Yankee legend Alex Rodriguez just might be your next landlord.
Retired third baseman Rodriquez just announced that he’s picked up a 21-unit rental tower in Manhattan’s East Village.
While this marks his first major real estate play in his adopted home town, he’s been dabbling in the Miami market for some time.
For the East Village purchase, A-Rod partnered with NYC real estate veteran Barbara Corcoran, who founded one of the city’s biggest brokerages and is now known for investing in business on ABC’s “Shark Tank.”
The celebrity duo plans to aggressively build up a portfolio of multifamily buildings across the city. They declined to share the address of their first joint buy, which has retail at its base, but say it is already generating “immediate returns.”
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“Our first investment was a sweetheart deal, and we jumped at it,“ adds Corcoan, who got to know Rodriguez when he appeared on “Shark Tank.” “It took almost six months to negotiate, but Alex is incredible with this stuff. I thought he just hit balls, but he runs numbers.”
Future buys will focus on “undervalued neighborhoods, undermanaged buildings [and] misused land,” Rodriguez said in a statement.
Corcoran –- who left the real estate business after Sept. 11, selling her brokerage for $66 million in 2001 -– has hired a small team of football players (who recently graduated from Columbia) to look for leads in Manhattan, Brooklyn and Bronx neighborhoods like Greenpoint, Red Hook, Mott Haven, Inwood and Morningside Heights.
“They are competitive. They are athletic. And they are darn good-looking,” Corcoran says of the joint venture’s employees. “We want to turn C-class building into A-class buildings.”
“Rodriguez is a businessman through and through,” says Corcoran. “He’s got a big ego. I thought I had and ego, but I look like a mini-me next to him in the ego department. So I let him decide whether it’s a good building, even though before I show it to him I already know it’s great. I let him decide it’s his decision.”