El Ad Group, which is sitting on a war chest following a number of dispositions that included last year’s sale of New York’s Plaza Hotel, is mining Manhattan for residential development opportunities. “Our strategy is selling income-producing in exchange for development,” Udi Erez, president, told REFI.

Although Erez declined to discuss how much the firm has to invest, he noted that El Ad sold the Plaza Hotel for $575 million and owned 66% of the property. “We also decided to sell 50% of our income-producing properties in Canada two years ago....

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