Matthew Baron, Simon Development Group

December 23, 2013 - Spotlights

Matthew Baron, Simon Development Group

What was your most notable project, deal or transaction in 2013?
The past year my partner Jonathan Simon and I acquired several large assets. Our most notable, or at least most interesting, was the acquisition of 166 West 75th St., which is an 18 story 200-unit residential building on the Upper West Side. The building was half vacant and being sold pursuant to a messy foreclosure process. In addition, the building was saddled with an outdated union contract, based on a different use, which made the payroll untenable. We were able to restructure the union contract at acquisition, thereby increasing NOI by close to $1 million, and adding roughly $10 million of value to the building the day we acquired it.
Thanks for Reading!
You've read 1 of your 3 guest articles
Register and get instant unlimited access to all of our articles online.

Sign up is quick, easy, & FREE.
Subscription Options
Already have an account? Login here
Tags:

Comments

Add Comment