By CARL CAMPANILE
Posted: 4:26 am
July 20, 2008
Rudy Giuliani, fresh off of a run for the Republican presidential nomination, is tackling another, perhaps even more difficult challenge: Real estate.
His Giuliani Partners firm is creating a fund that invests in commercial and residential properties despite the sagging market, according to those close to the deal.
The fund will work with Berman Enterprises, which has agreed to front $50 million, or about 10 percent of the capital to buy properties in New York and Washington.
"We're starting a real-estate investment fund with the Berman family," Giuliani Partners' exec Anthony Carbonetti told The Post. "They have phenomenal real-estate experience and we have access to 'deal flow.' "
When asked about the sagging housing market Carbonetti said, "There will be good opportunities out there. We're very excited about this."
The fund will bank on convincing foreign capital that the weak dollar can be good for investing, and Giuliani hopes to cash in on his connections not only in New York but across the globe.
It also shows that the former mayor is trying to rebuild his business and his brand after a disappointing presidential campaign that started out with high hopes but went down in flames.
The Post exclusively reported yesterday that Giuliani is also launching a new fund-raising committee to supply cash to New York GOP candidates, a move that could help him mine political gold as he considers a run for governor.
