Mortimer Zuckerman | $1B+
Get in touch with Mortimer Zuckerman | Mortimer Zuckerman, real estate magnate, media executive, and investor, built a multifaceted career spanning property development, publishing, and public policy influence. As longtime chairman and CEO of Boston Properties, he helped create one of the largest publicly traded office real estate investment trusts in the United States, shaping skylines in New York, Boston, and Washington, D.C. In parallel, Zuckerman became a prominent media figure as owner and editor-in-chief of U.S. News & World Report and publisher of the New York Daily News, using his platforms to weigh in on economics, foreign policy, and urban affairs. His career reflects a rare blend of large-scale real estate execution and national media influence.
Mortimer Benjamin Zuckerman is a Canadian-born American billionaire real estate developer, investor, and media proprietor. The son of Ukrainian Jewish immigrants who settled in Montreal, he founded Boston Properties in 1970, co-founding the real estate investment trust that has become one of the largest in the United States, and served as its executive chairman and former chief executive officer.[1][2] Zuckerman acquired U.S. News & World Report in 1984, where he has acted as editor-in-chief, and previously owned the New York Daily News from 1993 until its sale in 2017.[1]
Zuckerman, a graduate of McGill University with an undergraduate degree in first-class honors in 1957 and a law degree in 1961, became a U.S. citizen in 1977 and has built a fortune estimated at $2.9 billion as of 2025, primarily from real estate and media ventures.[2][1] His philanthropy includes a $200 million endowment in 2012 for the Mortimer B. Zuckerman Mind Brain Behavior Institute at Columbia University to advance neuroscience research, as well as funding the Zuckerman STEM Leadership Program to support American-Israeli scientific collaboration.[3][4] More recently, Zuckerman halted millions in donations to Columbia University in 2024, citing the institution's inadequate response to antisemitism on campus following the October 7, 2023, Hamas attacks on Israel.[5]
Early Life and Education
Family Background and Childhood
Mortimer Zuckerman was born on June 4, 1937, in Montreal, Quebec, Canada, to parents Esther and Abraham Zuckerman.[6] [7] His family owned and operated a modest tobacco and candy store in the city, reflecting a working-class immigrant background typical of many Jewish families in mid-20th-century Montreal.[8] [6]
Zuckerman's Jewish heritage included Eastern European roots, as his maternal grandfather had emigrated from Ukraine to Montreal in 1914, initially leaving his wife and daughters behind amid economic hardship; they later joined him after he established a foothold by peddling goods.[8] Abraham Zuckerman, his father, faced chronic health issues that limited his ability to sustain the family business long-term and led to his death during Mortimer's early years, placing additional responsibilities on the young Zuckerman amid the family's constrained circumstances.[9] These formative experiences in a tight-knit, resource-scarce household in Montreal's Jewish community shaped his early exposure to entrepreneurial self-reliance, though specific anecdotes from his childhood remain sparsely documented in public records.[8]
Academic Career and Degrees
Zuckerman enrolled at McGill University in Montreal at the age of 16, earning a Bachelor of Arts degree in 1957 with first-class honors.[4] He subsequently obtained a Bachelor of Civil Law degree from McGill in 1961, though he never took the bar examination or practiced law.[10][6]
In 1961, Zuckerman received an MBA with distinction from the Wharton School at the University of Pennsylvania.[2] The following year, in 1962, he completed an LLM at Harvard Law School.[11] These advanced degrees in business and law provided the foundation for his transition into real estate development, rather than pursuing an academic or legal career.[12]
Professional Career
Real Estate Development and Boston Properties
Mortimer Zuckerman co-founded Boston Properties in 1970 with Edward H. Linde, following seven years at Cabot, Cabot & Forbes where he advanced to senior vice president and chief financial officer.[2] The firm initially focused on developing and managing commercial real estate, emphasizing office buildings in key urban markets.[13] Early projects included the Hilltop Business Center in South San Francisco, comprising nine buildings completed in the early 1970s.[13]
By the mid-1980s, Boston Properties had expanded significantly, owning or managing 53 buildings totaling nine million square feet valued at $1.3 billion.[13] Notable developments during this period encompassed the Capital Gallery office complex in Washington, D.C., completed in 1981; the Marriott Hotel in Boston in 1982; and the 50-story tower at 599 Lexington Avenue in New York City in 1986.[13] An ambitious plan for the Park Plaza project adjacent to Boston Common in the early 1970s faced prolonged political opposition and was ultimately abandoned.[13]
In June 1997, Zuckerman and Linde reorganized Boston Properties as a publicly traded real estate investment trust (REIT), raising $730 million through an initial public offering priced at $25 per share.[13] At the time of the IPO, the company controlled 75 properties encompassing 11 million square feet, primarily high-quality office spaces, which helped reduce debt and fuel further growth.[13] Zuckerman assumed the role of chairman of the board upon going public and held a 17.9% ownership stake.[13] [2]
Zuckerman served as chairman until May 2016, with additional tenures as chief executive officer from January 2010 to April 2013 and executive chairman from April 2013 to December 2014.[2] Under his leadership, Boston Properties grew into one of the largest REITs, managing over 50 million square feet of primarily office properties in markets including Boston, New York, and Washington, D.C.[1] Zuckerman retains approximately 5% ownership in the public company as of recent assessments.[1] The firm's strategy prioritized premier, trophy assets in gateway cities, contributing to its resilience through real estate cycles.[13]
Media Acquisitions and Management
Zuckerman's media ventures began in 1980 with the acquisition of The Atlantic Monthly, a Boston-based literary magazine established in 1857, which he purchased amid its financial difficulties.[9] Under his ownership, the publication maintained its focus on long-form journalism but continued to face profitability challenges despite editorial enhancements, including Zuckerman's own column contributions. In 1999, he sold it to David G. Bradley for $10 million, citing the need to redirect resources to other holdings.[14]
In June 1984, Zuckerman expanded his portfolio by buying U.S. News & World Report, an employee-owned weekly newsmagazine, for an adjusted price of $176.3 million following negotiations that reduced the initial offer.[15] [16] As owner, publisher, and editor-in-chief, Zuckerman oversaw its evolution from a traditional print periodical to a digital leader in rankings and data-driven content, such as annual assessments of universities, hospitals, and global economies, which generated significant revenue through advertising and subscriptions despite early unprofitability.[17] He retained control of the publication into the 2020s, emphasizing its role in public policy discourse.
Zuckerman acquired the New York Daily News, a prominent tabloid, in January 1993 for $36 million in cash from bankruptcy proceedings, partnering with Fred Drasner to stabilize operations amid union disputes and competition from the New York Post.[18] [19] Serving as chairman and co-publisher, he invested in modernization efforts, including digital expansion, while navigating labor strikes and declining print circulation in the city's saturated media market. In September 2017, facing ongoing losses, Zuckerman sold the paper to Tronc Inc. (later Tribune Publishing) for $1, assuming approximately $30 million in liabilities to facilitate the transfer.[6]
Political Engagement
Public Commentary and Views
Zuckerman has contributed regular opinion columns to U.S. News & World Report, where he serves as editor-in-chief emeritus, focusing on economic policy, foreign affairs, and American leadership. His commentary often emphasizes fiscal restraint, criticizing excessive government spending and advocating for policies that restore economic vitality and national confidence. For instance, in a January 2012 column, he argued that the public recognizes the need to "live within our means," faulting liberal approaches for ignoring fiscal realities amid high unemployment and debt.[20] Similarly, he has decried America's shift from "supreme confidence" to malaise, attributing it to regulatory burdens and insufficient long-term programs for economic welfare.[21]
On U.S. presidents, Zuckerman expressed early support for Barack Obama, having voted for him in 2008, but quickly grew disillusioned, particularly with the 2009 stimulus package, which he viewed as favoring municipal unions over broader recovery.[22] By 2010, he described Obama as appearing "incompetent and amateur" in global leadership, uncomfortable in international roles and overly focused on domestic campaigning amid economic woes.[23] In a Fox News interview that year, he labeled the administration as "revolting, politically corrupt, incompetent, and arrogant," highlighting failures in job creation and policy execution.[24] An October 2012 piece further critiqued Obama for prioritizing reelection over crisis resolution, contributing to public unhappiness.[25]
In foreign policy, Zuckerman advocates robust U.S. global engagement, including strong defense of Israel. He has chaired pro-Israel organizations like the Conference of Presidents of Major American Jewish Organizations since 2001, influencing his outlets' editorial stances.[6] Following the 2012 Gaza ceasefire, he warned it failed to address Hamas's core threats, urging durable U.S.-backed measures.[26] In a 2014 Hudson Institute discussion, he called for reversing U.S. retreats, promoting deregulation and alliance-building to counter adversaries.[27] Earlier, in 1992, he self-identified as holding "moderate, conservative" politics, having supported George H.W. Bush in 1988 before expressing disappointment.[28]
2010 U.S. Senate Bid
In early 2010, Mortimer Zuckerman, a real estate developer and media executive with an estimated net worth of $1.5 billion, explored a challenge to incumbent Democratic Senator Kirsten Gillibrand for New York's U.S. Senate seat in the November 2010 election.[29] Unenrolled in any political party, Zuckerman planned to run as a Republican or Republican-Independent, leveraging his outsider status, business acumen, and potential to self-finance a campaign similar to Michael Bloomberg's mayoral bids.[30] [31] He viewed Gillibrand, appointed to the seat in January 2009 following Hillary Clinton's resignation, as politically vulnerable amid economic discontent and Democratic setbacks, positioning the race as a rare opportunity for Republicans to capture a New York Senate position not won since 1992.[31]
Zuckerman's deliberations gained momentum after former Tennessee Congressman Harold Ford Jr. withdrew his Democratic primary challenge against Gillibrand on March 2, 2010, with Wall Street and business donors reportedly shifting support toward Zuckerman due to his wealth and prominence.[29] Encouraged by Republican figures including former Governor George Pataki and state party chairman Edward Cox, he conducted internal assessments over several weeks but ultimately declined to enter the race that same day.[31] At age 72, Zuckerman cited the demanding time requirements of campaigning and potential service in Washington as incompatible with his obligations to businesses such as the New York Daily News and Boston Properties, as well as family responsibilities including two young children; he emphasized the decision stemmed not from pessimism about victory, which he deemed achievable, but from practical constraints.[31] [32] Friends, including Bloomberg, had advised against the bid given his age and privacy concerns associated with intensified public scrutiny.[29]
Zuckerman's withdrawal left the Republican field to less prominent candidates, underscoring the challenges for the party in recruiting high-profile challengers to entrenched Democrats in New York.[32] He left open the possibility of future political involvement but described a 2010 candidacy as unlikely.[31]
Philanthropy and Advocacy
Major Initiatives and Donations
In 2004, Zuckerman donated $10 million to Harvard University to establish the Mortimer B. Zuckerman Fellowship Program, aimed at supporting graduate students pursuing professional degrees in fields such as law, medicine, business, or public policy to encourage careers in public service.[33][34]
A significant contribution followed in 2006, when Zuckerman provided $100 million through his charitable trust to Memorial Sloan Kettering Cancer Center (MSKCC), funding the construction of the 23-story Mortimer B. Zuckerman Research Center, a facility dedicated to advancing cancer research in areas including immunology, molecular pharmacology, and cancer biology.[35] This gift, the largest single donation to MSKCC at the time, doubled the institution's research capacity and supported interdisciplinary programs like the Human Oncology and Pathogenesis Program.
In 2012, Zuckerman pledged $200 million to Columbia University to create and endow the Mortimer B. Zuckerman Mind Brain Behavior Institute, focused on interdisciplinary neuroscience research integrating biology, physics, and computational methods to study brain function.[36] A substantial portion of this commitment was fulfilled prior to 2023, but in 2024, Zuckerman halted remaining payments—constituting a significant minority of the total—citing Columbia's inadequate response to rising anti-Semitism on campus following the October 7, 2023, Hamas attacks on Israel, including failures in governance and protest management.[5]
Zuckerman launched the Zuckerman STEM Leadership Program in January 2016 with a $100 million commitment over 20 years, designed to strengthen scientific collaboration between the United States and Israel through postdoctoral fellowships, faculty scholar awards, and support for emerging leaders in science, technology, engineering, and mathematics.[37][38] The initiative funds research exchanges, laboratory equipment, and training to foster innovation and bilateral academic ties, with recipients selected from top institutions in both countries.
Support for Israel and Jewish Organizations
Zuckerman served as chairman of the Conference of Presidents of Major American Jewish Organizations from 2001 to 2003, an umbrella group coordinating advocacy among dozens of pro-Israel and Jewish community entities.[4] He also held the position of president of the America-Israel Friendship League, promoting bilateral ties through public events and policy support.[39]
In January 2016, Zuckerman announced a $100 million endowment for the Zuckerman STEM Leadership Program, aimed at fostering scientific collaboration between the United States and Israel by funding postdoctoral fellowships and research exchanges that bring American scholars to Israeli institutions.[40] The initiative, administered through partnerships with Israeli universities like the Technion and Weizmann Institute, seeks to enhance Israel's role as a hub for innovation while strengthening academic networks.[41] In recognition of this and other efforts, the Embassy of Israel honored Zuckerman in May 2018 as one of 70 leading American contributors to the U.S.-Israel alliance.[42]
Zuckerman's philanthropy extends to targeted support for Israeli resilience and Jewish causes, including a $14 million contribution in August 2005 to preserve Gaza Strip greenhouses during Israel's unilateral withdrawal, enabling their transfer to Palestinian operators to support economic stability in the post-disengagement environment.[43] As the son of Ukrainian Jewish immigrants, he has maintained consistent giving to pro-Israel initiatives, reflecting a commitment to Jewish organizational advocacy amid global challenges.[5]
Recent Philanthropic Decisions
In July 2024, Mortimer Zuckerman suspended future disbursements from his $200 million pledge to Columbia University's Zuckerman Institute, originally announced in 2012 to support interdisciplinary neuroscience research, citing the institution's inadequate response to rising anti-Semitism on campus following the October 7, 2023, Hamas attack on Israel.[5][1] Zuckerman emphasized that existing commitments would continue to be fulfilled without interruption, but he expressed profound disappointment in Columbia's leadership for permitting encampments and disruptions that fostered hostility toward Jewish students and Israel.[44] This decision aligned with broader donor withdrawals from elite universities amid scrutiny over administrative handling of pro-Palestinian protests, which Zuckerman viewed as enabling unchecked antisemitic rhetoric under the guise of free speech.[45]
In April 2025, the Zuckerman Israel Institute, founded by Zuckerman to foster U.S.-Israel scientific collaboration, committed 100 million NIS ($25 million) to the Weizmann Institute of Science in Rehovot, Israel, establishing the Zuckerman Center for Neuroscience Research.[46][47] This gift aims to advance brain science initiatives, including studies on neural circuits and cognitive disorders, building on Zuckerman's longstanding support for Israeli innovation in STEM fields.[48] The funding decision reflects a strategic pivot toward bolstering research in environments prioritizing empirical inquiry and security, contrasting with Zuckerman's concerns over ideological pressures in U.S. academia.[49]
These actions underscore Zuckerman's conditional approach to philanthropy, prioritizing institutions that uphold intellectual rigor and safeguard against ideological biases that could undermine scientific objectivity or community safety.[1]
Personal Life
Marriages and Children
Zuckerman married Marla Prather, a curator at the National Gallery of Art, on September 27, 1996.[50] The couple had a daughter, Abigail, born on July 7, 1997.[51] They separated around 2000 and divorced in 2001.[52]
Zuckerman's second daughter, Renée Esther, was born on December 19, 2008, weighing 8 pounds 8 ounces; the identity of the mother was not publicly disclosed.[53] [54] Reports indicate the child was conceived via gestational surrogate.[55] No further marriages or children have been reported.
Health and Residences
Zuckerman, born June 4, 1937, reached the age of 88 in 2025 and has not publicly disclosed any significant health conditions, maintaining active involvement in philanthropy and media oversight into his later years.[1][44] His contributions to medical research, including endowments for brain science and cancer studies, reflect an interest in health advancements, though these pertain to institutional support rather than personal circumstances.[56][57]
Zuckerman's primary residence is in New York City, specifically in Manhattan.[1] He has long owned a property on Fifth Avenue there, alongside other homes including one on Beacon Hill in Boston, in Georgetown, Washington, D.C., and a sprawling oceanfront estate in East Hampton, New York, which serves as a summer retreat.[12][52] These properties align with his real estate background and East Coast business interests.[58] He also owns the superyacht Lazy Z, valued at approximately $20 million, used for leisure.[59]
Controversies
Bernard Madoff Investment Losses
Mortimer Zuckerman's charitable trust suffered losses of $30 million due to investments exposed to Bernard Madoff's Ponzi scheme, which unraveled on December 10, 2008, when Madoff confessed to federal authorities that his firm had operated a multibillion-dollar fraud.[60][61] The exposure stemmed from a fund manager at the trust allocating approximately 10 percent of the fund's assets to Madoff through J. Ezra Merkin, who directed nearly all of his clients' money—totaling around $2.4 billion across investors—into Madoff's fraudulent operation without adequate disclosure of the risks or concentration.[60][62]
In response, Zuckerman filed a lawsuit against Merkin in early 2009, seeking $40 million in damages for alleged breaches of fiduciary duty, including failure to perform due diligence and misrepresentation of the investments as diversified and managed actively rather than passively funneled to Madoff.[62] Zuckerman publicly stated that he had no direct knowledge of Madoff prior to the scandal and described the losses as prompting a shift toward greater risk aversion in his investment approach, including reduced exposure to equities.[63][61] The Madoff scheme's total estimated losses reached up to $65 billion, affecting numerous high-profile individuals and institutions, with Zuckerman's case highlighting vulnerabilities in feeder funds that obscured underlying risks from principal investors.[62][64]
Associations with Jeffrey Epstein
Mortimer Zuckerman and Jeffrey Epstein collaborated on media investment ventures in the early 2000s. In December 2003, Zuckerman led a consortium that included Epstein in a bid to acquire New York magazine from Primedia Inc., proposing an investment exceeding $50 million to revitalize the publication, which had generated minimal profits in prior years.[65] Their partnership extended to financing the launch of Radar magazine in 2004, though these efforts did not yield long-term success.[66]
Zuckerman's name appears in Epstein's personal address book, known as the "little black book," which contained contacts for over 1,500 individuals seized during investigations into Epstein's activities.[67] In 2003, for Epstein's 50th birthday, Zuckerman contributed a satirical letter to a compiled book of messages from Epstein's associates, humorously claiming to have uncovered fabricated personal records of Epstein in the archives of The New York Daily News (a publication owned by Zuckerman at the time); the letter listed incorrect details such as Epstein's birthdate as July 11 in Liechtenstein, a fictional wife and three children, and appended a mock tabloid article portraying Epstein as an "alien in disguise," alongside a blurred photograph of George W. Bush.[66]
In March 2023, Zuckerman was subpoenaed by the U.S. Virgin Islands Attorney General in a lawsuit against JPMorgan Chase alleging the bank's facilitation of Epstein's activities post-2008 conviction; the subpoena sought documents and communications involving Epstein and the bank, though no specific details of Zuckerman's ties to the litigation were publicly detailed, and the case later settled without disclosed implications for Zuckerman.[68] No public records indicate Zuckerman's presence on Epstein's flight logs or involvement in Epstein's criminal convictions.[69]
Criticisms of Media Operations
Zuckerman's ownership of media outlets, including The Atlantic (1980–1999), U.S. News & World Report, and the New York Daily News (since 1993), has drawn criticism for editorial interference that prioritizes his personal views, particularly strong support for Israel, over journalistic independence. Upon acquiring The Atlantic, Zuckerman reportedly imposed a ban on articles he estimated to "challenge Israel's right to exist," limiting coverage of contentious aspects of Israeli policy and contributing to staff turnover as editors chafed under such constraints.[70] Critics, including media watchdogs, argued this reflected a broader pattern of owner-driven censorship to enforce pro-Israel narratives, with similar hawkish tilts evident in his opinion columns across publications that chastised mainstream media for perceived anti-Israel bias.[9]
At the New York Daily News, Zuckerman's hands-on approach fueled accusations of meddling, exacerbating internal instability; for example, the 1997 dismissal of columnist Pete Hamill stemmed partly from clashes over editorial direction, amid broader reports of owner pressure on newsroom decisions.[71] The tabloid's operations under his tenure faced chronic financial losses, culminating in a 2015 attempt to sell the paper—later withdrawn after low bidder interest—which staff viewed as a symptom of mismanagement and identity crises, with circulation dropping from over 700,000 in the 1990s to under 200,000 by 2015.[72] Additionally, hiring Colin Myler as editor in the early 2000s—despite his later scrutiny in the UK phone-hacking scandal at News of the World—drew rebukes for overlooking ethical red flags in leadership choices.[73]
U.S. News & World Report, transformed under Zuckerman from a weekly news magazine to a rankings-focused entity by the 1990s, has been faulted for corporate bias in ownership concentration, where proprietor influence shapes content selection, including opinion pieces aligning with neoconservative foreign policy advocacy.[74] In 1989, amid an advertising slump, Zuckerman fired editor Michael Barone without public explanation, prompting speculation of interference despite his denials, as the outlet's editorial voice increasingly mirrored his views on issues like infrastructure and defense spending.[75] These operational critiques highlight tensions between Zuckerman's business acumen and commitments to unfettered journalism, with detractors noting that his outlets' pro-Israel leanings—evident in suppressed critiques and amplified defenses—often override balanced reporting.[6]
Honors and Recognition
Awards and Appointments
Zuckerman received the Commandeur de l'Ordre des Arts et des Lettres from the French government in 1994 in recognition of his contributions to arts and letters.[76] He was awarded the Lifetime Achievement Award from Guild Hall of East Hampton and the Gold Medal from the American Institute of Architects New York Chapter for his impact on architecture and urban development.[77] In January 2017, Israeli President Reuven Rivlin honored him at the President's Residence for establishing the Mortimer B. Zuckerman Israeli STEM Leadership Program, which supports graduate fellowships in science, technology, engineering, and mathematics.[78]
Zuckerman has been granted multiple honorary degrees, including a Doctor of Laws from McGill University in spring 2013, a Doctor of Laws from Columbia University in 2014, and an honorary doctorate from the Hebrew University of Jerusalem in 2016.[77][79][80] Additional honorary degrees include those from Colby College, Southampton College, Hebrew College, Berkeley College, the Icahn School of Medicine at Mount Sinai, and the City University of New York, reflecting his philanthropy in education and health research.[11]
In professional and civic roles, Zuckerman co-founded Boston Properties in 1970 and served as its executive chairman and former CEO before becoming chairman emeritus.[2] He holds the position of chairman and editor-in-chief at U.S. News & World Report and previously served as chairman and publisher of the New York Daily News.[2] Zuckerman was past president of the board of trustees at the Dana-Farber Cancer Institute, where he contributed significantly to cancer research initiatives, and has served as a trustee at Memorial Sloan Kettering Cancer Center.[35][81] Other appointments include vice chairman of the Fund for Public Schools, co-chair of the Bipartisan Policy Center's Cyber Security Task Force, and former chairman of McGill University's Principal's International Advisory Board.
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