BERKO Capital Advisors, the investment branch of Berko & Associates, sold its 50% stake in a mixed-use, East Village building. BERKO purchased the property, located at 226 East 3rd St. in Oct. of 2004 in a joint venture with Atlas Properties.
"Before we acquire any asset we set a clear plan of action. Normally, we don't hold properties for longer than five years," said Joe Berko. "We have increased the value of the asset by signing up better quality retailers, remodeling the existing units and increasing the rents. I feel that this was a great asset, an excellent fit for our investment criteria that generated steady returns during the holding period, 2.18 X return on equity and an IRR of 43.6% at point of exit."
Founded in 2004, BERKO Capital Advisors has consistently taken an active part in spearheading real estate transactions with investors and partners to surpass expected returns. As Joe Berko explains, "the current market conditions are ideal to expend our portfolio and capitalize on real estate opportunities." Tags: