Broad Street Launches Asset Management Initiative

NEW YORK CITY-Seeking to capitalize on what its principals see as its strengths, Broad Street Development is launching an asset management/equity investment division geared toward institutional owners, lenders and private equity funds. On the management side, BSD will provide third-party asset oversight for lenders now dealing with distressed real estate, while the investment aspect will focus on repositioning properties.

“Lenders don’t want to operate” real estate assets, Raymond Chalme, BSD principal, tells GlobeSt.com. “Unfortunately, there’s not much origination going on and they’ll operate when necessary, so they need management expertise. We’ve been expanding our relationships in this area and have gotten a very welcome response, so we’re hoping over the next several months to be able to announce some new assignments for third-party asset management, which we’ve never done before.”

Although they haven’t managed properties for outside companies previously, Chalme and BSD principal Daniel Blanco are known for hands-on attention over the past two decades to what Chalme calls “the boring stuff that’s back in vogue now–operations and growing NOI.” BSD’s commercial portfolio is currently 95% leased, and its two residential developments–184 Thompson St. and Maison East at 1438 Third Ave.–sold out within 12 months of their respective launches.