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Draft:Cecilia Benattar

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Cecilia Benattar: Goddess of Real Estate

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Cecilia Benattar, known as the "toughest woman in real estate," was a trailblazing figure who revolutionized New York City's real estate industry in the 1960s. Born in Manchester, England, in 1931, Benattar rose from humble beginnings to become the developer of argubably Manhattan's most iconic skyscraper the General Motors Building, breaking barriers for women in a male-dominated field.[1]

Early Life & Education

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Born into a working-class family in Manchester, England, Cecilia Rickless (later Benattar) developed an early interest in business despite struggling with math as a student. Her academic prowess earned her a scholarship to the prestigious London School of Economics, where she graduated at the top of her class in 1954.[2] This educational foundation, combined with her innate business acumen, set the stage for her future success in the competitive world of real estate.

Career Highlights & Achievments

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Rising to prominence in the 1960s, Benattar's career was marked by groundbreaking achievements in real estate development. Her crowning accomplishment was spearheading the $90 million General Motors Building project in Midtown Manhattan, where she personally wrote every lease and handpicked non-GM tenants.[2] Benattar's innovative approach extended beyond development, as she staffed the GM Building with ex-convicts, many from minority backgrounds, demonstrating her belief in second chances.[3][4] Her influence reached beyond New York, with involvement in Toronto's Sun Life Centre and consultation on London's Canary Wharf development.[3][4] As CEO of London Merchant Securities' North America and Founder of NIOT Investment Holdings, Benattar consistently broke barriers in a male-dominated industry.[3][4] Today, The General Motors Building stands as the most valuable real estate structure globally.[5] With the most recent verifiable appraisal clearing $4.8 billion USD in 2017, the building's value is projected to be valued at $6 billion USD as of 2025, taking into account inflationary factors.[6]

Personal Life

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Married to architect Jack Benattar in 1955, Cecilia had four children: Simon, Naomi, Jessica, and Judith. She later married attorney Michael Schwartz, gaining a stepson, David. Known for balancing her demanding career with family life, Benattar always made time for dinner with her children before returning to work in the evenings. [2] The Benattar family owned and lived a six-bedroom Modernist retreat in Rye, New York, designed by Edward Durell Stone.[4]

Legacy & Influence

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The legacy of this pioneering real estate developer continues to inspire future generations in the industry. Her firm, NIOT Investment Holdings, now led by her son Simon, has expanded into private equity, diverse lending, and alternative investments, building on her vision of transformative growth.[7] Benattar's impact extends beyond her projects, as she paved the way for women in leadership roles within real estate.[8] Her innovative strategies, such as personally writing leases and curating tenants, set new standards for prestigious commercial spaces.[3] Even after her death in 2003, Benattar's expertise was still sought after, with the at-the-time wealthiest real estate dynasties, the Reichmann's, flying her to London's Canary Wharf for input on the project.[3][4]

References

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  1. Rosinsky, Alan (23 October 2023). “NYC Office Rentals: Central Park Views for Modern Workspaces”. Metro Manhattan Office Space. Retrieved 10 January 2025.
  2. Hughes, C. J. “Recalling the ‘toughest woman in real estate’”. The Real Deal. Retrieved 10 January 2025.
  3. “‘Housewife Tycoon’ Took On ‘Mad Men’ NYC Real Estate Market and Won”. Vicky Ward. Retrieved 10 January 2025.
  4. “The ‘Mad Men’ Era ‘Housewife Tycoon’”. The Daily Beast. 26 October 2014. Retrieved 10 January 2025.
  5. “The Ten Most Expensive Buildings”. Observer. 9 April 2007. Retrieved 10 January 2025.
  6. Liu, Catherine. “The Five Highest-Valued Properties That Back CMBS Loans”. www.trepp.com. Retrieved 10 January 2025.
  7. “NIOT | Investment Holdings Ltd | HOME”. NIOT. Retrieved 10 January 2025.
  8. 10 Must Reads for the CRE Industry Today (February 23, 2018)”. National Real Estate Investor. 23 February 2018. Retrieved 10 January 2025.
  1. ^ Rosinsky, Alan (2023-10-23). "NYC Office Rentals: Central Park Views for Modern Workspaces". Metro Manhattan Office Space. Retrieved 2025-01-10.
  2. ^ a b c Hughes, C. J. "Recalling the 'toughest woman in real estate'". The Real Deal. Retrieved 2025-01-10.
  3. ^ a b c d e "'Housewife Tycoon' Took On 'Mad Men' NYC Real Estate Market and Won". Vicky Ward. Retrieved 2025-01-10.
  4. ^ a b c d e "The 'Mad Men' Era 'Housewife Tycoon'". The Daily Beast. 2014-10-26. Retrieved 2025-01-10.
  5. ^ "The Ten Most Expensive Buildings". Observer. 2007-04-09. Retrieved 2025-01-10.
  6. ^ Liu, Catherine. "The Five Highest-Valued Properties That Back CMBS Loans". www.trepp.com. Retrieved 2025-01-10.
  7. ^ "NIOT | Investment Holdings Ltd | HOME". NIOT. Retrieved 2025-01-10.
  8. ^ "10 Must Reads for the CRE Industry Today (February 23, 2018)". National Real Estate Investor. 2018-02-23. Retrieved 2025-01-10.
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