Team Forms for Upper Manhattan Development

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NEW YORK CITY-Apollo Real Estate Advisors LP, Carver Federal Savings Bank and the Harlem Congregation for Community Improvement have formed an alliance to concentrate in real estate investment and development in Upper Manhattan. The effort is also expected to create jobs through workforce development programs.

Apollo has acquired more than $60 million in assets in Upper Manhattan, the Bronx, Brooklyn and Queens in the last six months. The locally based firm is looking to invest about $300 million in equity in all five boroughs in the next few years.

Carver will have the opportunity to underwrite or to be a part of the underwriting syndicate for Apollo transactions, including acquisition, construction, and permanent financing, in Upper Manhattan. Carver will also have the opportunity to provide homebuyer financing for any new residential projects in addition to other financing arrangements. HCCI will provide job training through its Construction Trades Academy and other work force development programs.

According to Richard Mack, Apollo managing partner, in the last few years, the firm has focused emerging neighborhoods of the city. “We feel Upper Manhattan is another terrific area for growth.” James Simmons, partner, who joined Apollo two years ago after serving as chief investment officer and interim president and CEO of the Upper Manhattan Empowerment Zone Development Corp., says providing private investment and equity capital is “so crucial to the continued economic expansion of the community.”

Since the firm’s founding in 1993, Apollo has overseen the investment of eight real estate funds totaling more than $4.5 billion. Those funds collectively have invested in more than 210 transactions with an aggregate value of over $20 billion. Apollo is the major investor in the $500-million Flushing Commons redevelopment project in Queens.