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Ex-Starwood, Extell Executives Eye $500 Million for NYC Property

  • Sage Hall Partners founded by Sush Torgalkar and Lanhee Yung
  • ‘Contrarian play’ spans retail, offices, hotels, residential

A pair of real estate veterans are seeking to raise $500 million to bet on undervalued properties in anticipation of New York’s revival, according to people with knowledge of the matter.

Sush Torgalkar, former chief executive officer of Extell Development Co., and Lanhee Yung, former head of fundraising and investor relations at Starwood Capital Group, have founded New York-based Sage Hall Partners and are eyeing a first close of their debut fund in early 2021, some of the people said.