Over the last 15 years, Ms. Kahn and Mr. Bookman have successfully worked together on a number of acquisitions including both conversion projects as well as the purchase of unsold sponsor units. In 2004, SFG acquired 174 sponsor units in a failed condominium project in Peekskill, NY.
In mid-2001, M&T Bank financed SFG’s (Coram Isle, LLC) acquisition of 422 unsold sponsor units at North Isle Village in Coram, NY. Mr. Bookman led this transaction for the company and oversaw the disposition of 330 units within two years of the acquisition (the company still owns 90 free market units that it rents). The property was originally built as a private girls’ reform school and was later redeveloped into184 condominiums homes. SFG purchased the units, made significant capital upgrades to the property and successfully sold the apartments over a two year period quadrupling its equity investment in the deal. SFG financed this deal by assuming an existing M&T loan which was modified to increase the proceeds to complete the acquisition.
In late 2005, SFG acquired a 73-unit rental complex in Riverdale, NY. Ms. Kahn and Mr. Bookman took the property through the condominium conversion process and converted/redeveloped an existing community facility floor into four additional residential units. During the conversion, SFG upgraded all of the common areas of the property as well as the apartments. SFG has achieved a double digit return on this project even though the sell-out was during a very difficult time in the market.
In mid-2006, SFG acquired with its equity partner JPMorgan Investment Management, a 262-unit rental property in Yonkers, NY. SFG (on behalf of the ownership entity) invested several million dollars in repositioning the property while converting in to a condominium. SFG, through its brokerage entity sold over 50 units to existing residential tenants at very favorable pricing. Sales to third party purchasers began in mid to late 2008. SFG sold out the building over a difficult real estate condo cycle and returned all capital to its partners with a modest return.
In 2013, SFG acquired a block of 35 unsold cooperative units in Riveredge, a 140 unit cooperative located in Riverdale. Over the last three years, SFG has sold 20 units has returned all investor capital with a profit and now owns 15 rent stabilized unites with a retail sales value of $7MM.
In 2015, SFG acquired a block of 36 rent stabilized units in Mamaroneck Gardens, a 240 unit cooperative in Mamaroneck, NY. Since acquisition, SFG has turned 10 units, rented several of them to stabilize the cash flows and have sold several units well in excess of projections and existing sales at the property.
SFG Purchased 53 condominium units at The Greens at Heartland Village on Staten Island. Since marketing the units for sale in June 2017, we have ten units under contract and several more being negotiated.
SFG also has an extensive presence in South Florida, particularly Palm Beach County. In all of the following condominium association properties that SFG purchased blocks of units in, SFG also obtained the limited developers rights to sell, lease, and market their units on site exclusively.
In June 2007, The Dunes at WPB, LLLP purchased 123 condominium units at The Villas at Emerald Dunes in West Palm Beach Florida.
In July 2009, The Grand Isles WPB, LLLP purchased 103 condominium units at The Grand Isles Condominium in West Palm Beach Florida.
In late 2009, Palm Beach Somerset, LLC began purchasing individual condominium units through short sales and foreclosures at The Villas at Emerald Dunes and The Grand Isles. Palm Beach Somerset, LLC built a portfolio of 49 condominium units.
In May 2010, Bocar at Boca Raton, LLC purchased 35 condominium units at the Bocar Condominium in Boca Raton Florida.
In December 2010, MJRM Palm Beach Place, LLC purchased 9 units at the Palm Beach Place Condominium in West Palm Beach. MJRM Palm Beach Place, LLC has also purchased a number of units through short sales and foreclosures in Palm Beach Place, The Villas at Emerald Dunes, and The Grand Isles. MJRM Palm Beach Place, LLC built a portfolio of 41 units.
In August 2011, Lionshead Investments, LLC was formed to purchase condominium units through short sales and foreclosures at The Villas at Emerald Dunes and The Grand Isles. Lionshead Investments, LLC built a portfolio of 74 units.
New York transactions include:
|Yonkers, New York||262||$70,000,000|
|Coram, Long Island||400||$40,000,000|
|Valley Stream, New York||436||$44,000,000|
|Peekskill, New York||174||$32,000,000|
|Riverdale, New York||73||$35,000,000|
|Riverdale, New York||35||$11,000,000|
|Kew Garding Hills, New York||105||$20,000,000|
|Flushing, New York||72||$14,600,000|
|Flushing, New York||54||$4,000,000|
|New Rochelle, New York||36||$8,000,000|
|Mamaroneck, New York||36||$5,000,000|
|East Windsor, New Jersey||166||$6,640,000|
|Fleetwood, New York||54||$5,400,000|
|Brooklyn, New York||80||$16,000,000|
|Amityville, New York||50||$4,000,000|
|Amityville, New York||32||$2,400,000|
|Jackson Heights, New York||108||$20,000,000|
|Jackson Heights, New York||84||$16,300,000|
|Yonkers, New York||28||$4,200,000|
|Yonkers, New York||130||$6,000,000|
Florida transactions include:
|The Dunes, WPB, FL||116||$30,000,000|
|Grand Isles, WPB, FL||103||$15,000,000|
|Bocar, Boca Raton, FL||35||$3,710,000|
|PB Somerset, LLC (WPB, FL)||49||$3,271,000|
|MJRM PBP, LLC (WPB, FL)||41||$2,430,000|
|Lionshead Inv., LLC (WPB, FL)||74||$5,200,000|