Charles Jordan Urstadt (October 27, 1928 – March 3, 2020) was an American real estate executive and investor. He was an important figure for the development of Battery Park City in Manhattan and for the elimination of rent control in New York.
Appointed by Governor Nelson Rockefeller, Urstadt was New York State Housing Commissioner from 1969 to 1971. He became known as the first chairman of the Battery Park City Authority, a public benefit corporation that created a mixed use development on 92 acres of landfill on the lower west side of Manhattan.
In 1973, he joined Douglas Elliman, one of New York's largest real estate companies. Urstadt later joined Urstadt Biddle Properties in 1975, where he became chairman emeritus upon his retirement in 2019.
Early life
Born in 1928, Urstadt was the son of Claire (Jordan) and Charles George Urstadt. His great-grandfather was born on a farm in the Bronx in 1840 and his grandfather purchased buildings in the borough in 1920s. Urstadt grew up in one of the buildings his grandfather owned and his father managed on West 195th Street in the Bronx.
Urstadt graduated from the Bronx High School of Science at age sixteen. He graduated from Dartmouth College, Dartmouth's Tuck School of Business and Cornell Law School.
Early career
In 1953, he joined the New York law firm of Nevius, Brett & Kellogg as an attorney. A year later, he enlisted in the United States Navy for two years.
Urstadt served as vice president and counsel of Zeckendorf Property Corporation after working as assistant secretary and counsel of its parent company Webb & Knapp. In 1963, he was named as secretary and counsel of Alcoa Residences, a subsidiary of Alcoa Properties. In 1965, he was named vice president of Alcoa Residences.
New York State Housing Commissioner
In 1967, New York Governor Nelson Rockefeller appointed Urstadt as deputy commissioner of the division of housing and community renewal. He was promoted to commissioner in 1969.
In 1971, the state legislature approved a bill that ended rent control on New York City apartments as tenants voluntarily vacated them. The process was known as vacancy decontrol. Urstadt was instrumental in writing the bill. Also that year, the legislature passed what became known as the "Urstadt Law," which transferred power over rent control laws from city to state lawmakers. Proponents of the measures said the city's rent control program was outdated, discouraged renovation of apartment buildings and had driven new housing from the city with losses of 20,000 units a year. Critics said the laws bypassed home rule for the city.
Six months after the vacancy decontrol law was passed, Urstadt said new housing starts went up 237% in three months. Urstadt credited vacancy decontrol as a major factor contributing to the increase.
Urstadt resigned his position as commissioner in 1973 to avoid conflict of interest when he and four partners bought the Manhattan real estate firm of Douglas L. Elliman & Co.
Battery Park City
In 1968, in addition to his duties with the New York state division of housing, Urstadt was appointed chairman of the Battery Park City Authority by Gov. Rockefeller. The state agency was created to develop 92 acres along the southern tip of Manhattan including 88 acres of submerged land along the Hudson River from Battery Park to Chambers Streets. The development was to include 21,000 housing units as well as office space and parks.
The project was soon caught in disputes between state and city officials over design and other matters. Then, the New York real estate market slowed amid concerns over the city's fiscal condition.
Despite uncertain financial and real estate markets, the landfill was completed and ground was broken for the first six buildings in 1974. By 1975, foundation work was underway for the first six buildings of the project.
With the city in financial turmoil, a 1975 bond offering to finance construction of the first six buildings of the project failed.
In 1978, work resumed on the development after 17 months of inactivity. The work involved a new roadway and utility support for the first six apartment buildings. Site work had been halted because of conditions set by the Carter Administration for federal financial guarantees. Urstadt said the American Stock Exchange and the New York Law School were considering moving to the development.
In 1979, New York Governor Hugh Carey replaced Urstadt as Battery Park City Authority chairman with William D. Hassett Jr.