In March 2004, NYCERS, along with Tishman Speyer Properties and other partners, purchased the leasehold interest in the 34-story, 635,000-square-foot office tower located at 885 Third Avenue for $247.
Significant profit was also realized by NYCERS and the New York City Teachers Retirement in June 2007.
Stark, commissioner of the New York City Department of Finance and current NYCERS
Michael helped NYCERS
achieve global recognition for leadership on corporate governance issues.
Stringer noted that these investment firms, known as Emerging Managers, can add value to the NYCERS Fund.
The overriding goal of my proposal is to guarantee that NYCERS seek out these firms and give them a much bigger role in the City's investment strategy," said Stringer.
Among other measures, NYCERS Bureau of Asset Management will identify qualified Emerging Managers and compile a comprehensive database of these firms and conduct an annual conference to promote emerging manager strategies.
This software is critical to the daily settlement and financial reporting of all transactions for the City s five major retirement systems (Police, Fire, NYCERS
, Board of Education, and Teachers), and four variable supplement funds.
This is a prudent investment for NYCERS participants and one that supports the growth and redevelopment of our city's economy.
Martha Stark, Commissioner of Finance and chair of NYCERS, added, "In vesting pension funds in New York's prime real estate market is sound strategy for the City's employees that will also spur continued growth in the market as the City's economy improves.
NYCERS is taking advantage of Tishman Speyer's experience in value-added acquisitions to generate appropriate risk-adjusted returns and at the same time promote the continued investment of high-quality, first-tier office properties for the city.
The investment will not only produce solid investment returns for NYCERS
members, but contribute to the building of affordable housing, with union labor, for working people, and help spur economic activity in the city.