Douglas Jemal was born on November 30,1942 and is an American real estate developer, landlord, and the founder of Douglas Development.
13 Facts About Douglas Jemal
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Douglas Jemal took the proceeds and began investing in Washington, DC, real estate which was opportune as the city was in the midst of a down cycle.
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Douglas Jemal's success was compounded by the fact that he recognized that retail was under-present in DC and focused his efforts on high-end retailers.
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Douglas Jemal is known for borrowing heavily to support his purchases and paying his contractors late to fund even more purchases.
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Douglas Jemal has been criticized for sitting on derelict properties rather than developing outright as well as and charging very high rents and forcing out long-standing local tenants.
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Douglas Jemal took the proceeds from the loan and used it to support the purchase of another property unbeknownst to his business partner.
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Douglas Jemal was sentenced to a $175,000 fine and received five years probation.
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On December 5,2019, Douglas Jemal was inducted into the Washington Business Hall of Fame.
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On January 20,2021, Douglas Jemal received a pardon for his 2008 wire fraud conviction from President Donald Trump.
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In 2016, Douglas Jemal purchased the 40-story One Seneca Tower, the tallest building in Buffalo, New York, with plans to convert it into a mixed-use development including retail, restaurant, hotel, office and apartment components.
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Douglas Jemal then went on to add the Hyatt Regency Hotel, the former headquarters building of the Buffalo Police, the HSBC Atrium building, and the five-story Mahoney state office building to his portfolio of Downtown Buffalo, as well as other numerous smaller properties throughout Buffalo.
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On March 20,2024, it was reported that Douglas Jemal would acquire the downtown five-story Buffalo News office building, One News Plaza, an adjacent production facility, and the parking lot across Scott Street.
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In 2020, Douglas Jemal purchased a $1.425 million house in the Nottingham Terrace area of Buffalo.