COFINANCE INC. AND THE GATEWAY SCHOOL
COMPLETE A SERIES OF REAL ESTATE
TRANSACTIONS IN MANHATTAN; GATEWAY AND
COFINANCE TRANSACTIONS ASSURE GATEWAY'S
EXPANSION AND MOVE UPTOWN
NEW
YORK, NY - JUNE 29, 2007
Cofinance Inc., an investor/developer
focused on opportunistic real estate
investments in the United States and
Europe, has completed a series of
transactions with The Gateway School
involving the sale of three (3) full-floor commercial condominiums in 211
West 61st Street Condominium
(“Condominium”) and the purchase of
Gateway’s existing location on 236
Second Avenue and a brownstone on East
15th Street. The Condominium is a
six-story building with basement
totaling 117,357 square feet. The
Gateway School, a private elementary
school that serves children with
learning disabilities, purchased the top
two floors and basement of the
Condominium from Cofinance totaling
50,464 square feet as an integral step
in its expansion plan. In turn Cofinance
worked closely with Gateway in Cofinance’s purchase of Gateway’s
existing locations on 2nd Avenue and
East 15th Street creating a transaction
designed to provide Gateway with
flexibility to properly transition into
its new location on 61st Street with
minimal disruption to the students. The
purchase price of the three (3)
commercial condominiums was $20.6
million.
“We are very satisfied with the sale of
the Condominium and are excited with our
acquisition of East 15th Street and
Second Ave., two very unique
investments,” stated Jim Maurer, newly
appointed President of Cofinance Inc.
“We are also very happy to be able to
structure a series of transactions that
assures Gateway’s expansion and move
uptown. The Gateway School provides a
very valuable service to the community
and Cofinance Inc. is honored to have
played a small part in its growth
plans.”
Cofinance Inc. has completed
acquisitions during the past 24 months
in New York City, Northern New Jersey
and Sarasota County, Florida totaling
$110 million. Despite the highly
competitive real estate market,
Cofinance Inc. in partnership with
sophisticated capital, has been able to
locate and control unique opportunistic
investments in highly sought after
markets.
About Cofinance
Cofinance Inc. is an investor in and
developer of residential, office,
industrial, and retail projects
throughout the United States. Formed in
June of 1983, the strategy of Cofinance
Inc. is to locate and acquire
well-positioned 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.
Jean-Claude Pick, the Chief Executive
Officer and founding principal of
Cofinance Inc., 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. The holdings of
Cofinance SA, include hotels, office
buildings, shopping centers, retirement
communities, and a full-service property
management company. Since their founding, 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 four-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.
The parent company of Cofinance Inc. is
CofiMorgan SA a wholly-owned subsidiary
of Cofinance Group. Cofinance Group is a
Luxembourg company owned by Jean Claude
Pick and a family trust managed by the
Maitland Group (“Maitland”). Maitland
was founded in 1976 as the overseas
advisor of major South African
international institutional investors
and has since developed into a
multi-national company, with 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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