Louis Dubin
Encyclopedia
Louis Myerberg Dubin is a prominent fourth-generation New York City
real estate developer notable for developing upscale condominiums, typically in large east-coast
United States
cities. His firm Athena often sold condominiums to middle and upper-middle class buyers by touting affordability and panoramic skyline views. 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. He was described by New York Magazine as being one of the "new generation of uptown A-listers". His views are quoted in newspapers and magazines, and he has made appearances on real estate talk shows. During the real estate bust beginning 2008, his firm was hit hard, and he formed a new firm, LMD Worldwide LLC and is pursuing new projects.
at Washington and Lee University
in Washington
. During his college years, he met future wife Tiffany whose stepfather is A. Alfred Taubman
, the Detroit-based shopping mall pioneer. Dubin earned a law degree at Washington College of Law
at American University
. The pair were married in 1989 at the "socially prestigious" 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."
and sold them for $150,000 each. The project gave him credibility to work with family members on "somewhat of an even keel". He worked in his family's real estate development firm as general counsel and helped the family develop single-family, high-rise condominium, and planned community properties. But the Savings and Loan crisis
of the late 1980s and early 1990s hit hard. He said:
Dubin worked for the government in the position of director of the $1.7 billion National Land Fund for the Resolution Trust Corporation
. This agency disposed of assets acquired by the government during the early 1990s. It exposed him to the world of high finance "a tool that was somewhat lacking in my skill sets" he recalled later. Dubin formed strategic partnerships between the private sector
and the government. He described his role: "I was a federal
official running clean up for all the non-performing land in the United States
."
.
The business approach was to identify opportunistic real estate projects. "My goals at the time were to buy real estate below replacement cost and to redevelop neglected assets." Dubin hired Rosen Consulting to do macroeconomic forecasts of job development and household formation in key cities in the United States. The next step was having acquisitions people hunt for opportunities in those markets. Dubin hired analysts typically with Masters degrees in Real Estate as well as MBAs
who he felt were "well rounded individuals" and "tactile with numbers" yet had a feel for "concepts and form." Employees were encouraged to listen attentively to the market, and included former lawyers, bankers, textile design curators, tank platoon commanders, architects, and construction managers. Athena had weekly development meetings with employees at all levels as a way, in part, "for teaching the younger people the business." The firm cooperated with state and local officials. Dubin saw his work as a developer at the confluence of many forces, including investors, regulators, architects, and found the work to be fascinating. Athena 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. 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." In the early 1990s, the firm had a return on investment equity over 30%, according to Dubin.
While the principal focus of Athena was on residential properties with "high barriers to entry" in the eastern United States
, principally New York City
, the firm also did projects involving offices, condominium conversions, land development deals, distressed debt purchases, and renovation projects. 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.
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. 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." Taubman is a billionaire marketing pioneer who pioneered many features of today's modern shopping mall.
The firm screened and analyzed possible acquisitions. When it found properties to buy, it would analyze a prospective purchase in depth, including doing due diligence
, which is a comprehensive real estate
checklist process of examining systematically such details as environmental issues, 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 called The Waverly. It got an internal rate of return
in the low 20s, according to Dubin. 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. In 2002, the firm encountered a setback when 78-year old 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.
In 2004, Athena had $265 million in residential and commercial sales. 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. By 2005, during the real estate boom
, it had invested $200 million in properties worth a total of $1 billion, according to one estimate. At one point, the firm had a construction and development pipeline exceeding $1.8 billion, according to one source. 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. It worked with Detroit-based construction contractor Walbridge Aldinger on tasks such as preconstruction, estimating, predevelopment and construction-bidding work. In 2005, the shortage of prime space in downtown Manhattan caused several hotels to be converted to condominiums. 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."
In the first part of the decade as well, Athena considered investments in projects in Russia
but pulled out because of concerns about timing. Athena did projects in the suburbs of Washington
, Florida
, Providence
, North Carolina
, Utah, Las Vegas
and Los Angeles
. Athena's projects have been financed by firms such as Morgan Stanley
and UBS AG. By 2008, it had up to 45 employees with a main office in New York
and branch offices in Los Angeles
, Miami
, and Washington
, and had 4,500 residential units under management, according to a source based on company information. By 2009, according to one estimate, the firm had completed or developed roughly $2.5 billion in assets. The firm streamlined payment systems by using software from firms such as AvidXchange which digitized invoices.
The firm made campaign contributions to both Democrats
and Republicans
, including John McCain
, Mitt Romney
, Senator Menendez
, and Hillary Clinton.
, and who worked with Athena to convert the units to luxury condominiums. Sonnenblick-Goldman arranged some of the financing. The building is opposite Temple Emanu-El. Athena worked with architects Beyer Blinder Belle
and created storage rooms, wine cellars, and servants' quarters for each unit. 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. The building features a "discrete access ramp" for the disabled on the southeast corner. It was converted from an 11-story office building into a 10-unit residential condominium project. The building was expanded by adding one floor and a 10-story addition on 65th Street. Limestone from the same quarry in Indiana
used for the original building was used for the restoration. According to spokesperson Bret S. Bobo, developers were drawn to the building because it was "the only opportunity left in a prime location." Apartments ranged from 4,522 to 5423 square feet (503.8 m²). Interiors were demolished and reconfigured with nine-foot-high ceilings, and included corner living rooms of up to 47 by 20 feet (6.1 m) and libraries with wood-burning fireplaces. Buyers had the option of purchasing one of seven ground floor studio apartments. Nine 45 square feet (4.2 m²) wine cellars and fifteen storage units were for sale in the basement. One unit was bought by Charles Bronfman
, co-chairman of Seagram
, and the sale was reported to be $18 million, according to several sources. Other units sold for $16 million and $12 million and were described in New York Magazine as chic. Renovation work happened in 2000 and 2001.
to truly incorporate loft
living." Athena took the old Liberty Warehouse and modernized it; since it operated an entire block, the new building featured a drive-through area for valet parking. Renovated units were priced from $1 million and $4 million, and penthouses cost between $5 million and $10 million. The new building was marketed as "Liberty Lofts." Since 1902, the building had a 37 feet (11.3 m) high copper statue built in Akron, Ohio
that was closely modeled on the Statue of Liberty
and which was visible from Lincoln Center. Dubin appealed in the New York Times for ideas about what to do with the statue. During renovation, Athena added four floors, reclad the building, and created loft-style condominiums ranging from 1600 to 6151 square feet (571.4 m²). In February 2002, the Liberty statue was moved to the Brooklyn Museum of Art. Residents included Gretchen Carlson
, host of the CBS Early Show and her husband Casey Close.
In 2003, Athena bought Harlem property on Central Park North
. 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. Dubin said "This is an opportunity for New Yorkers to be on the park at roughly half the price of Central Park South
." The rebirth of Harlem along Central Park north had attracted celebrities such as Marcia Gay Harden
, Maya Angelou
, and Kareem Abdul-Jabbar
. 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. 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. 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. Cramer made the outdoor sculpture called The Shape Matrix that greets visitors upon arrival to the property. 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." A living room with 22 feet (6.7 m) ceilings featured designs by Versace
and Campion Platt. The showroom penthouse was listed for $8.5 million, and most apartments, featuring three bedrooms, two and a half baths, and 1900 square feet (176.5 m²) of space, were listed at $2.1 million. Esquire magazine described some of the units as the "ultimate bachelor pad." One newspaper account suggested the property was "the only condominium in Harlem that has achieved a sales price of $1,000 a square foot." By August 2007, more than 70% of the building was sold with prices sometimes reaching $1,200 a square foot, according to Dubin.
from Manhattan
in Jersey City
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. Dubin noted that Jersey City was in a "phenomenal housing boom." The deal was finalized, and construction began in November 2005. The skyscraper was close to subways called 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. One estimate was the project was valued at $112 million in debt and equity. A second estimate was $110 million. Dubin brought in architects from the Hillier Group as well as Schuman, Lichtenstein, Claman and Efron who designed the brick and glass facade. The project, dubbed "A" Jersey City, was a 33-story tower with 250 apartments, 10500 square feet (975.5 m²) of ground-floor retail space, a 238-space parking garage from the second through sixth floors. Dubin again brought in artist-sculptor Jonathan Cramer who made a sculpture entitled "The A" outside the building. Each unit had its own balcony and were marketed to consumers as having "panoramic views" of the Manhattan skyline. 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. Dubin commissioned public sculptures to promote the project.
at 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. 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. He has been a panelist on discussions about condominium development and conversion. Dubin was on television in 2007. In a commencement speech at Columbia University's graduate real estate program, he emphasized the importance of listening and how it requires patience and discipline to listen effectively.
by working with the Netherlands-based Office for Metropolitan Architecture
and architect Rem Koolhaas
. A mixed-use, $300 million joint venture project featuring retailers, restaurants, and housing units in northern 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." 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. 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." Plans to break ground in 2007 were delayed. Dubin said in 2008: "We have put off a number of projects for the foreseeable future." It was unclear in 2008 whether Dubin and long-time backer Taubman
have parted company permanently or temporarily.
. There are reports that Dubin is working with the financial firm Cantor Fitzgerald to acquire failed banks to assist with divestiture of real estate properties.
and free of its disdain for old conventions", and was a member of the "uptown A-listers" including Alexander von Furstenberg, Pia Getty
, Princess Pavlos
, and fashion designer Carolina Herrera Jr.
In addition, an associate dated high–profile models.
. He is a trustee of the Building Committee of The Hewitt School in Manhattan. He volunteers with Temple Emanu-el's building committee. Dubin is a board member of the Kaufman Center
where he received a corporate leadership award in 2003. He is a board member of the Lincoln Center Institute for Arts in Education and co-chairs its Celebration of the Arts benefit. 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. Athena donated money to the Summer on the Hill school at Horace Mann
. In November 2009, Dubin was a judge on the CANstruction NY 2009 project in which architects and engineers competed to design structures out of food cans.
Dubin's hobbies include snow skiing
, teaching tennis
and collecting toy soldiers. 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.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
real estate developer notable for developing upscale condominiums, typically in large east-coast
East Coast of the United States
The East Coast of the United States, also known as the Eastern Seaboard, refers to the easternmost coastal states in the United States, which touch the Atlantic Ocean and stretch up to Canada. The term includes the U.S...
United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
cities. His firm Athena often sold condominiums to middle and upper-middle class buyers by touting affordability and panoramic skyline views. In addition, his firm converted landmark buildings into luxury condominiums, some of which were bought by luminaries such as Charles Bronfman
Charles Bronfman
Charles Rosner Bronfman, is a Canadian businessman and philanthropist. With an estimated net worth of $US 2.0 billion , Bronfman was ranked by Forbes as the 15th wealthiest Canadian and 595th in the world....
. He is known as a creative promoter for bringing movie stars such as Julia Stiles
Julia Stiles
Julia O'Hara Stiles is an American actress.After beginning her career in small parts in a New York City theatre troupe, she has moved on to leading roles in plays by writers as diverse as William Shakespeare and David Mamet...
to lavish real estate promotion parties, and designed buildings to feature art prominently by artist-sculptors such as Jonathan Cramer. He was described by New York Magazine as being one of the "new generation of uptown A-listers". His views are quoted in newspapers and magazines, and he has made appearances on real estate talk shows. During the real estate bust beginning 2008, his firm was hit hard, and he formed a new firm, LMD Worldwide LLC and is pursuing new projects.
Background and education
Dubin's great-grandfather, grandfather, and father were all developers. He studied political sciencePolitical science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
at Washington and Lee University
Washington and Lee University
Washington and Lee University is a private liberal arts college in Lexington, Virginia, United States.The classical school from which Washington and Lee descended was established in 1749 as Augusta Academy, about north of its present location. In 1776 it was renamed Liberty Hall in a burst of...
in Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
. During his college years, he met future wife Tiffany whose stepfather is A. Alfred Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
, the Detroit-based shopping mall pioneer. Dubin earned a law degree at Washington College of Law
Washington College of Law
American University Washington College of Law is the law school of American University. It is located on Massachusetts Avenue in the Spring Valley neighborhood of northwest Washington. WCL is ranked 50th among law schools by US News and World Report...
at American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
. The pair were married in 1989 at the "socially prestigious" 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."
Career
A few months after graduating from law school, Dubin built 24 homes outside AnnapolisAnnapolis, Maryland
Annapolis is the capital of the U.S. state of Maryland, as well as the county seat of Anne Arundel County. It had a population of 38,394 at the 2010 census and is situated on the Chesapeake Bay at the mouth of the Severn River, south of Baltimore and about east of Washington, D.C. Annapolis is...
and sold them for $150,000 each. The project gave him credibility to work with family members on "somewhat of an even keel". He worked in his family's real estate development firm as general counsel and helped the family develop single-family, high-rise condominium, and planned community properties. But the Savings and Loan crisis
Savings and Loan crisis
The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
of the late 1980s and early 1990s hit hard. He said:
Dubin worked for the government in the position of director of the $1.7 billion National Land Fund for the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
. This agency disposed of assets acquired by the government during the early 1990s. It exposed him to the world of high finance "a tool that was somewhat lacking in my skill sets" he recalled later. Dubin formed strategic partnerships between the private sector
Private sector
In economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state...
and the government. He described his role: "I was a federal
Federal government of the United States
The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...
official running clean up for all the non-performing land in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
."
Athena
In 1993, Dubin founded the Athena Group, a residential real estate investment and development fund. It was structured legally as a limited liability corporation or LLC. Dubin was both president and CEOChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.
The business approach was to identify opportunistic real estate projects. "My goals at the time were to buy real estate below replacement cost and to redevelop neglected assets." Dubin hired Rosen Consulting to do macroeconomic forecasts of job development and household formation in key cities in the United States. The next step was having acquisitions people hunt for opportunities in those markets. Dubin hired analysts typically with Masters degrees in Real Estate as well as MBAs
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
who he felt were "well rounded individuals" and "tactile with numbers" yet had a feel for "concepts and form." Employees were encouraged to listen attentively to the market, and included former lawyers, bankers, textile design curators, tank platoon commanders, architects, and construction managers. Athena had weekly development meetings with employees at all levels as a way, in part, "for teaching the younger people the business." The firm cooperated with state and local officials. Dubin saw his work as a developer at the confluence of many forces, including investors, regulators, architects, and found the work to be fascinating. Athena developed a proprietary fund in association with large investment banks such as Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
and UBS which gave it ready access to cash for large projects; for large deals, Athena solicited partners. 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." In the early 1990s, the firm had a return on investment equity over 30%, according to Dubin.
While the principal focus of Athena was on residential properties with "high barriers to entry" in the eastern United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, principally New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, the firm also did projects involving offices, condominium conversions, land development deals, distressed debt purchases, and renovation projects. 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.
Dubin, by marriage ties with his wife, benefited by having a strong partner in his father-in-law A. Alfred Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
who could not only invest significant sums in Athena's development projects, but who provided excellent advice. 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." Taubman is a billionaire marketing pioneer who pioneered many features of today's modern shopping mall.
The firm screened and analyzed possible acquisitions. When it found properties to buy, it would analyze a prospective purchase in depth, including doing due diligence
Due diligence
"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...
, which is a comprehensive real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
checklist process of examining systematically such details as environmental issues, geological
Geology
Geology is the science comprising the study of solid Earth, the rocks of which it is composed, and the processes by which it evolves. Geology gives insight into the history of the Earth, as it provides the primary evidence for plate tectonics, the evolutionary history of life, and past climates...
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 called The Waverly. It got an internal rate of return
Internal rate of return
The internal rate of return is a rate of return used in capital budgeting to measure and compare the profitability of investments. It is also called the discounted cash flow rate of return or the rate of return . In the context of savings and loans the IRR is also called the effective interest rate...
in the low 20s, according to Dubin. Around this time the firm had a project in Providence, Rhode Island
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
, called the "903", which featured prices in the range of $350 per square foot. In 2002, the firm encountered a setback when 78-year old Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
was convicted of price-fixing in connection with his ownership of the Manhattan-based auction house Sotheby's
Sotheby's
Sotheby's is the world's fourth oldest auction house in continuous operation.-History:The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being founded in 1731, all Swedish...
and he spent ten months in jail.
In 2004, Athena had $265 million in residential and commercial sales. 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. By 2005, during the real estate boom
United States housing bubble
The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011. On December 30, 2008 the...
, it had invested $200 million in properties worth a total of $1 billion, according to one estimate. At one point, the firm had a construction and development pipeline exceeding $1.8 billion, according to one source. From 2002 to 2005, Athena focused on condominium conversion projects, but after 2005, shifted to real estate development
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
which included building new high-rise structures from the ground up. It worked with Detroit-based construction contractor Walbridge Aldinger on tasks such as preconstruction, estimating, predevelopment and construction-bidding work. In 2005, the shortage of prime space in downtown Manhattan caused several hotels to be converted to condominiums. 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."
In the first part of the decade as well, Athena considered investments in projects in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
but pulled out because of concerns about timing. Athena did projects in the suburbs of Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Providence
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
, North Carolina
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
, Utah, Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
and Los Angeles
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
. Athena's projects have been financed by firms such as Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
and UBS AG. By 2008, it had up to 45 employees with a main office in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and branch offices in Los Angeles
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
, Miami
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
, and Washington
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, and had 4,500 residential units under management, according to a source based on company information. By 2009, according to one estimate, the firm had completed or developed roughly $2.5 billion in assets. The firm streamlined payment systems by using software from firms such as AvidXchange which digitized invoices.
The firm made campaign contributions to both Democrats
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
and Republicans
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
, including John McCain
John McCain
John Sidney McCain III is the senior United States Senator from Arizona. He was the Republican nominee for president in the 2008 United States election....
, Mitt Romney
Mitt Romney
Willard Mitt Romney is an American businessman and politician. He was the 70th Governor of Massachusetts from 2003 to 2007 and is a candidate for the 2012 Republican Party presidential nomination.The son of George W...
, Senator Menendez
Robert Menendez
Robert "Bob" Menendez is the junior United States Senator from New Jersey and a member of the Democratic Party. In January 2006, he was appointed to fill the U.S. Senate seat vacated by Jon Corzine, who resigned upon being elected Governor of New Jersey. Menendez was elected to his own full...
, and Hillary Clinton.
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, was bought by A. Alfred TaubmanA. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
, and who worked with Athena to convert the units to luxury condominiums. Sonnenblick-Goldman arranged some of the financing. The building is opposite Temple Emanu-El. Athena worked with architects Beyer Blinder Belle
Beyer Blinder Belle
Beyer Blinder Belle Architects & Planners LLP is an international architecture firm. It is based in New York City and has an additional office in Washington, DC. The firm's name is derived from the three founding partners: John H. Beyer, Richard Blinder, and John Belle. The three architects met...
and created storage rooms, wine cellars, and servants' quarters for each unit. 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. The building features a "discrete access ramp" for the disabled on the southeast corner. It was converted from an 11-story office building into a 10-unit residential condominium project. The building was expanded by adding one floor and a 10-story addition on 65th Street. Limestone from the same quarry in Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
used for the original building was used for the restoration. According to spokesperson Bret S. Bobo, developers were drawn to the building because it was "the only opportunity left in a prime location." Apartments ranged from 4,522 to 5423 square feet (503.8 m²). Interiors were demolished and reconfigured with nine-foot-high ceilings, and included corner living rooms of up to 47 by 20 feet (6.1 m) and libraries with wood-burning fireplaces. Buyers had the option of purchasing one of seven ground floor studio apartments. Nine 45 square feet (4.2 m²) wine cellars and fifteen storage units were for sale in the basement. One unit was bought by Charles Bronfman
Charles Bronfman
Charles Rosner Bronfman, is a Canadian businessman and philanthropist. With an estimated net worth of $US 2.0 billion , Bronfman was ranked by Forbes as the 15th wealthiest Canadian and 595th in the world....
, co-chairman of Seagram
Seagram
The Seagram Company Ltd. was a large corporation headquartered in Montreal, Quebec, Canada that was the largest distiller of alcoholic beverages in the world. Toward the end of its independent existence it also controlled various entertainment and other business ventures...
, and the sale was reported to be $18 million, according to several sources. Other units sold for $16 million and $12 million and were described in New York Magazine as chic. Renovation work happened in 2000 and 2001.
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. Sonnenblick-Goldman arranged financing for the deal, according to one source. The building was described as a "quiet enclave" and "very residential" and close to midtown, shopping, transportation, and restaurants. Dubin said "It’s the first project on the Upper West SideUpper West Side
The Upper West Side is a neighborhood in the borough of Manhattan, New York City, that lies between Central Park and the Hudson River and between West 59th Street and West 125th Street...
to truly incorporate loft
Loft
A loft can be an upper story or attic in a building, directly under the roof. Alternatively, a loft apartment refers to large adaptable open space, often converted for residential use from some other use, often light industrial...
living." Athena took the old Liberty Warehouse and modernized it; since it operated an entire block, the new building featured a drive-through area for valet parking. Renovated units were priced from $1 million and $4 million, and penthouses cost between $5 million and $10 million. The new building was marketed as "Liberty Lofts." Since 1902, the building had a 37 feet (11.3 m) high copper statue built in Akron, Ohio
Akron, Ohio
Akron , is the fifth largest city in the U.S. state of Ohio and the county seat of Summit County. It is located in the Great Lakes region approximately south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron Metropolitan...
that was closely modeled on the Statue of Liberty
Statue of Liberty
The Statue of Liberty is a colossal neoclassical sculpture on Liberty Island in New York Harbor, designed by Frédéric Bartholdi and dedicated on October 28, 1886...
and which was visible from Lincoln Center. Dubin appealed in the New York Times for ideas about what to do with the statue. During renovation, Athena added four floors, reclad the building, and created loft-style condominiums ranging from 1600 to 6151 square feet (571.4 m²). In February 2002, the Liberty statue was moved to the Brooklyn Museum of Art. Residents included Gretchen Carlson
Gretchen Carlson
Gretchen Elizabeth Carlson is an American television personality who currently co-hosts the Fox News morning show Fox & Friends along with Steve Doocy and Brian Kilmeade...
, host of the CBS Early Show and her husband Casey Close.
Central Park North
Central Park North
Central Park North is a street in the borough of Manhattan, New York City; it is a section of West 110th Street. As the name implies, it lies at the northern end of Central Park. It is bounded by Central Park West on the west and Fifth Avenue on the east....
. 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. Dubin said "This is an opportunity for New Yorkers to be on the park at roughly half the price of Central Park South
Central Park South
Central Park South is the portion of 59th Street that forms the southern border of Central Park in the borough of Manhattan in New York City. It runs from Columbus Circle at Eighth Avenue on the west to Grand Army Plaza at Fifth Avenue on the east...
." The rebirth of Harlem along Central Park north had attracted celebrities such as Marcia Gay Harden
Marcia Gay Harden
Marcia Gay Harden is an American film and theatre actress. Harden's breakthrough role was in Miller's Crossing and then The First Wives Club which was followed by several roles which gained her wider fame including the hit comedy Flubber and Meet Joe Black...
, Maya Angelou
Maya Angelou
Maya Angelou is an American author and poet who has been called "America's most visible black female autobiographer" by scholar Joanne M. Braxton. She is best known for her series of six autobiographical volumes, which focus on her childhood and early adult experiences. The first and most highly...
, and Kareem Abdul-Jabbar
Kareem Abdul-Jabbar
Kareem Abdul-Jabbar is a retired American professional basketball player. He is the NBA's all-time leading scorer, with 38,387 points. During his career with the NBA's Milwaukee Bucks and Los Angeles Lakers from 1969 to 1989, Abdul-Jabbar won six NBA championships and a record six regular season...
. 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. 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. 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
Julia Stiles
Julia O'Hara Stiles is an American actress.After beginning her career in small parts in a New York City theatre troupe, she has moved on to leading roles in plays by writers as diverse as William Shakespeare and David Mamet...
and her boyfriend-sculptor Jonathan Cramer. Cramer made the outdoor sculpture called The Shape Matrix that greets visitors upon arrival to the property. 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." A living room with 22 feet (6.7 m) ceilings featured designs by Versace
Versace
Gianni Versace S.p.A. , usually referred to as Versace, is an Italian fashion label founded by Gianni Versace in 1978.The first Versace boutique was opened in Milan's Via della Spiga in 1978, and its popularity was immediate. Today, Versace is one of the world's leading international fashion houses...
and Campion Platt. The showroom penthouse was listed for $8.5 million, and most apartments, featuring three bedrooms, two and a half baths, and 1900 square feet (176.5 m²) of space, were listed at $2.1 million. Esquire magazine described some of the units as the "ultimate bachelor pad." One newspaper account suggested the property was "the only condominium in Harlem that has achieved a sales price of $1,000 a square foot." By August 2007, more than 70% of the building was sold with prices sometimes reaching $1,200 a square foot, according to Dubin.
The A Condominiums in Jersey City
Athena developed luxury condominiums across the Hudson RiverHudson River
The Hudson is a river that flows from north to south through eastern New York. The highest official source is at Lake Tear of the Clouds, on the slopes of Mount Marcy in the Adirondack Mountains. The river itself officially begins in Henderson Lake in Newcomb, New York...
from Manhattan
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in Jersey City
Jersey City, New Jersey
Jersey City is the seat of Hudson County, New Jersey, United States.Part of the New York metropolitan area, Jersey City lies between the Hudson River and Upper New York Bay across from Lower Manhattan and the Hackensack River and Newark Bay...
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. Dubin noted that Jersey City was in a "phenomenal housing boom." The deal was finalized, and construction began in November 2005. The skyscraper was close to subways called PATH
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is a bi-state port district, established in 1921 through an interstate compact, that runs most of the regional transportation infrastructure, including the bridges, tunnels, airports, and seaports, within the Port of New York and New Jersey...
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. One estimate was the project was valued at $112 million in debt and equity. A second estimate was $110 million. Dubin brought in architects from the Hillier Group as well as Schuman, Lichtenstein, Claman and Efron who designed the brick and glass facade. The project, dubbed "A" Jersey City, was a 33-story tower with 250 apartments, 10500 square feet (975.5 m²) of ground-floor retail space, a 238-space parking garage from the second through sixth floors. Dubin again brought in artist-sculptor Jonathan Cramer who made a sculpture entitled "The A" outside the building. Each unit had its own balcony and were marketed to consumers as having "panoramic views" of the Manhattan skyline. 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. Dubin commissioned public sculptures to promote the project.
Public Speaking
Dubin spoke at public meetings regarding real estate trends. Dubin gave the commencement speechCommencement speech
A commencement speech or commencement address is a speech given to graduating students, generally at a university, although the term is also used for secondary education institutions. The "commencement" is a ceremony in which degrees or diplomas are conferred upon graduating students...
at Columbia University's
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
Masters in Real Estate Development graduation in 2007. Dubin returned to his alma mater, Washington College of Law
Washington College of Law
American University Washington College of Law is the law school of American University. It is located on Massachusetts Avenue in the Spring Valley neighborhood of northwest Washington. WCL is ranked 50th among law schools by US News and World Report...
at American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
, to speak on real estate topics on several occasions. 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. He has been a panelist on discussions about condominium development and conversion. Dubin was on television in 2007. In a commencement speech at Columbia University's graduate real estate program, he emphasized the importance of listening and how it requires patience and discipline to listen effectively.
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 CityJersey City, New Jersey
Jersey City is the seat of Hudson County, New Jersey, United States.Part of the New York metropolitan area, Jersey City lies between the Hudson River and Upper New York Bay across from Lower Manhattan and the Hackensack River and Newark Bay...
by working with the Netherlands-based Office for Metropolitan Architecture
Office for Metropolitan Architecture
OMA , is a Rotterdam based architecture firm of Dutch architect Rem Koolhaas.The firm was founded in 1975 by Rem Koolhaas and Elia Zenghelis with Madelon Vriesendorp and Zoe Zenghelis.-History:...
and architect Rem Koolhaas
Rem Koolhaas
Remment Lucas Koolhaas is a Dutch architect, architectural theorist, urbanist and "Professor in Practice of Architecture and Urban Design" at the Graduate School of Design at Harvard University, USA. Koolhaas studied at the Netherlands Film and Television Academy in Amsterdam, at the Architectural...
. A mixed-use, $300 million joint venture project featuring retailers, restaurants, and housing units in northern Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
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." 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. 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." Plans to break ground in 2007 were delayed. Dubin said in 2008: "We have put off a number of projects for the foreseeable future." It was unclear in 2008 whether Dubin and long-time backer Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
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 which was patterned after his initials. In November 2009, the firm had new funding and is working on new projects, and has an office on Fifth Avenue near Rockefeller CenterRockefeller Center
Rockefeller Center is a complex of 19 commercial buildings covering between 48th and 51st streets in New York City, United States. Built by the Rockefeller family, it is located in the center of Midtown Manhattan, spanning the area between Fifth Avenue and Sixth Avenue. It was declared a National...
. There are reports that Dubin is working with the financial firm Cantor Fitzgerald to acquire failed banks to assist with divestiture of real estate properties.
Social Life
Dubin was described in New York Magazine in 1998 as one of the city's social leaders who were "all born after the baby boomBaby boom
A baby boom is any period marked by a greatly increased birth rate. This demographic phenomenon is usually ascribed within certain geographical bounds and when the number of annual births exceeds 2 per 100 women...
and free of its disdain for old conventions", and was a member of the "uptown A-listers" including Alexander von Furstenberg, Pia Getty
Pia Getty
Pia Christina Miller Getty , is the oldest daughter of businessman Robert Warren Miller and wife María Clara "Chantal" Pesantes Becerra Miller and sister of Marie-Chantal of Greece and Alexandra von Fürstenberg, a trio famously dubbed "The Miller Sisters"...
, Princess Pavlos
Marie-Chantal, Crown Princess of Greece
Marie-Chantal Claire, Crown Princess of Greece, Princess of Denmark , is a member of the Greek Royal Family through her marriage to Pavlos, Crown Prince of Greece...
, and fashion designer Carolina Herrera Jr.
Carolina Herrera (fashion designer)
Carolina Herrera Carolina Herrera Carolina Herrera (born María Carolina Josefina Pacanins y Niño (born January 8, 1939) is a Venezuelan and naturalized American fashion designer and entrepreneur who founded her eponymous company in 1980.-Early life:...
In addition, an associate dated high–profile models.
Personal Life and Volunteering
Dubin works with the Real Estate Advisory Committee of the New York Common Retirement FundGovernment of New York
As in all 50 states, the head of the executive branch of the government of New York is a Governor. The legislative branch is called the Legislature and consists of a Senate and an Assembly. Unlike most states, New York electoral law permits electoral fusion; thus New York ballots tend to show a...
. He is a trustee of the Building Committee of The Hewitt School in Manhattan. He volunteers with Temple Emanu-el's building committee. Dubin is a board member of the Kaufman Center
Kaufman Center
Kaufman Center is a notable performing arts complex in New York City that houses Lucy Moses School, the Special Music School, and Merkin Concert Hall. Originally known as the Hebrew Arts School, it was founded in 1952 and is currently located on West 67th Street between Broadway and Amsterdam...
where he received a corporate leadership award in 2003. He is a board member of the Lincoln Center Institute for Arts in Education and co-chairs its Celebration of the Arts benefit. Dubin worked with the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
's Taubman College of Architecture and Urban Planning
Taubman College of Architecture and Urban Planning
The A. Alfred Taubman College of Architecture and Urban Planning is an undergraduate and graduate institution for the built environment at the University of Michigan. Formerly known as the College of Architecture and Urban Planning, Taubman College gained the namesake of real estate developer and...
on an advisory committee considering a Real Estate Certificate Program for the school. Athena donated money to the Summer on the Hill school at Horace Mann
Horace Mann
Horace Mann was an American education reformer, and a member of the Massachusetts House of Representatives from 1827 to 1833. He served in the Massachusetts Senate from 1834 to 1837. In 1848, after serving as Secretary of the Massachusetts State Board of Education since its creation, he was...
. In November 2009, Dubin was a judge on the CANstruction NY 2009 project in which architects and engineers competed to design structures out of food cans.
Dubin's hobbies include snow skiing
Skiing
Skiing is a recreational activity using skis as equipment for traveling over snow. Skis are used in conjunction with boots that connect to the ski with use of a binding....
, teaching tennis
Tennis
Tennis is a sport usually played between two players or between two teams of two players each . Each player uses a racket that is strung to strike a hollow rubber ball covered with felt over a net into the opponent's court. Tennis is an Olympic sport and is played at all levels of society at all...
and collecting toy soldiers. 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.