The Real Deal New York

Four Winds development firm snags LES rental for $19M

Company launched in 2012; this is its first property acquisition
By Adam Pincus | April 16, 2013 02:30PM

Four Winds Real Estate, a new real estate development and management firm, purchased its first multi-family property last week, paying $19.1 million for two buildings on a single lot in the Lower East Side, company co-founder, David Schneiderman, told The Real Deal.

Four Winds closed on the purchase of the buildings known as Gotham Court, and located at 152 Ludlow Street and 149-151 Essex Street on Friday, said Schneiderman, a principal with the firm.

The seven-story Essex Street building has 20 apartments and two commercial units, while the Ludlow Street building has two apartments and one commercial unit.

Marc Alper, a sales manager at GFI Realty, represented the seller, an entity known as 149-151 Essex Street Associates. GFI’s Louis Moskowitz, a senior associate broker, represented the buyers. The seller declined to comment.

Schneiderman, formerly at finance firm Ackman-Ziff Real Estate Group, partnered with Joshua Landau to launch Four Winds in 2012, he said. Landau previously worked as a developer and built projects such as 96 Rockwell Place in Fort Greene.

Four Winds has acquired the debt on various properties, but this is the first fee interest acquisition that the company has made.