What Tricap does

Tricap is a privately held, New York-based real estate investment and development firm founded in 1990 by David Edelstein, operating with a lean team of 1–10 professionals from its headquarters at 667 Madison Avenue. The firm pursues value-add and opportunistic strategies across four core property verticals — Class A trophy office, luxury hospitality, high-street retail, and luxury residential — concentrated in major US metropolitan markets including New York, Miami/Miami Beach, Seattle/Bellevue, Silicon Valley, and Las Vegas.

The firm's model is to source off-market and unique transactions in early-stage submarkets, reposition assets through intensive capital deployment and creative business plans, and exit at scale. Notable realized outcomes include the $250M acquisition and $1.08B sale of Miracle Mile Shops on the Las Vegas Strip (jointly with RFR Holdings), the transformation of a $75M Holiday Inn Miami Beach into the $500M+ W South Beach flagship for W Hotels/Marriott, and the disposition of Lincoln Road and Wynwood assemblages at record pricing. The current operating portfolio includes a $1.5 billion book of tech-tenant trophy office leased to Apple, Amazon (four buildings), and Facebook, alongside development sites in Miami's Wynwood district.

Tricap generates returns through property appreciation, rental income, and realized gains on disposition, co-investing with institutional partners including life insurance companies, RFR Holdings, Vulcan Development, and Schnitzer. Deal flow is driven by direct relationships, off-market sourcing, and the firm's 30+ year operating track record rather than external marketing or fundraising infrastructure.

Name

Tricap

Legal name

Tricap

Website

https://tricap.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

Tricap is a New York-based private real estate investment and development firm founded in 1990 that acquires, repositions, and sells office, hotel, retail, and residential assets in major US markets including New York, Miami, Seattle, Silicon Valley, and Las Vegas, partnering with institutional capital on trophy and value-add transactions.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment and Development

NAICS

Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940)

SIC

Real Estate (6500), Hotels & Motels (7011)

akta.pro primary industry

Co-Investment Syndication & Allocation Intermediation (FSAEALAH)

Keywords

• Commercial real estate investment
• Real estate development
• Property acquisition
• Asset repositioning
• Portfolio management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Real Estate Investment and Development: Tricap generates returns through acquiring undervalued properties, repositioning assets, developing new projects, and selling or leasing properties. Revenue comes from property appreciation, rental income, and realized gains on property sales. The firm focuses on creating superior investment returns by identifying early-stage market opportunities and executing creative business plans with prudent investment decisions.

Distribution channels1 record

Core offering

Tricap is a Manhattan-based real estate development and investment firm that identifies early-stage market opportunities in major U.S. metropolitan markets, acquires and repositions undervalued office, hotel, retail, and residential properties, executes ground-up development and redevelopment projects, and ultimately sells or leases those assets to deliver investment returns for co-investment partners. Its portfolio includes a $1.5 billion set of Class A trophy office buildings leased to large-cap technology tenants such as Apple, Facebook, and Amazon, alongside luxury hospitality, high-street retail, and luxury residential holdings.

Product overview

Tricap is a single unified real estate development and investment firm offering a diversified portfolio of commercial real estate across four core property types: office properties (Class A office leased to tech tenants like Apple, Amazon, and Facebook in Seattle, Bellevue, Silicon Valley, and Miami), hotel properties (luxury hospitality assets in Miami Beach), retail properties (high-street retail and malls in Miami Beach, Las Vegas, and New York), and residential properties (luxury condominiums in New York and Miami). The firm executes investment strategies from acquisition through development, redevelopment, repositioning, and eventual disposition.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Properties Portfolio Diversified Class A office portfolio of trophy-quality buildings leased to large-cap technology tenants including Apple, Amazon, and Facebook across Seattle, Bellevue, Silicon Valley, and Miami submarkets; assets include the Apple Office Campus in Silicon Valley (350,000 sq ft), Amazon 'Apollo' Office (321,281 SF), Amazon 'Brazil' Office (318,617 SF), Amazon 'Amelia' Office (292,873 SF), Amazon 'Everest' Office (356,909 SF), and the Facebook Seattle Headquarters at 1101 Dexter Station North (344,544 SF) on a long-term lease through 2030.
• Hotel Properties Portfolio Luxury hospitality portfolio comprising flagship hotel assets in Miami Beach, Florida, including the W South Beach Hotel & Residences (a 408-room, $500M+ oceanfront property widely regarded as the flagship of the W Hotels brand globally) and The Raleigh Hotel, acquired in partnership with sbe Hotels in 2012 and developed with rare residential bungalow approvals secured through the Historic Preservation Board.
• Retail Properties Portfolio High-street retail and destination shopping portfolio concentrated in Miami Beach's Lincoln Road, the Miami Design District, Wynwood, the Las Vegas Strip (Miracle Mile Shops), Flushing NY, and select New York City locations, with over 100 tenants across the portfolio including luxury brands Rolex, Longchamp, and Oliver Peoples at Atlas Plaza, Skechers and Mila at 800 Lincoln Road, and Bank of America and Starbucks as retail tenants at Amazon 'Everest' Office in Bellevue.
• Residential Properties Portfolio Luxury residential condominium and apartment portfolio developed through ground-up construction and asset repositioning across New York City (including 279 Central Park West, 65 Cooper Square, 238 East 81st Street, 352 East 86th Street, The Park Laurel, and The Channel Club) and Miami's Wynwood district (45 Wynwood Place), targeting premium buyers in core metropolitan locations.
• Real Estate Investment & Development Services Sponsor-level real estate investment, acquisition, development, and asset management services that identify early-stage market opportunities in emerging submarkets, source off-market and unique transactions, execute creative development and repositioning business plans, and manage complex capital structures to generate superior risk-adjusted returns for co-investment partners.

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major, core and notable.

• sbe HotelsmajorStrategic or Co-development Partner · 1 January 2012Tricap partnered with sbe Hotels, a high-profile entertainment group based in Los Angeles, CA, to acquire The Raleigh Hotel in 2012. Following purchase, Tricap worked for a year and a half to acquire rare development approvals for residential bungalows through negotiations with the Historic Preservation Board.
• RFR HoldingsmajorStrategic or Co-development Partner · 1 January 2004Tricap and RFR Holdings acquired Miracle Mile Shops for $250 million in 2004. The partnership aggressively repositioned the property and maintained strong cash flow over the holding period before selling for $1.08 billion in 2016.
• Vulcan DevelopmentcoreStrategic or Co-development PartnerVulcan Development, Paul Allen's real estate development company, developed multiple Amazon-occupied properties including Amazon 'Brazil' Office (400 Ninth Avenue North) and Amazon 'Apollo' Office (325 Ninth Avenue North).
• SchnitzercoreStrategic or Co-development PartnerSchnitzer, one of the most reputable developers in the Pacific Northwest, built Amazon 'Amelia' Office and Amazon 'Everest' Office buildings in Seattle's South Lake Union submarket.
• Touzet StudionotableImplementation/ SI/ Consulting PartnerTouzet Studio provided architectural design services for 800 Lincoln Road redevelopment and 500 Lincoln Road ground-up retail development in Miami Beach.

Scale indicators7 records

Recent moves17 records

Expansion highlights5 records

Direct peers

• Terranova Corporation: Miami-based real estate investment and management firm specializing in high-street retail. Joint venture partner with Acadia Realty Trust to purchase Tricap's Lincoln Road portfolio; operates in the same Miami Beach retail submarket with comparable luxury tenant rosters.
• The Howard Hughes Corporation: Master-planned community and condo developer with significant holdings in NYC (Seaport District), Miami (Wynwood, Downtown Miami), and other major markets. Highly comparable to Tricap in its luxury residential and mixed-use focus in the same urban submarkets.
• Vulcan Real Estate: Paul Allen's real estate development company that developed multiple Amazon-occupied properties in Seattle's South Lake Union submarket. Direct co-investment counterpart with Tricap on Amazon 'Brazil' and 'Apollo' office buildings, making it a closely comparable Seattle-focused developer.
• Vornado Realty Trust: NYC-focused REIT with major Class A office holdings in Manhattan and a significant presence in the same trophy office market segments Tricap pursues. Comparable business model around premier urban office properties leased to investment-grade tenants.
• SL Green Realty: Manhattan's largest office landlord with a focus on Class A trophy office buildings. Operates in the same premium office submarket segment as Tricap's NYC and Pacific Northwest holdings, though SL Green is publicly traded and substantially larger.
• Acadia Realty Trust: Publicly-traded retail-focused REIT that acquired Tricap's Lincoln Road portfolio in 2012 for $139M. Directly comparable given shared focus on high-street retail and urban shopping districts, with overlapping presence in Miami Beach and NYC retail markets.
• RFR Holdings: NYC-based real estate investment and development firm founded by Aby Rosen. Direct co-investment partner with Tricap on the Miracle Mile Shops acquisition (2004) and disposition (2016), making it one of Tricap's most comparable peer firms in size, strategy, and asset class focus.
• Tishman Speyer: NYC-headquartered global real estate developer and investor focused on office, residential, and mixed-use properties. Comparable to Tricap in its trophy asset focus, founder-led culture (Jerry Speyer), and major-market investment approach, though at materially larger scale.
• Related Companies: NYC-based real estate development firm with major residential, office, and mixed-use projects in NYC, Miami, and other gateway cities. Highly comparable to Tricap given its diversified asset class strategy and significant Wynwood/Miami Design District presence alongside Tricap.

Broad incumbents

• Brookfield Property Partners: One of the world's largest commercial real estate owners and operators with significant office, retail, hospitality, and multifamily holdings globally. Comparable to Tricap across all asset classes Tricap operates in, though at vastly larger scale and with broader geographic and product diversification.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tricap-ventures-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tricap