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