Harold brown boston net worth

When he started buying buildings in the mids, Boston had been an absolute backwater for decades. Why do you think Joe Kennedy fled with his family? In the s, if a Boston landlord owned, say, a five-story building, he might knock off the top two floors, to reduce the property tax. That was the real estate market Harold Brown started out in.

He could buy the buildings dirt cheap because nobody else wanted them. Later on, Harold tried to go upscale, with 75 State Street. It was another major scandal, but this time he was the victim. Steve Weinig, who joined The Hamilton Co. While Brown is best known for acquiring and developing residential and commercial rental properties in Greater Boston, his real estate holdings extend to the such outlying suburbs as Taunton, Framingham, Worcester, Scituate, Lowell and North Andover, and as far away as New Hampshire.

Brown can offer these moderate rates because his initial investment is far lower that what it would cost to buy these properties today. As the new chairman of The Hamilton Co. Aertsen described the formula as follows:. And then, as cash flows improve, refinance to recover invested capital, use the proceeds to acquire more property, and hold the properties in portfolio.

Harold brown boston net worth

Over time, the properties create a solid, dependable and growing income stream, supporting an ever-larger scale of operations, including construction and development. Add Comment. Brown, who purchased his first property at Commonwealth Ave. His company now provides a full-range of development, acquisition and construction services, property and asset management, and financial and investment management.

Our company is in great shape. We have great people in place. Untold families have benefitted from his foresight in creating this much-needed product. We in the Greater Boston area owe Harold a debt of gratitude as we all have benefitted tremendously from his efforts over the years. Harold's love for, and commitment to, real estate and to his home town was lifelong and infectious to all lucky enough to know him.

He will be greatly missed. While Brown is best known for acquiring and developing residential and commercial rental properties in Greater Boston, his real estate holdings extend to the such outlying suburbs as Taunton, Framingham, and Worcester, Scituate, Lowell, and North Andover, and as far away as New Hampshire and Providence, RI. Over the years, Brown became a master at acquiring and developing what is now referred to as "rent by necessity" RBN or moderate-income housing, catering to working families, students and neighborhood businesses.

Brown's properties benefit from the region's vast number of colleges and universities, teaching hospitals, start-ups and global companies.