Largo identified a stalled condominium development that was in foreclosure, with only the steel erected onsite and a pending structural audit at the NYC Department of Buildings. Largo was able to buy the deed and the loan simultaneously at a very steep discount and created a plan to restart construction and convert the development into a luxury rental apartment building. Largo hired a local architect and reimagined the building completely, creating 46 luxury apartments with condo finishes and balconies off all units. When fully leased, Largo sold the asset to a large quasi-institutional buyer who was entering the Williamsburg market for the first time.
