The Hive
A stalled, 92-percent-built redevelopment we acquired, carved into condominiums, and fully exited in about 18 months by changing the plan as the market moved.
Two buildings on Eighth Avenue, marketed as Times Square West, that started life as the old Show World complex. After the original owner died, the family sold off the portfolio, and a new developer carried the redevelopment to roughly 92 percent complete - then the post-COVID market arrived and the project could not be stabilized.
We acquired the stalled property and restructured it as a commercial condominium, carving it into separate units - the office space, the ground-floor retail, and a rooftop cell tower among them - so that each piece could find the buyer who valued it most. As the market moved, we changed our thesis more than once mid-hold, the kind of flexibility a fund structure or an institutional owner rarely has room for.
We sold the cell tower first, then negotiated the sale of the office, and finally the retail when the office buyer made a compelling offer for it as well. Start to finish, we were in and out in about 18 months - a clean example of what we mean by certainty of execution and a willingness to rewrite the plan as conditions change.