Patricia F. Goldstein, Pioneer Among Women In The Commercial Real Estate Industry, Dies At 69
NEW YORK, April 30, 2015 /PRNewswire/ -- Commercial real estate industry trailblazer Patricia F. Goldstein, who rose through the ranks of Citicorp and other companies to become one of the industry's leading financiers, has passed away following an accident in Highland Beach, Florida. She was 69. At the time of her death, Ms. Goldstein was Vice Chairman and Head of Commercial Real Estate for Emigrant Bank.
During her career, Ms. Goldstein was best known for her shrewd structuring of complex transactions, financing high-profile properties and complex real estate portfolios. She started the CMBS desk at Citicorp and was responsible for restructuring debt on billions of dollars' worth of assets following the financial crisis of the early 1990s.
She changed corporate culture and was known as a tireless advocate for gender and racial equality in the real estate industry and served as a personal mentor for many of today's leading female industry executives.
Born on July 3rd, 1945 and she was raised in Oceanside, Queens. Ms. Goldstein began her career working for Citicorp in the early 1970s credit training program. As she recounted later, she was offered a position as a typist, but rejected that convincing the bank's executives that she was qualified to become the first female to be trained under the firm's credit program which also was the training grounds of many of today's most successful business leaders.
In the 1980s, Ms. Goldstein commanded leadership roles serving as executive vice president and chief operating officer of M.J. Raynes, the major New York-based real estate firm of the late Marty Raynes, and senior vice president of Olympia & York. During her tenure at Olympia & York, she helped finance the Canary Wharf project in London, a transformative 14 million-square-foot office and retail development that became one of the UK's main financial centers for global commerce.
Ms. Goldstein returned to Citicorp during the financial crisis of the early 1990s and became known by her peers as the "workout queen," where her actions played a key role in saving the bank from major financial problems. Pat negotiated watershed transactions such as the 1540 Broadway sale to Bertelsmann A.G and 750 Seventh Avenue to Morgan Stanley that stabilized the heavily distressed office market of West Midtown in the early 1990s. She worked out and stabilized a $23 billion real estate portfolio, which included commercial mortgage-backed securities worldwide, loan syndications, and other investments. She also worked extensively on the institution's owned real estate properties, interfacing with its large global customers, as she managed a global network that included offices in the U.K., Canada, Spain, Italy, France, Germany, Poland and Japan.
Ms. Goldstein joined Milstein Brothers Realty Investors in 2001 to run a new venture in acquisitions and development. In 2004, she became Chairman and Head of Commercial Real Estate for Emigrant Bank, in charge of credit decisions for the real estate group as well as Emigrant's other lending franchises. There, she executed creative financing for projects redefining neighborhoods throughout New York City, such as 56 Leonard in Tribeca, 505 West 19th Street along the High Line in Chelsea, and the new Baccarat Hotel in midtown Manhattan.
"Pat was an iconic, larger than life leader in banking and real estate in New York City and the nation, a true force of nature, a pioneer in her field for women, and a mentor to many," said Howard P. Milstein Chairman Emigrant Bank & Milstein Properties. "She loved what she did, day-in and day-out, and excelled in her field."
"Pat give me my start in real estate and remained an important mentor throughout my career," said Ric Clark, CEO, Brookfield Property Group. "I have always admired her straight forward style and will forever be grateful for her support."
"Pat was a consummate professional, as well as a pioneer and role model for women in commercial real estate," said Marty Burger, Chief Executive Officer, Silverstein Properties, Inc. "She understood better than anyone how to get major projects financed and built. Most importantly, she was a dear friend and a mentor to me throughout my career. She will be missed by all of us who knew and loved her."
"Pat was an active member of The Real Estate Roundtable for many, many years," said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable. "Her honest, informed, and passionate perspective on real estate financing issues always helped us reach sound responsible advocacy positions. She had a lot of friends in the Roundtable and we will miss her tremendously."
Ms. Goldstein leaves behind a legacy of contributions to several prestigious regional and national organizations. She was active and held executive and leadership positions with the NY Teachers Common Fund, as a Trustee of the Urban Land Institute (ULI), the Real Estate Roundtable, the Women's UJA, the NYU Schack School of Real Estate, the Real Estate Board of New York (REBNY) and the Association of Real Estate Women (AREW).
Ms. Goldstein is survived by her husband Howard Epstein, DDS, daughter Alicia Goldstein, Executive Vice President Faena/Access Industries, son Jeffrey Goldstein, founder and owner Blue&Cream, and grandsons Jack Prusky, and Jetson Goldstein.
Services will be held at Congregation Rodeph Sholom, Monday May 4th, 11am.
SOURCE Rubenstein Communications
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