Rodney Propp

Rodney Propp is a New York-based real estate developer and co-founder of Tahl-Propp Equities.

Rodney Propp
Born1965 (age 54–55)
NationalityUnited States
EducationB.A. Tufts University
M.B.A. University of Chicago
Occupationreal estate developer
Known forco-founder of Tahl-Propp Equities
Spouse(s)Eleanor Heyman (divorced)
Children3
Parent(s)Seymour Propp
FamilySamuel J. Heyman (former father-in-law)

Biography

Propp was born to a Jewish family, the son of Seymour Propp.[1] His father is known for gaining majority control of the Quincy Mining Company and taking it private.[1] His grandfather was a Jewish immigrant from Lithuania who became rich selling Christmas tree lights.[1] He earned a B.A. from Tufts University and an M.B.A. from the University of Chicago[2] and also studied at the London School of Economics, and the School of the Museum of Fine Arts in Boston. After school, he worked for the investment bank Drexel Burnham Lambert and then left to work for the family real estate business.[1] In 1997, he left the family business (after being prevented from expanding the family's investments in the SoHo a neighborhood he rightly believed was transforming) and founded Tahl Propp Equities with Joseph Tahl, former attorney for Donald Trump.[1] They raised $15 million and bought 16 apartment buildings in Detroit and a 300,000 square foot office building in St. Louis.[1] After this first investment, they focused on investing in Harlem, then overlooked by other real estate investors.[3] They also own the 500,000 square foot 3 Gateway Center in Newark, New Jersey.[1] As of 2012, they owned 4 million square feet of residential and commercial real estate including 3,500 units of housing in Harlem with a focus on affordable housing.[4] They own and operate 17 affordable housing developments in Harlem and Washington Heights; and eight conventional rental buildings.[5][6]

The two partners complement each other with Tahl making the deals and Propp focusing on the financing.[7] They are known for rarely selling their buildings; instead letting their value grow as Harlem gentrifies.[1]

Philanthropy and accolades

Propp is a member of The Real Estate Board of New York, a lifetime member of the NAACP, and a director of specialty chemicals manufacturer, Peninsula Copper Industries.[2] In 2008, he received the Foundation for Ethnic Understanding's Joseph Papp Racial Harmony Award for his efforts to strengthen race relations in New York's Harlem community.[2] He serves on the Real Estate & Allied Trades Executive Committee of the United Jewish Appeal Federation in New York.[8]

Personal life

Propp was married to Eleanor Heyman,[9] daughter of American businessman Samuel J. Heyman.[10] They have since divorced.[11] They have three children: Stella Propp, Juliette Propp, and Clara Propp.[12][13]

References
  1. New York Sun: "A Pioneer in Harlem Real Estate Reaps the Profits" By PRANAY GUPTE June 2, 2005
  2. Tahl Propp Equities website retrieved December 23, 2013
  3. The Real Deal: "The quiet players - Meet some New York City empire builders who shun the spotlight" By Gabby Warshawer September 01, 2009
  4. The Real Deal: "Tahl investors sue to open financial records" By David Jones March 30, 2012
  5. Real Estate weekly: "Housing developers in it for the long haul" By Orlando Rodriguez April 17, 2013
  6. "Tahl Propp adds 100 apartments to affordable list in HPD deal". Real Estate Weekly. July 13, 2016.
  7. New York Times: "The 30-Minute Interview - Joseph A. Tahl" by VIVIAN MARINO August 13, 2013
  8. UJA Real Estate & Allied Trades Executive Committee retrieved December 23, 2013
  9. Martha Stewert Weddings: "A Modern and Formal White Wedding in Connecticut" Archived 2013-12-24 at the Wayback Machine retrieved December 23, 2013
  10. New York Times: "Samuel Heyman, a Corporate Raider, Dies at 70" By GERALDINE FABRIKANT" November 8, 2009
  11. Gotham Magazine: "Upper West Side Celebrity Real Estate News" by sally goldstein retrieved December 23, 2013
  12. "Heyman--Samuel J. On November 7 at age 70". The New York Times. November 9, 2009. Grandfather of Stella, Juliette and Clara Propp; Si, Sheldon and Solomon Heyman; Philippa and Emma Frances Millstone; and Charles Winter.
  13. Birmingham, Annie (May 30, 2018). "Devon Sibling Spotlight: The Propp Sisters". The Plaid Horse.
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