The Dermot Company has completed a planned two-year transition and William P. Dickey has retired as founder and CEO after nearly 25 years with the company.
Dickey leaves behind a widely-regarded legacy as one of New York City’s prominent investors in real estate. Stephen Benjamin has replaced him as president and CEO.
“On behalf of all of us at The Dermot Company, I sincerely thank Bill for his invaluable leadership and passion throughout his career. We are indebted to him for affording us the opportunity to continue Dermot’s growth and success.”
As part of a new strategic growth plan, Dermot has partnered with global real estate investment management firm Forum Partners, which is headquartered in London. Forum’s initial investment includes the purchase of interests in four NYC assets developed by Dermot.
“We are very pleased to invest in Dermot, which has created an impressive platform in New York City” said Russell Platt, Forum’s CEO.
“Coupling Dermot’s strong track record of value-add investment, development and asset management with Forum’s global real estate expertise and access to long term capital is a powerful combination. We look forward to working with Steve and the team to grow Dermot as we create scale and deal flow.”
Prior to this promotion, Benjamin served as principal and COO leading The Dermot Company’s efforts to expand its multi-family investment and development platform across the five boroughs.
During his 15-year tenure as a partner at the company, he has spearheaded a roster of ground-up development and investment projects, including 21 West End Avenue, a 616-unit luxury rental tower which is slated to open in mid-2016; and the recently completed 66 Rockwell, a 326-unit luxury rental in downtown Brooklyn.
Current directors, Drew Spitler, Director of Development, and Andrew Levison, Director of Acquisitions and Asset Management, have joined in the investment in Dermot with Benjamin as full partners.
Both Spitler and Levison will continue to play a role in the company’s growth from managing Dermot’s existing real estate assets, to heading new development projects and acquisitions.
“Forum’s investment in Dermot is a tremendous endorsement of our model and our team,” added Benjamin. “In choosing a partner for the future, the character of the team, their understanding of our business and their long-term focus were of utmost importance. We look forward to working together as we continue to grow our New York City based strategy.”
Dermot was advised by international investment bank Houlihan Lokey in the transaction.