Joseph Cayre

Joseph Jack Cayre (born August 1, 1941) is an American billionaire businessman and real estate developer. Together with his brothers he co-founded the record label Salsoul Records, video tape distributor and producer GoodTimes Entertainment, and video game publisher GT Interactive. He is also the founder and principal of the New York-based real estate development firm Midtown Equities.

Early life and education Born Joseph Jack Cayre in Brooklyn but raised in Kansas City, Missouri until he was 8 and then Miami Beach, Florida until he was 20.

Career In 1959, Cayre and his brothers started their first business operating a duty-free retail store, the Paris Freeport Shop, on a cruise ship then owned by a friend that made a daily trip from Miami to the Bimini, Bahamas and back. They operated the store until 1967 when the ship was retired. They expanded into the production and distribution of low-priced fitness videos, although its most recognized line of products were a series of low-budget traditionally animated films. Many of its home-video titles (such as Aladdin, Beauty and the Beast, The Jungle Book, Hercules, Pocahontas, Cinderella, The Little Mermaid, Snow White, Thumbelina and The Hunchback of Notre Dame, among others) were named similarly or identically to big-budget animated films from Disney and other studios (though their plots were sometimes very different), and released close to the theatrical and/or home video releases of the major film studios. The Walt Disney Company sued GoodTimes in 1993, because the packaging of the GoodTimes videotapes closely resembled that of Disney's films, potentially confusing customers into buying a GoodTimes film when they thought they were buying a Disney film. As a result of the lawsuit, GoodTimes was required to print its name atop its VHS covers, but it was still allowed to produce animated films.

GoodTimes contracted with Columbia Pictures, NBC, Worldvision Enterprises, Hanna-Barbera, Orion Pictures, and Universal Studios to release inexpensive tapes of many of their films and programs for retail sale; GoodTimes also released several compilations assembled from public domain films, movie trailers, old television programs and newsreels (usually credited to Film Shows, Inc). They also had the exclusive retail contract with Wal-Mart leasing shelf space near the front of their stores. In July 2005, GoodTimes filed for bankruptcy and its assets were sold to Gaiam.

GT Interactive In 1993, expanding from home video distribution, they founded GT Interactive, a video games distributor and publisher. In that same year, Doom was released as shareware eventually selling 2.9 million copies. In its first year, revenue reached $10.3 million. The company went public in 1995.

Midtown Equities In 2000, Cayre founded Midtown Equities to expand and consolidate his real estate holdings. for $3.2 billion. The partnership was required to post $800 million in fees and down payments to win the deal. Goldman and Cayre posted a combined $110 million; Silverstein contributed $14 million; Westfield America contributed $127 million (Westfield controlled the retail mall at the trade center); and $563 million was borrowed from GMAC Financing. Goldman was to receive 25% of the management fees. at the Jersey Shore, and Aventura, Florida. His nephew, Robert "Bobby" Cayre (son of Stanley), founded Aurora Capital Associates in 2001.