Herald Center

Herald Center

Location: New York, NY
Type: Retail
Size: 240,000 square feet
Peferred Equity Investment Date: August 2002
Peferred Equity Redemption Date: N/A

RCG Longview made a $37,000,000 preferred equity investment in a 9-story mixed-use (retail/office) building located in Mid-town Manhattan. The property was 63% leased at the time of the Fund’s original investment. In a consensual agreement, the Fund's property management affiliate assumed day-to-day control, and was able to re-lease and stabilize the building within 18 months.  The Fund later refinanced the property securing a full re-payment of principal, a distribution of excess cash and retaining a preferred equity interest in the property.