Douglas Jemal (born 1942) is a real estate developer, landlord, and the founder of Douglas Development.
Video Douglas Jemal
Biography
Jemal was born to a Syrian Jewish family in South Brooklyn, one of four sons and two daughters of Norman Jemal, a discount retailer in lower Manhattan. He dropped out of high school.
His first foray into retail began in the 1960s, when he and his younger brother Lawrence Jemal, opened a store called Bargaintown in Washington D.C. and soon after, a discount electronics store. In 1976, they returned to New York with their newfound expertise and along with two other brothers - Marvin Jemal and Stephen Jemal - founded the discount electronics chain Nobody Beats the Wiz (the name of their father's favorite Broadway musical) Douglas sold his share back to the family in 1993. The chain went bankrupt in 1997.
Jemal took the proceeds and began investing in Washington D.C. real estate which was opportune as the city was in the midst of a down cycle. His success was compounded by the fact that he recognized that retail was under-present in D.C. (with half the national average of retail space per capita) and focused his efforts on high-end retailers. He is also known for borrowing heavily to support his purchases and paying his contractors late to fund even more purchases. Riding the wave of D.C.'s gentrification, he developed over ten million square feet of space through 2007 transforming the East End neighborhood near the Verizon Center, the Navy Yard neighborhood on the Anacostia River near Nationals Park, the Shaw neighborhood, and Chinatown into lively areas of mix of retail, restaurants, and housing. He has been criticized for sitting on derelict properties rather than developing outright as well as and charging very high rents and forcing out long-standing local tenants.
His method of doing business led to numerous lawsuits and a federal investigation and charges. In July 2006, he was acquitted on federal charges of bribery, conspiracy, and tax evasion but convicted on the charge of wire fraud. The wire charge conviction involved the taking of a loan with his business partner (and uncle of his son-in-law) Joseph Cayre. Jemal took the proceeds from the loan and used it to support the purchase of another property unbekowst to his business partner. He was sentenced to a $175,000 fine and received five years probation.
In 2016, he purchased One Seneca Tower, the tallest building in Buffalo, New York with plans to convert it into a mixed-use development including retail, restaurant, hotel, office and apartment components.
Maps Douglas Jemal
Personal life
Jemal maintained a very relaxed and freewheeling image presenting himself in cowboy boots and riding a motorcycle. His sons Norman Jemal and Matthew Jemal are now active in the business. His daughter, Grace Jemal Cayre, is married to the nephew of New York real estate developer and record producer Joseph Cayre.. He has three more daughters, and his wife and four daughters live in New Jersey.
References
External links
- Douglas Development
Source of article : Wikipedia
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