NEW YORK CITY-Coalco Development has done away with its Coalco New York division. In its stead, Corigin Holdings is forming and taking with it assets associated with Coalco New York. No longer affiliated under the Coalco umbrella, the international company will still remain a limited partner in the assets subsumed by Corigin.
Corigin will focus on private equity, as well as commercial real estate, forming two divisions, Corigin Real Estate Group and Corigin Private Equity Group. The former chairman of Coalco New York, Ryan Freedman, is the CEO and chairman of the newly minted Corigin. Corigin will also consolidate some personally-owned properties' of Freeman's.
Corigin will seek one value-add development project at a time, Freedman tells GlobeSt, such as a student-housing project. There will also be opportunities for income-producing long-term investments. Currently, Corigin has a number of projects such as: 568 Bedford Rd. in Armonk; The Element at 555 W. 59th St. a condominium complex just shy of 200-units; and Villa Magna Residences, two 60-story multifamily towers in Miami; amid others.
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