Former Vornado Realty chief executive officer Michael Fascitelli is back on the fundraising trail.
Two and a half years after he abruptly stepped down from New York-based Vornado Realty, Fascitelli is setting up his first fund. Imperial Companies, the New York firm he co-founded in 2013, will manage the vehicle with a $1 billion target. The core-plus or value-added fund will target primarily the acquisition of Manhattan properties for repositioning.
The firm could not be reached for comment.
New York-based Mercury Capital is the placement agent. The firm worked on the $800 million Vornado Capital Partners, which attracted a total of $800 million in 2011 and focused on distressed New York and Washington DC properties.
Eric Birnbaum, a former Vornado executive, co-heads Imperial with Fascitelli. The firm’s development deals will be done outside the fund. Imperial is working a Hudson Yards 225-unit rental property that, in return for more than $100 million of financing and tax credits, will have 46 affordable apartment units.
Fascitelli stepped down from Vornado in April 2013, saying on an earnings call that his surprise departure would allow him “a break before doing something different.” He remains a member of the real estate giant’s board of trustees. He joined the firm in 1996 as president, adding the chief executive title in 2009, and was previously a partner at Goldman Sachs.
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