1,200 a square foot. | publisher = The New York Sun / CitiHabitats | date = 8/02/2007 | url = http://www.citi-habitats.com/press/viewarticle.php?article_id=1573 | accessdate = 2009-11-02 }}</ref> By August 2007, more than 70% of the building was sold with prices sometimes reaching $1,200 a square foot, according to Dubin.<ref name=tws2nov35/> ===''The A'' Condominiums in Jersey City=== Athena developed luxury condominiums across the ((Hudson River)) from ((New York City|Manhattan)) in ((Jersey City, New Jersey|Jersey City))<ref name=tws2nov08>{{cite news | author = Real Estate Weekly | title = S-G arranges $112m loan for newest Athena condo. | quote = 'This project will capitalize on the growing demand for Manhattan-style luxury residences within the Jersey City Waterfront District', said Louis Dubin, president of The Athena Group. | publisher = All Business | date = March 12 2007 | url = http://www.allbusiness.com/operations/facilities-commercial-real-estate/3897466-1.html | accessdate = 2009-11-02 }}</ref> Developers thought that across-the-river condominiums were "an attractive alternative for high net worth apartment seekers who want to remain in the metropolitan area," according to a quote in the newspaper from one of the financiers.<ref name=tws2nov09/> Dubin noted that Jersey City was in a "phenomenal housing boom."<ref name=tws2nov09/> The deal was finalized, and construction began in November 2005.<ref name=tws2nov09/> The skyscraper was close to subways called ((Port Authority of New York and New Jersey|PATH)) trains for Manhattan-bound commuters. Dubin worked with financial advisers Sonnenblick-Goldman who helped secure construction loans from Chicago-based financiers ((Corus Bank)) and GoldenTree InSite Partners.<ref name=tws2nov08/> One estimate was the project was valued at $112 million in debt and equity.<ref name=tws2nov08/> A second estimate was $110 million.<ref name=tws2nov09>{{cite news | author = John Henderson | title = Athena Group LLC and GoldenTree InSite Partners Form Partnership to Develop Luxury Condominium Project on New Jersey | quote = 'Jersey City is in the midst of a phenomenal housing boom and we are confident that A Condominiums will play a major role in the continuing growth and development of this great city,' said Louis Dubin, Athena's President and CEO. | publisher = The Creative Investor | date = 2005-10-25 | url = http://www.thecreativeinvestor.com/News623.html | accessdate = 2009-11-02 }}</ref> Dubin brought in architects from the Hillier Group as well as Schuman, Lichtenstein, Claman and Efron who designed the brick and glass facade.<ref name=tws2nov09/> The project, dubbed ''"A" Jersey City'', was a 33-story tower with 250 apartments, 10,500 square feet of ground-floor retail space, a 238-space parking garage from the second through sixth floors.<ref name=tws2nov08/><ref name=tws2nov09/> Dubin again brought in artist-sculptor ((Jonathan Cramer)) who made a sculpture entitled ''"The A"'' outside the building.<ref name=tws3nov102/> Each unit had its own balcony and were marketed to consumers as having "panoramic views" of the Manhattan skyline.<ref name=tws2nov08/><ref name=tws2nov09/> To make the condominiums attractive to upscale buyers, amenities included around-the-clock concierge and personal assistant services, a private fitness center, a westward-facing terrace, and each unit had 9'4" ceilings.<ref name=tws2nov09/> Dubin commissioned public sculptures to promote the project.<ref name=tws2nov32>{{cite news | title = Best Of Jersey: Entertainment | quote = One of the developers, Louis Dubin of the Athena Group, is already commissioning sculptures for public display. | publisher = New Jersey Monthly | date = March 11, 2008 | url = http://njmonthly.com/articles/best-of-Jersey/best-of-jersey-entertainment.html | accessdate = 2009-11-02 }}</ref> ===Public Speaking=== Dubin spoke at public meetings regarding real estate trends.<ref name=tws2nov11/> Dubin gave the commencement speech at ((Columbia University|Columbia University's)) Masters in Real Estate Development graduation in 2007. Dubin returned to his alma mater, ((Washington College of Law)) at ((American University)), to speak on real estate topics on several occasions.<ref name=tws2nov13>{{cite news | title = Dean's Business Law Lecture Series with LOUIS M. DUBIN, ‘87 | quote = The distinguished speaker will be Louis M. Dubin '87, President and CEO, The Athena Group, LLC | publisher = Washington College of Law | date = March 3, 2009 | url = http://www.wcl.american.edu/secle/founders/2008/030308b.cfm | accessdate = 2009-11-02 }}</ref><ref name=tws2nov38>{{cite news | title = News & Announcements | quote = Dean's Business Law Lecture Series Presents Louis M. Dubin | publisher = American University: Washington College of Law | date = March 3, 2007 | url = http://www.wcl.american.edu/news/archive/2008/03/ | accessdate = 2009-11-02 }}</ref> Dubin believes there is a need for affordable housing and thinks "low density zoning" would be beneficial in some communities; in others, "abysmal, high profile failures" have tainted the image of high-density projects.<ref name=tws2nov14>{{cite web | title = Center for High Density Development (CHDD) Annual Symposium | quote = (p.3) Louis Dubin, President and CEO, The Athena Group. | publisher = Columbia University MSc in real estate development | date = 2004 | url = http://www.google.com/search?hl=en&safe=off&client=firefox-a&rls=com.ubuntu:en-US:unofficial&q=louis+dubin+athena+group&start=30&sa=N | accessdate = 2009-11-02 }}</ref> He has been a panelist on discussions about condominium development and conversion.<ref name=tws2nov31>{{cite news | author = Ellie Kerr & Alyce DeJong | title = Valuation Committee meeting notes.(news from NCREIF)(National Council of Real Estate Investment Fiduciaries) | quote = The panelists were Ken Kahan (President, California Landmark Development) and Louis Dubin (President, The Athena Group, LLC). | publisher = Appraisal Journal | date = Spring, 2005 | url = http://www.entrepreneur.com/tradejournals/article/132843635.html | accessdate = 2009-11-02 }}</ref> Dubin was on television in 2007.<ref name=tws2nov34>{{cite news | author = Michael Stoler, Louis Dubin | title = Building New York: A Lively Conversation Hosted by Michael Stoler | quote = Louis Dubin The Athena Group | publisher = Building New York | date = September 19, 2007 | url = http://www.newyorkrealestatetv.com/viewepisodes.htm | accessdate = 2009-11-02 }}</ref> ===Bust=== The real estate bust beginning 2007 and extending into 2008 hit Athena hard. Dubin, along with many other developers, did not predict the down-cycle; financing dried up; plans stalled, and then were dropped. In September 2006, there were plans to develop another property in ((Jersey City, New Jersey|Jersey City)) by working with the Netherlands-based ((Office for Metropolitan Architecture)) and architect ((Rem Koolhaas)).<ref name=tws2nov16>{{cite news | title = Rem Koolhaas Commissioned for Development of 111 First Street in Jersey City, N.J. | quote = The City of Jersey City joined developers BLDG Management Co., Inc. and The Athena Group, LLC, to announce the commissioning of The Office for Metropolitan Architecture (OMA) of Rem Koolhaas, an internationally renowned architect, for development of 111 First St., in Jersey City, N.J. | publisher = BlueVerticalStudio | date = September 18, 2006 | url = http://www.blueverticalstudio.com/go/?p=1988 | accessdate = 2009-11-02 }}</ref> A mixed-use, $300 million joint venture project featuring retailers, restaurants, and housing units in northern ((Las vegas, Nevada|Las vegas)) with Vestar Development dubbed "Heart of North Las vegas" was planned in 2007, which was supposed to have "outdoor fireplaces, pop-jet fountains, a video wall, a performance stage, shaded pedestrian walkways and tailored landscaping."<ref name=tws2nov17>{{cite news | author = Anastasia Parsons | title = THE BLEND TREND–Developers are mixing uses to maximize effect on people. | quote = 'The reason we pursued this project is that it was large enough to have multi-use to create a community of housing, shopping, entertainment and retail,' says Louis Dubin, president and CEO of The Athena Group. | publisher = Western Real Estate Business | date = 2007-05 | url = http://westernrebusiness.com/articles/MAY07/cover2.html | accessdate = 2009-11-02 }}</ref> There were plans to promote the Las vegas project with a "naming contest" in which the winner would receive free college payments for four years to any college.<ref name=tws2nov17/> Credit dried up; the real estate bubble burst; plans fizzled. One real estate journal reported that "Athena Group ... created a lot of hype over a 160-acre, mixed-use development ... by asking the community to come up with a name for it and awarding a four-year college scholarship to the winner. That's about as far as it's gone."<ref name=tws2nov39/> Plans to break ground in 2007 were delayed.<ref name=tws2nov39/> Dubin said in 2008: "We have put off a number of projects for the foreseeable future."<ref name=tws2nov39>{{cite news | author = HUBBLE SMITH and ARNOLD M. KNIGHTLY | title = DEVELOPMENT: A WHOLE LOT OF NOTHING GOING ON | quote = Developers are shying from starting new projects now, Athena Chief Executive Officer Louis Dubin told The Real Deal in April. | publisher = REVIEW-JOURNAL | date = Jul. 20, 2008 | url = http://www.lvrj.com/business/25662649.html | accessdate = 2009-11-02 }}</ref> It was unclear in 2008 whether Dubin and long-time backer ((A. Alfred Taubman|Taubman)) have parted company permanently or temporarily. ===Rebirth=== In 2008, Dubin and Athena parted ways, and he formed another real estate firm called '''LMD Worldwide LLC''',<ref name=tws2nov05>{{cite web | author = Alison Gregor | title = Louis Dubin leaves Athena Group, company he founded | quote = The founder and former president and CEO of the Athena Group, Louis Dubin, left the privately held real estate investment, operating and development company late last year, and has been replaced by one of Athena's principal outside advisors. | publisher = The Real Deal | date = January 08, 2009 | url = http://therealdeal.com/newyork/articles/louis-dubin-leaves-athena-group-company-he-founded | accessdate = 2009-11-02 }}</ref> patterned after his initials. In November 2009, the firm has found new funding and is working on new projects, and has an office on Fifth Avenue near ((Rockefeller Center)). ==Personal Life and Volunteering== Dubin works with the Real Estate Advisory Committee of the ((Government of New York|New York Common Retirement Fund)).<ref name=tws2nov13/> He is a trustee of the Building Committee of the Hewitt School in Manhattan.<ref name=tws2nov13/> He volunteers with ((Congregation Emanu-El of New York|Temple Emanu-el's)) building committee.<ref name=tws2nov13/> Dubin is a board member of the ((Kaufman Center)) where he received a corporate leadership award in 2003.<ref name=tws2nov13/> He is a board member of the ((Lincoln Center)) Institute for Arts in Education and co-chairs its ''Celebration of the Arts'' benefit.<ref name=tws2nov13/> Dubin worked with the ((University of Michigan))'s ((Taubman College of Architecture and Urban Planning)) on an advisory committee considering a Real Estate Certificate Program for the school.<ref name=tws2nov25>{{cite news | title = Real Estate Advisory Committee | quote = Louis Dubin, The Athena Group L.L.C., New York City, New York | publisher = University of Michigan–Taubman College of Architecture | date = 2009-11-02 | url = http://taubmancollege.umich.edu/alumnifriends/alumniboards.html | accessdate = 2009-11-02 }}</ref> Athena donated money to the Summer on the Hill school at ((Horace Mann)).<ref name=tws2nov28>{{cite news | author = | title = Donors 2006-2009–Donors who contributed to SOH between 2006 and 2009 | quote = Louis Dubin/The Athena Group–YEAR-ROUND ACADEMIC ENRICHMENT AND GUIDANCE FOR NYC’S PROMISING PUBLIC SCHOOL STUDENTS IN GRADES 3-12 | publisher = Horace Mann School: Summer on the Hill program | date = 2009 | url = http://www.summeronthehill.org/giving/donor-list | accessdate = 2009-11-02 }}</ref> Dubin's hobbies include snow ((skiing)), teaching ((tennis)) and collecting toy soldiers.<ref name=tws2nov26>{{cite web | title = The Art of Condos | quote = Dubin is president and CEO of The Athena Group, a privately-held real estate investment company he founded in 1993. | publisher = MultiHousing Professional | date = 2009-11-02 | url = http://www.multihousingpro.com/print.php?AID=135 | accessdate = 2009-11-02 }}</ref> A journalist, visiting his office, wrote: "His 5,000-piece army fight their eternally-poised battles in plexiglass-encased dioramas in his Fifth Avenue office. Dubin's toy soldiers consist of W. Britain, Heyde and Mignot figures.<ref name=tws2nov26/> ==References== {{reflist|2}} ==External links== {{DEFAULTSORT:Dubin, Louis}} ((Category:Businesspeople in real estate)) ((Category:Living people)) ((Category:People from New York City)) ((Category:Year of birth missing (living people))) ((Category:1963 births))