A-Rod will soon be a New York City landlord
East Village photo via Flickr cc; A-Rod photo via Wiki Commons
Best known for his impressive 22-year baseball career (and more recently, his relationship with J-Lo), Yankee legend Alex Rodriguez is making moves to solidify his status as a major real estate player. The New York Post reported that Rodriguez just picked up a 21-unit rental building in the East Village, his first big purchase in New York City though he’s been quite active in Miami. Rodriguez partnered with fellow Shark Tank investor and real estate veteran Barabara Corcoran on the deal, and the duo isn’t playing around. They plan to quickly develop a portfolio of multifamily buildings throughout the city, with a focus on “undervalued neighborhoods, undermanaged buildings [and] misused land,” per a statement.
“Our first investment was a sweetheart deal, and we jumped at it,“ Corcoran said. “It took almost six months to negotiate, but Alex is incredible with this stuff. I thought he just hit balls, but he runs numbers.”
Rodriguez told CNBC last year that his real estate dreams started early on, in reaction to moving around frequently during his childhood. “Every 18 months we would have to move because the landlord would raise the rents,” A-Rod said. Every time he got news of an impending move, he wished he could “trade places with the landlord” and enjoy the stability of being a homeowner. He bought his first duplex when he was 22 and went on to found Monument Capital Management, which owns about 10,000 multifamily units, and Newport Property Construction, which has managed the development of over $1.5 billion worth of properties.
No details about the East Village purchase have been released but according to the Post, Corcoran has hired a group of football players who recently graduated from Columbia to scout more leads for her initiative with Rodriguez in neighborhoods like Greenpoint, Red Hook, Mott Haven, Inwood, and Morningside Heights. “We want to turn C-class building into A-class buildings,” they say.
[Via New York Post]
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