Brickman was approached by a Manhattan developer to invest in a preconstruction opportunity for a condominium "rehab" project in "SoHo." Brickman had a long-term relationship with the developer and the opportunity was not marketed.

"SoHo," the area South of Houston Street, is one of Manhattan's best-known neighborhoods. The area has undergone super-gentrification and is now the second home of Madison Avenue boutiques, yet still contains unique galleries and other cultural assets. There are essentially no opportunities for new construction in the neighborhood. Conversions have also become scarce.

Brickman evaluated the opportunity from the perspective of an owner-operator and was able to rationalize the approval risks. These risks were warranted, as the developer has since received approvals and a construction loan.