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Clarett-Prudential JV Plans up to $700M in NY Residential Projects

NEW YORK CITY-The newly formed partnership will target Manhattan and outer-borough sites for ground-up development of mid- to high-end condo and rental buildings. Look for about a dozen projects over the next five to seven years.

By Glen Thompson | Updated on February 06, 2003

NEW YORK CITY-A newly formed joint venture by locally based developer the Clarett Group and Prudential Real Estate Investors plans to develop more than a dozen multifamily properties over the next five to seven years.

The partnership, arranged by New York City real estate investment banking firm Sonnenblick-Goldman, will develop $500 million to $700 million worth of rental and condominium projects and is seeking additional co-investors on a one-off basis for individual Clarett Capital LLC developments.

PREI vice president Len Kaplan tells GlobeSt.com the venture’s “primary focus will be in Manhattan, but we would not exclude the outer boroughs as well.” The impetus behind the partnership, he notes, was both opportunistic and strategic. “There’s client demand for [residential development], and while New York City is going through a very tough time right now, the residential market is very resilient.” However, he says, the opportunity to work with Clarett was also a major factor in the decision to make such a large-scale commitment.

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