Yankee legend Alex Rodriguez is continuing his apartment buying spree in New York City — just not with Barbara Corcoran.
Earlier this month, The Post exclusively reported that the retired third baseman had teamed up with the “Shark Tank” judge to buy a 21-unit rental building in the East Village — the first of what was billed by Corcoran as an ongoing partnership to buy multifamily buildings across the city.
Since then, however, the slugger’s A-Rod Corp. has teamed up with real estate investor and operator Ofer Yardeni of Stonehenge NYC and brokerage guru Adam Modlin of the Modlin Group in what they say is an exclusive as-yet-to-be-named venture to root out and purchase all sizes of apartment buildings and bulk condominium units in the Big Apple.
Corcoran says she and Rodriguez have already discussed his new venture — and that she’s fine with the pivot.
“They buy big stuff, and I’m a private investor and find scrappy stuff,” Corcoran explained.
As to whether or not Rodriguez continues to invest with her, she adds, “I hope so, because he’s a great partner.”
A-Rod also suggested he made the switch because he wanted to go bigger.
“I have always had the ambition of owning rental apartments in New York,” Rodriguez said in a statement.
“Over the years opportunities arose to do so — however, I was hesitant until I could team up with a local partner in New York with a proven track record for managing through the highly regulated environment,” the former Yankee said.
“After several one-on-one meetings with Ofer Yardeni … I concluded that Stonehenge NYC was the perfect partner for me,” Rodriguez said.
Of course, the 14-time All-Star is no novice to real estate investing.
Although Rodriguez’s investment with Corcoran was his first foray into New York City real estate, Rodriguez’s Monument Capital Management already owns about 15,000 apartments in 13 states.
Although Rodriguez’s investment with Corcoran was his first foray into New York City real estate, Rodriguez’s Monument Capital Management already owns about 15,000 apartments in 13 states.
The small Manhattan apartment building he bought with Corcoran, located at 133 Avenue D, was purchased from disgraced former President Trump attorney Michael Cohen and partner Eric Nelson for $8.3 million in a 2018 deal that predated his now-exclusive venture with Yardeni and Modlin.
“We will do what we did for 25 years — identify properties in New York from $5 million to $400 million and continue to acquire in Manhattan but also in the boroughs and collaborate with institutions and high-net-worth individuals,” Yardeni explained.
They will first be zeroing in on neighborhoods such as Chelsea and use Stonehenge’s larger properties to serve as amenity centers for the smaller ones. The venture may later lease out apartments that are beautifully furnished and targeted toward high-end lifestyles, Yardeni added.
The trio met up in Florida last fall during Art Basel when Modlin was having dinner at Prime 112 with Rodriguez and his then-girlfriend — now fiancée — actress and entrepreneur Jennifer Lopez. Spotting Yardeni with his wife, Sheri Yardeni, and son, Josh, an analyst with Lone Star/Hudson Advisors, Modlin decided to introduce them to Rodriguez, another longtime friend.
“We hit it off,” recalls Yardeni. “We met again at the Four Seasons for breakfast the following Tuesday.”
That turned into lunch at Casa Lever and then the whole group spent the holidays with Rodriguez and Lopez in Bel Air, Calif.
The three men talked while a white board was filled with ideas.
“It was almost like a military operation,” said Yardeni, a former Israel Defense Forces soldier. “Alex is a master student and wants to learn. And for two days, we discussed real estate.”
Stonehenge manages properties to institutional standards and uses technology-driven leasing and asset management platforms along with a proprietary tenant application that also impressed Rodriguez, the sports star said.
Modlin is a 25-year veteran broker who concentrates on high-end properties through the Modlin Group and completed $1 billion in sales last year alone.
He understands the valuation of condominiums and, with an eye on bulk condominium purchases, will be overseeing strategic planning while ensuring the building design and layouts meet the needs of today’s residents.
Modlin will also be introducing the venture to some of those high-net-worth individuals who span industries including technology and sports.
“It’s been a life-long ambition for me to own multifamily in Manhattan,” said Modlin. “This is a unique opportunity to work with these two friends I have known for 25 years.”
Yardeni added, “Alex is a well-liked, smart, hard-working guy and I am so happy to be his partner. Alex calls me early, and he motivates me to work in the morning. And as he was a winner in baseball, I have no doubt he will be a winner with multifamily.”
“We believe in the fundamentals of New York City,” Yardeni continued. “It’s still a desirable city despite some of the changes in the law. I don’t think it will affect the quality of life because New York City is a brand.”
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