New York Luxury Condo Developer Tries Hand at REIT Investing
- New HFZ fund sees opportunities in shares of public landlords
- Effort with Lionbridge seeks to raise as much as $500 million
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A developer of some of Manhattan’s newest ultra-luxury condos has started a more down-to-earth project: a fund investing in real estate companies that appear undervalued.
The venture by Ziel Feldman’s HFZ Capital Group will buy shares of publicly traded real estate investment trusts that have taken a hit from the pandemic, Feldman said in an interview. HFZ, Lionbridge Capital LP and other partners provided $50 million in seed money for the fund, which aims to raise as much as $500 million from institutional investors.