The Cheshire Group is a real estate investment company specializing in New York metro-area multifamily properties. Cheshire owns and operates rent regulated apartments, market rate rentals, and cooperatives and condominiums offered for sale. Cheshire is actively seeking investments in value-added situations.
Cheshire’s most recent developments are Philip House (on the Upper East Side) and Devonshire House (in Greenwich Village). Both buildings are condominium conversions of pre-war rental buildings, in which building systems were completely updated and the apartments were redesigned by Victoria Hagan.
Beginning in 1993, Cheshire pioneered the “white knight” business, buying and restructuring underlying mortgages coops totaling over 2000 units. Working with coops that found themselves unable to service their mortgage debt because of a sponsor default, Cheshire developed detailed marketing strategies for the properties, restoring the value of the apartments and refinancing the properties with conventional, institutional mortgages
Cheshire has managed a series of funds in partnership with Sterling American Properties, funds managed by Sterling Equities, targeting unsold shares in cooperative and condominium apartment complexes throughout the New York metropolitan area. Investing in positive cash flow apartment portfolios from long time owners, they acquired over 3000 units in 30 buildings.