A-Rod steps up his NYC real estate game with a new partnership to buy multiple apartment buildings
East Village photo via Flickr cc; A-Rod photo via Wiki Commons
Just a few weeks ago, 6sqft reported that Yankee legend Alex Rodriguez had added his first New York City property to a growing real estate empire with the purchase of a 21-unit rental building in the East Village with fellow Shark Tank investor and real estate veteran Barabara Corcoran. The new partnership announced a plan to develop a portfolio of multifamily NYC buildings in undervalued neighborhoods. Now, the New York Post reports, the retired third baseman’s A-Rod Corp. has teamed up with real estate investor Ofer Yardeni of Stonehenge NYC and seasoned broker Adam Modlin of the Modlin Group to buy multiple apartment buildings and bulk condo units throughout the city.
The new partnership is an exclusive venture with its eye on neighborhoods like Chelsea, which will be its first focus, and is planning to utilize Stonehenge’s larger properties as amenity centers for the smaller ones. The venture may also lease furnished apartments aimed at renters seeking high-end lifestyles.
Rodriguez implied that he made the switch because he wanted to own a bigger piece of the city’s real estate pie, saying in a statement, “I have always had the ambition of owning rental apartments in New York.” Corcoran says she’s fine with the slugger’s loftier goals, explaining that, “They buy big stuff, and I’m a private investor and find scrappy stuff.” She has said she hopes Rodriguez continues to invest with her as well, “because he’s a great partner.”
As for the new venture, Yardeni explained, “We will do what we did for 25 years — identify properties in New York from $5 million to $400 million and continue to acquire in Manhattan but also in the boroughs and collaborate with institutions and high-net-worth individuals.”
Stonehenge manages properties to institutional standards using tech-driven leasing and asset management platforms. The company also uses a proprietary tenant application that impressed the sports icon. Modlin is a veteran broker focused on high-end properties via the Modlin Group, which was responsible for $1 billion in sales last year.
The trio met in Florida last fall during Art Basel. According to Yardeni,“We hit it off. We met again at the Four Seasons for breakfast the following Tuesday.” The whole group spent the holidays with Rodriguez and fiancee Jennifer Lopez in Bel Air, CA, filling a whiteboard with ideas. Yardeni said, “It was almost like a military operation. Alex is a master student and wants to learn. And for two days, we discussed real estate,” adding that “Alex is a well-liked, smart, hard-working guy and I am so happy to be his partner. Alex calls me early, and he motivates me to work in the morning. And as he was a winner in baseball, I have no doubt he will be a winner with multifamily.”
Rodriguez’s isn’t new to real estate investment. His company, Monument Capital Management, already owns about 15,000 apartments in 13 states.
[Via NYPost]
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