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New York’s upstart investors find big profit

From left: Jeff Kaye and Rob Morgenstern
From left: Jeff Kaye and Rob Morgenstern

From the June issue: As New York City sales began recovering from the paralyzing real estate downturn, scores of investors worldwide launched companies and funds to buy up what they expected would be a windfall of distressed assets here, with billions of dollars of global wealth competing to back them.

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But these newcomers faced competition for properties from aggressive, established buyers such as SL Green Realty, Extell Development, Thor Equities and the Chetrit Group. [more]

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