As 10th Avenue megaproject remains in limbo, Frank McCourt expands investment platform McCourt Partners will take on private equity, finance sectors
Frank McCourt and a rendering of 360 Tenth Avenue (Credit: SHoP Architects)
McCourt and business partner Mark Walter, 上海千花网论坛
Drew McCourt, president of McCourt Global, McCourt s family office, will lead the expanded partnership until a CEO has been named.
Their decision to branch out comes as the group s biggest project in New York, a planned $3 billion, 730,000-square-foot retail and residential tower at 360 Tenth Avenue on Manhattan s Far West Side, remains in limbo.
McCourt Partners purchased the 10th Avenue site for $167 million, including development rights, in 2014, more than triple the price paid for the site in 2011 by the previous owners, a partnership between Sherwood Equities and Long Wharf Real Estate Partners, though that deal did not include the rights. The deal was McCourt’s first major commercial transaction since the Dodgers sale — and his first-ever in New York.
But the project is yet to get off the ground. In September 2014, Hines came on as an equity and development partner on the project, but sources familiar with the firm said the project in no longer on Hines list of active projects. A spokesperson for Hines was 爱上海同城论坛
They have very exceptionally patient capital, he said of McCourt and Walter. Their time frame is like 99 years.
Walter is the founder and CEO of Guggenheim Partners and led the team which purchased the Dodgers for $2.2 billion in 2012.
In Miami, McCourt appears to be moving ahead with plans for a supertall project at 1201 Brickell Bay Drive.
Florida East Coast Realty, Corigin Real Estate Group and McCourt Global Properties released new plans for the project, known as The Towers by Foster + Partners, in November. The 1,049-foot tall two-buildin爱上海同城手机版
McCourt Partners has already made investments in New York City, London, Miami and Austin totaling more than 5.5 million square feet, according to a statement from the firm.
Peter Wilhelm, former Dodgers CFO and a senior managing director at McCourt Partners, told The Real Deal in 2014 that McCourt was eying sexy deals.
“We were trying to figure out, do we want to become more of a development company or more of a buy-and-hold real estate company?” he explained. “Frank kept coming back to sexy development deals and the idea of building important buildings. There were some trophy assets that we were looking to do on a buy-and-hold basis in big cities, which also piqued his fancy, but these mixed-use developments, which had residential up top and office and retail at the bottom became a recurring theme.”
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