Historic Case Studies


In its 25 year history, Dermot has been active in over $1billion of transactions which it has sold. The transactions highlighted below represent examples of our work.

Historic Portfolio

Clinton Green
New York, NY, 633 Units
Opened xyz
Clinton Green
Opened xyz

A luxury residential high-rise community located on the West Side of Manhattan, Clinton Green features two 24 story towers, an adjacent theater complex with three theatres and 20,000 sq. ft. of retail space and15,000 sq. ft. of public outdoor space. It is a LEED Certified Green Building.

Dermot was selected as site-developer for the project by New York City’s Department of Housing Preservation and Development through an RFP selection process that included many of the city’s top developers. When financed, the project was allocated the largest New York State Housing Finance Agency tax-exempt bond ever offered. This property was sold to Archstone, who now operates it as Archstone Clinton.

Hudson Crossing
New York, NY, 259 Units
Sold in July 2004
Hudson Crossing
Sold in July 2004

Located in Clinton section of Manhattan, Hudson Crossing is a 15-story development was built in partnership with the Building Investment Trust of the AFL-CIO. Dermot completed it 90 days ahead of schedule and under budget in April of 2003, and the building was solid in 2004. In addition to 259 rental apartments, the project included 5,200 sq. ft. of retail space, 164-space public parking garage, 24-hour concierge services, an exercise room, advanced telecom services, a laundry room, a roof deck, and storage areas.

The Principal Portfolio
New York, NY, 1,600 Units
Opened in xyz
The Principal Portfolio
Opened in xyz

In 2006, Dermot and Principal Financial formed a joint venture to purchase rent-regulated apartment buildings in New York City. Throughout 2006 and 2007, the venture purchased almost 1,600 apartments in 50 buildings in Manhattan, Brooklyn and Queens for a total consideration of approximately $262 million. The venture disposed of the properties between December 2012 and February 2015 for approximately $440 million. Despite the adverse timing of the purchases, this impressive performance was achieved through aggressive turnover and renovation of below-market apartments, execution of common area upgrades and deferred maintenance, and careful expense management. The properties were all improved and stabilized during the venture’s ownership.

The DPA Portfolio
New York, NY, 1,100 Units
Opened in xyz
The DPA Portfolio
Opened in xyz

In 2003, the founding investment fund of Dermot, Dermot Property Associates (DPA”), began selling garden apartments throughout the U.S., and utilizing tax-deferred exchanges to purchase multifamily property in New York City. Over the course of three years, DPA purchased 1,080 apartments in Manhattan, Queens and The Bronx for approximately $150 million. Between 2003 and 2012, Dermot renovated all of the market-rate apartments, and deregulated many below-market, rent-regulated apartments and renovated them as well. Common area improvements were also made and deferred maintenance implemented to stabilize and improve the properties. The entire DPA portfolio was sold to multiple buyers in 2012 for approximately $223 million.

The Opal
Queens, NY, 388 Units
Opened in 2004
THE OPAL
Opened in 2004

Located on a five-and-a-half acre parcel of land in the Kew Gardens Hills section of Queens, The Opal was the first new, large-scale residential complex the neighborhood had seen in nearly 20 years. Working in partnership with the Building Investment Trust of the AFL-CIO, Dermot completed both the development and lease-up for this upscale project. The project included 482 parking spaces, underground parking, concierge and doorman services, a health club, children’s playground and recreation area, and various community spaces. It still generates some of the highest rents in Queens.

West 107th Street
New York, NY, 178 Units
Opened in xyz
West 107th Street
Opened in xyz

In 2008, Dermot partnered with Henderson Financial to purchase 178 apartments across three buildings at 210-230 West 107th Street. The acquisition price was $60 million. During Dermot’s ownership, many units were renovated and all 3 lobbies were upgraded to a luxury specification. Largely due to the timing of the purchase, the investment did not perform as well as expected. In 2013, Dermot encouraged Henderson to refinance the properties rather than sell, because Dermot recognized that property values were improving. However, Henderson wanted to sell and Dermot has always agreed to take the path of its partners. The property was sold in 2013 for $65.6 million.