Cove Property Group

What Cove Property Group does

Cove Property Group is a New York City-based real estate investment, development, and ownership firm founded in 2015. The firm operates as a vertically integrated owner, operator, and developer that targets institutional-grade commercial real estate in New York City and key gateway markets, with the company description also referencing residential real estate. Cove manages the full real estate lifecycle in-house, covering acquisition, financing, design and development, asset management, leasing, and disposition. Since inception, the firm has acquired and developed over 1.2 million square feet of trophy and Class A real estate valued at approximately $1.5 billion, deploying more than $20 billion in successful leasing transactions.

The firm's core portfolio comprises three properties: Hudson Commons (a 25-story, ~700,000 RSF adaptive reuse trophy office at 441 Ninth Avenue, sold for over $1B in 2021), 101 Greenwich (a 26-story, ~480,000 SF Class A office in the Financial District, exited in 2023), and Hudson Ivy (a ground-up wellness-focused boutique office development targeting LEED certification). A signature technical capability is a proprietary adaptive reuse construction methodology that adds 17 stories atop an existing 8-story warehouse by driving steel shafts through existing columns, saving 16-24 months versus ground-up construction. Properties are differentiated by WiredScore Platinum connectivity, LEED Platinum/Silver sustainability certifications, and smart building features including app-based tenant services, facial recognition turnstiles, and elevator-communicating access systems.

Cove makes money through three primary streams: recurring rental income from owned and operated assets, asset management and professional service fees from joint venture properties, and transactional gains on the disposition of developed and repositioned assets. The firm executes within joint venture structures with institutional equity partners including Baupost Group (Hudson Commons) and Bentall Kennedy's Multi-Employer Property Trust (101 Greenwich), and has secured construction and permanent debt from Apollo Global Management ($479M) and Blackstone Mortgage Trust ($724.2M refinance). Commercial leases are negotiated directly with corporate tenants and through exclusive broker relationships with CBRE and JLL. Major tenant placements include Peloton (312,000-336,000 RSF headquarters), Lyft (100,638 RSF), Convene (58,000 SF flagship), Brevet Capital Management, and INVNT GROUP, spanning TAMI, financial services, legal, and professional services segments.

Name

Cove Property Group

Legal name

Cove Property Group LLC

Website

https://covepg.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Cove Property Group is a New York City-based real estate investment, development, and ownership firm that acquires, develops, and operates institutional-grade commercial properties. Founded in 2015, the firm has delivered over 1.2 million square feet of trophy Class A assets across New York City gateway markets.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development & Investment

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate
• Real estate development
• Property investment
• Asset management
• Office leasing

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, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income from Commercial and Residential Properties: Cove generates recurring rental revenue from tenants in its owned and operated commercial office and residential properties across New York City.
2. Asset Disposition and Property Sales: The firm sells developed and repositioned assets upon completion of business plans. Hudson Commons was sold for $1B+ in 2021. 101 Greenwich was successfully exited in 2023.
3. Asset Management Fees: Fees earned for managing properties on behalf of the firm and joint venture partners through the full real estate lifecycle.
4. Joint Venture Partner Capital Returns: Returns distributed to equity partners including Baupost Group and Blue Sky Alternative Investments upon successful asset disposition.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Cove Property Group is a New York City-based Owner, Operator, and Developer of institutional-grade commercial and residential real estate. The firm acquires, finances, designs, develops, leases, and dispositions trophy and Class A properties in key gateway markets, with a vertically integrated platform covering the full real estate lifecycle. Its current portfolio features three flagship New York properties—Hudson Commons, 101 Greenwich, and Hudson Ivy—representing over 1.2 million square feet of developed and repositioned assets.

Product overview

Cove Property Group is a New York City-based Owner, Operator, and Development firm specializing in institutional-grade commercial and residential real estate. Since its founding in 2015, the company has acquired and developed over 1.2 million square feet of Trophy and Class A real estate valued at $1.5 billion. The firm operates a vertically integrated platform overseeing the full real estate lifecycle from acquisition, financing, design and development, asset management, leasing, to disposition. Core products include three major New York City properties: Hudson Commons (a 25-story, 700,000 RSF adaptive reuse office tower at 441 Ninth Avenue), 101 Greenwich (a 26-story, 480,000 SF Class A office building in the Financial District), and Hudson Ivy (a ground-up wellness-focused boutique office development).

Differentiator

Problem solved

Functional benefit

Brands

• Hudson Commons: A 25-story, 700,000 RSF trophy Class A office property at 441 Ninth Avenue featuring adaptive reuse of a 1962 warehouse with a 17-story tower addition, LEED Platinum certified.
• Hudson Ivy
• 101 Greenwich

Products and services

• Hudson Commons A 25-story, approximately 700,000 RSF Class A trophy office property at 441 Ninth Avenue in Manhattan's Hudson Yards district, created by adding 17 stories atop an existing 8-story 1962 warehouse. Floor plates range from 16,000 to 50,000 RSF with private terraces on 14 floors and LEED Platinum certification. Leased to enterprise tenants including Peloton (312,000+ RSF HQ), Lyft (100,638 RSF), and Brevet Capital Management.
• 101 Greenwich A 26-story, approximately 480,000 SF Class A office building at 101 Greenwich Street in Manhattan's Financial District, originally built in 1905 as the US Express Company headquarters and redeveloped via a $75 million renovation preserving historical elements while adding modern amenities, smart turnstiles, and sustainable features. Achieved LEED Silver certification and BOMA Renovated Building of the Year. Pre-built suites of 3,100-6,600 RSF and full floors up to 19,000 RSF available at $65-$70 per square foot.
• Hudson Ivy A ground-up luxury boutique office development positioned as New York's healthiest and smartest workspace, featuring a striking terracotta facade, ivy-inspired terraces, fresh air and natural light emphasis, wellness-focused amenities including a fitness center, on-site restaurant, and bar, designed for LEED certification.

Quantifiable outcome

• Delivered 1.2M+ square feet of award-winning developments
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

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

• Kohn Pedersen Fox (KPF)coreStrategic or Co-development Partner · 1 January 2017World-renowned architectural firm designing the 17-story addition to Hudson Commons. KPF designed the new tower structure while harmonizing with the existing 1962 warehouse building. Also designed lobby and overall project.
• ConvenemajorStrategic or Co-development Partner · 1 January 2017Workplace hospitality provider partnered with Cove and Bentall Kennedy at 101 Greenwich. Convene leased 58,000 SF across three floors as flagship location and designed/manages building amenities including meeting space, flexible-term workspace, coffee shop, and smart building mobile app with tenant access features.
• Bentall KennedycoreStrategic or Co-development Partner · 1 March 2016Joint venture partner with Cove Property Group for 101 Greenwich (formerly 2 Rector Street) acquisition and redevelopment. Bentall Kennedy advised Multi-Employer Property Trust (MEPT) on the joint venture. Partnership acquired the 26-story, 480,000 SF building for $225 million and completed $75 million renovation.
• EmblemHealthminorOthers · 1 January 2016Insurance company that sold the 441 Ninth Avenue property to Cove and Baupost for $330 million in 2016. EmblemHealth had owned and occupied the entire 8-story building since 1994.
• CIM Group and Kushner CompaniesminorOthers · 1 January 2016Joint venture partners who sold 2 Rector Street (now 101 Greenwich) to Cove and Bentall Kennedy for $225 million in March 2016.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Brookfield Property Partners: Global owner, operator and developer of trophy office, retail and multifamily real estate with major NYC presence. Overlaps with Cove on trophy office acquisitions and large institutional capital deployment but operates at vastly larger scale and broader geographic scope.
• Related Companies: Large diversified NYC developer (Hudson Yards, Time Warner Center) with significant office, residential and mixed-use holdings. Comparable trophy office orientation and NYC concentration, but operates at much broader scale and asset class breadth.

Direct peers

• Savanna: NYC-focused commercial real estate investment and development firm where Cove founder Kevin Hoo previously worked. Operates a similar vertically integrated owner/operator/developer model targeting value-add office and trophy assets in NYC.
• The Durst Organization: Family-owned NYC owner, developer and manager of trophy Class A office and residential properties including One Bryant Park and One World Trade Center. Closely comparable on asset class, sustainability leadership (LEED), and vertically integrated owner-operator model.
• RXR Realty: NYC-based real estate owner, operator and developer with a large office and mixed-use portfolio. Comparable in city focus, trophy asset class, and value-add repositioning approach.
• Vornado Realty Trust: NYC-centric office REIT with a concentration of trophy office assets in Midtown Manhattan. Directly comparable given shared tenant roster (financial services, TAMI), trophy asset focus, and Manhattan geographic concentration.
• GFP Real Estate: Multi-generational NYC commercial real estate owner and operator with a portfolio of Class A office and flex buildings in Midtown and Downtown Manhattan. Directly comparable as a privately held NYC owner-operator focused on institutional-grade commercial product.
• Tishman Speyer: Global owner, developer and operator of trophy office and mixed-use real estate with deep NYC presence. Cove's Paul King previously held senior management positions at Tishman Speyer, and the firm's product focus (trophy Class A office, adaptive reuse, large institutional capital partners) closely mirrors Cove's playbook.
• Taconic Investment Partners: NYC-focused real estate investment and development firm operating across office, multifamily, and mixed-use. Comparable as a similarly sized opportunistic developer targeting value-add repositioning in NYC.
• SL Green Realty: Manhattan's largest office landlord and a publicly traded REIT focused on Class A and trophy office properties. Direct peer given overlapping tenant types (TAMI, financial services, legal), NYC-centric footprint, and large-block leasing orientation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/cove-property-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Cove Property Group