We are big, long-term believers in New York: Our firm started here, and through five generations, we’ve never given up on the city. As the great comedian Jerry Seinfeld said recently: “We’re going to keep going with New York City if that’s alright with you. And it will sure as hell be back.”
We opened a hotel shortly after 9/11 via the largest public-private partnership the city had formed - and it thrived. We’ve seen many recessions and cycles and have remained steadfast in our conviction that New York City will always attract the most talented people from all walks of life. Having experienced numerous ups and downs, we looked at what was happening in New York during the depths of the pandemic with a different lens than the doomsayers.
When we began evaluating the purchase of a 70-unit package of condos at Charlie West (505 West 43rd Street) in late summer 2020, our thesis was clear: Demand would return as young buyers recognized the rare opportunity to own affordable luxury in Manhattan. The original developer built the 123-unit tower in 2019 and was already having trouble selling units before the pandemic hit. In a time of huge uncertainty, we were able to move quickly and decisively, acquiring one of the first distressed bulk condo deals during the pandemic. By purchasing the units at a significant discount off pre-pandemic pricing (~40%), we believed we had a margin of safety to ride out what we anticipated might be a bumpy recovery, confident that patience would win out. As the market has recovered, that bet has paid off nicely.