New Belfonti subsidiary enters NYC arena.
The new company has just signed a lease with Deutsche Bank AG for office space at 31 West 52nd Street and will take occupancy immediately.
Belfonti Capital Partners, LLC will focus on acquiring larger real estate assets in conjunction with various institutional partners.
"In the past we have always funded transactions using our own capital," said Michael Belfonti, "but the move to the New York arena and our new focus on acquiring significantly larger assets will require us to partner with institutions. Belfonti Capital Partners will also be seeking a wider array of product, including high-rise office buildings, commercial retail centers, and the conversion and development of luxury condominiums."
According to Belfonti, the timing for his company's expansion into the New York Metropolitan real estate market is fortuitous. "Although we have owned properties in 14 states nationwide, including the East Coast, the Midwest, and the Southeast, the time is right to move into larger MSAs [Metropolitan Statistical Areas]. What better place to start than one of the largest, New York City? We are very excited about our new venture."
Belfonti will serve as the President and CEO of Belfonti Capital Partners, located in midtown Manhattan at the former headquarters of Deutsche Bank. The building is across from the newly renovated Museum of Modern Art and within walking distance of the 21 Club.