the arc companies leadership
Joseph Korff, Principal, founder of The Arc Companies, has been involved in real estate transactions in a number of different capacities for more than 40 years. He has been the managing partner or principal/advisor in sophisticated real estate transactions involving billions of dollars.
Joe Korff has structured and restructured complex financing, acquisitions, development and dispositions. Over the years, he has focused on large development projects, and through his expertise in site acquisition and strategic planning, created value in otherwise undervalued properties.
He has exposure to all forms of product types including office, residential, hotel, retail, institutional, time-share, resort and land development deals. He has done assemblages, dealt with government agencies in regulatory and development capacities, turned around distressed assets and handled all aspects of development.
- The assemblage, financing, rezoning, design and leasing of a 1.4 million square foot development site in Mid-Manhattan, taken by eminent domain.
- Purchase of an out–of–service hotel in Horsham, Pennsylvania repositioned for sale to a prominent regional retailer.
- The purchase, repositioning and sale of a former Marriott Hotel another out–of–service hotel at Kennedy Airport, converted to a Radisson, now run as a DoubleTree.
- The purchase, repositioning and sale of the former Days Inn at LaGuardia, an out-of-service hotel that became the Wyndham Gardens at LaGuardia Airport.
- The purchase, repositioning and sale of Tannen Towers, a partially occupied apartment building in Atlantic City which was vacated, rezoned, designed for time share, and sold to Fairfield Resorts, now known as Wyndham Skyview Tower.
- The purchase and conversion to condominium ownership of Murray Hill Terrace in Manhattan. Mr. Korff and his partners went to contract on Murray Hill Terrace in twenty–four hours, cashed out investors in less than three years and retained a significant number of units as well as valuable Third Avenue retail space.
- The assemblage, design, financing, construction, marketing and sale of the Solaria Riverdale, an iconic luxury condominium.
- The acquisition, management, re-tenanting and design for conversion of a major historic multifamily building located in the heart of the West Village of Manhattan, an area and a repositioning creating rapidly accelerating value from the date of pricing.
- The acquisition and renegotiation of a land lease covering more than a hundred acres adjacent to Tampa International Airport and its transformation into an office complex and the largest upscale real estate mall on the West Coast of Florida, Taubman’s International Plaza.
- The advancement of development sites for a multiplicity of uses aggregating 8,000 acres on the West Coast of Florida near Fort Myers and the restructure of its debt after the enterprise lost its major lender who exited the lending market in Florida.
- The restructure, assembly and development of adjoining sites in Midtown Manhattan to create $165MM John Jay College Phase I, the first and largest turnkey development deal in the history of New York.
- The negotiation on behalf of management of a leveraged buyout of New Seabury, the largest resort on Cape Cod, Massachusetts.
- The sourcing, financing and acquisition of I.R.C. Section 1031 tax-free exchange properties for an investor group. These included a double net leased Lowe’s in Pennsylvania; three triple net leased medical facilities in Tennessee and Mississippi ultimately leased by Methodist Le Bonheur Healthcare; and a Walgreen’s in upstate New York. The acquired assets provide high returns, liquidity, and geographic and property diversity relative to the risk profile of the asset types.
BILL oliver director of SPECIAL PROJECTS
IRENE SUSMANO director of FINANCE
WALDA DECREUS General Counsel
DONATA MARCUS director of marketing
ALBERT AUCLAIR Director, Underwriting
WILLIAM FINLEY Research & Diligence Manager
The Arc Companies have a dedicated support team that provides administrative, data management and financial reporting services. In many cases they have been with the group for 18 years or more.