In what could be a hopeful sign for the real estate industry, long-time owner/developer Steven Kessner is about to reenter the real estate marketplace in a major way.
Kessner, who has been sitting on the sidelines since selling most of his Manhattan apartment and retail holdings at the height of the market in March 2007 to London-based Dawnay Day for $225 million, is putting together a new $100 million fund that will target a range of investment opportunities, from traditional residential and commercial real estate to problem properties to distressed debt. "I think the worst is behind us, the turnaround has started, and it's time to get busy again," said Kessner, who has been talking to various hedge funds, pension funds and wealthy individual investors about the real estate fund he expects to launch later this year.
"Response has been very positive primarily because most savvy investors recognize that excellent opportunities are now starting to present themselves in many sectors of the real estate marketplace. For experienced investor/owners with the right background, expertise and capabilities, now is probably an ideal time to seize the moment," Kessner said.
Widely recognized for his broad knowledge and intuitive sense of the marketplace, Kessner has been involved in all facets of real estate, particularly development, construction, property management, financing and investment, for over a quarter century. He presently owns over a dozen multifamily and commercial properties in Harlem and other parts of Manhattan as well as development sites throughout New York and Westchester County.
"I'm not ready to put any shovels into the ground just yet," he said, "but the market is definitely improving and it won't be too long before we see some spot development activity taking place."
A graduate of Dartmouth College, where he earned a bachelor of Economics degree, Kessner is a strong supporter of his alma mater and is also active in many New York charitable and community programs. Tags: