Some see what’s standing there.We see what it could be.
Our core focus
P3 PropertiesEast Rutherford, New JerseySince 2014
That is our core focus. The properties below show how we work toward it.
What P3 is
, a transaction structure, a capital plan, a leasing approach
, an operating model, a service experience
, a property’s identity
or technology.We look at each property separately and ask what else it could be. Then we do the work, and we answer for the result for as long as we own it.
Open one to see what it means and a property where it shows.
All five, in fullSee an asset for what it can become, question the default answer, and pressure-test every recommendation, our own included.
Where you can see it · Smithville SquareUnder half full, in a market others had overlooked. We bought it, leased it up and sold it for more than three times the price.Structure deals creatively, understand the people and incentives behind every transaction, and position assets to create their own demand.
Where you can see it · The PenningtonA hospital everyone called north, south, east and west. We gave it one identity, and each building’s letter points its own way.Push every conversation, deal and decision forward. Follow up until it moves, not until you have followed up.
Where you can see it · World of BlueBought in January. With 150 workers on site, many sleeping in the rooms, it was running for the World Cup in June.Own the outcome, not the activity. Close every loop and deliver finished work, not progress updates.
Where you can see it · Henson CreekThe rate cap on its bridge loan was budgeted at $75,000 and cost $754,000. We made no capital call, worked it through and refinanced with Freddie Mac.Acknowledge immediately, answer fully when ready, and never go dark. Silence is a decision.
Where you can see it · RiverbendBought in May. By the end of July its empty garage was open to ferry commuters, and earning every week.Our properties
Each one is laid out the same way: what we saw, what we thought, what we did and what changed.
SoldSmithville SquareGalloway, NJ · Retail redevelopmentUnder half full when we bought it. Sold for more than three times the price.
SoldBroadacres Office ParkBloomfield, NJ · Office value-addWe put four aging office buildings under one brand and raised occupancy from about 72% to about 95%.RecapitalizedMCC BlueParsippany, NJ · Office repositioningA name, a lobby and 386,000 SF leased in under six months.
RefinancedHeron LakesColumbia, SC · Multifamily renovationWe renovated all 216 units and kept the property after offers as high as $44.3M.
RefinancedCoxCro CenterToms River, NJ · Ground-up developmentRaw land, a bigger approval, and rents well above the plan.
RefinancedHenson CreekTemple Hills, MD · Multifamily stabilizationCollections from 75% to 92%, then Freddie Mac permanent financing.Working nowWorld of BlueEast Rutherford, NJ · Hotel and eventsBought for $32M in January 2026 and appraised at $83M as is that September.Working nowRiverbend at Port ImperialWest New York, NJ · Residential, core-plusWe opened 158 empty parking spaces to ferry commuters at the end of July 2026.Working now · Riverbend at Port Imperial
We bought Riverbend, 301 apartments on the Hudson by the Port Imperial ferry, in May 2026. The garage and the apartments were earning less than they could. These are the results so far.
For years the parking deck produced no income, with 158 of its 326 spaces sitting empty beside a commuter ferry. P3 opened it to the public at the end of July 2026.
P3 weekly parking revenue, July 27 to October 7, 2026. The yearly figure is the latest week times 52: arithmetic, not a forecast.
The first 16 renovated apartments, against what we underwrote when we bought the building.
| The first 16 units | Plan | Actual |
|---|---|---|
| Renovation cost per unit−$5,374 (−26.9%) | $20,000 | $14,626 |
| Rent increase per month+$17 (+5.2%) | $321 | $337 |
| Return on the renovation+8.4 points | 19.2% | 27.7% |
P3 Riverbend renovation tracker. Pre-renovation rent is the unit’s rent in the acquisition rent roll. Return = annual rent increase ÷ renovation spend.
More on RiverbendWe bought the hotel in January 2026 and had it open for the World Cup in June. In September it was appraised at $83M as is, against $40M at acquisition.
A 21-story hotel across from MetLife Stadium, the old Sheraton and later Hilton. Its previous lender was owed nearly $70M. Relationships of many years gave us an early look.
Part of the hotel was back in service by spring, with the renovation still under way around it.
MetLife Stadium hosted eight matches, the final among them, a short walk from the front door.
World of Blue opened formally: rooms, a ballroom for a thousand, restaurants, a glass-walled pool and a name of its own.
The same appraiser had valued it at $40M at acquisition, 297 days earlier. An appraisal is not a sale: the gain is unrealized.
Same hotel. Same appraiser.
HVS appraisal reports, market value as is, fee simple. Appraised values, not a sale: the gain is unrealized. Equity per P3.
After the final whistle
A ballroom for 1,000 and more than 30,000 square feet of event space, now hosting weddings, galas, conferences and community dinners. The World Cup was our first deadline, and the plan runs well past it.
Hard deals too
Four times the work got hard, and what we did about it.
Track record
And refinanced onto permanent debt, still owned
Levered net IRRs as reported by P3, net of expenses including P3’s 30% carried interest; no management fee was taken on these deals. Purchase, sale and recapitalization figures are property-level prices, not investor proceeds or multiples. A recapitalization is not a sale. Selected transactions, not the full portfolio. Past results do not guarantee future results.
The full record, refinancings too
