Miller, Guterman and Westwood Capital join forces in new condo conversion venture

New York /
Dec.December 23, 2009 09:28 AM

Veteran appraiser Jonathan Miller is teaming up with boutique investment bank Westwood Capital and Gerald Guterman, the apartment building owner and manager, in a new venture to convert $1 billion in new, distressed condo projects to rental apartments. The trio, dubbing themselves Condominium Recovery LLC, plans to make bulk purchases from struggling banks, starting with New York City and South Florida. “The whole question is, especially after all of the reserves are gone, do you take the unlimited liability and run with it, or do you deal with someone who has credibility and has the funds, and sell it to them on a reasonable basis, which today is a rental basis?” said Guterman, who has owned or managed more than 60,000 apartments over the past four decades. The group is looking to make an average 10 percent return on the properties, which it plans to hold onto for about four years apiece. After that, they could create a real estate investment trust or sell the rentals as co-ops or condos. [Reuters]


Related Articles

arrow_forward_ios
(Illustration by The Real Deal with Getty)
Home contracts fall, but remember, “last year was a rocket ship”
Home contracts fall, but remember, “last year was a rocket ship”
(Illustration by The Real Deal with Getty)
What crash? Long Island home prices stronger than ever
What crash? Long Island home prices stronger than ever
(Illustration by Priyanka Modi for the Real Deal with Getty)
Contract signings for NYC homes diminish, as do new listings
Contract signings for NYC homes diminish, as do new listings
Rental Market, NYC Rental Market, Douglas Elliman, rents, Jonathan Miller
Rents have stopped growing – but are unlikely to fall
Rents have stopped growing – but are unlikely to fall
Manhattan rents rise
As July rents notch another record, brokers eye August dip
As July rents notch another record, brokers eye August dip
Contracts, Douglas Elliman, Jonathan Miller, Miller Samuel
Contract signings for homes plunge, yet inventory stays low
Contract signings for homes plunge, yet inventory stays low
(Photo Illustration by The Real Deal with Getty Images)
Long Island, Hamptons sales slow and listings tick up
Long Island, Hamptons sales slow and listings tick up
A photo illustration of rising rents in New York City (iStock)
“Barring a recession,” record-breaking NYC rents will keep rising
“Barring a recession,” record-breaking NYC rents will keep rising
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...