Still Standing

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We are long term believers in New York.  Our firm started here and through five generations has never given up on the city.  As the great comedian Jerry Seinfeld said “we’re going to keep going with New York City if that’s all right with you. And it will sure as hell be back.”

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During the depths of the pandemic in 2020 we looked at what was happening in New York with a different lens than the doomsayers.  We opened a hotel shortly after 9/11 through the largest public-private partnership the city had formed and thrived.  We’ve seen recessions and cycles and remain steadfast in our conviction New York will always attract the most talented people from all walks of life.

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When we began evaluating the purchase of a 70 unit package of condos at Charlie West (505 West 43rd Street) in the late summer of 2020, our thesis was clear.  Demand would return as young buyers had the rare opportunity to own affordable luxury in Manhattan.  The original developer built the 123-unit tower in 2019, but had trouble selling units and then the pandemic hit.  In a time of great uncertainty, we were able to move quickly and decisively, winning one of the first distressed bulk condo deals since COVID hit.  By buying the units at a significant discount to pre-COVID pricing (~40%), we believed we had a margin of safety to ride out what might be a bumpy recovery and that patience would win out.  As the market has recovered, that bet has paid off nicely so far.