Master Builder

As a swimmer at the High School of Science (Bronx, N. Y.) CHARLES (JAY) URSTADT '49 broke the New York high school record in the breaststroke. At Dartmouth he continued to set records, was captain of the swimming team, and gained the title of national breaststroke champion. In 1947 he was named to the All-American Swimming Team.

This sports activity would seem to have no relation to his subsequent career, except that as a former collegiate "water rat" (no opprobrium implied) he now heads a vast project "over-and-under water" that makes every other step in his fast-moving career pale in significance. He is chairman and chief executive officer of Manhattan's Battery Park City Corporation Authority which is responsible for what has been described as "the largest and most complex single urban real estate development in the nation." Involved in the project are the recovery and development of 104 acres in lower Manhattan, including 88 acres of submerged lands along the Hudson River from Battery Park to Chambers Street.

Behind Jay Urstadt's election to this responsibility is a combined legal and real estate career that brought him top posts in both the private and public sectors. After obtaining his MCS at Tuck School, he got an LL.B. at Cornell Law School in 1953. He chose to narrow down his field of legal endeavor and became a master hand in real estate, as a member of the legal firm handling the affairs of Weber and Knapp. This firm, operating under the aegis of William Zeckendorf, was to become known as the largest real estate empire in the world.

However, with the sharp downturn in property values in the early '60s the Zeckendorf balloon threatened to burst, resulting in the purchase of the Weber and Knapp holdings by Alcoa Properties, Inc. In the switchover Urstadt remained as Secretary and Counsel and later became Vice President.

With Governor Rockefeller's sponsorship, the State of New York in 1967 set up an extensive urban renewal as- sistance program, and to supervise it Jay Urstadt was named Deputy Commissioner for Operations of the State's Division of Housing and Community Renewal. His duties included supervision of rent control in 171 communities outside of New York City and management and financial operation of 239 housing projects.

Last year the New York legislature created the Battery Park City Corporation Authority, and at its first meeting the three-man Authority elected Urstadt chairman of this $1.1 billion project. The chairman continues to hold his other state housing post, and last month his title was upgraded to that of full commissioner.

The Authority will coordinate the technical, financial and managerial skills needed for the land use planning, design, and real estate marketing involved in this gargantuan undertaking. A basic factor in its success will be the high office-building land value created by filling in the dilapidated waterfront adjacent to the financial district. It is estimated that annual city real estate taxes will rise from the present $1 million to $33 million. Battery Park City, stretching over 16 blocks, will also utilize air rights over the West Side Highway, which will go underground at that point. And involved in the development are such astronomical statistics as five million square feet of office space; an equal square footage of commercial, civic and recreational facilities; and 21,000 housing units for low, middle, and upper income families.

Asked where tenants would be found to fill the 21,000 units, Urstadt says, "There will be ho difficulty. Over 400,000 people work in lower Manhattan and many will welcome the opportunity to move into the complex." There are now slum areas in this milelong stretch along the river. These will be razed as construction progresses, and the new facilities will immediately be available to take care of the dispossessed. These low-income families will only have to move into new homes "just down the street."

Charles J. Urstadt '49 (third from left) shows model of Battery Park City toMayor Lindsay, Governor Rockefeller, and other New York officials.