"We are aggressive developers who seek to recast underdeveloped properties, and our walk-up portfolio now operates near the top of its potential," says Ziel Feldman, a partner in the firm. "While we are not exiting the residential category, it was the right time to take advantage of the exceptional appreciation our earlier properties have enjoyed," he notes.

In addition to the walk-ups, the firm's Citylife Hotel group operates three upscale budget hotels: Habitat, ONETHEAVE and ThirtyThirty New York City, and it also has been active in the condominium conversion arena. In 1999, it sold out 1 Leroy St., a new eight-unit building with duplexes and triplexes where sales exceeded $1,000 per sf, then considered an unachievable price for a Downtown property.