Disgraced, steroid using retired baseball player becomes a New York City real estate magnate

NY Post


Yankee legend Alex Rodriguez is continuing his apartment buying spree in New York City — just not with Barbara Corcoran.


Earlier this month, The Post exclusively reported that the retired third baseman had teamed up with the “Shark Tank” judge to buy a 21-unit rental building in the East Village — the first of what was billed by Corcoran as an ongoing partnership to buy multifamily buildings across the city.


Since then, however, the slugger’s A-Rod Corp. has teamed up with real estate investor and operator 
Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin of the Modlin Group in what they say is an exclusive as-yet-to-be-named venture to root out and purchase all sizes of apartment buildings and bulk condominium units in the Big Apple.
 
Corcoran says she and Rodriguez have already discussed his new venture — and that she’s fine with the pivot.


“They buy big stuff, and I’m a private investor and find scrappy stuff,” Corcoran explained.
As to whether or not Rodriguez continues to invest with her, she adds, “I hope so, because he’s a great partner.”


A-Rod also suggested he made the switch because he wanted to go bigger.


“I have always had the ambition of owning rental apartments in New York,” Rodriguez said in a statement.


“Over the years opportunities arose to do so — however, I was hesitant until I could team up with a local partner in New York with a proven track record for managing through the highly regulated environment,” the former Yankee said.


“After several one-on-one meetings with Ofer Yardeni … I concluded that Stonehenge NYC was the perfect partner for me,” Rodriguez said.

 What is this "big stuff" and "scrappy stuff" Miss Corcoran is referring to? Kind of juvenile descriptions for properties worth 7, 8 and even 9 digits.

Oligarchs are losing millions on their luxury tower condos

NY Post

 Don’t believe the brochures. A Billionaire’s Row apartment can be a terrible investment.
 
“One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it’s not a very lucrative asset class,” said Grant Long, senior economist at StreetEasy, a New York listing platform.
“You just have to assume someone like 
Ken Griffin [who recently dropped a record-breaking $250 million on an apartment at 220 Central Park South] isn’t very interested in seeing his money back. An apartment like that isn’t liquid.”
 
Roughly 16,000 apartments were bought and resold in New York from 2014 through 2018. Of those, 1,295 homes — 7.7 percent — sold at an outright loss.

 But a whopping 39 percent of the 66 luxury condos that were bought and resold in Midtown during this time lost money, according to a StreetEasy analysis of city Department of Finance records. In fact, across all neighborhoods, the city’s priciest properties saw losses.
  And the addresses read like a who’s who of prestige properties, including 15 Central Park West, 432 Park (North America’s tallest residential tower), the Time Warner Center and One57 (which boasted New York City’s first $100 million home sale).
 
“In New York, real estate behaves like a luxury good,” Long said. “It’s like fancy cars and expensive handbags. It’s purchased to make a statement. But it’s also highly cyclical and subject to whims.”

Obscene.

This is going to come off nauseating considering the source and apologies to every reader of this blog and the rest of humanity, but talk about money in the wrong hands.