What Every Employer Should Know
Helping NY / Equity Real Estate Investments
The Fund invests in New York State commercial real estate properties through a mix of investment structures such as joint ventures, commingled funds and club fund investments. The Fund owns shopping centers, office buildings, residential properties and hotels. Through these investment vehicles, the Fund has been able to acquire, develop, re-lease and reposition properties that are in need of upgrading with the goal of increasing property values. New York State properties, particularly those that are in central business districts, have rebounded in value from the recent economic downturn as investors seek to buy stabilized, in-fill assets in gateway cities such as New York.
Examples of investments in the New York portfolio are as follows: the Fund invested in the development of a 361-unit rental apartment building that set aside 20 percent of the units for affordable rental housing pursuant to NYC’s Housing Preservation and Development’s 421-a program. Also, the Fund established an investment fund to make value-added investments in New York State through the Excelsior Real Estate Funds. These funds focus on multifamily, office, senior housing, retail and other primary property types and were designed to invest in ground-up development, redevelopment and repositioning of commercial property throughout the State.
The Fund has also invested in the development of workforce for-sale housing in the New York State and Tri-State regions.
Together with the New York City pension funds, the Fund invested in a club fund with a mandate to invest across all real estate asset classes, including office, multifamily residential and retail within the five boroughs. The Fund is committed to evaluating investment opportunities in New York provided the investments meet the diversification and actuarial needs of the portfolio.