News

“As Related Capital CEO from ’79 to ’99, Michael Fried oversaw the acquisition of more than 1,000 properties totaling 127,000 apartments, but his favorite work is what he’s doing now: remaking neighborhoods. Three weeks after he retired from Related, he founded Phoenix Realty Group, which owns 3,800 units (600 affordable and the rest workforce) in the NYC metro and plenty more around the country. Last year, Phoenix bought a portfolio of 12 five-story apartment buildings (153 units) scattered on Columbus and Amsterdam between 105th and 107th streets. Now it’s renovated 11 and is finishing up a facade redo on the 12th. Michael says these projects are breathing a nicer look and exciting way of life into the neighborhood, which encourages others to do similar rehabs.”

This is an excerpt of the article, “Multifamily Monday: Two Real Estate Comeback Stories” which appeared in Real Estate BisNow on November 25, 2013.