We're very proud of the governance and the governance process that we went through in identifying this property, the design of it and now the construction of it for the city of Detroit.". Chairman Gary Torgow's five adult children Elie Torgow, Yoni Torgow, Rachel Torgow Krakauer, Moshe Torgow and Jacob Torgow are the other 50 percent owners of GPC Adams through an entity they own called Park Elizabeth Associates LLC, which is a member of GPC Adams, according to filings with the U.S. Securities and Exchange Commission. and the heirs of banking scion Andrew Mellon. Blackstone is one of the worlds leading investment and advisory firms. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. The company entered into a forbearance agreement in April with its term loan and asset-based loan facility lenders that extended their payment deadline to, at first, May 31. What your skills are worth in the job market is constantly changing. 2023 Leaders Group. We believe in the long term strength of the New York City real estate market and think that if we manage our holdings patiently without taking on excess risk and leverage we should be able to weather many of the challenges that we are sure to encounter as we grow with the company, Steven Gurney-Goldman, Allan's son, told FORBES recently. Werdiger's business is likewise booming. But each is a Jew You Should Know. @JewsUShouldKnow or on Facebook. All rights reserved. Solil hasworked with billionaire Jeff Sutton, who has a 49-year lease on Solil land for a Harlem loft with development potential, and Extells Gary Barnett, who is behind the high-rise, One57, home to billionaires including Bill Ackman. Under normal circumstances, Sol Werdiger, founder and CEO of Outerstuff the popular youth sports apparel manufacturer is a gregarious presence on Super Bowl weekends. (Photo courtesy of the Goldman family). It's an important job and a serious undertaking with great challenges and even greater rewards when things work out right. 49 print issues delivered to your home or office. March 11, 2021. There are 7 other people named Sol Werdiger on AllPeople. content The highest reported salary for an employee at Outerstuff Ltd. is currently $NaN / year, Outerstuff Ltd. provides a few pension benefits and perks. According to the Southfield office of brokerage firm Newmark Knight Frank, the average asking rent for existing Class A office space was $26.58 per square foot in the second quarter. What is Solomon Werdiger's current address? 4 Impactful Programs. Learn from Jewish. Outerstuff's Annual Report & Profile shows critical firmographic facts: What is the company's size? The main point is not to sell anything," Sol told FORBES in 1985, Americas Richest Families: An eBook From Forbes. Maestas, a member of Sports Business Journals Forty Under 40 class of 2015. Other executives include Laura Peticca, Human Resource Manager; Bob Saunders, Vicepresident and 1 others. Blackstone will invest alongside founder and CEO Sol Werdiger, who will roll over equity in the transaction, and Blackstone will share equal economics and governance with the current shareholders. Sol appeared on the first Forbes 400 list of Richest Americans in 1982, with a net worth estimated at $200 million. Timely, daily updates provide the latest developments and news relied upon by industry leaders. The Solil portfolio, which has largely remained in tact, is now worth 16-times more. Sol Werdiger of New York City was identified as being a 50 percent owner of an entity called GPC Adams LLC that stands to earn hundreds of millions of dollars in revenue in the long term under a . "We worked with the Federal Reserve to make sure they understood the relationship. Outerstuff designs, makes and markets licensed childrens sports apparel for major sports leagues in North America, including the NFL, MLB, NBA, NHL and MLS. We currently don't have any reviews for this employer. However, if it simply increased at a 2 percent rate every year for the 50 years, the total rent would be $712.1 million, Crain's calculated. I divested myself" in 2009, Torgow said. Outerstuff has kids licenses across top U.S. leagues. Active, Closed, Last funding round type (e.g. In the past five years, Solils deal-making has increased, and it has inked some of its more prominent land lease projects, in which the ground beneath a building is leased rather than sold to the structures developer. Youngest daughter Jane, who oversees Solil's daily operations, is the only female billionaire running a real estate portfolio. Jane Goldman, acting chair of Solil Management, pictured with her son, Michael, who is being prepped [+] to one day take over the company with his cousin. Aside from a well-earned reputation for solid service and supply-chain expertise across a disparate base of retailers, recent additions to Outerstuffs domestic production capabilities and an expanded team of designers, which totals more than 100 in New York, are helping Outerstuff grow into adult sizing. To view recent press releases,click here. He did not elaborate on what other properties were considered or what its requirements were. Outerstuff's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. A close friend of the executive chairman of the new TCF Bank is the other owner of a limited liability company that is developing and will own the Detroit-based bank's new headquarters downtown. premier Jewish outreach and educational organization. (In a 2008 interview with The Real Deal, Jane said I think we all have regrets about that period. After his death, his estranged wife Lillian, and later Lillian and her children together, appeared on The Forbes 400 list until 1996. Sam Munaco, a longtime Detroit commercial real estate broker focused on tenant representation, said the lease is a fair deal between the bank and GPC Adams. To receive email alerts from Blackstone, sign up below. For office-specific contact information, please visitour offices page. Otherwise, we will assume you're OK to continue. In spite of the expected earnings improvement from the renegotiated contracts, Ratings believes Outerstuff's liquidity will be "less than adequate" over the coming year. "At Outerstuff, our vision is to become the preeminent global provider of apparel serving our sports league and brand partners," said Sol Werdiger, Outerstuff founder and chief executive officer. Outerstuff has already signed two soccer pros to back Umbros relaunch: Mix Diskerud of the MLS NYCFC and the NWSL Washington Spirits Cheyna Williams. Jews You Should Know introduces the broader community to Gender Male. Jewish Insider. They attempted to reconcile and in 1984 they signed a formal agreement, which won Lillian 33% of his estate. It is owned by GPC Adams LLC; city land records say the two properties that comprise the site 2047 Woodward Ave. and 25 W. Elizabeth St. were last sold in 2013 for $4.25 million. All rights reserved.The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. We identified a great niche in kids. Whenever my grandfather was asked how he acquired so many buildings, he would simply say, I paid the most. If he believed in an area, he was not afraid to pay more than everyone else," Michael told FORBES. After his death, his estranged wife Lillian, and later Lillian and her. companies in the Jewish world. Both Solil and cousin Lloyd Goldman's BLDG Management each also have a 16.67% stake in the World Trade Center projects reinvigorating downtown Manhattan. As part of the October agreement with lenders, Outerstuff paid principal and interest payments missed in March, June and September. Within a few years, it was making licensed jackets as a supplier for Starter, a pioneer in the 1980s and 1990s licensing boom. Want to support this podcast? It projects debt-to-EBITDA will be around 8x in 2021, while expecting the company to run free cash flow negative as it rebuilds inventory. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. website at www.meor.org. I am extremely excited about working with Blackstone as we begin the next chapter of our growth story.. Under terms of the lease, GPC Adams is to collect $35 per square foot for the building's 199,370 square feet of office space, $50 for each of the 3,801 square feet of retail and $300 for each of the 311 parking spots, making a 2022 first-year rent collection of about $8.29 million if the entire building is leased. CB Rank (Person) 9,352. "He knew in the long run he would own something with much greater value than what he paid for it. "They determined that this was the best deal for the company and that they shouldn't not go forward just because of the conflict," Schipani said. Please click here if you would like more information about the cookies used on this website and how to change your cookie settings. View contacts for Outerstuff to access new leads and connect with decision-makers. Today, licensed jackets are just 5 percent of Outerstuffs business, while youth apparel is more than 25 percent the size of the adult market. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. Outerstuff will sell Umbro-logoed mens, womens and youth apparel beginning in January. Solil Management, a portmanteau of Sol and Lillian, still doesnt have a company website featuring trophy properties like most investors use, but a bit of digging - through the lawsuits detailing the family feud and hundreds of land records - shows that Sols heirs own at least 400 New York City properties including high-end apartments on the Upper East Side, the block of land in Midtown Manhattan that includes the Olympic Tower and the Cartier Mansion, and the landmark Peninsula Hotel. Southfield-based Signature Associates Inc. was contracted to help with site selection. Access to easy-to-read digital editions of weekly issues. Switchboard:+1 (212) 583-5000. Since joining Crain's Detroit Business in 2013, he has written about leasing, development and property sales in Detroit and its suburbs, as well as the industry's trends, personalities and quirks. "He takes great. Outerstuff International Ltd. The vagaries of fusion technology or keeping up with Moores Law? "We've been dealing with this, I would say, obvious and visible relationship since we chose specifically, I chose that location," Shafer said last week. The company says on its website that it has licenses to produce apparel with Major League Baseball, the National Football League, the National Hockey League and National Basketball Association, as well as Major League Soccer and the U.S. Olympic Committee. But it's their plans to transform a parking garage in Tribeca into mixed residential and retail high-rise, as Solil's first-ever sole development, that will make others take notice. Allan Goldman, co-chair of Solil Management, pictured more than a decade ago with a young Steven [+] Gurney-Goldman, who is now working at Solil and will one day take over his father's position. Amy, 62, had worked at the office as well, before earning a P.h.D. Sol Werdiger is ready for the big game. . Although Sol did not know the purpose of the meeting he agreed to meet with Mr. Joon. MEOR operates Register for a free SBJ account to unlock one extra article per month. Jane oversees the daily operations of the real estate company her father built. Outerstuff collaborates closely with its league and corporate partners and is viewed as a trusted partner in their apparel business. swerdiger@verizon.net. By Rabbi Dovid Saks Jewish Heritage Connection, 601 Jefferson Avenue , @ the JCC of Scranton, Scranton, PA 18510. The main point is not to sell anything," Sol told FORBES in 1985, when his net worth was estimated at $450 million. Almost any sports specialty, mass merch or sporting goods store. Welcome to Jews You Should Know, introducing the broader community to interesting and inspiring Jewish men and women making a difference in our world. "It looks like they went through the property analysis and proper steps.". By selecting the relevant option, you certify that it accurately reflects your residency. The Company operates via exclusive contracts with the leagues to produce their branded youth apparel, which it sells through specialty sporting goods stores, and leading general retailers. For press inquiries, contact [emailprotected]. This is something he has been doing for more than two decades. The host, Rabbi Ari Koretzky, is Executive Director of MEOR Why do people leave their jobs? The politics and business news you need to stay up to date, delivered daily in a must-read newsletter. Episode 085 - The Outerstuff CEO: A Conversation with Sol Werdiger. A development structure in which Chemical Bank owned the building had been envisioned but that changed to a lease arrangement as one of the negotiating points with TCF, Tom Wennerberg, a spokesman for Chemical Bank, said at the time. Through his interface with commissioners, franchise owners Turns out, he was right., This is a BETA experience. New research on who's asking for raises and who's getting them as well as advice on how to ensure you're getting the salary you deserve. Other issues are most likely to come up, and any issue that comes up that's connected to this company apply.". Theres also Solils partnership with British Firmdale Hotels, which built Sohos high-end Crosby Street Hotel on Solil-owned land and afterwards, leased another 120,000-square-foot site to build a hotel on some of Solils land on West 56th Street. sportswear - jerseys, youth-wear and more - for most of the major Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and sales performance to its league and apparel partners. However, she said, ongoing diligence is needed. Outerstuff is a leading provider of https://www.sportsbusinessjournal.com/Journal/Issues/2016/07/11/Marketing-and-Sponsorship/Company-Watch-Outerstuff.aspx. Child's play. The Goldman family may be familiar to FORBES readers. That would allow Outerstuff the rights to make and sell sports apparel through these mass merchandise and big box stores. Follow Blackstone on Twitter @Blackstone. Click below to sign in. 4 Weeks. 2023 Leaders Group. Sol Werdiger of New York City was identified as being a 50 percent owner of an entity called GPC Adams LLC that stands to earn hundreds of millions of dollars in revenue in the long term under a lease agreement for the 20-story building planned for the corner of Woodward Avenue and Elizabeth Street. Similar to what Fanatics has been doing in building and aggregating e-commerce rights, were looking to expand and protect the traditional retail channel. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. View Sol Werdiger's profile for company associations, background information, and partnerships. Outerwear, including pricey jackets, was a big piece. Powered by: AMR Pharmacy and DailyGiving.org. Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and sales performance to its league and apparel partners. "I don't think this is the last deal of this kind we'll do. But Ratings added that a return to "a more normal sports environment" in 2022 could allow the company to take advantage of its pandemic-driven cost-cutting measures and "generate materially positive free cash flow" by then. For press inquiries, contact[emailprotected]. Outerstuff has established itself as an industry leader in the branded youth apparel market by leveraging its in-house design team, low-cost manufacturing, sophisticated demand-planning. Individual Investors & Financial Advisors. Ratings believes the company could default in the next 12 months, "especially if the new controlling owner, CEO Sol Werdiger, attempts to retire outstanding debt at a significant discount." Sol Werdiger is a visionary entrepreneur who has built Outerstuff into a unique and important strategic partner to sports leagues and sports apparel companies alike, said Peter Wallace, a Senior Managing Director with Blackstones Private Equity business. Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds mandates. Search our database of over 100 million company and executive profiles. in clinical psychology. Read reviews from current employees that include compensation and culture insights. Location New York, New York, United States. Sol appeared on the first Forbes 400 list of Richest Americans in 1982, with a net worth estimated at $200 million. A small monthly contribution goes a SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, such as Forty Under 40, Game Changers and others. With a Crains Detroit Subscription you get exclusive access, insights and experiences to help you succeed in business. Visit GPC Adams is an affiliate of Sterling Group, the Detroit-based real estate company that Gary Torgow started in the 1980s. Is this your business? Already a subscriber? He also said other properties were considered but none met all of the bank's requirements for its move from Midland to Detroit. +1 (212) 390-2250[emailprotected]. MLB, MLS, NBA, NFL, NHL, U.S. Olympic Committee, more than 150 colleges/universities. Jane and Allans sons are being prepped to one day take over. When Lillian died in 2002, her estate (including cash and properties worth $374 million) was divided nearly equally among her children, according to court documents obtained by FORBES. In June, it wouldn't specifically say why tax incentives were sought but noted that many of Detroit's largest development projects have public financing. (212) 594-9700. www.outerstuff.com. Now that weve aggregated all of the youth rights, obviously the next logical step would be for us to go and bid for the adult rights. Chemical Bank has said in filings with the U.S. Securities and Exchange Commission that Torgow "recused himself from all Board deliberations related to this lease agreement, and none of (the) adult children are directors, officers or employees of (Chemical Financial Corp.) or Chemical Bank. Pay, Whether you are hiring a single employee , or an entire department of, The labor market is a strange place right now. Number of Founded Organizations 1. Staying current is easy with Crains news delivered straight to your inbox. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. The project is set to be more than 1.1 million square feet covering 87 acres of the former home of the Detroit Pistons. Meet the dynamic, inspiring and successful executive mentors that want to enable you to live your best professional life possible. They've already added a millennial perspective, and have started work on Solil's first website. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. In reality, solpuga is a genus of arachnids from the order of solifugae, which might suggest that the solpuga from Andrzej Sapkowski's novels is an arachnid as well. A special thank you to Jacob Rupp of the Lift Your Legacy podcast esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Photo Courtesy of the Goldman Family. He is also a deeply committed 1987. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. At Outerstuff, our vision is to become the preeminent global provider of apparel serving our sports league and brand partners, said Sol Werdiger, Outerstuff founder and chief executive officer. All rights reserved. Please visit www.JewsYouShouldKnow.com, follow us on Twitter The total rent for a 50-year lease with the four seven-year options exercised is not known; rent in those four terms would be set at 95 percent of the fair market rent at the time. Market Intelligence Outerstuff designs, makes and markets licensed children's sports apparel for major sports leagues in North America, including the NFL, MLB, NBA, NHL and MLS. See the full leadership team at Craft. Diane, 70, headed the residential leasing department for several decades, when she scaled back also due to health issues several years ago. February 10, 2022 Sol Werdiger, founder and CEO of the youth sports apparel manufacturer Outerstuff, has attended every Super Bowl game for more than two decades. It is classified as operating in the Apparel, Piece Goods & Notions Merchant Wholesalers industry. He said the $35 per square foot is consistent with the market rate for new construction and that other critical terms, such as the bank's right to contest property taxes, are built into the lease.
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