What is Douglas Jemal's Net Worth?
Douglas Jemal is an American businessman who has a net worth of $150 million. Douglas Jemal, a Brooklyn-born real estate developer, has left an indelible mark on the urban landscapes of Washington, D.C. and Buffalo, New York. Beginning his career in electronics retail with the chain Nobody Beats the Wiz, Jemal pivoted to real estate in the 1980s, founding Douglas Development Corporation. His unconventional approach and willingness to tackle challenging projects quickly made him one of the largest property owners in the D.C. area.
Jemal's signature style involves breathing new life into neglected historic buildings, as evidenced by his transformative work in D.C.'s Chinatown and more recently, Buffalo's Seneca One Tower.
Despite facing legal challenges in 2006, including federal bribery charges from which he was largely acquitted, Jemal's influence in urban development has only grown.
In recent years, he has become a driving force behind Buffalo's revitalization efforts, bringing his unique vision to the city's architectural landscape. Known for preserving the character of historic structures while repurposing them for modern use, Jemal has played a pivotal role in reshaping the cities where he operates. His career, spanning several decades, exemplifies the potential for real estate development to catalyze urban renewal and historic preservation, even in the face of controversy and challenges.
Presidential Pardon
Douglas Jemal convicted of wire fraud in 2008. He was pardoned by President Donald Trump on January 20, 2021. In 2006 he was acquitted on charges of bribery, tax evasion and conspiracy, but convicted on a charge of wire fraud. He allegedly took a loan from his business partner (who is also the uncle of his son-in-law), and used that money to purchase a property without informing his partner. He was ordered to pay a $175,000 fine and serve five years of probation.
(Photo by Gerald Martineau/The The Washington Post via Getty Images)
Career
Douglas Jemal was born in Brooklyn, New York. He amassed his wealth beginning with retail trade and a small store on 7th Street, NW, Washington D.C. Jemal soon expanded into the electronics and music business. By 1980, he had created one of the most successful retail electronics chains in the nation. He branched out into real estate that same year, purchasing his first parcel at 425 7th Street, NW in 1981.
As the president of Douglas Development, Doug Jemal became well known to virtually everyone in D.C.'s multi-billion-dollar commercial real estate industry, particularly notable for his unprecedented success in preserving historic architecture while transforming properties into viable and successful retail, office or residential sites.
Jemal is actively involved on a personal basis in the design, construction and leasing of all of his properties. In 2014, Douglas Development Corp. was in full swing with plans to turn the aging New York Avenue NE industrial property into an engine of economic development. Doug Jemal, who basks in the attention his projects generate with his brash, unapologetic style, built on the confidence of those many feats. Jemal serves on the Downtown Developers' Roundtable, providing expertise and counsel on important economic and development issues within Washington, DC.
Douglas Jemal is an active philanthropist and proud to give back to the Washington, DC community. Noteworthy charitable contributions in recent years include donations to the Children's Hospital, Columbia Lighthouse for the Blind, Cystic Fibrosis Foundation, Shaw Main Street, Animal Rescue Foundation, Manna Inc. and The Studio Theatre Inc., among several others.
Washington Business Hall of Fame
In December 2019, Douglas was inducted into the Washington Business Hall of Fame.
Annapolis Estate
Douglas' personal home is an 8,000-square-foot waterfront mansion in Annapolis, Maryland. He purchased the six acre property in 2003 for $2.6 million. Today the estate is likely worth $5-7 million.
