One of Manhattan’s First Skyscrapers Receives Investment from Elliott Management
Elliott Management, the $24 billion hedge fund run by Paul E. Singer, will help to finance the building at 5 Beekman Street, the site of one of Manhattan’s first skyscrapers.
Now,
Elliott Management is helping to finance the development of the
130-year-old building and its environs into a hotel and condominium
called the Beekman.
Led
by Timothy Mackey, the hedge fund’s real estate unit negotiated a $150
million dollar deal last week with GFI Capital Resources, the New York
real estate company behind the Ace and NoMad hotels.
It
is the second investment by Elliott Management in a Lower Manhattan
real estate project in less than a year. Last fall, Elliott teamed up
with Time Equities to inject $110 million into a planned 63-story
commercial and residential tower project.
Elliott
is better known for its activist campaigns, seeking to shake up the
boards of corporate America, but real estate has become a growing share
of its investments. Before 2009, the firm had little exposure to real
estate; today, it has teams of analysts and portfolio managers in
London, Hong Kong and Tokyo and investments worth more $2 billion.
Source: New York Times