One of Manhattan’s First Skyscrapers Receives Investment from Elliott ManagementElliott 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