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New York-based King Penguin Properties, which controls property in the United States and Europe, says it is moving away from luxury condo units to focus on multi-family properties.
“Affordable multi-family units present less downside risk that a prolonged period of slow economic growth may present,” managing partner Michael Mikelic said in a press release.
As part of the move, Mikelic says the company is selling the company’s interests in the Trump Place in New York, where Mikelic sat on the board and served as treasurer. In an earlier statement the company said it would invest most of the proceeds into a distressed property fund.
