Top 20 Ofer Yardeni Alex Rodriguez The 107 Top Answers

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BuildingNY: Ofer Yardeni, Managing Director, Stonehenge Partners

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A-Rod takes bigger swing at residential real estate in NYC

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Summary of article content: Articles about A-Rod takes bigger swing at residential real estate in NYC The slugger’s A-Rod Corp. has teamed up with real estate investor and operator Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin … …
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A-Rod takes bigger swing at residential real estate in NYC

Yankee legend Alex Rodriguez is continuing his apartment buying spree in New York City — just not with Barbara Corcoran.

Earlier this month, The Post exclusively reported that the retired third baseman had teamed up with the “Shark Tank” judge to buy a 21-unit rental building in the East Village — the first of what was billed by Corcoran as an ongoing partnership to buy multifamily buildings across the city.

Since then, however, the slugger’s A-Rod Corp. has teamed up with real estate investor and operator Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin of the Modlin Group in what they say is an exclusive as-yet-to-be-named venture to root out and purchase all sizes of apartment buildings and bulk condominium units in the Big Apple.

Corcoran says she and Rodriguez have already discussed his new venture — and that she’s fine with the pivot.

“They buy big stuff, and I’m a private investor and find scrappy stuff,” Corcoran explained.

As to whether or not Rodriguez continues to invest with her, she adds, “I hope so, because he’s a great partner.”

A-Rod also suggested he made the switch because he wanted to go bigger.

“I have always had the ambition of owning rental apartments in New York,” Rodriguez said in a statement.

“Over the years opportunities arose to do so — however, I was hesitant until I could team up with a local partner in New York with a proven track record for managing through the highly regulated environment,” the former Yankee said.

“After several one-on-one meetings with Ofer Yardeni … I concluded that Stonehenge NYC was the perfect partner for me,” Rodriguez said.

Of course, the 14-time All-Star is no novice to real estate investing.

Although Rodriguez’s investment with Corcoran was his first foray into New York City real estate, Rodriguez’s Monument Capital Management already owns about 15,000 apartments in 13 states.

The small Manhattan apartment building he bought with Corcoran, located at 133 Avenue D, was purchased from disgraced former President Trump attorney Michael Cohen and partner Eric Nelson for $8.3 million in a 2018 deal that predated his now-exclusive venture with Yardeni and Modlin.

“We will do what we did for 25 years — identify properties in New York from $5 million to $400 million and continue to acquire in Manhattan but also in the boroughs and collaborate with institutions and high-net-worth individuals,” Yardeni explained.

They will first be zeroing in on neighborhoods such as Chelsea and use Stonehenge’s larger properties to serve as amenity centers for the smaller ones. The venture may later lease out apartments that are beautifully furnished and targeted toward high-end lifestyles, Yardeni added.

The trio met up in Florida last fall during Art Basel when Modlin was having dinner at Prime 112 with Rodriguez and his then-girlfriend — now fiancée — actress and entrepreneur Jennifer Lopez. Spotting Yardeni with his wife, Sheri Yardeni, and son, Josh, an analyst with Lone Star/Hudson Advisors, Modlin decided to introduce them to Rodriguez, another longtime friend.

“We hit it off,” recalls Yardeni. “We met again at the Four Seasons for breakfast the following Tuesday.”

That turned into lunch at Casa Lever and then the whole group spent the holidays with Rodriguez and Lopez in Bel Air, Calif.

The three men talked while a white board was filled with ideas.

“It was almost like a military operation,” said Yardeni, a former Israel Defense Forces soldier. “Alex is a master student and wants to learn. And for two days, we discussed real estate.”

Stonehenge manages properties to institutional standards and uses technology-driven leasing and asset management platforms along with a proprietary tenant application that also impressed Rodriguez, the sports star said.

Modlin is a 25-year veteran broker who concentrates on high-end properties through the Modlin Group and completed $1 billion in sales last year alone.

He understands the valuation of condominiums and, with an eye on bulk condominium purchases, will be overseeing strategic planning while ensuring the building design and layouts meet the needs of today’s residents.

Modlin will also be introducing the venture to some of those high-net-worth individuals who span industries including technology and sports.

“It’s been a life-long ambition for me to own multifamily in Manhattan,” said Modlin. “This is a unique opportunity to work with these two friends I have known for 25 years.”

Yardeni added, “Alex is a well-liked, smart, hard-working guy and I am so happy to be his partner. Alex calls me early, and he motivates me to work in the morning. And as he was a winner in baseball, I have no doubt he will be a winner with multifamily.”

“We believe in the fundamentals of New York City,” Yardeni continued. “It’s still a desirable city despite some of the changes in the law. I don’t think it will affect the quality of life because New York City is a brand.”

Stonehenge NYC, A-Rod Corp, and Modlin Group, Announce their Venture’s First Acquisition

NEW YORK, Feb. 21, 2020 /PRNewswire/ — Ofer Yardeni, Chairman and CEO of Stonehenge NYC in partnership with A-Rod Corp, an investment firm led by legendary baseball star Alex Rodriguez, and Modlin Group, a boutique real estate agency headed by Adam D. Modlin, today announced the acquisition of a 114 unit residential apartment building located in the coveted Midtown East submarket of Manhattan at 340 East 51st Street. Formerly known as Allen House, the 14-story building constructed in 1965 by the London Family has been rebranded as Stonehenge 51.

Ofer Yardeni, Founder of Stonehenge NYC Alex Rodriguez, Founder of A-Rod Corp Adam D. Modlin, Founder of Modlin Group Exterior of Stonehenge 51

The property was acquired for a price of $66,248,000 or $707 per square foot. The new venture has partnered with private investors who saw an opportunity to invest in a quality residential apartment building in New York City, one of the world’s strongest and most resilient markets. The new partnership is well positioned to take advantage of secular trends including urbanization and generational demographic shifts which are driving the steady demand for residential rental housing.

Stonehenge NYC originated the investment opportunity and was responsible for the due-diligence process as well as elaborating the investment strategy for the property. Stonehenge NYC will manage the business plan and budget for Stonehenge 51. Part of the investment strategy includes the introduction of a new and innovative concept branded as Stonehenge Reserve which offers tenants the flexibility of leasing fair market units for terms of 6-months or more as well as the convenience of leasing fully furnished apartments. The transaction was brokered by David Krantz and Paul Leibowitz of Savills.

Ofer Yardeni, Chairman and CEO of Stonehenge NYC, said, “We have noticed a strong trend, particularly among millennials, of a need for more flexible lease lengths and furnished options. Due to this, we are delighted to introduce our new Stonehenge Reserve concept at Stonehenge 51. Should they desire – a tenant can simply move in with nothing but their clothing. I am thrilled to be doing our first deal with Alex and Adam and also introducing Stonehenge Reserve. This will be the first of many deals together, as we continue to be bullish on a market that has consistently provided great investment opportunities for rental apartments.”

Commenting about this first acquisition for the recently formed Venture, Alex Rodriguez said, “Stonehenge 51 is a great compliment to the investment strategy I have established for myself as an investor in real estate over the past 20+ years. With Adam and Ofer as my partners, we have an all star team that has enjoyed an enviable track record in owning and managing Manhattan rental apartments for more than two decades.”

Adam D. Modlin, who was key to the Venture’s formation, said, “Stonehenge 51 is an amazing opportunity to own a quality residential apartment building that has historically enjoyed a very high occupancy rate given its excellent location in Midtown East. With tech companies such as Google expanding its footprint in NYC and Facebook taking 1.5 million square feet in NYC, there is a growing demand for quality rental apartments.”

In commenting on the sale, Ben London stated: “David and Paul did a remarkable job in securing the right buyer for this generational family asset.” Ben London is the principal of his Family Office which has acquired approximately 4,000 units throughout the south-east since 2015.

About Stonehenge NYC

Stonehenge NYC, founded by Ofer Yardeni, is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. Stonehenge’s core growth strategy is focused on New York City real estate opportunities. The company currently owns and manages 19 residential apartment buildings with more than 2,800 rental apartment units. www.stonehengenyc.com

About A-Rod Corp

Founded in 2003 by legendary baseball player Alex Rodriguez, A-Rod Corp identifies, originates and manages investments across a broad array of industries, including real estate, sports and wellness, media, and entertainment. With a flexible and opportunistic investment mandate, the firm focuses on long-term opportunities, where it can add value to create superior risk-adjusted returns. Led by Alex Rodriguez and a team of seasoned investment professionals, the firm manages both internal and external capital.

About Modlin Group

Modlin Group is a bespoke boutique real estate agency in New York City. Founded by Adam D. Modlin in 1999, the company has a 20-year track record for closing high profile transactions. In the past five years alone, the company has executed in excess $1 B in transactions. While Modlin Group’s expertise is in New York, the company has developed alliances and advises clients in the Hamptons, Boston, Miami, Los Angeles, and London.

SOURCE Stonehenge NYC

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http://www.stonehengenyc.com

A-Rod steps up his NYC real estate game with a new partnership to buy multiple apartment buildings

A-Rod steps up his NYC real estate game with a new partnership to buy multiple apartment buildings

East Village photo via Flickr cc; A-Rod photo via Wiki Commons

Just a few weeks ago, 6sqft reported that Yankee legend Alex Rodriguez had added his first New York City property to a growing real estate empire with the purchase of a 21-unit rental building in the East Village with fellow Shark Tank investor and real estate veteran Barabara Corcoran. The new partnership announced a plan to develop a portfolio of multifamily NYC buildings in undervalued neighborhoods. Now, the New York Post reports, the retired third baseman’s A-Rod Corp. has teamed up with real estate investor Ofer Yardeni of Stonehenge NYC and seasoned broker Adam Modlin of the Modlin Group to buy multiple apartment buildings and bulk condo units throughout the city.

The new partnership is an exclusive venture with its eye on neighborhoods like Chelsea, which will be its first focus, and is planning to utilize Stonehenge’s larger properties as amenity centers for the smaller ones. The venture may also lease furnished apartments aimed at renters seeking high-end lifestyles.

Rodriguez implied that he made the switch because he wanted to own a bigger piece of the city’s real estate pie, saying in a statement, “I have always had the ambition of owning rental apartments in New York.” Corcoran says she’s fine with the slugger’s loftier goals, explaining that, “They buy big stuff, and I’m a private investor and find scrappy stuff.” She has said she hopes Rodriguez continues to invest with her as well, “because he’s a great partner.”

As for the new venture, Yardeni explained, “We will do what we did for 25 years — identify properties in New York from $5 million to $400 million and continue to acquire in Manhattan but also in the boroughs and collaborate with institutions and high-net-worth individuals.”

Stonehenge manages properties to institutional standards using tech-driven leasing and asset management platforms. The company also uses a proprietary tenant application that impressed the sports icon. Modlin is a veteran broker focused on high-end properties via the Modlin Group, which was responsible for $1 billion in sales last year.

The trio met in Florida last fall during Art Basel. According to Yardeni,“We hit it off. We met again at the Four Seasons for breakfast the following Tuesday.” The whole group spent the holidays with Rodriguez and fiancee Jennifer Lopez in Bel Air, CA, filling a whiteboard with ideas. Yardeni said, “It was almost like a military operation. Alex is a master student and wants to learn. And for two days, we discussed real estate,” adding that “Alex is a well-liked, smart, hard-working guy and I am so happy to be his partner. Alex calls me early, and he motivates me to work in the morning. And as he was a winner in baseball, I have no doubt he will be a winner with multifamily.”

Rodriguez’s isn’t new to real estate investment. His company, Monument Capital Management, already owns about 15,000 apartments in 13 states.
[Via NYPost]
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Tags : Alex Rodriguez, Barbara Corcoran, Modlin Group, Monument Capital Management, Stonehenge

Neighborhoods : Chelsea,East Village

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