Tishman Realty & Construction Co., Inc.
List of Deals
Julius Tishman opened a dry goods store in Newburgh, New York, in 1890. In 1898, as eastern European immigrants inundated New York City, Tishman began building tenements on the Lower East Side. He named his business Julius Tishman & Sons.
By the 1920s the firm had moved uptown and upscale, building luxury apartment buildings, including the first luxury apartment building east of Park Avenue, in what was called a "slum country." In 1923 Tishman constructed the first apartment building north of 86th Street. During this decade, Tishman pioneered the use of electric refrigerators in apartment buildings. The firm went public on the New York Curb Exchange in 1928 as Tishman Realty & Construction, with the family retaining an ownership stake. Julius was chairman; his son David was CEO. The pitfalls of going public were soon obvious. The offering raised less than $2 million, not enough to finance projects, and because the stock market favored profit generation over asset appreciation, the company was undervalued. When the Depression hit, David's involvement as a director of the Bank of the United States and the family's participation in bad loans made by the bank forced the firm to sell assets.