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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN CO. ARRANGES JOINT VENTURE BETWEEN THE CLARETT GROUP AND PRUDENTIAL |
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Wednesday, February 05, 2003
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New York, NY
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Prominent New York-based developer, The Clarett Group, headed by co-founders Veronica W. Hackett and Neil C. Klarfeld, and Prudential Real Estate Investors (PREI) announced today the formation of Clarett Capital LLC, a new real estate development company. The transaction was arranged by Sonnenblick-Goldman Company, a leading independent real estate investment bank based in New York City.
Clarett Capital LLC combines PREI’s capital-raising capabilities and proven real estate investment acumen with The Clarett Group’s residential and commercial development, construction and marketing expertise. The company plans to develop more than a dozen rental and condominium apartment buildings in New York over the next five to seven years, with a potential investment of $500 - $700 million. PREI and The Clarett Group said they would seek additional co-investors to participate in individual Clarett Capital LLC developments.
John Gregorits, principal of PREI’s merchant banking group, said, "We sought an opportunity to work in partnership with Clarett because of the high quality product the firm has developed in New York City, and because of the successful track record its principals sustained for decades."
The Clarett Group’s Veronica Hackett said, "We are extremely pleased to be working with PREI, whom we consider to be an industry leader in the management of investment capital for real estate development. Together, we will work with agility, strength and precision to identify, secure and develop excellent residential properties throughout New York."
"The mutual respect shared by the principals of Clarett and PREI for each firm's areas of expertise will serve the venture well," noted Steve Kohn, president of Sonnenblick-Goldman, who managed the transaction. "There is no doubt that this new company will bring forth exciting and exceptionally high quality developments to the New York residential market." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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