Ralph Esposito to leave Lendlease for Suffolk Construction

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Ralph Esposito (Twitter)

After more than two decades with Lendlease, the head of the company’s eastern region is moving to a company that was founded five years ago in New York.

Ralph Esposito, President and General Manager of Lendlease’s Eastern Construction Division, will become President of the Northeast and Central Atlantic Regions of Suffolk Construction, company officials told The Real Deal. Esposito said he has been impressed with Suffolk’s growth since opening its New York City office in 2015 and was drawn to the company’s dedication to technology.

“You are always aware of what your competition is doing,” Esposito said in an interview. “For the past five years I have watched Suffolk with great admiration.”

Suffolk, which was founded in the 1980s and headquartered in Boston, has offices in New York, Miami, Los Angeles, and elsewhere in the United States. The company’s recent projects in New York include a 126-unit condominium tower at 50 Bridge Park Drive in Brooklyn Heights and a 429-unit apartment building at 222 East 44th Street in Turtle Bay. Suffolk also recently invested in building materials startup Agora to invest more broadly in new building technology companies.

Esposito will work with Charlie Avolio, president and general manager of the company’s New York offices. John Fish, CEO of Suffolk, described the hiring of Esposito as a “coup and an important milestone” for his company.

Denis Hickey, CEO of Lendlease Americas, said the company was “grateful for” [Esposito’s] Contribute and wish him all the best for the future. ”He added that Mike Fratianni, General Manager of Lendlease Construction in the Americas, based in New York City, will take over the role of Esposito in the short term.

Esposito’s departure from Lendlease comes as the luxury housing market – a sector dominated by the international construction giant in New York City – is struck. According to the Wall Street Journal, Manhattan home sales plummeted 56 percent year-over-year between March 23 and August 16, based on data from UrbanDigs. The decline in properties priced at $ 4 million or more was even greater at 67 percent over the period. Lendlease has doubled its development and most recently acquired a Greenpoint location with an Australian pension fund for $ 110.8 million.

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