A real estate fund that invests in Manhattan residential condominiums,
rents them out and holds them for the long-term.
Manhattan is a 22-square mile island surrounded by densely-populated urban and suburban areas, with an 834-acre park at its center. It is supply-constrained and highly utilized, making it some of the world’s most coveted real estate.
Since 1998, the median price of Manhattan condominiums has increased by 464%, or 9.0% on an annualized basis.Source: Miller Samuel Inc.
Manhattan is the world capital for media, fashion, advertising and entertainment industries, and the financial capital of the global economy.
The market is currently experiencing signs of softness. Since Q1 2016, the number of condominium sales has declined by 14.8% and the median price of a condominium has declined by 11.7%.Source: Douglas Elliman - Q1 2016 Market Report; Q2 2018 Market Report
Over the past 20 years, Manhattan condominium prices have appreciated more than twice as much as stocks or bonds.Source: Douglas Elliman Q4 2017 Sales Market Report. January 2018
Manhattan condominium prices have historically been uncorrelated to both the equities market and the bond market.