The Real Deal Miami

Miami Beach-based firm opens shop in Manhattan

By David Jones | September 25, 2008 02:31PM

 
Fifteen Group, a Miami Beach-based owner and operator of multi-family apartment buildings, recently opened its first New York City office.

Marc Weisman, who joined Fifteen Group as a principal in 2007, is running the 3,100-square-foot office at 232 Madison Avenue, between 37th and 38th streets.   

Weisman said the firm is actively shopping for a wide range of properties in the northeastern U.S., however it will limit its exposure to residential assets in the area.

“Our game is to find niche, value-added stuff,” Weisman said.

Since its founding in 1992, the company has acquired and managed around 20,000 multi-family units in 10 states throughout the U.S. Over the past three years, Fifteen Group has sold off 80 percent of its portfolio, and monetized the rest through refinancing.

In August, the firm acquired a non-performing loan from Colonial Bank that was backed by multi-family development sites and unsold condominium units in Palm Beach County, Fla. Weisman said the firm also has a separate “handshake deal” to buy more than 100 finished condominiums and town homes in South Florida.