Russian CRE Company Spins Off U.S. Multifamily Specialist
- Sep 09, 2010
Dees Stribling, Contributing Editor
New York–Coalco New York, the U.S. operation of Coalco Development, a real estate company headquartered in Moscow, has spun off a new entity, Corigin Holdings, which is headed by Ryan Freedman as chairman and CEO. As part of the new arrangement, Corgin was created with two core divisions, Corigin Real Estate Group and Corigin Private Equity Group.
Corigin Real Estate Group is a builder, owner and operator of real estate looking for value-add acquisition opportunities in commercial and residential new construction, adaptive re-use and income-producing properties, according to Freedman. The company’s portfolio includes an asset base in student housing in New York City that was developed for and leased to New York University, and which currently houses more than 2,400 NYU students. Corigin Real Estate Group also currently owns property in New Jersey and Florida.
“We look forward to being able to leverage additional opportunities for growth as an independent company,” Freedman said in a statement. “We anticipate that Corigin will maintain a prime focus on the multifamily and luxury residential sector.”
Besides its student housing holdings, current Corigin Real Estate Group projects include the re-branding and redevelopment of the Brynwood Golf and Country Club in Armonk, Westchester County, NY. Brynwood features an 18-hole golf course, tennis courts, a swimming pool and a 65,000-square-foot clubhouse. In New York City, Corigin is developing The Element at 555 W. 59th Street, an urban resort with 198 condominiums and amenities that include a lap pool, basketball and squash courts, residents’ lounge and kids play area.
In Jersey City, N.J., Corigin is redeveloping the flagship American Can Co. manufacturing facility as CANco Lofts and CANco Square, which upon completion will total more than 2 million square feet, with 1,600 residential units and a new public park. Outside of greater New York, Corigin is developing Villa Magna Residences, two 60-story towers on downtown Miami’s last remaining waterfront property at 1400 Brickell Bay. Totaling 2 million square feet, Villa Magna will offer 787 residences, 1,535 parking spaces and retail space.
Corigin’s other core division, Corigin Private Equity Group, specializes in diversified private equity investments. It currently holds interests in companies in construction, beverage, transportation and commercial trade finance.