MD Squared Property Group
New York City, NY – August 29, 2023
MYE Property Partners is thrilled to announce a strategic investment partnership with RealtyFolio, a renownedd investment firm based in New York. This exciting collaboration marks a significant milestone for MYE Property Partners as they embark on a new venture in Bridgeport, Connecticut.
The investment was directed towards the acquisition of a state-leased office building situated at 925 Housatonic Avenue in Bridgeport, Connecticut. This property consists of a single-tenant office space with 57,430 square feet of net rentable space and an additional 30,000 square feet of unleased basement space. The current tenant is the Department of Social Services of Connecticut.
RealtyFolio, known for its diverse investment portfolio spanning various asset classes across the United States, made this investment decision based on several compelling factors. These included the property’s stable cash flows, the potential for value enhancement, the presence of a government tenant, and the impressive track record of the property management company overseeing the asset. RealtyFolio’s previous investments have spanned a wide range of real estate categories, encompassing new construction, mixed-use developments, multifamily properties, and commercial assets.
“We are delighted to welcome RealtyFolio as an investment partner and eagerly anticipate further collaborations with them in the future,” said Michael Mintz, Managing Partner at MYE Property Partners.
Michael Mintz, who also serves as the CEO of MD Squared Property Management, a highly regarded real estate management company based in New York, brings over 25 years of property management expertise to the table.
The firm manages a diverse portfolio comprising more than 120 buildings and 3,000 units. Prior to founding MD Squared in 2014, Michael held key roles as a Senior Property Manager and Acquisitions Manager at First Service Residential New York, where he oversaw the acquisition, management, and renovation of over 30 Manhattan buildings.
Mintz added, “RealtyFolio’s investment not only injects essential capital for the acquisition but also provides invaluable real estate investment insights.”
RealtyFolio’s decision to invest in this acquisition underscores their continued ability to collaborate with top developers and identify promising investment opportunities that align with prevailing market conditions.
Jonathan Klein, Managing Partner at RealtyFolio, who began his investment career as an analyst at Morgan Stanley, brings over 15 years of experience across various asset classes to the firm. This diverse background gives RealtyFolio a unique perspective when assessing markets and underwriting investments. He expressed enthusiasm for the stable cash flow that this project would bring to RealtyFolio’s portfolio, particularly in the context of the current high-interest-rate environment.
Bridgeport, located in Fairfield County and home to approximately 148,729 residents, is the largest city in Connecticut. Situated on the state’s coastal area, Bridgeport is roughly 60 miles from Manhattan and 40 miles from the Bronx. There are only 12 DSS Field Offices and 4 Benefits Centers in the entire state, making 925 Housatonic Avenue the busiest DSS office in all of Connecticut.
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