From the May issue:

From left: Simon Development CEO Jonathan Simon and the Crescent Club

Landlord and builder Simon Development Group took ownership of a 130-unit residential project in Long Island City, following a foreclosure on the $51 million note. Simon Development, based in Midtown, acquired the Crescent Club at 41-17 Crescent Street on March 16, according to city property records published today. Simon bought the defaulted mortgage note from Citibank in July 2011. [more]

Simon Development Group, which helped open the Hill Country BBQ Market in Chelsea, is starting an opportunity fund for investors interested in distressed properties. The five-person team manages, redevelops and constructs residential properties, including Tower 31 at 9 West 31st Street between Broadway and Fifth Avenue. Its new fund, which has a target value between $50 million and $100 million, is the first for the nearly 20-year old group. The Durst Organization, among others, also recently stepped into the distressed assets field. Matthew Baron, a principal at Simon, is unflappably optimistic about the pursuit, insisting that the time is right for his group to initiate the fund. Note: Correction appended [more]