Gould Investors L.P. is a master limited partnership that owns and operates a diversified portfolio of real estate assets located throughout the United States. Unlike many other real estate investors, Gould is focused on long-term value more than short-term IRR returns. Gould’s real estate assets include office and professional buildings, apartment buildings, shopping centers, mixed-use properties, cooperative and condominium apartments, industrial facilities and single tenant properties.
Gould also has substantive investments in publicly traded and private entities in related fields. Previously, Gould had been the largest shareholder in several different savings and loan institutions. Currently, Gould is the largest shareholder in BRT Realty Trust (NYSE:BRT) and One Liberty Properties, Inc. (NYSE:OLP). Please see Affiliated Entities for descriptions of BRT and OLP.
Gould’s management is involved on a day-to-day basis in a broad range of activities including locating and evaluating potential acquisitions, market area analyses and feasibility studies, renovation, leasing and/or repositioning of commercial and residential properties, property management, property and apartment sales and formulating appropriate acquisition and disposition strategies. In addition to actively managing and operating the Partnership’s present portfolio, Gould continually seeks to acquire additional real estate assets that will provide future income growth and capital appreciation.
Gould’s investment philosophy emphasizes the acquisition of real estate and investments in real estate related entities with inherent values and long-term appreciation potential rather than the acquisition of properties primarily based upon current cash flow. Gould’s investment posture has enabled it to build a solid entity providing substantial growth potential and long-term security and benefits. Gould is continually striving to improve the value of its assets by modernizing and upgrading its properties and changing usage where appropriate. The efforts of Gould’s hands-on, active management continues to enhance the inherent value of its portfolio, as well as assist in improving each property’s rental income as leases expire. In addition, Gould concentrates on maximizing values by selectively converting properties from one type of use, or one form of ownership to another.
Gould and on occasion Gould’s principals are participants in various private joint ventures. These JVs have purchased and/or developed a substantial number of real estate properties and are involved in a variety of properties with major corporate and banking tenants. The holdings of these JVs are located in various sections of the United States, although the larger JVs have involved properties within the New York metropolitan area. Specializing in “emerging areas” of New York City, these JVs have purchased and then converted buildings from loft-manufacturing facilities to modern office and retail usages. Among other properties, such partnerships have participated in the conversion of buildings located at 141 Fifth Avenue, 130 Fifth Avenue, 880 Broadway and 99 Hudson Street from their former manufacturing usages to modern office and retail space resulting in the realization of substantial incremental value.
Other JVs have developed and presently own garden apartment complexes in various sections of the United States and also have participated in sale and leaseback transactions with major tenants in the restaurant, retail, light manufacturing and banking industries. In addition, these JVs (which would include those of our affiliated entities as well) have been involved in the conversion and ownership of approximately 4,000 cooperative and condominium apartments in the greater New York metropolitan area.