NEW YORK, April 21, 2015 /PRNewswire/ -- On April 15, 2015, Admiral Capital Group ("Admiral") and Four Winds Real Estate ("Four Winds") acquired a three building mixed-use portfolio (the "Portfolio") in downtown Manhattan. The Portfolio represents Admiral's first investment in New York City; it also expands Four Winds existing multifamily portfolio on the Lower East Side neighborhood of Manhattan.
Encompassing three contiguous buildings at the intersection of Rivington Street and Ridge Street in the heart of the Lower East Side, the Portfolio includes sixty-one residential units and four commercial units. Two of the buildings (106 Ridge Street and 118 Ridge Street) were built in the early 20th century, while the third (110 Ridge Street) was constructed in 2004. The Portfolio is located in close proximity to multiple subway lines with easy access to New York City's major employment centers.
"Ridge Street provides Admiral with a unique opportunity to acquire three attractive properties in one of Manhattan's most desirable neighborhoods" said Dan Bassichis, Admiral Managing Partner and Co-Founder. "We have closely monitored the robust New York City multifamily market and are excited to close on our first New York property with Four Winds, which brings a track record of successfully executing similar business plans in the thriving Lower East Side."
"This was a rare opportunity to acquire a sizable footprint in the dynamic Lower East Side neighborhood of New York City," said David Schneiderman, Co-Founder and Managing Principal of Four Winds Real Estate. "The Lower East Side is poised to continue its transformation into the cultural epicenter of New York City. Four Winds is looking forward to commencing its partnership with Admiral Capital."
The Lower East Side continues to be one of the most attractive areas within Manhattan and has recently emerged as an area known for its vibrant cultural, entertainment and culinary offerings (five of the top ten new Manhattan restaurants of 2014 according to the New York Times are located in the submarket). In addition, the 1.9 million square foot Essex Crossing Development is attracting premium retail tenants, further revitalizing the area.
The Portfolio was acquired from a private investor group that owned the properties for over 30 years. The sale was brokered by Eastern Consolidated. Jarett Kaplus, Principal at Admiral, and David Schneiderman and Joshua Landau of Four Winds, led the transaction teams.
About Admiral Capital Group Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company acquires value-add real estate opportunities through equity and debt investments in office, hotel, multifamily and retail properties valued between $20 million and $60 million. The Admiral founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson's lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
About USAA Real Estate Company USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multifamily, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Four Winds Real Estate Four Winds Real Estate is a private real estate development and management company focused on investments in New York City. The co-founders and managing principals of Four Winds Real Estate are Joshua Landau and David Schneiderman. The firm is currently managing a portfolio of residential and commercial properties throughout New York City. For more information, visit www.fourwindsny.com.