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Addressing the Small- to Mid-sized Capital Gap in NYC

NEW YORK CITY—James Nelson of Massey Knakal Realty Services and George Yerall of River Oak discuss the new JV and how it plans to address the small- to mid-sized capital gap in NYC real estate.

By James Nelson | Updated on December 03, 2014

NEW YORK CITY—(For this installment of The Full Nelson, we join James Nelson, partner at Massey Knakal Realty Services, in discussion with George Yerall, co-founder of River Oak, a real estate investment manager who has invested in 40 projects since 1999 with an aggregate value of $900 million. River Oak has joined forces with Massey Knakal to create MKRO, a JV equity fund. The two discuss the fund and the state of small- to mid-size investment in the NYC market.)

James Nelson: According to Prequin data tracker, $65 billion was raised last year for private equity investments, and virtually none of it is targeted for small to mid-sized transactions. In NYC, over 90% of the sales are under $25 million so this is where the majority of opportunities lie. However, most institutional sized investors don’t have the bandwidth to source, research, due diligence, and asset manage these smaller investments. So George, tell us what the purpose is of the new MKRO fund.

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