Getty Images | By Lois Weiss
A nonprofit social service provider has hired the Ackman-Ziff team of Jason Meister, Marion Jones and Chris Gillis as strategic advisers for its nearly 1 million-square-foot portfolio.
SoBRO, a 45-year-old community-based organization, develops and owns affordable housing projects, mixed-use sites and commercial buildings across the South Bronx and Upper Manhattan.
“We have been hired to come up with the best monetization of their portfolio,” Meister explained. “We think there will be opportunities to bring in joint venture partners.”
Other assets not core to SoBRO’s mission could be sold outright. Expect requests for proposal on some in the coming weeks.
The team is valuing the properties that include numerous large affordable apartment buildings, plus a freestanding McDonald’s, an office incubator with a Chase branch and a TD Bank branch all in the Bronx, along with development sites.
SoBRO provides youth and adult education, employment assistance, entrepreneurial development and business assistance.