AREA Property Partners | The Real Deal New York

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AREA Property Partners

60 Columbus Circle, Suite 20
New York, NY 10023
(212) 515-3400

AREA Property Partners was a leading private equity firm. Formerly known as Apollo Global Management, it was acquired by Ares Management LLC in May 2013 under undisclosed terms.

In the 20 years before its acquisition, AREA invested more than $13 billion in more than 570 transactions. Headquartered in Manhattans Time Warner Center, which it co-developed with the Related Companies, AREA was also a partner in major real estate projects and properties in New York City, including huge apartment portfolios in Manhattan and Queens (as well as that Time Warner Center).

Under the Ares acquisition, AREA co-founder and chairman William Mack stepped aside. His son, Richard, AREAs North American CEO, stayed on as a senior adviser to Ares. Lee Neibart, AREAs overall CEO, took on a partner role in Ares real estate group.


12/04/17
...prominent owners such as Fortis Property Group and AREA Property Partners, said he hasn’t noticed new any business from landlords wanting inspections for their...

08/22/17
...in 2007 for $27 million through a joint venture with AREA Property Partners. The project stalled out during the recession and, when it finally got back on...

07/05/17
...holdings, having bought at least 40 of their buildings. AREA Property Partners and Vantage Properties, two large private equity-backed shops active in the mid-2000s, acquired...

05/01/17
...to A&E in two deals alone. AREA Property Partners and Vantage Properties, two large private equity-backed shops that went on a rent-regulated buying...

03/13/17
...amp;E in 2012. Then, in 2013, Ares Management, formerly AREA Property Partners, sold 188-30/188-34 87th Drive in Hollis and 39-11 – 39-15 62nd Street in Woodside...

12/08/16
...declined to comment, as did A&E. AREA Property Partners and Vantage Properties, two large private-equity shops that went on a rent-regulated shopping spree...

...property. Sources said Mack — then an executive at AREA Property Partners, which was trying to acquire a slice of the tower’s debt at a...

10/21/16
...Real Estate bought in 2012 from Vantage Properties and AREA Property Partners, now known as Candlebrook Properties and Ares Management, respectively. Sentinel and the other buyers...

...was a senior executive at his family firm AREA Property Partners back when it was actively acquiring a portion of the debt on the then-troubled...

07/08/16
...Estate Group and formerly a top executive at AREA Property Partners. Elizabeth Spiers, editor-in-chief of the Observer at the time, corroborated Vanity Fair's account late...

05/25/16
...Street and 87-14 129th Street in Richmond Hill. AREA Property Partners and Vantage Properties bought the buildings through a joint venture in 2008 for a combined...

05/18/16
...over misleading statements made by the developers. Lender AREA Property Partners, now known as Ares Management, pulled the building out of foreclosure in 2012, and condo...

05/06/16
...later lost control of the Apthorp to lender Area Property Partners in 2012, and sales at the property eventually picked up. Sitt’s Thor Equities recently...

...its mega fund manager Apollo (now known as AREA Property Partners) — said he thinks there is more family lending to come. “I don’t think...

03/10/16
...which paid $18.2 million to acquire the building from AREA Property Partners in 2013. That deal saw AREA, now known as Ares Management, trade the 11-story property...

...entertainment. Her father-in-law, William Mack, the founder of AREA Property Partners, suggested she meet legendary marketing consultant Louise Sunshine, the founder of the Sunshine Group...

12/18/15
...equity firm Apollo Real Estate Advisers, now called AREA Property Partners. The latter firm aggressively bought rent-stabilized multifamily buildings in Manhattan and the outer boroughs...

10/05/15
...the tower, developed by the Related Companies and AREA Property Partners, located at 10 Columbus Circle in Midtown, containing a DVD and a note that read...

09/24/15
...scrutinizing LLC buyers at the Related Companies’ and AREA Property Partners’ Time Warner Center. The newspaper found that over 80 percent of condo buys at the...

06/03/15
...the building at 680 St. Nicholas Avenue with partner AREA Property Partners for $24 million. The deal was brokered by Marcus & Millichap's Peter Von Der Ahe...

02/12/15
...Time Warner Center, jointly owned by Related and AREA Property Partners, has been at the center of a New York Times series about foreign investment...

02/09/15
...identities of LLC buyers in Related Companies’ and AREA Property Partners’ Time Warner Center, and found a growing number of wealthy foreigners are buying the...

08/29/14
...that the prior ownership, led by Vantage and AREA Property Partners, had not provided adequate services. By 2011, DHCR found that the owners had not provided...

08/07/14
...landlord, which at the time included Vantage and AREA Property Partners, had not provided adequate services. By 2011, DHCR found that the owners failed to repair...

07/02/14
...building in 2007 lost control of the property to AREA Property Partners in 2012, and AREA, led by William and Richard Mack, was acquired in 2013 by a...
  • Event Sales
  • Address 93-35 Lamont Avenue; 32-15 and 32-25 93rd Street; 38-05 Crescent Street; 143-45 Sanford Avenue; 41-46 50th Street; 39-25 65th Street; 39-89 50th Street; 41-45 52nd Street
  • Neighborhood Elmhurst, Woodside, Jackson Heights Sunnyside, Long Island City
  • Borough Manhattan
  • Square feet 403,800
  • Price $ 133,000,000
notes
The portfolio of 10 rent-stabilized multifamily buildings was sold for $133 million.
  • Event Sales
  • Address 139-06 34th Road
  • Neighborhood Flushing
  • Borough Queens
  • Price $ 46,000,000
notes
The portfolio sold for $46 million and included 139-09 34th Road, 102-43 Corona Avenue and 109-05 120th Street.
  • Event Sales
  • Address Queens portfolio
  • Neighborhood Midtown
  • Borough Queens
  • Price $ 68,000,000
  • Event Sales
  • Address 2070 and 2074 Arthur Avenue
  • Neighborhood Tremont
  • Borough Bronx
  • Price $ 4,230,000
  • Event Sales
  • Address 45 West 139th Street
  • Neighborhood Central Harlem
  • Borough Manhattan
  • Price $ 210,000,000
notes
The Savoy Park apartment complex sold for $210 million, Bloomberg News reported. The rent-regulated apartments will remain as affordable housing. AREA Property Partners and Vantage Properties acquired the properties for $175 million in 2006.
  • Event Sales
  • Address Manhattan portfolio
  • Neighborhood SoHo
  • Borough Manhattan
  • Price $ 65,000,000
  • Event Sales
  • Address 233 West 111th Street
  • Neighborhood Central Harlem
  • Borough Manhattan
  • Square feet 78,331
  • Price $ 11,100,000
  • Price per foot $ 141.71
notes
The portfolio sold for $11.1 million, or $142 per square foot. The price represents a capitalization rate of 4.9 percent and a gross rent multiple of 12.9. The properties are located at 201, 203-205, 217 and 233 West 111th Street. The buildings combine for 87 units, including eight studios, 29 one-bedrooms, 24 two-bedrooms and 26 three-bedrooms.
Queens, 11104
QPI-XXXII LLC
43-39 42nd Street is a 11,760 square foot property built in 1928 in...
Queens, 11104
QPI-XXXII LLC
43-35 42nd Street is a 11,760 square foot property built in 1931 in...
Queens, 11354
37-33 CP BOULEVARD, LLC
...
Manhattan, 10037
HP SAVOY HOUSING DEVELOPMENT FUND COMPANY INC.
The Savoy Park Apartments are a 1,790-unit, seven-building affordable housing complex in Harlem,...
Manhattan, 10019
Related Companies, COLUMBUS CENTRE RESIDENTIAL LLC
Time Warner Center, formerly known as the AOL Time Warner Center, is 2,800,000-square-foot...

...Estate Advisors (which later changed its name to Area Property Partners), and Joel Wiener’s Pinnacle Group, backed by Praedium Capital and private equity firm...
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