The Wall Street Journal: Getting Connected

Getting Connected

7/17/02

Greystar Real Estate Partners, a Charleston, S.C., fund manager, has for years wanted to break into the Manhattan residential market but didn't have the contacts it needed to find deals. "Most transactions occur because of relationships," says Ben Friedman, president of Greystar's investment-management arm.

So one year ago Greystar opened a New York office and now that strategy has paid off. The company is set to announce Wednesday that it has purchased a portfolio of 1,031 apartments for $240 million from Thurcon Properties Inc., a Bellmore, N.Y., real-estate company. Greystar found the nine-building deal through Rick Aidekman, a manager and owner who has been involved in New York real estate since 1986. Mr. Aidekman's company, Prime Manhattan Holdings, will get a piece of equity in the deal and help manage the properties. Prime Manhattan currently co-owns and operates over 7,000 apartments in 152 buildings in New York City.

Mr. Friedman says Greystar never would have made the deal without developing the New York contact.

By Peter GrantStaff Reporter of The Wall Street Journal

Getting Connected

7/17/02

Real Estate Weekly: Thurcon Portfolio Acquisition

Crains New York: Looking For Profits In Unlikely Places