An Indian billionaire, Rotem Rosen and Deutsche exec just launched a Manhattan real estate venture

Partners are targeting undervalued office, resi and hotel properties

TRD New York /
Oct.October 19, 2017 10:25 AM

Anand Mahindra​

UPDATED Oct. 19, 8 p.m.: Anand Mahindra, the billionaire head of Indian conglomerate Mahindra Group, has teamed up with Rotem Rosen and a Deutsche Bank executive to launch a real estate company focused on Manhattan properties.

From left: Jerry Rotonda and Rotem Rosen

Called MRR Development, the firm plans to develop or reposition office, residential and hotel properties in Manhattan, targeting undervalued assets and holding over the long term, The Real Deal has learned. It wasn’t immediately clear how much the venture plans to spend on Manhattan real estate.

Representatives from MRR — headed by Mahindra, Rosen and Jerry Rotonda — could not immediately be reached for comment.

Mahindra Group is a $20 billion empire that includes verticals across manufacturing, information technology, and engineering, with operations in over 100 countries. The conglomerate has invested heavily in U.S. manufacturing, particularly in the Detroit area. “We invested $1 billion, we expected to double that over the next five years,” Mahindra told CNBC in July, referring to his investment in the U.S.

Earlier this year, Rosen sold his controlling interest in ASRR Capital, a publicly traded company he ran with Alex Sapir, for $70 million. Rosen is also partners with restaurateur Arjun Waney and billionaire Ferit Shenk. The three own Zuma restaurants in New York and Las Vegas and are bringing the Nusr-Et restaurant chain, headed by celebrity chef “Salt Bae,” to Manhattan.

Rotonda confirmed that he will step down as CFO for Deutsche Bank’s Americas wealth management branch, a position he’s held since 2011, but will remain as an advisor.


Related Articles

arrow_forward_ios
From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
Alex Sapir and Rotem Rosen (Getty)

The Sapir & Rosen feud: Theft and betrayal at a family real estate empire

The Sapir & Rosen feud: Theft and betrayal at a family real estate empire
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
arrow_forward_ios

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

Loading...