Harold Brown

After 64 years at the helm of one of Boston’s most successful real estate empires, Harold Brown is stepping down as chairman of The Hamilton Co.

Brown, now 93, purchased his first property at 1292 Commonwealth Ave. for $20,000 in 1954 after departing from the U.S. Navy. He has since amassed more than $2.3 billion in residential and commercial real estate, primarily geared to working class families, students and medical professionals. The company now provides a full range of development, acquisition and construction services, property and asset management, and financial and investment management.

“It’s time,” Brown, who will retain the title of chairman emeritus, said in a statement. “Our company is in great shape. We have great people in place. And I’m always around to help out.”

Guilliaem Aertsen will succeed Brown as chairman.

COO Jameson Brown, Harold’s son, and CFO Andy Bloch will become co-CEOs. The two bring a combined 42 years of experience working for Hamilton in property management, acquisitions and new development, finance, internal controls and risk management.

Brown is “a real gentleman, active philanthropist and a pleasure to work with,” Brian Golden, director of the Boston Planning and Development Agency, said in a statement. He “has provided housing for thousands of Bostonians – at a wide range of incomes – for decades, and he’s continued to address the needs of our diverse population during a period of tremendous growth. As development regulator for the City of Boston, I have been involved in tough negotiations with Harold, but I am always grateful for his constructive, respectful focus on getting results that benefit the greater good.”

Standing, from left: Andy Bloch, Jameson Brown and Steve Weinig; seated, from left: Guilliaem Aertsen, Harold Brown and Ronald Brown.

“Harold Brown has had an amazing career as the founder and key principal of one of Boston’s largest and oldest real estate companies,” Bill McCall, president of Boston real estate brokerage firm McCall & Almy, said in a statement. “He will probably best be credited for successfully delivering thousands of units of workforce housing. Untold families have benefitted from his foresight in creating this much-needed product. We in the Greater Boston area owe Harold a debt of gratitude, as we all have benefitted tremendously from his efforts over the years.”

The Hamilton Co. owns 5,600 units of multifamily housing and 1.3 million square feet of commercial space, one-third of which is held in the publicly traded New England Realty Associates Limited Partnership and two-thirds in privately held limited liability companies.

Brown also founded The Hamilton Co. Charitable Foundation. Chaired by Harold’s brother Ronald Brown, the foundation provides millions of dollars annually to Boston charities and nonprofit neighborhood groups.