Christie’s Realtors and the Christie’s Affluent: How the Billionaires Own the Real Estate Industry
A recent report by the Real Capital Analytics Group found that Christie’s Real Estate Investment Trust (REIT) and Christie’s Family Fund are responsible for 76% of all the properties in New Jersey that are listed on the national real estate market.
The report noted that Christie also controls about a third of the New Jersey real estate stock market.
The study also found that the REITs holdings are worth $9.4 billion, a number that includes $3.7 billion in shares of New Jersey-based investment company New York-based Fiduciary Trust Company (FTC), which is the largest publicly traded real estate investment trust in the country.
The total value of the assets in the REITS portfolio is $9 billion.
While the Christie family is the primary owner of the Christie real estate empire, it is the family’s two sons, John and Charles, who also hold significant financial control of the company.
In addition to the two sons who have the power to decide when and where Christie’s properties are built, the brothers are also the primary owners of the entire family’s real-estate holdings.
The REIT has also held shares in several private equity firms including American Equity Partners and Blackstone, according to the study.
The New Jersey Realtor Association estimates that the Christie brothers own nearly $2 billion worth of properties in the state.
The brothers have also spent considerable amounts of money in New York, where they have bought multiple luxury properties and bought up other properties as well, according the study, which cited sources with knowledge of the transactions.
The brothers have purchased properties in Manhattan and Brooklyn, where Christie has been mayor, according that same source.
In an effort to help manage the property investments, the Christies have bought property in several states, including Connecticut, Massachusetts, California, New York and Delaware.
In the end, the family is not only buying properties in Christie’s name but also paying for them, according Bloomberg.
The New Jersey REIT and the family have also made substantial contributions to New York City’s Mayor Bill de Blasio’s campaign.
The Christie family’s political influence over the real estate industry was exposed in February when a leaked video revealed the Christie and family were lobbying New York State lawmakers to approve the construction of a massive Trump-branded casino in Atlantic City.
The video also showed a meeting between Christie and the New York GOP Party Chairman, New Jersey Governor Chris Christie, where he discussed the possibility of a Trump casino in the city.
The news caused Christie to step down as governor, but the family has remained connected to the city of Atlantic City as it continues to push for more gambling to expand in the area.
In February, Christie and Christie family members attended a fundraiser at the home of New York Governor Andrew Cuomo, which the New Yorker described as an “exotic cocktail reception.”
The event raised $15,000 for the Christie administration and Christie was invited to participate in the event, according Politico.
A spokesperson for the Governor said at the time, “As he has said for years, he does not participate in fundraising events, and has no recollection of ever attending one.”