Rudy Giuliani, the former New York City mayor and presidential candidate, plans to launch an opportunity fund with as much of $750 million to buy distressed properties, according to the New York Times.
Giuliani of New York City is partnering up with Berman Enterprises from suburban Washington, D.C, to create the Berman Enterprises Opportunity Fund. The minimum investment will be $25 million for participants, who are expected to come from abroad with an emphasis on oil-exporting nations, according to the report.
The bulk of the purchasing is supposed to occur in New York and Washington. There is no word if the Giuliani-related fund will focus on distressed properties in Florida, where the former presidential candidate spent a significant amount of his time campaigning.
Giuliani isn’t the first former New York politician to affiliate with an opportunity fund.
Former New York Gov. Elliott Spitzer is trying to create an opportunity fund to buy such things as distressed condos in South Florida, single-family houses in Las Vegas, and land in California.
According to the New York Sun, Spitzer, 49, is reportedly courting private equity investors and pension fund managers in hopes of securing enough financial commitments to launch his own fund to purchase short sales, Real Estate Owned by the bank, foreclosures, and any other opportunities that exist on a bulk basis.
Spitzer, a former New York State Attorney General who capitalized on his aggressive prosecution of Wall Street lawbreakers into being elected governor, is the son of a successful Manhattan real estate investor.
Peter Zalewski is a principal with the consulting company Condo Vultures®LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report.
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