July 1, 2005 - Capri Capital Partners
CHICAGO, IL – Capri Capital Advisors, LLC, Chairman/CEO Quintin E. Primo III gave his expert analysis on why the real estate market in Harlem (New York City) is a hot spot for developers, investors and city dwellers. Primo’s comments were featured in a two-part series on the financial news network, CNBC, June 29, 2005.
Primo, who is bullish on urban redevelopment, says investing in America’s urban markets is the next real estate investment frontier that will pay big dividends. While he was commenting specifically on Harlem, Primo believes investors must have a maverick attitude when considering investing in Urban America, a sector that most investors have shied away from up until now.
“You have over 7.2 square miles of land with over 500-thousand people with nearly $2-billion in spending power. For a retailer or a purveyor of housing I’d have to say there is very little risk of going into an area like Harlem,” says Primo.
He adds, “The key to success in an urban business environment is not just about an influx of investment money. The marketplace must also be representative of its residents.”
As a part of the big picture, Primo created the Real Estate Executive Council (REEC), the leading non-profit professional trade association formed to promote the interest of minority executives doing business in the commercial real estate industry. REEC’s (www.reec.org) groundbreaking initiative, The Emerging Leaders Program, finds highly qualified minority MBA candidates and matches them with top commercial real estate companies, (Minorities hold only 1% of commercial real estate jobs.)
Capri Capital Advisors, LLC was founded by African-American businessmen Quintin E. Primo III and Daryl J. Carter. Capri is a debt and equity investor in the U.S. property markets and has in excess of $2.5 billion in assets under management.