About

A proven record of identifying properties with untapped potential

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K Property Group (“KPG”) is a fully integrated real estate investment platform with asset management, leasing and construction management capabilities with over 35 years combined experience.

Our mission is to acquire and reinvest in value-add, retail and mixed-use properties. KPG targets underperforming, non-stabilized properties in New York City where KPG can generate value through capital improvements and strategic retenanting, resulting in NOI accretion.

KPG leverages its extensive network and market knowledge which supports a demonstrable history of unique, off market deal sourcing. This provides long term value to KPG’s partners and investors—both institutional and private.

Approach

We are consistently analyzing the market and looking for investment strategies that are appropriate at the time. Each of our acquisitions have been identified out of this approach. As a result we are consistently proactive instead of reactive. That is one of the important characteristics that distinguish us in the market. In addition to the strong relationships that we maintain and nurture with brokers, we are firmly dedicated to actively contacting owners with properties that conform with our investment strategies. It is this practice that enables us to capitalize on trends as soon as we identify them, often before they are recognized by the market. Our previous deal sourcing has either been with direct contact with owners and in some of the cases were marketed, but relationships that were made well in advance, helped us get chosen as the ultimate buyer.

Team

ROD KRITSBERG

Managing Partner

GREGORY KRAUT

Managing Partner

BRIAN ROTHSCHILD

Construction

RIKKI JAVITCH, ESQ.

Of Counsel

Armand Boyajian

Associate

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ROD KRITSBERG

Managing Partner

KPG founder Rod Kritsberg is a managing partner. He leads the development of the firm’s investment strategy; sources and structures acquisition and credit-related opportunities; and maintains and develops new client and capital partner relationships.

Mr. Kritsberg founded KPG in 2014 with the goal of melding a quality approach and in-depth analysis typically found at larger companies with the individual attention to transactions and street-level real estate knowledge that characterize boutique firms. To date, Mr. Kritsberg and his partners have established KPG as a competitive real estate firm in New York by leveraging relationships with institutional and private investors, and local brokers, and by generating above-market returns on transactions.

Prior to forming KPG, Mr. Kritsberg was Director of Acquisitions at Midtown Equities, where he focused on urban and high street retail development and acquisitions. Before that, he headed the real estate division of Hays Ventures LLC—Hays Realty Services, where he presided over value-oriented investment sales in different asset classes and regions. Mr. Kritsberg started his career in transactional real estate and capital markets, and operated his own brokerage firm as an investment sales broker.

GREGORY KRAUT

Managing Partner

Gregory Kraut joined K Property Group in 2017 as a managing partner. Mr. Kraut oversees the strategic direction of the company, development, asset management and leasing.

Before joining KPG, Mr. Kraut was the Founding Principal and Managing Director of Avison Young’s New York office. Working with senior management, he established the Canadian-based firm’s local corporate infrastructure and grew its footprint in the Tri-State region through business acquisitions and high-level recruiting. During this time, he was named one of Commercial Observer’s Power 100 in New York City real estate for three consecutive years.

As a senior broker and advisor, Mr. Kraut specialized in tenant and landlord representation including acquisition, disposition and planning strategies for local and multi-market clients. He also evaluated and underwrote office properties for individual and institutional owners.

Prior to Avison Young, Mr. Kraut was a first vice president at CBRE, the world’s largest real estate services company. Throughout his 20-year career, he has represented owners and occupiers in transactions totaling more than 10 million square feet.

Mr. Kraut is on the B’nai B’rith Real Estate Board of Directors and the AIPAC Real Estate Division Executive Council. He is a Board Director of Chanticleer Holdings, Inc., (HOTR: US NASDAQ CM) and previously served as an Independent Director of Plymouth REIT.

BRIAN ROTHSCHILD

Construction

Envirochrome is a family business founded in 1974 . We are a full service general contracting and construction company with Integrity and Customer Service as its 2 main pillars. Our clients know we are always working on their behalf.  All our clients have been with us for several years. We are known for getting the job done on time and within budget, in the most cost effective way possible.  My executive team is a group of seasoned professionals, who have all been with Envirochrome for an average of 20 years.  We go above and beyond the role of the traditional contractor and are involved in Design/ Build as well as Construction Management for some of our top clients. Our clients include but are not limited to SL Green, RXR , Equity Office, American Realty Capital , Cushman & Wakefield, RFR Realty , Winter Organization , CBRE, Shorenstein Properties, and  Brickman.

RIKKI JAVITCH, ESQ.

Of Counsel

As counsel to KPG, Ms. Javitch is involved in all facets of real estate law, ranging from acquisitions and dispositions to leasing and finance. Her experience running her own practice is invaluable to KPG’s day-to-day operations. Her practice includes the representation of owners in the purchase and sale of numerous commercial and residential properties in the New York City area. Ms. Javitch has also represented a variety of landlords and shopping center owners in a range of leasing transactions across the country. Her practice also includes tenant representation, such as national restaurant franchisees, in both office and retail leasing. Her previous leasing work includes the representation of a shopping center owner in the drafting and negotiation of all space leases for a 358,000 square foot project in Homestead, Florida, including anchor and junior anchor leases with Michael’s, Sports Authority, Circuit City, Petco, Ross and Staples. Ms. Javitch’s finance work includes both lender and borrower representation in connection with the origination, modification, refinancing and securitization of commercial loans involving single and multi-property collateral, ground lease financing and mezzanine debt.

Prior to becoming a sole practitioner, Ms. Javitch was an associate at Kaye Scholer LLP, Schulte Roth & Zabel LLP and Drechsler & Drechsler LLP, a small real estate boutique in Midtown, Manhattan.

Ms. Javitch received her J.D. (cum laude) from Tulane Law School. She received her B.A. from Columbia University and received a Certificate in Real Estate from the Schack Institute of Real Estate at New York University.

Armand Boyajian

Associate

Armand Boyajian joined K Property Group in 2017 as an Associate. Mr. Boyajian focuses on acquisitions underwriting and asset management. His responsibilities include analyzing new acquisitions, due diligence, financial modeling, deal structuring  as well as other KPG initiatives. His experience and capital markets background further enhance KPG’s ability to add value.

Before joining KPG, Mr. Boyajian founded STILL Real Estate, an independent investment advisor for commercial brokers, developers and investors in the NYC-metro area. During his time at STILL Real Estate, he crafted investor pitch decks, financial models, and research reports for his clients. Prior to STILL Real Estate, Mr. Boyajian was Co-Founder and Director at ENDVEST, an institutional real estate crowdfunding platform.

Mr. Boyajian is a Licensed Real Estate Salesperson in New York. He earned his Bachelor’s Degree in Finance and Real Estate at NYU Stern School of Business, where he was President of the school’s real estate organization (SREG) for two years and led the group’s professional networking opportunities.

Advisory Board

Strauss Zelnick

Founder of Zelnick Media and CEO of Take-Two

Simon Ziff

President of Ackman-Ziff

Robert T. Lapidus

President and Chief Investment Officer L&L Holding

Howard S. Stern

Founder & Principal Stern & Associates, LLC

Jeffrey L. Goldberg

Managing Partner of Milestone Group

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Strauss Zelnick

Founder of Zelnick Media and CEO of Take-Two

Strauss Zelnick founded ZMC (originally known as ZelnickMedia) in 2001. Mr. Zelnick is responsible for originating, structuring and monitoring investments. Mr. Zelnick currently represents ZMC as a director of Education Networks of America, Inc. and on the board of Alloy, L.L.C. He serves as Chief Executive Officer and Chairman of the Board of Directors of Take-Two Interactive Software, Inc. Previously, Mr. Zelnick was on the boards of Cast & Crew Entertainment Services, L.L.C. and Naylor L.L.C. He also served as Chairman and CEO of Columbia Music Entertainment, Chairman of ITN Networks, Chairman of Direct Holdings Worldwide and OTX.

Prior to forming ZMC, Mr. Zelnick was President and Chief Executive Officer of BMG Entertainment, at that time one of the world’s largest music and entertainment companies with more than 200 record labels and operations in 54 countries.

Before joining BMG Entertainment, Mr. Zelnick was President and Chief Executive Officer of Crystal Dynamics, a producer and distributor of interactive entertainment software. Prior to that, he spent four years as President and Chief Operating Officer of 20th Century Fox, where he managed all aspects of Fox Inc.’s worldwide motion picture production and distribution business.

Previously, Mr. Zelnick spent three years at Vestron Inc., two as the company’s President and Chief Operating Officer. Mr. Zelnick also served as Vice President of International Television Sales at Columbia Pictures.

Mr. Zelnick holds a BA from Wesleyan University, as well as an MBA from Harvard Business School and a JD from Harvard Law School.

Simon Ziff

President of Ackman-Ziff

Simon Ziff serves as president of Ackman-Ziff, a position he assumed in 1995. Since joining the firm as an analyst in 1989, Simon has overseen the firms arranging of over $50 billion of debt, mezzanine and equity financings for some of the nation’s foremost real estate developers and owners while solidifying the firm’s relationships with key capital sources. Simon has engineered the firm’s collaborative culture which functions as a magnet for financial talent. He has directed its evolution as an industry thought-leader with over 30 professionals on the team.

Simon received a B.S. in Finance from Pennsylvania State University, and an M.S. in Real Estate Finance from New York University. In May 2002, New York University awarded Simon its second ever distinguished Real Estate Alumni Recognition Award. He has also been recognized on multiple occasions by the Real Estate Board of New York, including as the first recipient of its Most Promising Commercial Salesperson of the Year Award” and six times as the recipient of its “Most Ingenious Deal of the Year award. Simon has also been active in leadership of many not-for-profit organizations.

In January 2012, Simon received the prestigious Louis Smadbeck Broker Recognition Award from the Real Estate Board of New York in recognition of his positive influence on the real estate brokerage industry over the past 17 years.

Robert T. Lapidus

President and Chief Investment Officer L&L Holding

Robert T. Lapidus, President and Chief Investment Officer, co-founded L&L Holding Company, LLC in June 2000. Mr. Lapidus’ primary areas of expertise include formulating real estate strategy, structuring joint ventures, acquisitions, dispositions, capital formation and financing. Since its inception, Lapidus has led L&L to distribute over $1.1 billion in profits to its investors. Lapidus has arranged joint venture transactions with some of the most respected names in the industry including Prudential Real Estate Investors, The Florida State Board of Administration, Carlyle Realty Partners, General Electric Pension Trust, Allianz Global Investors, Principal Real Estate Advisors, JP Morgan Asset Management, Beacon Capital Partners, Morgan Stanley, Lehman Brothers, Zurich Insurance, Investcorp, RREEF, Blackrock and Columbia Property Trust. L&L’s current portfolio consists of approximately 6 million square feet, exclusively in Manhattan with a market value in excess of $4 billion.
Mr. Lapidus graduated Magna Cum Laude from the University of Pennsylvania in 1983 and received a Juris Doctor degree from Cardozo Law School (New York, New York), Cum Laude, in 1986.
Mr. Lapidus is a member of the Big Apple Metro Division of the Worldwide Presidents’ Organization (WPO) and a member of the board of directors of the Madison Square Park Conservancy. He also serves as a member of the Advisory Board to the Lehigh University College of Business and Economics as well as a member of Board of Directors of the Catalogue for Giving of New York City. Mr. Lapidus is actively involved in philanthropic endeavors focusing on disadvantaged youth and education

Howard S. Stern

Founder & Principal Stern & Associates, LLC

Howard Stern is the founder and principal of Stern & Associates, LLC a full service real estate advisory and consulting firm. Current and past clients include a commercial real estate investment trust (REIT) with a $2.5 billion market capitalization; an ultra-high net worth/family office landlord with real estate holdings in excess of $1 billion and private/institutional real estate owners. Advisory services include all aspects of asset disposition strategy and execution; project redevelopment/repositioning; value enhancement/leasing activities; and media and entertainment production studio and creative office operations. Notable transactions and assignments include a $100+ million, 1 million square foot biomed/office campus and development in Valencia, CA; a $200+ million media & entertainment/creative office campus in Hollywood, CA; a $20 million medical office building/development project in Florida; a 300-acre single-family residential and commercial development in Montana; and a $16 million Class A state-of-the-art biomedical facility in Valencia, CA.

Prior to forming his own firm in July 2014, Mr. Stern served as President and director of Hudson Pacific Properties, a premier California-based office REIT from June 2010 to January 2014. Mr. Stern co-founded the predecessor Company Hudson Capital, LLC in 2006 and successfully took the Company public in 2010. In his role as President and Member of the Board of Directors, Mr. Stern oversaw such aspects as operations, leasing, development and acquisitions; and was instrumental in the Company’s operating and geographic growth which at the time of his departure encompassed approximately 6.5 million square feet in Northern and Southern California as well as the Pacific Northwest. As part of his responsibilities, Mr. Stern also acted as President of the Company’s Sunset Gower and Sunset Bronson media and entertainment properties in Hollywood where he lead the daily operations of 23 production sound stages and over approximately 650,000 square feet of office production and support space catering to media content providers. Mr. Stern can also be credited for the successful consummation of the Company’s key lease transactions such as the 284,000 square foot Riot Games transaction ($370 million) at Element LA as well as the 320,000 square foot and 230,000 square foot Square and Salesforce lease transactions respectively, in San Francisco.

Before joining Hudson Capital, LLC, Mr. Stern served as Chief Investment Officer for Arden Realty, Inc., a twenty million square foot Southern California REIT that was sold to GE Capital in 2006. In the role as CIO, Howard was responsible for all facets of the Company’s acquisition, disposition and structured finance activities. Other roles at Arden Realty included First Vice President of Operations and Leasing and Vice President of Strategic Planning where he was responsible for spearheading all Asset Management functions. Prior to his tenure at Arden Realty, Inc., Mr. Stern spent five years as Vice President of the Archon Group, a subsidiary of Goldman, Sachs & Co., where he was responsible for leading all Western Region mezzanine financing and real estate asset management activities.

Mr. Stern is a graduate of the University of California, Berkeley with a Bachelor of Arts degree in Political Economy and he has a Masters of Business Administration degree from the University of Southern California. Mr. Stern is an active member of the Office Development Council at the Urban Land Institute as well as a regular speaker at numerous real estate industry organizations such as NAIOP, RealShare and Bisnow and Family Office events.

Jeffrey L. Goldberg

Managing Partner of Milestone Group

Jeffrey L. Goldberg is a Managing Partner of Milestone and co-chairman of Milestone’s Investment Committee.    The Milestone Group is a leading national, real estate investment firm with over $4.9 billion of assets under management, with corporate offices in New York City, NY and Dallas, TX.  Milestone Management, a wholly owned property management subsidiary of Milestone Apartments REIT, an affiliate of The Milestone Group, currently manages approximately 54,000 units located in 16 states with ten regional management and acquisition offices in Atlanta, Austin, Dallas, Houston, Jacksonville, Nashville, Phoenix and Tampa, employing approximately 1,500 professionals nationwide.

Mr. Goldberg has almost 30 years experience in the real estate industry.  He focuses on the overall strategic and investment direction of the firm, acquisitions and asset management activities.  Prior to founding Milestone in 2003, Mr. Goldberg was a Managing Director of Insignia Financial Group, a leading early investor in distressed real estate, where he was responsible for all workouts, restructurings and recapitalizations.  He also led the Company’s principal investment group.  In July 2003, Insignia was acquired by CB Richard Ellis.

From 1996 through 2003, as head of Insignia’s Co-Investment Group, Mr. Goldberg was responsible for principal activities, including co-investment joint venture acquisitions, tender offers and portfolio purchases.  The Co-Investment Group was responsible for nearly $1.9 billion of transactions throughout the US and the UK.  From 1991 to 1996, Mr. Goldberg headed Insignia’s Asset Management Department, during which time his group completed over 130 transactions and restructurings.

Mr. Goldberg received a BS and an MBA from The Wharton School of the University of Pennsylvania.  Mr. Goldberg serves on the Board of the University of Pennsylvania General Alumni Society and is a current board member of the National Multi Housing Council and a member of the Urban Land Institute.

Capabilities

Asset Management
KPG optimizes the value of its properties through detailed transaction and management execution and utilizes superior performance measurement and cash-flow forecasting to inform investors.

Development
KPG oversees each project through acquisition, design, construction and completion with precision and direct management.

Advisory Services
KPG utilizes its expertise as an investor, developer and operator to perform advisory work on behalf of private and institutional clients such as asset, portfolio and investment management.

Acquisitions
KPG leverages its strong industry relationships to discover “first look” and off-market opportunities. This successful acquisitions strategy maintains and rewards KPG’s partnerships.

 

Portfolio

Current

139 EAST HOUSTON STREET
New York, NY

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Current Portfolio

  • 139 East Houston Street
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Portfolio

Current

211 EAST 43RD STREET
New York, NY

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Current Portfolio

  • 211 EAST 43RD STREET New York, NY
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previous transactions and realized investments

201 Mulberry Street – 5,000 SF retail condominium on Mulberry Street – Nolita, Manhattan (2015)

2041 – 2061 2nd Avenue – An entire block front of mixed-use properties on Second Ave between East 105th and 106th Streets totaling approx. 100,000 BSF- Second Ave Subway Corridor, Manhattan (2014)

225 – 231 Roebling St – 100’ wide mixed use retail/residential property on the corner Roebling and S3rd Streets – Williamsburg, Brooklyn, NY (2014)

Providing an institutional style approach to off-market deal-making

KPG’s strategy and focus on relationships has continually… …provided outsized returns to its partners and investors, both institutional and private

Partnerships

KPG has partnerships with some of the world’s preeminent institutions and institutional advisers typically with AUM in excess of $1B . We enjoy long term relationships and look for repeat business. Our approach is to partner with the appropriate investor, lender and service provider for each acquisition. Integrity, excellence and out performance are the core pillars of KPG.

News

REAL ESTATE FINANCE & INVESTMENT
JUMPING IN TO BIG APPLE RETAIL – PODCAST

Rod Kritsberg, managing partner of New York-based K Property Group, believes that the time is right to buy retail in the city. The firm focuses on high-demand neighborhoods in Manhattan, seeking opportunities to acquire prime, high street retail – but only if the company can make a deal at a steep discount from previous market highs.

Click here to start listening!

REAL ESTATE FINANCE & INVESTMENT
JUMPING IN TO BIG APPLE RETAIL – PODCAST

Rod Kritsberg, managing partner of New York-based K Property Group, believes that the time is right to buy retail in the city. The firm focuses on high-demand neighborhoods in Manhattan, seeking opportunities to acquire prime, high street retail – but only if the company can make a deal at a steep discount from previous market highs.

Real Estate Finance & Investment
REFI Radio: Big Apple niche investment strategies – PODCAST

Investing in New York must be done with extreme care if you are not already a local expert, according to Gregory Kraut, managing partner at K Property Group. REFI Radio discussed with Greg the firm’s strategy of targeting under-performing non-stabilized properties and generating value through capital improvements and re-tenanting Class B office product and smaller spaces. The firm focuses on specific Manhattan submarkets where leasing has not caught up to capital markets.

Click here to start listening!

Real Estate Finance & Investment
REFI Radio: Big Apple niche investment strategies – PODCAST

Investing in New York must be done with extreme care if you are not already a local expert, according to Gregory Kraut, managing partner at K Property Group. REFI Radio discussed with Greg the firm’s strategy of targeting under-performing non-stabilized properties and generating value through capital improvements and re-tenanting Class B office product and smaller spaces. The firm focuses on specific Manhattan submarkets where leasing has not caught up to capital markets.

New York owner carves out boutique office niche

K Property Group, a New York-based investment company that specializes in buildings of 300,000 square feet or less, is carving out a niche among smaller office tenants seeking high-quality space with no extra hassle. “We’re working with tenants who have graduated from WeWork or Regus and want the same services you’d get from a shared space provider. They also want an identity and their own, meaning an encapsulated space within their building,” said Greg Kraut, managing partner. Most sub-10,000 square foot tenants don’t want to sign...

Read more >

New York owner carves out boutique office niche

K Property Group, a New York-based investment company that specializes in buildings of 300,000 square feet or less, is carving out a niche among smaller office tenants seeking high-quality space with no extra hassle. “We’re working with tenants who have graduated from WeWork or Regus and want the same services you’d get from a shared space provider. They also want an identity and their own, meaning an encapsulated space within their building,” said Greg Kraut, managing partner.
Most sub-10,000 square foot tenants don’t want to sign long-term leases or come out of pocket for spacecosts, be it furniture, phones, or extra costs of building. “These tenants also tend to procrastinate their move schedule and are in a rush to get into a space,” Kraut said. “We allow tenants to be able to move into space in a fraction of the time, usually in less than 45 days, and with less hassle.”

With the aim of keeping things simple, K Property works with tenants who are looking for space for at least a year and want to move quickly. “Smaller spaces are in great demand – we see a vacancy rate of less than 5% for small, high-end pre-built space,” Kraut added, adding that there are almost no pre-built spaces that offer furniture and/or IT and phones. “These tenants don’t want to be distracted by a three- or four-month lease negotiation or build out,” he said.
Kraut, who joined K Property earlier this year after a long career representing tenants and landlords on leasing transactions, said this perspective has helped the company to evolve this strategy. “Coming from the leasing world has helped me to understand what tenants really want – and what landlords need to satisfy that demand,” he said. “ I have seen most small tenants that are happy and have initially asked for a short term lease stay for several years as long as you have a product that keeps them sticky”.  “We have found that by offering the flexibility, they actually stay much longer, pay more  and  it’s the closest occupancy rate that we have found next to multi-family. Nobody wants to move unless they have to”
One easy way to save time is on lease negotiations, Kraut said. “A lot of the time is spent negotiating 100-page leases, which is a huge annoyance and a waste of time and money. We use short form leases and/or license agreements,” he said.

The company also handles outside service providers, such as phone companies and internet service providers. “Tenants will pay more for the convenience,” Kraut said. This is particularly true for out-of-town tenants that want to hang their shingle in New York. “We see demand from companies that are based in London and want to open a small office in New York, or companies that are in Silicon Alley that might need 10 seats here as well as growing, New York-based firm that values convenience and efficiency,” he said.
While many landlords focus on providing an amenity-rich environment, Kraut believes that some amenities are critical – and others are not so important. “Most tenants want an environment with artwork, concierge services, somewhere to get a coffee, snacks or newspaper, and a car service on call. It’s also important to have security move very quickly,” Kraut said. “You don’t need to layer on a tremendous number of amenities. The key components are making the space look nice, using different colors of paint, having tasteful artwork and furniture, and a staff that’s friendly and says ‘Good morning.’”

While leasing up multiple tenants on smaller leases can be more time consuming than signing a few tenants to larger spaces, Kraut noted that there are other factors. “Some of the biggest investment funds would say that they need bigger tenants for credit purposes and longevity but I’d make the case that smaller spaces, which have always been significantly more occupied and are easier to re-lease than larger spaces,” he said.

There’s also the question of lowering risk. “Small tenants are an obvious driver of revenue from a demand and leasing velocity perspective, but what’s just as valuable is the risk mitigant of smaller, staggered tenant rolls throughout a building that is then not that mercy of a large vacancy event with the loss of one major tenant,” said Rod Kritsberg, managing partner.

PR Newswire
K Property Group (KPG) Creates Advisory Board of Four Leading Real Estate and Business Experts

K Property Group (KPG), a burgeoning leader in value-add office and retail acquisition’s and development in NYC, today announced the creation of its Strategic Advisory Board to support the company’s rapid growth. The board consists of leaders with diverse backgrounds in both the private and public sector. This board will be responsible for providing strategic guidance and input to KPG. Each member brings deep experience in real estate and other fields, adding significant depth and breadth to the KPG team....

Read more>

PR Newswire
K Property Group (KPG) Creates Advisory Board of Four Leading Real Estate and Business Experts

K Property Group (KPG), a burgeoning leader in value-add office and retail acquisition’s and development in NYC, today announced the creation of its Strategic Advisory Board to support the company’s rapid growth. The board consists of leaders with diverse backgrounds in both the private and public sector. This board will be responsible for providing strategic guidance and input to KPG. Each member brings deep experience in real estate and other fields, adding significant depth and breadth to the KPG team. KPG’s executive team elected four new advisory board members at its recent meeting. The board will meet quarterly at KPG’s NYC office. Together the board members will contribute their Real Estate and Business expertise and insights to the firm’s investment process.

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Contact Us

K PROPERTY GROUP, LLC
80 Park Avenue, 2nd Floor, New York, NY 10016
212 359 0743