In late 2004, the partnership of Summit Development and Greenfield Partners were selected from among more than 100 potential buyers when Reader’s Digest decided to sell its long-time global headquarters. Summit’s experience in developing attractive, community-compatible residential and commercial real estate and Greenfield’s financial depth led to their successful acquisition of the property that was then re-named Chappaqua Crossing.
Summit Development, LLC is a privately held diversified real estate investment, development and management company. Summit specializes in opportunistic and distressed real estate investments, with a focus on redevelopment and repositioning of existing undervalued assets. For over 30 years, Summit has leveraged its expertise and vision to create a diversified portfolio of commercial and residential properties providing sustained value for its investors, business partners and tenants. Working closely together as a team, Summit and its investors, tenants and business partners benefit from the strength of the company’s collective abilities to address the complex issues involved in owning a successful real estate portfolio. The company is based in Southport, CT.
Greenfield Partners was established by Eugene A. Gorab in 1997 and has since become one of the leading real estate investment managers in North America. The firm manages capital on behalf of its Principals and Limited Partners, and has, since inception secured capital commitments in excess of $4.0 billion across a series of discretionary investment vehicles. The company’s Limited Partners include leading state and corporate pension plans, university endowments, private foundations and high net worth individuals. Greenfield is based in southwestern Connecticut, with additional offices in Chicago, IL and Reston, VA. The senior investment team averages 20 years of experience, and thier capabilities also encompass the related disciplines of development, tax, and finance.
Today, Louis J. Grossman is chairman of The Grossman Companies, Inc. and sons, David and Jake (the fifth generation of Grossmans in the business) are Co-Presidents. They own a roughly 2.5 million square foot portfolio spanning all major property types and make private loans to builders, developers and real estate investors through our affiliate, First Boston Capital Partners.
The Grossman Companies’ diverse portfolio includes retail, office, industrial, self-storage and residential properties throughout Southern New England. Their investments are typically in the “middle market” sized range, which they define as total capitalization between $2 million and $25 million.
Their investment period can be short- or long-term, depending on the opportunity. They enjoy creating near-term value, but also love buying property where they can unlock the value in the more distant future. In addition, they frequently partner with third-party real estate operators and investors.