Yankee legend Alex Rodriguez is continuous his residence shopping for spree in New York Metropolis — simply not with Barbara Corcoran.
Earlier this month, The Submit solely reported that the retired third baseman had teamed up with the “Shark Tank” choose to purchase a 21-unit rental constructing within the East Village — the primary of what was billed by Corcoran as an ongoing partnership to purchase multifamily buildings throughout the town.
Since then, nonetheless, the slugger’s A-Rod Corp. has teamed up with actual property investor and operator Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin of the Modlin Group in what they are saying is an unique as-yet-to-be-named enterprise to root out and buy all sizes of residence buildings and bulk condominium items within the Huge Apple.
Corcoran says she and Rodriguez have already mentioned his new enterprise — and that she’s advantageous with the pivot.
“They purchase massive stuff, and I’m a personal investor and discover scrappy stuff,” Corcoran defined.
As as to if or not Rodriguez continues to speculate along with her, she provides, “I hope so, as a result of he’s a terrific accomplice.”
A-Rod additionally recommended he made the change as a result of he wished to go larger.
“I’ve at all times had the ambition of proudly owning rental residences in New York,” Rodriguez mentioned in an announcement.
“Over time alternatives arose to take action — nonetheless, I used to be hesitant till I might workforce up with an area accomplice in New York with a confirmed monitor report for managing by the extremely regulated surroundings,” the previous Yankee mentioned.
“After a number of one-on-one conferences with Ofer Yardeni … I concluded that Stonehenge NYC was the proper accomplice for me,” Rodriguez mentioned.
After all, the 14-time All-Star is not any novice to actual property investing.
Though Rodriguez’s funding with Corcoran was his first foray into New York Metropolis actual property, Rodriguez’s Monument Capital Administration already owns about 15,000 residences in 13 states.
The small Manhattan residence constructing he purchased with Corcoran, positioned at 133 Avenue D, was bought from disgraced former President Trump lawyer Michael Cohen and accomplice Eric Nelson for $8.three million in a 2018 deal that predated his now-exclusive enterprise with Yardeni and Modlin.
“We are going to do what we did for 25 years — establish properties in New York from $5 million to $400 million and proceed to accumulate in Manhattan but in addition within the boroughs and collaborate with establishments and high-net price people,” Yardeni defined.
They are going to first be zeroing in on neighborhoods resembling Chelsea and use Stonehenge’s bigger properties to function amenity facilities for the smaller ones. The enterprise might later lease out residences which might be fantastically furnished and focused towards high-end life, Yardeni added.
The trio met up in Florida final fall throughout Artwork Basel when Modlin was having dinner at Prime 112 with Rodriguez and his then-girlfriend — now fiancée — actress and entrepreneur Jennifer Lopez. Recognizing Yardeni along with his spouse, Sheri Yardeni, and son, Josh, an analyst with Lone Star/Hudson Advisors, Modlin determined to introduce them to Rodriguez, one other longtime pal.
“We hit it off,” recollects Yardeni. “We met once more on the 4 Seasons for breakfast the next Tuesday.”
That changed into lunch at Casa Lever after which the entire group spent the vacations with Rodriguez and Lopez in Bel Air, Calif.
The three males talked whereas a white board was stuffed with concepts.
“It was virtually like a army operation,” mentioned Yardeni, a former Israel Protection Forces soldier. “Alex is a grasp pupil and desires to study. And for 2 days, we mentioned actual property.”
Stonehenge manages properties to institutional requirements and makes use of technology-driven leasing and asset administration platforms together with a proprietary tenant software that additionally impressed Rodriguez, the sports activities star mentioned.
Modlin is a 20-year veteran dealer who concentrates on high-end properties by the Modlin Group and accomplished $1 billion in gross sales final 12 months alone.
He understands the valuation of condominiums and, with a watch on bulk condominium purchases, shall be overseeing strategic planning whereas making certain the constructing design and layouts meet the wants of at present’s residents.
Modlin may even be introducing the enterprise to a few of these high-net-worth people who span industries together with expertise and sports activities.
“It’s been a life-long ambition for me to personal multifamily in Manhattan,” mentioned Modlin. “It is a distinctive alternative to work with these two mates I’ve identified for 25 years.”
Yardeni added, “Alex is a popular, sensible, hard-working man and I’m so blissful to be his accomplice. Alex calls me early, and he motivates me to work within the morning. And as he was a winner in baseball, I’ve little doubt he shall be a winner with multifamily.”
“We imagine within the fundamentals of New York Metropolis,” Yardeni continued. “It’s nonetheless a fascinating metropolis regardless of among the adjustments within the regulation. I don’t suppose it is going to have an effect on the standard of life as a result of New York Metropolis is a model.”