2 ms·
Anecdotal, but I laughed when I saw that SL Green, one of the biggest commercial landlords in New York City, and one of the competitors of my former PE firm, wa
by fakedang 6y ago
Anecdotal, but I laughed when I saw that SL Green, one of the biggest commercial landlords in New York City, and one of the competitors of my former PE firm, was seeking federal relief funds for the pandemic as a small business.
- scohesc 6y agoNot looking to give them an "out" - but I wonder if it's because these companies take on so much debt by buying properties and making the bet that people will always be living and working in them, paying rent. Now that people are leaving NYC in droves for other, cheaper locations - the NY real estate market is absolutely tanking because nobody is paying rent. These property management companies made their bed, imo.
- fakedang 6y agoThat's kind of their business model, yep. My old firm sort of moved away from the LBO model, but it's still going strong.