|Where:||We will only invest in Manhattan|
|Why:||To provide exposure to Manhattan residential real estate|
We plan to acquire or invest in properties:
a) in need of large-scale or cosmetic renovation
b) with existing tenancy
c) from sellers in distress or with timing restrictions
d) bulk/fractured condominium units
e) in advance of development completion
New York City real estate has long attracted global investors seeking income, appreciation, and inflation-protection. However, with the average apartment in Manhattan priced at more than $2 million(1), only a limited pool of investors have the resources necessary to invest directly in Manhattan residential real estate.
Commencement Capital LLC has formed NY Residential REIT to purchase, invest in, and manage a portfolio of residential properties located in Manhattan, which will provide both accredited and non-accredited investors with the ability to obtain exposure to Manhattan residential real estate.
Jesse Stein is the CEO of New York Residential REIT and of Commencement Capital, a real estate investment and advisory firm specializing in offerings pursuant to Regulation A. Mr. Stein was formerly the founder and chief operating officer of ETRE Financial, a real estate financial services and information technology company focused on facilitating the public listing of individual real estate assets. Mr. Stein also served as the Chief Operating Officer, Secretary, and a member of the Board of Directors of ETRE REIT, LLC. Mr. Stein is also the founder and managing principal of Advanced Fundamentals, a real estate data analytics and indexing firm. Mr. Stein graduated from Cornell University and received a Masters Degree in Real Estate from NYU.
Jonathan Morris is the President of NY Residential REIT. Mr. Morris has more than 25 years of real estate experience including significant experience in acquisitions, corporate finance, private sector debt and equity and asset management. Mr. Morris has worked with some of the most well-known organizations in the real estate industry including Charles E. Smith Residential Realty, Inc. and Boston Properties, where he facilitated a number of high-quality acquisitions, many through UPREIT transactions. Since 2011, Mr. Morris has taught a master’s level REIT class at Georgetown University.
Along with starring on the Bravo TV show “Million Dollar Listing New York”, Ryan Serhant is one of the most successful real estate brokers in the world, with teams under his leadership in Manhattan, Brooklyn, Los Angeles, Miami, and the Hamptons. Mr. Serhant and his team specialize in high-end residential condo and co-op sales and leasing, multi- and single-family homes, new development sales, site acquisitions, and investment sales. Mr. Serhant is a frequent contributor to the real estate segments of 20/20, CNN, CNBC, The Today Show, The Insider, Bloomberg TV, and is often quoted in The New York Times, Wall Street Journal, Wall Street Journal China, and Forbes. Mr. Serhant was selected to serve as a member of the Company’s advisory board because of his extensive access to investment opportunities in New York City.
Eric Brody started his construction career in 2003 as an owner’s representative/project manager and developer. After successfully completing 15 projects, he joined Wonder Works as a Principal of the firm and is now the Chief Operating Officer, where he is responsible for some of the largest projects in the portfolio, business development, contract negotiations, and procurement. Mr. Brody was selected to serve as a member of the Company’s advisory board due to his extensive knowledge and experience with the renovation and development of New York City residential and mixed use properties.
David Giancola is a Managing Director in HFF’s New York office with more than 13 years of experience in commercial real estate and finance. He specializes in investment sale transactions and equity placements throughout New York and the Tri-State area. Throughout his career, Mr. Giancola has participated in the completion of more than $5 billion in real estate transactions. Mr. Giancola holds an MBA with a dual concentration in Real Estate and Finance from Columbia Business School and a bachelor’s degree from University of Pennsylvania. Mr. Giancola was selected to serve as a member of the Company’s advisory board because of his experience in capital markets and investment sales within New York City.
Brad Thomas is the Editor of Forbes Real Estate Investor, a subscription based-newsletter and the Senior REIT Analysts at REIT Investor. Mr. Thomas is the highest ranking analyst (based on page views) for Seeking Alpha, with over 35,000 followers, and is also a contributor for Forbes.com, Forbes Magazine and Fox & Friends. Mr. Thomas previously served as Director of Strategic Markets at Embree Group; as Senior Vice President at Thompson National Properties; as Vice President at Phillips Edison; and a partner in C&T Investments, LLC, a regional development company. Mr. Thomas was selected to serve as a member of our advisory board because of his extensive knowledge of real estate investment trusts.
NY Residential REIT, LLC
c/o Commencement Capital LLC
555 Madison Avenue, 6th Floor
New York, NY 10022