HRO Returns to NYC

NEW YORK CITY-HRO is back. The developer of 380 Madison and Tower 56 as well as a collection of other New York area properties is opened for business once again in New York City, taking space–some 3,000 feet–at Carnegie Hall Tower.

The space is temporary, promises partner Larry Wyman, who tells GlobeSt.com that they’ll be in their own building as soon as its momentum begins to build, and that momentum will be fueled by the twin engines of redevelopment and acquisition, Wyman states. The first will be reminiscent of the type of upgrades that typified the firm’s activities when it was a hot local player in the 1980s–get-your-hands-dirty-real estate, he characterizes it. The initial focus will be on New York-area renovations, including distressed properties in the near-in suburbs, the partner explains.

The bulk of this activity will be funded by the Boston-based Baupost Group which, Wyman says, are investors “in just about all of our products in Europe.” That familiarity will help the capital flows, which can be “as large as we want them to be. They’ll provide as much capital as it takes to reposition assets, manage them and renovate them to high technological standards.”