From the August Issue: In the years following the 2008 crash, Barry Sternlicht was dubbed “the real estate bargain hunter” by the New York Times for buying up loan portfolios and properties at depressed prices and turning them into cash cows.
And the returns racked up by private funds managed by his company, Starwood Capital Group, were indeed impressive. Between March 2013 and June 2014, for example, Starwood Distressed Opportunity Fund IX racked up an annualized yield of 36.9 percent.
But recently, Sternlicht has had difficulty living up to that moniker, at least in New York City. [more]