Snowdon Partners acquires condominium conversion project in New York City
June 10, 2010 (PRLEAP.COM) Business NewsNew York, NY/June 10, 2010 —- Snowdon Partners, a private equity real estate investor, announced that it has acquired an 8-story, 32,189 square foot multi-family/retail building located in the TriBeCa neighborhood of New York City through a joint venture with Realty Capital Partners and developer, Code Red. The investment is part of a recapitalization that will enable the start of the conversion of the property into an exclusive condominium community. This transaction represents the first property acquired by Snowdon and RCP as joint venture partners.
"The Property is an attractive investment opportunity due to its upscale location in one of Manhattan's most economically influential communities and because of its close proximity to premier restaurants, shopping, night spots and parks," said Scott Curtis, Director of Snowdon Partners. "A lack of debt financing has caused a reduction in supply in the TriBeCa submarket and this recapitalization presents an opportunity to take advantage of these circumstances while investing at significant discounts to replacement costs." Mr. Curtis added "Our investment in this top-tier conversion project is a perfect example of how Snowdon works with 'best in class' operating and investment partners to acquire superior assets with an opportunity for value enhancement."
Michael Vucekovich, Director of Snowdon Partners, said, "We are delighted to be teaming up with RCP on this important transaction. The Property is a great asset and is a valuable addition to our portfolio of investment properties. We believe that the investment has the potential for significant appreciation and the ability to deliver strong, risk-adjusted returns for our investors."
About Snowdon Partners
Snowdon Partners is a private equity real estate firm with multi-disciplinary capabilities. The company targets a diverse range of opportunities including direct property investments, debt and redevelopment projects with aligned, high-quality partners. Snowdon Partners operates offices in Phoenix, London and the Channel Islands. For more information, visit SnowdonPartners.com ('http://www.snowdonpartners.com').