NEW YORK, May 13, 2013 /PRNewswire/ -- Ian Levine, founder and CEO of the Spandrel Group – a leading property and asset management company – together with partner Emanuel Neuman today announced the launch of Spandrel Development Partners (SDP), an affiliated real estate development and investment company. SDP will specialize in multi-family condominiums and rental properties situated in strategic Metropolitan Statistical Areas (MSA) nationwide.
"We look forward to leveraging our combined 25 years of real estate development and finance experience to Spandrel Group's existing expertise in managing and repositioning properties to provide real value for our investors," said Levine, co-founding partner of SDP. "As we take on new projects, we will utilize our vast network of professional contacts to ensure that projects adhere to our high-quality standards in the most cost-effective and environmentally conscious manner possible."
SDP will invest in distressed and off-market assets in the range of $20 to $40 million. As part of its core business model, SDP will pursue opportunities for conversion, capital improvements and ground-up development, focusing in targeted U.S. markets with strong and growing economic and demographic characteristics. SDP will actively source opportunities in select MSAs within North Carolina, South Carolina, Louisiana and Tennessee.
Levine and Neuman bring vast and diverse experience in all areas of real estate investment, development, finance and property management. In addition to founding his property management firm, Levine has been intricately involved in developing premier residential communities through his position as chief operating officer and chief financial officer at R.A.L. Companies. Prior to launching SDP, Neuman was co-portfolio manager of Unterberg Capital LLC, a long-only investment fund named one of 2010's "Top Performers" by Bloomberg. Previously, Emanuel was vice president of investment banking at Collins Stewart (formerly C.E. Unterberg, Towbin LLC). Throughout his 10-year career in finance, Emanuel has advised and invested in over $1 billion in transactions.
"With our focused and methodological strategy, I'm extremely confident in our ability to provide our investors with a superior risk-adjusted return-on-investment," Neuman said. "We are also very encouraged by the feedback given to us from our existing relationships with institutional investors and debt lenders and we all look forward to working together."
As a Spandrel Group affiliate, SDP by virtue of Spandrel Groups integrated structure will have direct access to a multitude of competencies usually requiring third party retainers such as Project Monitoring and Construction and Financing Requisition Preparation in addition to purchasing and sourcing efficiencies. In conjunction with project development, Spandrel Group will serve as a property manager throughout all stages of development.
Founded in 2000, Spandrel Group manages and has consulted on projects totaling more than 10 million square feet for institutional assets as well as private-owned properties in New York, New Jersey, Massachusetts, Colorado, Pennsylvania, Miami and other key markets.
Among its many notable properties, Spandrel Group manages One Brooklyn Bridge Park, a massive 438-unit, mixed-used condominium – now 95-percent sold – situated along an 85-acre recreational esplanade in prime Brooklyn Heights; and Skyview at Carriage City in Rahway, New Jersey, a bank-owned, 17-story building built as a mixed-use condominium with residential, commercial and hotel components and successfully repositioned by Spandrel as a leading luxury rental building, which, only one year later, boasts 90-percent occupancy and steadily rising rents.
ABOUT THE SPANDREL GROUP
The Spandrel Group, LLC is a fully integrated real estate company with a focus on property/asset management and development. Founded by Ian Levine, a real estate professional with over a decade of experience in all facets of management, development, sales and leasing, the Spandrel Group offers a personalized approach to property management. Working in conjunction with real estate owners, investors and condominium/cooperative boards, the Spandrel Group develops customized programs that ensure the highest levels of services coupled with effective operational systems and optimal Cash flow. www.spandrelgroup.com
ABOUT SPANDREL DEVELOPMENT PARTNERS
Spandrel Development Partners, LLC (SDP) is a New York-based real estate development and investment company specializing in distressed and off-market multi-family properties. SDP principals bring a combined 25 years and $2+ billion of real estate and finance experience to the firm. SDP seeks investment opportunities for renovations and ground-up development in select MSAs within North Carolina, South Carolina, Louisiana and Tennessee. www.spandreldevelopment.com
SOURCE Spandrel Development Partners, LLC