News
BENCHMARK EARMARKS MANHATTAN MF
February 11, 2010
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| If stability exists today in real estate, some investors agree that it’s found in multifamily, specifically rent stabilized. We met with Benchmark Real Estate Group’s Jordan Vogel and Aaron Feldman(in their impromptu Once Upon A Tart office) to find out where the 10-month-old firm is investing. Their answer: prime Manhattan, where they believe pricing, in the best residential neighborhoods like SoHo and Greenwich Village, is beginning to line up with where values have settled. They say that buying AAA Manhattan locations at a historically sound basis manages the uncertainty that exists in the market. |
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| They formed Benchmark in April, after leaving SG2 Properties, where they managed over 4.5k units in neighborhoods like Washington Heights, Harlem, and the Bronx. They tell us they’re looking for mixed-use properties in Manhattan, with retail at grade and residential above with a primary focus on rent stabilization. So far, they’ve made two acquisitions at 142 Sullivan St. (pictured) and 120 MacDougal St, and are in negotiations on several others; as a start, they’re looking to acquire three properties or so a year. Meanwhile, if you’re looking for some good eats, Jordan’s the cook of the duo, while Aaron’s described as the walking Zagat. |
