245 Park Avenue, Unit #26 New York, NY 10167 (212) 692-2000
Angelo, Gordon & Co.
Angelo Gordon & Co. is a privately held investment advisor with a focus on alternative investing. The firm was founded in 1988 by John Angelo (who passed away in early 2016) and began investing in commercial real estate a couple years later, by investing in the distressed debt of several bankrupt real estate companies. By 1993, Angelo Gordon began to reposition its real estate holdings to focus on increasing operating income. The firm eventually acquired more than $13 billion in properties and boasts more than $26 billion in total assets under management. The firm has shown no signs of slowing down. In 2013 it added two more floors to its office space on East 46th Street. In 2015 the firm raised more than $1.3 billion for its most recent real estate fund (mainly from pensions and other institutional investors), which will target sub-performing properties. The newest fund has already committed many of its fund, including $510 million on the acquisition of the office tower on 575 Lexington Avenue.
The corner retail space sold for $277 million, the Wall Street Journal reported. Vornado Realty Trust had offered to pay $280 million for the space, but negotiations fell apart, allowing Joseph Sitt to step in and purchase the property, according to the paper.