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Investment criteria

The firm buys residential and mixed-use buildings in Manhattan, and in the nearer parts of Brooklyn and Queens. Most purchases are made directly from the owner, without a broker, and are held in the firm's own name. On a smaller number of buildings the firm invests alongside private and joint-venture investors on the same terms.

Size	Twenty to one hundred and twenty units, or from 15,000 to 120,000 square feet.
Location	Manhattan below 96th Street; Brooklyn Heights, Park Slope, Fort Greene and Williamsburg.
Buildings	Pre-war walk-ups and elevator buildings. Mixed-use buildings with ground floor retail are acceptable.
Condition	Sound but under-managed buildings are preferred. The firm carries out its own work with its own staff.
Price	Three to forty million dollars, depending on size and condition.
Borrowing	Modest. The firm does not use mezzanine debt and does not offer shares to the public.
Holding period	Ten years or longer. The firm is not a seller of buildings it has recently bought.
Closing	All cash, thirty days, no financing contingency.

The firm does not buy vacant land, does not act as a broker for other owners, and does not take on the management of buildings it does not own.

Off-market submissions are welcome from owners and from brokers, and each one is read by a principal. Write from the contact page and the firm will reply within two working days.

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Last updated: March 14, 2003 · Visitors: 000268