Showing posts with label A-Rod. Show all posts
Showing posts with label A-Rod. Show all posts

Tuesday, July 2, 2019

A-Rod owns part of this building on Avenue D


[133 Avenue D via Streeteasy]

In early June, the Post reported that former Yankee Alex Rodriguez teamed up with real-estate veteran Barbara Corcoran to buy "a 21-unit rental tower" in the East Village. However, the two declined to divulge the address.

In a follow-up piece, the Post discloses that the property is 133 Avenue D, a building between Ninth Street and 10th Street.

That address made headlines last August when Michael Cohen, President Trump’s former personal attorney and fixer, sold his stake in the building. According to The Real Deal, Cohen — now serving a three-year sentence at Otisville Correctional Facility in upstate New York — sold four stakes to Vintage Group, his joint venture partner in the ownership of 133 Avenue D, for $4 million.

As for A-Rod, 133 Avenue D is his first foray into New York City real estate. However, his Monument Capital Management company owns about 15,000 apartments in 13 states. He plans on buying up more NYC properties. Per the Post:

A-Rod Corp. has teamed up with real estate investor and operator Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin of the Modlin Group in what they say is an exclusive as-yet-to-be-named venture to root out and purchase all sizes of apartment buildings and bulk condominium units in the Big Apple.

Previously on EV Grieve:
Report: Michael Cohen sells stake in Avenue D building

Monday, June 3, 2019

Moneyball: Is A-Rod your new landlord?



Alex Rodriguez's post-baseball résumé also includes NYC real-estate investor.

A-Rod, whose career included an unprecedented 211-game suspension for performance-enhancing drugs, is the new owner of "a 21-unit rental tower" in the East Village, the Post reported.

No word on the address of the building. (If you happen to know, then please hit us up in the tip line.)

Per the Post:

For the East Village purchase, A-Rod partnered with NYC real estate veteran Barbara Corcoran, who founded one of the city’s biggest brokerages and is now known for investing in business on ABC’s “Shark Tank.”

Through their company A-Rod Corp. — and funded by their personal fortunes — the celebrity duo plan to aggressively build up a portfolio of multifamily buildings across the city. They declined to share the address of their first joint buy, which has retail at its base, but say it is already generating “immediate returns.”

“Our first investment was a sweetheart deal, and we jumped at it,“ adds Corcoan, who got to know Rodriguez when he appeared on “Shark Tank.” “It took almost six months to negotiate, but Alex is incredible with this stuff. I thought he just hit balls, but he runs numbers.”

While this is his first NYC purchase, the former Yankee has a large real-estate investment portfolio that dates to 2003.