The next generation of the Croman family has returned to Manhattan’s multifamily real estate scene, targeting rent-stabilized buildings that many investors have avoided since major tenant protections reshaped the market. Jake and Adam Croman have assembled a portfolio of small apartment buildings, including a recent acquisition of a five-story, partially rent-stabilized property in Chinatown, marking a departure from the hands-off stance prevalent among investors toward regulated housing.
This shift reflects a new investment philosophy distinct from the one that defined their father Steve Croman’s approach, which relied heavily on deregulation and tenant turnover to generate profits. The brothers are focusing on smaller buildings with commercial storefronts, blending stable residential income with commercial rents. Their portfolio spans diverse neighborhoods, including East Harlem, Alphabet City, and parts of Manhattan’s north end, and involves partnerships with investors such as fashion heir Jeremy Tahari and NBA player Mo Bamba, who joined them in recapitalizing one property.
Despite their efforts to delineate themselves from their father’s shadow, the family name remains tied to a history of legal controversies involving mortgage and tax fraud, as well as tenant harassment allegations. Although the siblings stress that they operate independently, administrative details link their newly acquired properties to longstanding family-associated entities. For example, their latest purchase was registered under their mother Harriet Croman’s name, with correspondence routed through Centennial Properties—a firm historically linked to Steve Croman. Jake Croman clarified that neither his father nor Centennial Properties owns the property and that the mailing address serves as an administrative convenience amid recent office relocations.
The Croman brothers’ focus on rent-stabilized apartments signals an adaptation to today’s housing landscape, where regulatory frameworks curb aggressive value-add strategies favored by earlier investors. Their approach suggests they are cultivating a sustainable business model that diverges from the contentious tactics of the past, aligning with current market realities rather than trying to challenge them.