Neil Shekhter obituary and death: Prominent Los Angeles Real Estate Developer Neil Shekhter, Founder of NMS Properties and WS Communities, Dies at 63 in Tragic Suicide
Introduction: The Loss of a Real Estate Visionary
The death of Neil Shekhter, a prominent Los Angeles landlord, real estate developer, and visionary businessman, has stunned the real estate community and beyond. Shekhter, who founded NMS Properties and later WS Communities, passed away on Saturday, November 23, 2024, at the age of 63. The news was confirmed by a statement from his family, describing him as someone who filled the lives of everyone around him with love, humor, curiosity, and energy.
The circumstances surrounding Shekhter’s death have left many in shock, as it has been confirmed that he died from a self-inflicted gunshot wound. While the family was unavailable for further comment, and a representative from the Los Angeles County Medical Examiner’s Office has stated that there is currently no official record of his death, the tragedy has raised several questions about the man behind the successful real estate empire.
A Remarkable Journey: From Refugee to Real Estate Mogul
Neil Shekhter’s story is one of perseverance, ambition, and an unrelenting desire to build a better life. Born in what is now Ukraine, Shekhter’s early life was shaped by the challenges of antisemitism that plagued his homeland. He and his family left the Soviet Union when he was a teenager, seeking refuge in the United States in the late 1970s. Upon arriving in the U.S., Shekhter faced the struggles of assimilation but quickly adapted, demonstrating the kind of resilience that would define much of his life.
Shekhter’s first foray into the workforce was as a taxi driver in Los Angeles, an occupation that allowed him to familiarize himself with the city and its neighborhoods. It was during this time that he began to think seriously about real estate. His initial inspiration came from a conversation he had with two Holocaust survivors who owned an apartment building in the city. They spoke of the income the building generated, and that conversation would plant the seed for what would become a highly successful real estate career.
“I had no idea what real estate was,” Shekhter said in a 2020 interview with The Real Deal, “but when I heard that owning property could provide a steady source of income, I thought that was something I could do.”
From there, Shekhter’s ambition grew. He started learning the ins and outs of the real estate business, initially focusing on acquiring multifamily properties that were underperforming. His strategy was to purchase these assets, improve them, and then either sell or manage them for a profit. This method allowed him to steadily build a portfolio and reputation in the competitive Los Angeles real estate market.
Founding NMS Properties and Building an Empire
In 1988, Shekhter founded NMS Properties, a company that would go on to become one of the most respected real estate firms in the region. NMS focused on acquiring and rehabilitating multifamily properties throughout Los Angeles County. Shekhter’s keen eye for undervalued properties and his ability to transform them into profitable assets became the cornerstone of his business. Under his leadership, NMS Properties grew rapidly, acquiring over 2,400 apartments across the region.
At the height of its success, Shekhter’s business ventures spanned various real estate sectors, including residential, commercial, and mixed-use properties. His most notable achievement was his investment in land in Santa Monica, one of the most desirable locations in Los Angeles. In 2017, this land was sold to the investment firm Tishman Speyer for more than $18 million per acre, cementing Shekhter’s place among the elite real estate developers in the country.
In addition to his professional success, Shekhter’s business savvy extended to managing relationships with his family and colleagues. In 2017, his three sons—Alan, Alexander, and Adam Shekhter—founded WS Communities, an affiliate of NMS Properties. This move marked the beginning of a new chapter for Shekhter’s legacy, as his sons began to take on more responsibility in running the business, while he continued to guide them with his experience and wisdom.
A Change in Financial Fortunes
However, recent years had seen a shift in Shekhter’s fortunes. Despite the initial success and his substantial real estate holdings, Shekhter’s financial situation took a turn. In 2024, WS Communities was forced to surrender control of more than half of its portfolio to lenders. This shift marked the beginning of a difficult period for the company and for Shekhter personally. The causes of the company’s struggles remain unclear, but it is believed that factors such as rising interest rates, shifting market dynamics, and the impact of the COVID-19 pandemic may have contributed to the downturn.
Despite these setbacks, Shekhter’s legacy remained intact. He was known in the industry for his innovation, leadership, and ability to identify valuable properties in Los Angeles. He had also earned the respect of his peers, many of whom admired his drive and the success he had achieved against the odds.
The Tragic End: A Life Cut Short
On November 23, 2024, Shekhter’s life came to a tragic end. According to reports, he passed away from a self-inflicted gunshot wound, leaving family, friends, and colleagues stunned and heartbroken. Shekhter’s family issued a statement mourning his death, describing him as a man who brought joy, energy, and humor to those around him. They remembered him fondly as someone who “filled our lives and the lives of everyone around him with love, humor, curiosity and never-ending energy.”
In the wake of his death, there has been an outpouring of support from those who knew Shekhter. Colleagues and friends have shared tributes to the real estate mogul, reflecting on his impact in the business world and his personal relationships.
“I’ve known Neil for many years, and his passion for real estate and his love for his family were unmatched,” said one longtime associate. “It’s hard to believe he’s gone. He leaves behind an incredible legacy, and we will all miss him dearly.”
Legacy and the Impact of Shekhter’s Work
Neil Shekhter’s legacy in the real estate industry is undeniable. His companies, NMS Properties and WS Communities, have had a significant impact on the landscape of Los Angeles real estate. Shekhter’s approach to revitalizing underperforming multifamily properties became a model for many developers, and his success story continues to inspire entrepreneurs in the real estate business.
Beyond his professional achievements, Shekhter’s impact can be seen in the lives of his family and the broader community. His sons, Alan, Alexander, and Adam, will carry on his work at WS Communities, continuing to build on the foundation he laid.
Despite the recent setbacks, Shekhter’s influence remains strong. His rise from a taxi driver to a real estate magnate is a testament to the power of hard work, determination, and the pursuit of a better life.
Funeral Arrangements and Final Tributes
As of now, Shekhter’s family has yet to release specific funeral arrangements, though it is expected that a service will be held to honor his life and legacy. Given his prominent position in the real estate community, it is likely that many industry leaders, colleagues, and friends will attend to pay their respects.
The Shekhter family has expressed their gratitude for the outpouring of support from the community and has asked for privacy as they mourn this devastating loss.
Conclusion
Neil Shekhter’s death is a tragic end to a life that was defined by ambition, hard work, and an unyielding desire to build something lasting. From his humble beginnings as a refugee to his success in the competitive world of Los Angeles real estate, Shekhter’s journey is one of resilience and vision. While his financial struggles in recent years were a difficult chapter in his life, his contributions to the real estate industry and his enduring legacy will not be forgotten.
The shock of his sudden passing reminds us all of the complexities of success and the importance of checking in on those around us, even those who appear to have it all. As his family and colleagues continue to mourn his loss, they will undoubtedly find solace in the many lives he touched throughout his remarkable journey.
