Somerset Partners LLC founder and real estate developer Keith Rubenstein aims to roll out a $200 million fund that will target opportunistic investments in New York City's South Bronx area, The Real Deal reported.
Rubenstein told the publication that he intends to inject $20 million, or 10%, into the fund, with the remainder of the capital expected to come from external investors. Proceeds from the recent $165 million sale of the development site at 101 Lincoln Ave. and 2401 Third Ave. by Rubenstein and the Chetrit Group to Brookfield Property Partners LP will be used to help provide capital for the fund, according to the report.
The vehicle in large part will back small businesses and new real estate developments in the South Bronx, the publication noted, citing Rubenstein.
