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Deals & Dealmakers

Hartz boss Stern forms investment firm to target tri-state developments

Emanuel Stern, vice chairman of Hartz Mountain Industries, and Bradley Settleman, founder of Latus Partners, have formed Tall Pines Capital, a New York City-based, privately held real estate investment vehicle.

The Tall Pines team also includes Scott Cohen, vice president, and maintains offices at 667 Madison Avenue.

Tall Pines will invest its own capital in debt, equity and principal positions in residential and commercial real estate in the New York metropolitan area.

The company expects to invest in and mentor growing developers who have demonstrated success at early stages of their careers by taking creative positions throughout the capital structure.

Tall Pines Capital anticipates providing insight gained through the principals’ careers as developers, owners and institutional investors.

“Tall Pines’ structure allows us to add value to meaningful projects and innovative development teams not just with funding, but with guidance and experience,” said Stern. “Although late in the cycle, this is a very inspiring time in the New York City landscape with massive opportunities to ride the city’s persistent strength.”

“New York has always been a dynamic market. However the last five or so years have established a wave of growth and gentrification unlike any we have seen before,” added Settleman. “It is exciting and will likely be long-lasting.”

Stern will continue to serve vice chairman of Hartz Mountain Industries, where over a 20-year term he has overseen the transformation of the largest privately held portfolio of commercial property in the US into a more diversified real estate developer with luxury hotels, residential projects and contemporary retail concepts.

Prior to forming Tall Pines with Stern, Settleman was president of 40 North Properties and is also the founder and managing principal of Latus Partners, both opportunistic real estate investment platforms in New York City.

Settleman has been a principal investor in real estate for the past 25 years with broad experience in acquisition and development as well as structured debt investments.  He has invested throughout the capital structure in ground up development, asset repositioning, recapitalization and partnership buyouts.

Cohen is responsible for sourcing, structuring, underwriting and coordinating the firm’s current and potential investments.

Before joining Tall Pines Capital, he was a vice president at Fisher Brothers where he was actively involved in all areas of the firm’s acquisition, financing, business development and asset/portfolio management activities including the conceptualization and implementation of the firm’s mezzanine lending platform.

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