HornRock Properties looks to spend $125M on Northeast development sites

New York /
Feb.February 14, 2013 01:00 PM

David and Maurice Hornblass, brothers, co-founders and principles of the prolific development company HornRock Properties, are pushing to acquire more than $125 million worth of development sites, according to Real Estate Weekly. After leaving Wall Street for real estate and working in the industry for more than a decade, the brothers said they feel that now is the right time for aggressive acquisitions.

“We have the ability to be aggressive and to make new deals quickly because we are a private company coming into the market with no debt,” Maurice Hornblass said. “All we have to consider is our evaluation: is this a good deal? There is nothing to interfere with our logic and there is no red tape to cut through. If we like a deal, we are going to do it. We are at the stage now where we can literally dissect a deal in minutes and determine if it is right for us.”

HornRock recently purchased an 8.379-acre site in the tony Morris County, N.J., borough of Mountain Lakes through a distressed asset purchase. The firm plans to build a 47-home community in a wooded corner of the town, known as Legacy of Mountain Lakes.

The brothers are also looking at a number of residential properties throughout the Northeast.

“We are ramping up on staff right now and aggressively pursuing the right acquisitions,” Maurice said. “We are making it known that we want to be a major player in this industry, but we are also moving forward in a controlled manner.” [REW]Christopher Cameron


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Latest fintech unicorn offers credit-score boost to renters
Latest fintech unicorn offers credit-score boost to renters
Latest fintech unicorn offers credit-score boost to renters
TRD Brand Studio: Your business, powered by The Real Deal
TRD Brand Studio: Your business, powered by The Real Deal
TRD Brand Studio: Your business, powered by The Real Deal
Marc Holliday, chairman and CEO, SL Green Realty Corp. (SL Green Realty Corp.)
Real estate bragging rights reach new heights
Real estate bragging rights reach new heights
Jason Rabin and 70 Cobb Road, Water Mill, NY (Google Maps, LinkedIn)
Southampton compound sells for $118.5M
Southampton compound sells for $118.5M
Jonathon Yormak,founder, managing principal, East End Capital; and map of 48-02 48th Avenue in Sunnyside Queens (East End Capital, Google Maps)
East End Capital bets on Sunnyside industrial
East End Capital bets on Sunnyside industrial
arrow_forward_ios

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

Loading...