In 1965, after graduating from Hofstra University with a degree in business administration, Harold’s son Peter was reluctant to work for the company at first but agreed to try it out for one year. Peter was quickly disillusioned after only being given “busy work” and little say in the decision-making. He had grander dreams for the company and envisioned constructing larger buildings in Manhattan, something his uncles were not interested in pursuing.

Richard Kalikow, Peter’s cousin and Nathan’s son, joined the company around the same time and had similar visions. Peter and Richard recall one particular summer in 1962 before they officially joined the company, when they assisted in moving the offices from Brooklyn to Queens. During that time, a developer bought a plot of land in Briarwood from the Kalikow brothers. He was experiencing financial hardship and could not repay the loan for the down payment. Distressed, the developer tragically took his own life.

The property, which had an unfinished apartment building developed up to three stories, reverted to the Kalikow brothers. Despite the unfortunate circumstances surrounding the acquisition of the partially developed building, both Peter and Richard Kalikow saw the opportunity for the Kalikows to enter into the world of high-rise buildings for the first time.

The cousins hoped their fathers would depart from the typical six-story apartment buildings they were accustomed to constructing and develop the property into a twelve-story apartment building.

However, the Kalikow brothers ultimately sold the incomplete building to a new developer, who eventually built it into the high-rise apartment Peter and Richard Kalikow originally dreamed of. It was at this moment that a heartbroken Peter knew there was no future for him at the company unless things changed.

Peter Kalikow gave his father an ultimatum in August of 1966, urging him to split from his brothers so the two of them could start their own business. Harold Kalikow, who was also disappointed with the company’s direction following his father’s death, agreed to separate. Together, they hired Lawrence “Larry” Peirez, a former assistant district attorney in Queens and senior partner at the law firm Peirez, Ackerman & Levine. William Ackerman, a junior partner at the firm, also assisted them.

Peter Kalikow cites his mother Juliet’s support as one of the motivations for his move forward.

“She was one of the smartest people I know, and she had faith in me,” said Kalikow.

Juliet offered her son a piece of advice during this time that helped to shape his lifelong business philosophy.

“When you go into a business deal, don’t think you’re going to outsmart the other guy. If you go in thinking you’re about as smart as the other guy, you’ll be okay, but if you go in thinking you’re smarter than the other guy, you’ll lose,” said Juliet.

Kalikow references his mother’s words often when teaching others about business deals.

The division of the company became official in 1967. The company’s assets were divided into three packages, one for each brother. Harold negotiated for ownership of the buildings in Queens once more, anticipating the unpropitious future of real estate in Brooklyn at that time. Harold and Peter also acquired the title of the Kalikow Construction Corporation (formed under Joseph Kalikow), an additional asset that would prove to be quite favorable in the long run.

In the process, Peter Kalikow learned more about business and negotiation from their lawyers, Peirez and Ackerman, skills he continued to refine throughout his real estate career. Kalikow remains grateful to Ackerman for his hard work and support on the case. Following their work together, the two developed a deep, lifelong friendship, which they continue to share fondly.

With the division of the company complete, Harold and Peter established HJ Kalikow & Co. and set out on their own.

Other Kalikows in Real Estate

Although the Kalikow brothers went their separate ways, they, along with their sons, each found their own prominent success and continued the real estate legacy of the Kalikow name.

Richard Kalikow, Nathan Kalikow’s son, graduated from the Georgia Institute of Technology in 1964 and joined the Kalikow family business shortly after alongside his cousin Peter Kalikow. With only a six-month difference in age between the two cousins, they shared a close bond as young boys and have maintained their relationship to this day. After the split, Richard continued to work with his father, Nathan Kalikow, developing buildings in New York City and elsewhere.

In 1970, Richard Kalikow entered into the private lending business and has been a successful owner and lender of commercial real estate ever since. In 1993, he cofounded Max Capital Management Corporation and purchased numerous office properties in New York City, including the signature Helmsley Building at 230 Park Avenue. His company soon grew into a full service real estate organization and quickly became one of the largest privately held commercial real estate investment firms in New York City.

At the height of Max Capital’s success, Richard Kalikow managed and held ownership stakes in 8 million square feet worth of skyscrapers valued at over $2.5 billion. Kalikow sold his share of the company in 2002 and went on to establish Manchester Real Estate and Construction, LLC, concentrating in real estate debt and equity. In 2007, he formed Max Bank Corp after obtaining a license from the FDIC and began building banks across the southeast.

Today, Richard Kalikow is the chairman and CEO of Gamma Real Estate, a boutique commercial real estate firm comprising three branches in lending, holdings, and development. The company owns millions of square feet of office space in Manhattan and the Southeastern United States, where the business also owns and develops residential properties. Richard Kalikow’s son, Jonathan, co-founder of Gamma Real Estate, serves as president of the company and represents the fourth generation of Kalikows in real estate.

Richard Kalikow serves on the board of several real estate organizations, including as vice chairman of the Rent Stabilization Association and director of the Associated Builders and Owners of Greater New York. Additionally, he is on the boards of the Grand Central Partnership and the Institute of Cancer Research, and he is a permanent trustee of the Heisman Trust.

Sidney Kalikow’s son, Edward Kalikow, graduated from Syracuse University in 1975 before attending Hofstra University Law School, from which he graduated in 1978. Edward was admitted to the bar in 1979. Instead of pursuing law, however, Edward was instinctively drawn to real estate like the rest of the Kalikow men before him.

In 1979, Edward founded The Kalikow Group, a real estate development & investment company, as president and CEO, and took over Kaled Management Corp., the company’s management arm, founded in 1968. The real estate division of The Kalikow Group and Kaled Management can be traced back to the 1920s when Joseph Kalikow, Sidney Kalikow’s father, began development of multifamily units.

Kaled currently manages over 6,000 apartments (condo, co-op, condop, and HOAs); 2,000 of these units are owned by the Kalikow family. The Kalikow Group is headquartered out of Westbury, Long Island, and has been prosperous in all of its nationwide, multimarket ventures including the development of apartment properties, mixed-use properties, shopping centers, and single and multifamily rental projects. The Kalikow Group’s development arm has raised over $200 million in equity capital, funding projects valued at more than $1.3 billion.

Edward Kalikow’s son, Gregory Kalikow, is the vice president of the company. Gregory is also an attorney and attended the Maurice A. Deane School of Law at Hofstra University. Mr. Kalikow’s nephew, Jordan Platt, is vice president of operations at Kaled Management, once again carrying the Kalikow real estate legacy into a new generation.

Edward Kalikow is involved in several real estate associations as well as philanthropic endeavors. He is a planning board member for the Village of Old Westbury, a member of the International Council of Shopping Centers, and a member of the Realty Advisory Board on Labor Relations.

Kalikow also serves as a board member of the Michael J. Fox Foundation and is a supporter of UJA, Shalva, and the Maurice A. Deane School of Law at Hofstra University.