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Who's afraid of vacancies? Not billionaire Larry Friedland

The Friedland properties on Madison Avenue are said to be worth US$1.6 billion before debt. Annual rents on the strip between 57th and 72nd streets average US$1,633 psf, according to CBRE Group.

New York

THIS is how New York real estate billionaire Larry Friedland got his start: He was studying to be a pharmacist in the late 1950s when he met a guy named Nathan Miller.

"You could name any building in New York, give him the address, without a computer, without a land book,