Jay Sugarman, chairman and CEO of iStar (NYSE: STAR), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.
iStar finances, invests in, and develops real estate and real estate-related projects as part of an integrated investment platform.
Sugarman commented on iStar’s efforts to shrink its legacy portfolio and refocus on new business opportunities. He noted that the company’s investment professionals are now better able to concentrate on understanding customer needs.
“We feel like we’re really turned a corner and you’re starting to see that reflected in our new business,” Sugarman said.
As for iStar’s legacy assets, Sugarman said the company is trying to find an “optimal solution.” In some cases, that means continuing with existing projects that present unique opportunities. A case in point is iStar’s Asbury Park, New Jersey development, “where we’re building a mile of oceanfront an hour south of New York,” he noted.
Meanwhile, Sugarman said iStar is “excited” about the ground lease business. “That’s going to be a much bigger part of our business going forward, we think.”