A-Rod and Corcoran Team Up for NY Apartment Purchase
Digested from Real Estate Weekly
The duo is chasing buildings with 50 or fewer apartments and it plans to hold them long term.
Former Apartmentalize speakers Alex Rodriquez and Barbara Corcoran teamed up to buy a 21-unit apartment tower in the East Village of Manhattan, according to Real Estate Weekly’s Linda O'Flanagan.
Rodriquez, a former New York Yankees great and founder of the A-Rod Corp. investment and development firm, and Corcoran, who founded The Corcoran Group and built it into a billion-dollar company, plan to purchase more off-market properties in New York City. The duo is chasing buildings with 50 or fewer apartments and it plans to hold them long term.
“We acquire high potential assets that our team is uniquely positioned to identify and develop,” Rodriguez said. “Undervalued neighborhoods, undermanaged buildings, misused land — this model works in any market when you have the capabilities and drive to make your real estate outperform.”
Corcoran plans to use the time in the cycle and investor sentiment to her advantage. “The best time to buy real estate is when everybody else is afraid and right now a lot of people believe that we’re at the end of a cycle,” she said.