A Greenwich, Connecticut-based developer has sold off four major properties across New York, New Jersey and Connecticut for $450 million, closing out a sale process that began last summer. The buyer, a joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management, picked up more than 4 million square feet of commercial and residential real estate in a single package deal.
The portfolio belonged to National Resources, the firm co-founded by Joe Cotter, who died in October 2024 at age 66, according to The Real Deal. Cotter's company built its reputation redeveloping urban and industrial sites, having overseen more than $2 billion in projects across the tri-state area. The $450 million sale was structured as an estate sale that got underway last summer, roughly a year before the deal closed, as reported by Commercial Observer.
To finance the acquisition, the buyer group assumed two existing commercial mortgage-backed securities loans and layered in two new balance-sheet loans from Affinius Capital to cover the portfolio's apartment properties, Commercial Observer reported. For Waterfall Asset Management, the deal marks its largest direct real estate acquisition to date, according to the same account.
Why National Resources Sold Everything at Once
Saber-Hightower co-founder Marty Berger, who was brought in by National Resources CEO Lynne Ward after she reached out to him directly, said the seller's insistence on keeping the sprawling portfolio intact as a single sale was “quite limiting” for potential buyers. Still, Berger noted that same structure gave the eventual purchasers real leverage, saying it gave them the opportunity to negotiate a very attractive price. Berger reportedly recruited a Lincoln Property executive to the deal at a golf club, per the same account.
The four properties spanning the tri-state area include a 97-unit apartment complex called Trilogy Lofts in Yonkers, New York; a 262-unit waterfront complex called Edgewater Harbor in Edgewater, New Jersey; a 29-acre mixed-use property in Norwalk, Connecticut; and the anchor asset, a 270-acre business park called iPark 84 in East Fishkill, New York. Trilogy Lofts sits adjacent to a Metro-North station, and National Resources has planned another 50 apartment units there.
Norwalk and Edgewater Assets Come With Built-In Tenants
The Norwalk property, which transferred for approximately $105.5 million across multiple parcel transactions according to municipal land records cited by Hartford Business News, already has approved plans for multifamily development. The site includes a Northwell Health outpatient center and a gym, and the buyer joint venture has said it plans to expand the medical office presence there while building out pre-approved residential pads.
Edgewater Harbor, a 26-acre waterfront development, includes 60,000 square feet of retail space anchored by a Sprouts Farmers Market. iPark 84, meanwhile, was originally built as an IBM semiconductor manufacturing plant and is near distribution centers built by Amazon, PepsiCo and Stellantis along Interstate 84. Current tenants at the 270-acre campus include a Samsung subsidiary, eMagin, and Cal-Maine, and the site can still accommodate another 1.5 million square feet of development.
Data Center Moratorium Could Limit Future Growth
That expansion capacity at iPark 84 now runs up against new local restrictions. The East Fishkill Town Board enacted a three-year moratorium on large data centers. The site’s power infrastructure has also drawn attention. The local ban is an East Fishkill restriction on large data centers.
According to the 2025 New York State Energy Plan, reliable electric power at reasonable rates is the backbone of New York's economy and critical to public health and safety.
The sale comes amid broader financial pressure on National Resources elsewhere in its holdings. National Resources' iPark 87 site in Ulster, New York, is also mentioned. Separately, Waterfall Asset Management moved in November to seize Rudy Gabsi's 90 percent stake in a Manhattan property at 611 West 56th Street, after Gabsi allegedly ignored a $92.1 million court judgment, according to The Real Deal.
Buyers Bring National Momentum Into the Deal
Lincoln Property Company entered the tri-state acquisition fresh off its own expansion, having acquired Charlotte-based The Spectrum Companies in July, adding 4.4 million square feet to its platform; Spectrum had developed nearly 7,000 multifamily units, per REBusinessOnline. Hoodline previously covered that Carolinas power play. Lincoln Property has also stayed active on the West Coast, where the Newport Beach City Council unanimously approved plans this week for Lincoln Property and TPG Angelo Gordon to replace the Redstone office campus with 132 for-sale townhomes, as Hoodline reported in its coverage of that vote.
