A downtown Manhattan office and retail building acquired in the aftermath of 9/11—the first Manhattan real estate transaction completed following the events. The property was purchased at a significant discount to replacement cost during a period of market uncertainty.

Eran served as third-party asset manager for this investment, providing specialized expertise in office building management while simultaneously preparing for its eventual conversion. While the initial acquisition positioned the property as an office asset, the team’s analysis identified greater long-term value in residential redevelopment. We managed existing commercial tenancies and coordinated necessary tenant transitions to prepare the building for its next phase. When market conditions reached favorable levels in 2005, the property was sold to a development group that executed the condominium conversion, realizing the value proposition identified in the original investment thesis.