Dermot and Principal plan $300m city spending spree.Principal Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , one of the largest managers of institutional real estate assets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and The Dermot Company Inc., a major owner, developer and manager of rental apartments in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. market, have formed a joint venture focused on the acquisition of rent-stabilized apartments in the five boroughs of New York City. The venture, arranged by Sonnenblick-Goldman, has made an initial commitment of $100 million in equity and intends to acquire approximately $300 million in properties over the near term. It closed on its first acquisition, a 121-unit, two-building portfolio in Astoria, Queens Astoria is a neighborhood in the northwestern corner of the borough of Queens in New York City. Located in Community Board 1, Astoria is bounded by the East River and is adjacent to three other Queens neighborhoods: Long Island City (bordering at Broadway), Sunnyside (bordering at in May. "Rent stabilized apartments are an important asset class in New York City. Our experience in the real estate investment arena combined with Dermot's experience in acquiring and managing rent stabilized apartments in New York City, will allow us to develop a strong investment platform in the New York City multifamily market," said John Frandson, managing director of structured equity for Principal Real Estate Investors. "We're thrilled to be working with Principal Real Estate Investors as they expand their presence in the New York City real estate market," said Andrew MacArthur, a principal with The Dermot Company. "We think that this commitment is only a beginning in our working together to acquire and manage residential properties here." "Dermot's focus on acquiring assets with below-market rents that require base building and unit improvements should result in stellar returns for the venture," said Steve Kohn, president of Sonnenblick Goldman. Property management services for purchases made by the venture will be provided by The Dermot Company. The Dermot Company, Inc. currently manages over $1 billion in assets and owns or holds investments in more than 5,000 multifamily units. In addition to this project, Dermot is also converting the Williamsburg Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Building in Downtown Brooklyn Downtown Brooklyn is the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the to luxury condominiums, redeveloping the Queens Family Courthouse in Jamaica, Queens Jamaica is a neighborhood in the borough of Queens in New York City. It was settled as a town by the English under Dutch rule in 1656 in New Netherland. The neighborhood is part of Queens Community Board 12. to multi-family residences, and building The Mosaic at 53rd Street and Tenth. |
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