![]() ![]() And one of the things we realized at Riverhouse was that there was a real demand for larger units. We had been the second operating partner and developer for Riverhouse, which is two doors down, so we knew Battery Park City very well. The building was acquired in October 2013. It had 324 market-rate rental units, and it will have 168 condos. The big project that you’re working on now is the conversion of 22 River Terrace into a condominium - you’re calling it River & Warren.Ī. It’s about 1.1 million square feet over three buildings in L.A., and then 300,000 square feet in New York. I would probably value it at $1.3 billion. In New York, we’re in the process of finishing the sellout of a large deal, which was originally called 22 River Terrace.Ī. We have a significant amount of office space in L.A., and we recently sold some of them because they were at the end of our value-added life cycle. ![]() ![]() How much of your business is in the New York area?Ī. The next deal was a $350 million acquisition of 595 residential units in two buildings in San Francisco with Lehman Brothers. That was a small deal, around $24 million. We purchased it from the original sponsor, and then we sold those condo units and then worked out the rent-stabilized units Lehman Brothers was the equity partner on that transaction. Ironically, it was two blocks from my house. Our first deal was in New York City - it was the acquisition of the remaining sponsor units at a condominium called Concorde on 65th, between Second and Third. And so we went out and did our first deal, and Jeff ended up finding the capital, and I ended up doing the operating side.Ī. I brought the institutional and capital knowledge and Jeff brought the operating experience. ![]() “The group expects demand and financial occupancy to remain robust, with continued healthy growth in rental rates.When Paine Webber was acquired by UBS, UBS decided to spin out the real estate fund into a separate entity, and I decided to start Centurion. “The short supply of quality worker and student accommodation is expected to continue in the immediate and mid-term, across the cities where Centurion operates,” the company said in its annual report. Listed on both the Hong Kong and Singapore stock exchanges, Centurion specialises in developing and operating dedicated housing for workers under its Westlite Accommodation brand, as well as purpose-built student accommodation operated by its Dwell Student Living brand.īack home, Centurion is busy with a S$85 million joint venture with SGX-listed developer Lian Beng Group where the pair are building a 1,650-bed dormitory for foreign workers at Ubi Avenue 3, in Singapore’s Geylang area. In the US, where the firm owns and operates 2,145 beds through its Centurion US Student Housing Fund, the company decided last November to halt a planned portfolio sale due to the “uncertain market condition and interest rate environment,” just seven months after launching the sale process in April 2022. At the time Centurion sounded optimistic about the potential for more demand from foreign scholars. Occupancy in the building rose to 86 percent last year from just 66 percent in 2021 due to strong demand from returning international students, based on the company’s 2022 annual report. Located at 188-5 Hoegi-ro, Dongdaemun in northeastern Seoul, the property is close to some of the nation’s top schools of higher learning including Kyunghee University, the Korea Advanced Institute of Science and Technology and Hankuk University of Foreign Studies. The partners had spent KRW 13.5 billion to acquire the property in November 2018 and then made improvements estimated to have cost KRW 3.7 billion, to bring total upfront costs to around KRW 17.2 billion. David Loh Kim Kang, executive director and joint chairman of Centurion Corp.įormerly a boutique hotel, Dwell Dongdaemun closed its doors just over four years after it began operation in February 2019, having offered amenities for its student residents such as a roof terrace, a communal hall, a meeting room and a gym. ![]()
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