PMG’s Kevin Maloney doesn’t want to be ‘long’ on real estate

Miami /
Jun.June 05, 2013 10:00 AM

Residential development offers a quick way in and a clear exit, Property Markets Group principal  Kevin Maloney told the New York Times in explaining the company’s portfolio.

“Everything we do is residential in nature, and it has an exit. So it’s either an exit as a condominium, and we sell it, or we’ll rent it up and sell it to a REIT or a third party. We don’t want to be long on real estate,” said Maloney, who is putting up luxury condominiums in South Florida.

Business is “busier than it’s ever been,” Maloney said, with condo prices and the rental market rising in New York and South Florida. PMG has 15 buildings under construction.

Based in New York, PMG has offices in Miami and Chicago. Two of its South Florida projects are  Echo Aventura and Sage Beach in Hollywood, Fla.

Maloney told the newspaper that he is more involved with acquisition and construction than fellow principal Elliott Joseph. “Elliott’s more of a deal guy,” he said.

“The firm used to be Gary Barnett, now of Extell Development; Ziel Feldman, now of HFZ Capital; and I; and then Elliott. Gary left in ’95; Ziel left in 2005,” Maloney said. [NYT]Emily Schmall


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

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

Loading...