NEW YORK CITY—Lee & Associates NYC, with its affiliated company, Sierra Real Estate, has announced an expansion of its business relationship with Cogswell Realty with the formation of the Cogswell Lee Development Group. Together, the three entities will jointly pursue acquisition opportunities in the New York City metropolitan area.
The original relationship began in 2012 when Sierra and Cogswell integrated their property management operations to create a broad real estate operating platform. Soon thereafter, the partnership rolled out a project/construction management venture, Sierra Development Associates, which provided project/construction oversight services for assets under management, as well for third-party client projects.
“There is an obvious synergy between the three companies and together, we bring much added value to the market, as well as to our respective firms,” says James Wacht, president of Lee & Associates NYC and Sierra Real Estate. “We can now offer our clients the best brokerage and management services, as well as construction management and wide range of investment opportunities. In addition, our acquisition platform allows us to create wealth for our brokers, whom we encourage to invest in our deals.”
Currently, the partnership has approximately one million square feet of commercial office space, 100 retail spaces, and 650 residential units under management throughout a 35-property portfolio.
Adds Arthur Stern, Cogswell CEO, “With cap rates near historic lows for all asset classes, our fully integrated platform provides our investors with the critical value add that provide enhanced yields for the assets we acquire.”
The formation of the Cogswell Lee Development Group adds an acquisition platform to the fully integrated real estate company, capable of pursuing assets of all sizes and having the in-house capability of servicing those assets.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
