New York’s upstart investors find big profit

From left: Jeff Kaye and Rob Morgenstern
From left: Jeff Kaye and Rob Morgenstern

From the June issue: As New York City sales began recovering from the paralyzing real estate downturn, scores of investors worldwide launched companies and funds to buy up what they expected would be a windfall of distressed assets here, with billions of dollars of global wealth competing to back them.

Sign Up for the undefined Newsletter

But these newcomers faced competition for properties from aggressive, established buyers such as SL Green Realty, Extell Development, Thor Equities and the Chetrit Group. [more]