Cofinance Inc.
Completes the Purchase of a Half Acre
Site on West 61st Street, a Half Block
West of Fordham University and Lincoln
Center in New York City
NEW
YORK, NY - AUGUST 31, 2005
Cofinance Inc., an investor/developer
focused on opportunistic real estate
investments in the United States and
Europe, has completed the purchase of
227 West 61st Street in New York City.
The property is currently improved with
a 73,500 square foot building leased to
the Board of Education on a short term
lease. Cofinance Inc. in partnership
with private capital purchased the site
for the opportunity to construct a
residential building on the parcel once
the Board of Education lease expires.
The purchase price was $31.2 million.
“We are very happy to have been able to
secure such a well located site in the
heart of one of the fastest growing
submarkets in New York City.” stated Jim
Maurer, Chief Operating Officer of
Cofinance Inc. “With the opening of the
Time Warner Center in 2004 and Fordham
University’s announcement of its
ambitious expansion plans earlier this
year, the area west of these landmarks
is poised for a radical transformation.
The market has already seen investment
by sophisticated capital such as Extell
Development Company and The Carlyle
Group with their purchase of Trump’s
West Side Project and Apollo Real Estate
Advisors’ purchase of a parcel between
60th Street and 59th Street on West End
Avenue to construct a large residential
condominium project.” Cofinance Inc. is
an investor in and a developer of
residential and retail projects
throughout the United States. Formed in
June of 1983, Cofinance Inc.’s strategy
is to locate and acquire well-located
real estate projects in the early stages
of development, work to resolve issues
relating to entitlements, site
construction, financing and/or
sponsorship, and then complete the
project.
The President and founding principal of
Cofinance Inc. is Jean-Claude Pick. Mr.
Pick has been involved in all aspects of
real estate development, investment and
operation throughout the United States,
France, England and Holland. Mr. Pick is
also President and founding principal of
Cofinance SA based in Paris, France.
Cofinance SA’s holdings include hotels,
office buildings, shopping centers,
retirement communities and a full-service property management company.
Since 1973, Cofinance SA and Cofinance Inc. have been involved in projects with
an aggregate value of over $2 billion.
Mr. Maurer joined Cofinance Inc. in
June of 2004. During his twenty-year
career as a real estate professional,
Mr. Maurer has established a reputation
as a highly successful developer of
complex real estate investments. Mr.
Maurer is well-known in the industry for
his innovative solutions and his
development and implementation of
comprehensive business plans and
operating strategies.
Cofinance Inc.’s parent company is
Egoli Properties, SA (“Egoli”). Egoli is
a Luxembourg company owned by Almega B.V.,
a Dutch company, part of the Maitland
Group (“Maitland”). Maitland was founded
in 1976 as the overseas advisor of major
South African institutional investors
and has since developed into a
multi-national company, which includes
offices in London, Paris, Geneva, Isle
of Man and Luxembourg. Maitland, through
its wholly-owned subsidiaries, manages
and advises on investments well in
excess of $1 billion US.
For additional information please
contact us.
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