Anand Mahindra sets up Manhattan realty company

CHENNAI: Anand Mahindra, chairman of the $19-billion Mahindra Group, is investing in US real estate in his personal capacity. He is partnering with Rotem Rosen, a New York real estate owner and developer and Jerry Rotonda, who has been CFO of Deutsche Bank, WM Americas. The trio are setting up a real estate firm called MRR Development which will focus on real estate projects in Manhattan.

This investment has nothing to do with Mahindra Group.

When contacted, the group shared a statement confirming the development: "MRR Development, headquartered in Manhattan, is a premier full service real estate powerhouse, founded personally by Anand Mahindra through his family office, and will focus on the identification, acquisition, development, conversion & sale of real estate specifically in Manhattan, reflecting the fundamental analysis of long-term drivers of capital appreciation."

It added, "MRR will systematically target development projects that deliver value and quality to buyers. The three partners have delivered a "strong risk-adjusted track record of returns in their respective careers by relying on their investment discipline and sourcing capabilities." Forbes magazine values Anand Mahindra's net worth at $1.55 billion. He has earlier made similar individual investments into Epic Channel, partnering with Mukesh Ambani.

Three years later, Ambani reportedly sold his stake in Epic last November.

Mahindra has also made several investments in startups including in companies like SheThePeople, LocalCircles India and more recently Thinkerbell Labs and the Naandi Education Support & Training (NEST).