EMPIRE STATE OF MIND
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|Empire Equities partner Dovi Lesches has been purchasing distressed debt actively in the Big Apple since his company was born in '06. Last year, he picked up $163M worth of debt, and that should roll to $180M this year. Most of its activity has been fractured condo sites in the boroughs, and one in North Williamsburg and another in Tribeca are soon to be announced. Empire Equities’ task: to complete the sites and bring them up to speed, traditionally renting them out. To infuse capital, it's diversifying just a bit into non-real estate interests, but it remains focused on bricks and sticks like whatever distress is left in Brooklyn. For more info on our sponsor, click here.|