"When EdificeRex.com introduced the residential Internet portal nearly 18 months ago, we envisioned building a Web-based service that leveraged our expertise in real estate services that would be a value-added business when combined with a world-class multimedia company. New York Metro is such a company," says Andrew L. Farkas, chairman and chief executive officer of Insignia Financial Group.
Not all of Insignia's head honchos have been so enthusiastic. Speaking at a Real Estate Lenders Association breakfast in May, Insignia/ESG chairman and CEO Stephen Siegel jokingly described how the dot-com bombs of the past several months have affected him financially. He also described how many companies had one of these sites that didn't fare well--"even us, with EdificeRex." Insignia Financial Group's strategy, however, does seem to be working.
In December of 2000, Insignia successfully began implementation of its strategy with the merger of EdificeRex's Internet portal for office buildings, RexOffice.com, with SiteStuff Inc., an Austin, TX-based e-procurement company. The remaining business and third phase of Insignia's Internet strategy is EdificeRex.com's RexSpeed Inc., which provides high-speed wireless Internet access service for residential properties. While EdificeRex.com has the financial resources to fund the on-going operations of RexSpeed, the company continues to explore options to ensure RexSpeed achieves its full marketplace potential by continuing to grow the business while seeking a merger partner or acquirer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.