NEW YORK CITY-Coalco Development has done away with its CoalcoNew York division. In its stead, Corigin Holdings is forming andtaking with it assets associated with Coalco New York. Nolonger affiliated under the Coalco umbrella, the internationalcompany will still remain a limited partner in the assets subsumedby Corigin.

Corigin will focus on private equity, as well as commercial realestate, forming two divisions, Corigin Real Estate Group andCorigin Private Equity Group. The former chairman of Coalco NewYork, Ryan Freedman, is the CEO and chairman of the newly mintedCorigin. Corigin will also consolidate some personally-ownedproperties' of Freeman's.

Corigin will seek one value-add development project at a time,Freedman tells GlobeSt, such as a student-housing project. Therewill also be opportunities for income-producing long-terminvestments. Currently, Corigin has a number of projects such as:568 Bedford Rd. in Armonk; The Element at 555 W. 59^thSt. a condominium complex just shy of 200-units; and Villa MagnaResidences, two 60-story multifamily towers in Miami; amidothers.