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Joseph Cayre

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Joseph Cayre
Born
Joseph Jack Cayre

(1941-08-01)August 1, 1941(age 83)
New York City, New York,U.S.
Occupationreal estate developer
Known for--co-founder ofSalsoul Records
--co-founder ofGoodTimes Entertainment
--co-founder ofGT Interactive
--founder of Midtown Equities
SpouseTrina Cayre
ChildrenMichael Cayre
Steven Cayre
Jack Cayre
Daniel Cayre
Grace Cayre
FamilyStanley Cayre (brother)
Kenneth Cayre (brother)

Joseph Jack Cayre(born August 1, 1941) is an American billionaire businessman and real estate developer.[1]Together with his brothers he co-founded the record labelSalsoul Records,video tape distributor and producerGoodTimes Entertainment,and video game publisherGT Interactive.He is also the founder and principal of the New York-based real estate development firm Midtown Equities.[2]

Early life and education

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Born Joseph Jack Cayre[2]to aSyrian Jewishfamily[3][4][5]in Brooklyn but raised inKansas City, Missouriuntil he was 8 and thenMiami Beach, Floridauntil he was 20.[2]His father owned a souvenir store in Miami Beach where Cayre worked as a teenager.[2]He has two brothers: Stanley and Kenneth.[6]

Career

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In 1959, Cayre and his brothers started their first business operating a duty-free retail store, theParis Freeport Shop,on a cruise ship then owned by a friend that made a daily trip fromMiamito theBimini, Bahamasand back. They operated the store until 1967 when the ship was retired.[6]Although still partners, the brothers engaged in separate business activities partnering with cousins from Mexico: Stan opened a textile factory inPuerto RicoSwan Tricot Mills;in 1963, Ken opened a ladies pantyhose factory,Kandy Mills,inHialeah, Florida;[6]and Joseph opened a plastic injection molding machine factory making8-track cassettetape cartridges.[6]When their cousins - who had purchased the exclusive 8-track distribution rights in Mexico for the Spanish music portfolio ofRCAandCBS- had excess inventory, the Cayre brothers would sell it in Spanish language markets in the USA.[6]After being requested to stop selling in the USA by both CBS and RCA (since the cousins only had the right to distribute in Mexico), the Cayre brothers, selling their textile interests to their Mexican cousins, purchased the exclusive 8-track Spanish language distribution rights from both CBS and RCA; within a year, they also acquired the same distribution rights for Spanish musicLP records.[6]In 1972, they founded their music distribution business, Caytronics Distributing in New York City.[6]

Salsoul Records

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As Salsa music was very popular in New York City owing to its large Puerto Rican population and the fact that their portfolio was mostly Mexican-oriented music, the Cayre brothers started their own Salsa focused record label calledMericana Records.They were able to signJoe Bataanaway from their main competitor,Fania Records;Bataan subsequently released an album called SalSoul (a combination ofSalsaandSoul). The record was purchased by CBS Records for $100,000.[6]They took the money and put together theSalSoul Orchestrain Philadelphia (withEarl Youngon drums,Ronnie Bakeron bass,Norman HarrisandBobby Elion guitar,Bunny SiglerandRon Kerseyon keyboards,Vincent Montana, Jr.on vibes, and Larry Washington on the congas) and recorded three songs including theSalSoul Hustlewhich was an immediate hit.[6]Their new labelSalsoul Recordsfocused on the dance market at the same time thatDisco musicwas becoming popular.[6]The label produced 8 to 10 records per month in the late 1970s. In 1976, Salsoul released the first commercially available12-inch single,Double Exposure'sTen Percent.Salsoul Records also manufactured and distributedGold Mind Records' output. Salsoul was affected byThe disco backlashof 1979, but it was one of the few labels to survive after the death of disco. It continued to release new material until 1984 when the Cayre brothers shut down their recorded music operations to concentrate on thehome videobusiness.[6]

GoodTimes Entertainment

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In 1984, they founded GoodTimes Home Video Corporation (eventually renamedGoodTimes Entertainment) with 25 Public Domain video titles.[7]They expanded into the production and distribution of low-pricedfitnessvideos although its most recognized line of products were a series of low-budgettraditionally animated films.Many of its home-video titles (such as Aladdin, Beauty and the Beast, Jungle Book, Hercules, Pocahontas, Cinderella, The Little Mermaid, Sinbad, and Thumbelina) were named similarly or identically to big-budget animated films from other studios[8](though their plots were sometimes very different), and released close to the theatrical or home-video releases of the other studios.Walt Disney Picturessued GoodTimes because the packaging of the GoodTimes videotapes closely resembled that of Disney potentially confusing customers into buying a GoodTimes movie when they thought they were buying a Disney movie. As a result of that lawsuit, GoodTimes was required to print its name atop itsVHScovers, but it was still allowed to produce animated films.[9]

GoodTimes contracted withColumbia Pictures,NBC,Worldvision Enterprises,Hanna-Barbera,Orion Pictures,andUniversal Studiosto release inexpensive tapes of many of their films and programs for retail sale; GoodTimes also released several compilations assembled from public domain films, movie trailers, old television programs and newsreels (usually credited toFilm Shows, Inc). They also had the exclusive retail contract withWal-Martleasing shelf space near the front of their stores.[10]In July 2005, GoodTimes filed forbankruptcyand its assets were sold toGaiam.[11]

GT Interactive

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In 1993, expanding fromhome videodistribution, they foundedGT Interactive,avideo gamesdistributor and publisher. In that same year,Doomwas released as shareware eventually selling 2.9 million copies.[12]In its first year, revenue reached $10.3 million.[13]The company went public in 1995.[14]

Midtown Equities

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In 2000, Cayre founded Midtown Equities to expand and consolidate his real estate holdings.[14]He is also co-founder and chairman of Core Group Marketing, a residential sales company.[2]In early 2001, he partnered withLarry SilversteinandLloyd Goldmanto purchase the lease of theWorld Trade Centerfrom thePort Authority of New York and New Jersey[2][15]for $3.2 billion.[16]The partnership was required to post $800 million in fees and down payments to win the deal. Goldman and Cayre posted a combined $110 million; Silverstein contributed $14 million; Westfield America contributed $127 million (Westfield controlled the retail mall at the trade center); and $563 million was borrowed fromGMAC Financing.[17]Goldman was to receive 25% of the management fees.[15]In 2006, Goldman's share was increased to 50% and he will take over control of the project from Silverstein in 2016.[15]

Midtown Equities is currently working onMidtown Miami,a $2.3 billion, 55-acre mega-project in Miami with 3,000 condominiums, 600,000 square feet of retail space, and 200,000 square feet of office space.[2]

Personal life

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Cayre has been married to his wife Trina for 37 years and they have four sons and one daughter:[2]Michael, Grace, Steven, Jack, and Daniel. Each of his sons is a partner in Midtown Equities.[2]Cayre lives in Manhattan but also has homes in Brooklyn, inDeal[18]at theJersey Shore,andAventura, Florida.[2]In 2007, he sold his house inMidwood, Brooklynfor $10 million, at the time one of the most expensive sales in the borough.[2]His son, Jack Cayre, is a co-founder of theCORE Group,a New York-based, full-service real estate brokerage firm.[19]His nephew, Robert "Bobby" Cayre (son of Stanley), founded Aurora Capital Associates in 2001.[5]

References

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  1. ^"Mystery Malaysian high roller at center of global money-laundering probe".2016-02-28.Retrieved2023-12-10.
  2. ^abcdefghijkThe Real Deal: "Joseph Cayre" by Lauren Elkiesretrieved November 23, 2013
  3. ^New York Times: "The Sy Empire" By ZEV CHAFETSOctober 14, 2007
  4. ^Asbury Park Press: "A money tree grows in Brooklyn - Exclusive neighborhood home to largest Syrian Jewish community in U.S." by BOB CULLINANEAugust 18, 2006
  5. ^abPincus, Adam (January 1, 2014)."The Syrian retail touch - An inside look at the Syrian Jewish investors dominating NYC retail — from Sutton to Sitt, including how much revenue they're pulling in".The Real Deal.Archived fromthe originalon January 20, 2021.
  6. ^abcdefghijkDisco-Disco Interview with Kenneth Cayreretrieved November 25, 2013
  7. ^"GoodTimes Home Video Corporation website".Archived from the original on June 17, 2000.RetrievedNovember 26,2013.{{cite web}}:CS1 maint: bot: original URL status unknown (link)
  8. ^IMDB list of GoodTimes filmsRetrieved on March 12, 2013
  9. ^Bangor Daily News: "Disney loses suit over 'Good Times' Aladdin video" by Peter M. NicholsSeptember 17, 1993
  10. ^Funding Universe: "GT Interactive Software History"retrieved November 26, 2013
  11. ^Denver Business Journal: "Gaiam closes GoodTimes Entertainment Deal at $35M"September 14, 2005
  12. ^"Now What Was That GT and Hasbro Were Saying About American Game Purchasers Being a Group of 17-28 Year Olds Only Interested in Bloody Games?".Just Adventure.Archived fromthe originalon 2010-12-06.Retrieved5 February2012.
  13. ^09/02/96 LOTS OF "DOOM" BUT NO GLOOMArchived1997-06-17 at theWayback Machine
  14. ^abMidtown Equities Website: "Joseph Cayre"Archived2013-12-02 at theWayback Machineretrieved November 26, 2013
  15. ^abcWall Street Journal: "Meet the Other Trade Center Builder - Larry Silverstein's Deep-Pocketed Partner, Lloyd Goldman, Is Likely to Take Over the Office Towers One Day" By Alex Frangos and Peter GrantSeptember 11, 2008
  16. ^Bloomberg: "WTC Investor Lloyd Goldman Buys Co-Op for $13.8 Million" By Oshrat Carmiel & David M. LevittMarch 15, 2012
  17. ^New York Times: "Silverstein Will Get Most of His Cash Back In Trade Center Deal" By CHARLES V. BAGLINovember 22, 2003
  18. ^"DeSantis raises money in N.J. On Sunday".29 August 2021.
  19. ^Core Group website: "Jack Cayre - Founder"Archived2012-09-20 at theWayback Machineretrieved January 19, 2014
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