From left: Stonehenge NYC’s Ofer Yardeni, Alex Rodriguez, and Modlin Group CEO Adam Modlin (Credit: Getty Images)
Alex Rodriguez is in a New York City real estate state of mind.
The former Yankees slugger plans to buy apartment buildings — big and small — as well as condos.
Rodriguez’s A-Rod Corp. is partnering with Stonehenge NYC’s Ofer Yardeni and Adam Modlin, the New York Post reported.
Modlin has carved out a niche with celebrities, including Billy Joel, Justin Timberlake and Britney Spears. The founder and CEO of the Modlin Group ranked No. 15 in TRD’s New York 2019 residential brokerage rankings with $127 million in closed sell-side Manhattan sales, up nearly 53 percent from 2017. The broker plans to recruit a new team for his brokerage in 2019.
Rodriguez partnered with Barbara Corcoran on the purchase of an apartment building downtown, in what was believed to be the start of a venture, the Post reported.
Corcoran said the new arrangement makes sense, though she hopes Rodriguez will continue to partner with her. Rodríguez indicated that the drive for the switch was his desire for larger NYC properties. The focus will be on areas like Chelsea, and the partnership with Stonehenge may include leasing apartments with luxury finishes, with an eye toward elite lifestyles.
This not the retired Yankee’s first foray into real estate investment: Rodríguez’ Monument Capital Management, based in Miami, closed its first multi-family fund in April with $21 million, and launched a $50 million fund that will focus on workforce housing. He and his now fiancee, Jennifer Lopez, also just sold their 4,000-square-foot apartment at Macklowe Properties’ 432 Park Avenue for $15.75 million. [NYP] — Georgia Kromrei