Former Vornado CEO Sees Bigger Role At Kushner-Backed Startup
Former Vornado president Michael Fascitelli is taking the role of investment committee chair and senior adviser at Cadre, an online real estate investment platform with financial backing from Jared and Josh Kushner.
Fascitelli (pictured above, left, with SL Green CEO Marc Holliday) will approve all transactions, and he’ll advise the firm’s senior managers on expansion nationwide, the New York Post reports. He’ll also be in touch with investors, who he says put in amounts that average around $500k and have gone as high as $10M.
The firm invests mainly in office, multifamily and retail properties in the $50M to $300M range. It picked up 10 properties last year, including an office building in Greenwich, CT, and a multifamily property in Washington, DC.
Cadre co-founder Ryan Williams tells the Post the firm turned down most of the $13B in deals it had a chance to do “because we wanted to be methodical.” He says he expects the firm to close $1B in transactions this year. [NYP]
