“Opportunities exists everywhere, but having the creativity, experience, and relationships to realize them is rare.

With a proven track record of imagining and executing prestigious real estate projects nationally, our collective of industry leaders is driven by the shared belief:

Real Estate today seeks value-add reinvention!” 


“Opportunities exists everywhere, but having the creativity, experience, and relationships to realize them is rare.

With a proven track record of imagining and executing prestigious real estate projects nationally, our collective of industry leaders is driven by the shared belief:

Real Estate today seeks value-add reinvention!” 


ADVISORY   //   INVESTMENTS   //   INNOVATION

About Us

VAL-ADD is a specialized real estate investment management, advisory, and innovation firm dedicated to optimizing value through customized solutions tailored to our clients, partners and investors. Our seasoned team comprised of active market participants, with over $20 billion in deal experience and over 80 years of collective experience at companies such as Vornado Realty Trust (NYSE: VNO) and SL Green (NYSE: SLG), acts as your “TRUSTED ADVISOR, providing C-Suite institutional-level expertise.



We utilize a comprehensive, multi-faceted approach that integrates vision creation, financial analysis, and execution strategies across three core verticals:



1. Advisory: Serving as fractional Chief Investment Officers (CIOs), we advise our clients on various aspects of their real estate requirements including Asset Valuations, Highest & Best Use Analysis, Asset Repositioning, Asset Management, Loan Modification & Restructuring, and Acquisition Underwriting.

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2.  Investments : We focus on investing in value-add Multi-Family, Retail, and Office projects, with a particular emphasis on burgeoning Tier 2 & 3 cities along the East coast, and the NY-Tri-state area.

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3. Innovation: Positioned at the forefront of pioneering solutions that contribute in value creation within the real estate landscape, we understand what the Tenant/ end users are looking for and have forged partnerships with leading amenities operators such as TWF for health, wellness, and fitness solutions (www.thewrightfit.com), Nomadworks for co-working (www.nomadworks.com), along with numerous F&B operators.
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Our Mission

At VAL-ADD, we are driven by a shared belief that opportunities in real estate demand more than routine transactions—they require visionary reinvention.

 

Our Mission is to identify, unlock, and maximize the potential in every asset and create lasting value for our clients, partners and stakeholders.

Our Motto

Be nimble. Be flexible. Be lean.

Good partnerships can last a lifetime.

 Always think expansively.

Our Mission

At VAL-ADD, we are driven by a shared belief that opportunities in real estate demand more than routine transactions—they require visionary reinvention.

 

Our Mission is to identify, unlock, and maximize the potential in every asset and create lasting value for our clients and stakeholders.

Our Motto

" Be nimble. Be flexible. Be lean.

Good partnerships can last a lifetime.

Always think expansively. "

The VAL-ADD Advantage


VAL-ADD offers a unique comprehensive approach that includes vision creation, financial analysis, and asset management strategies – all under one roof.

Three Pillars of Value Creation

Asset Repositioning - Highest & Best Use Analysis 

Current Use Analysis:

  1. Assess current business plan
  2. Market Analysis
  3. Budget formulation
  4. Develop/ Adjust Pro-Formas
  5. Determine true asset “Value”

Potential Conversion Analysis:

  1. Evaluate conversion possibilities
  2. Consult with experts for feasibility
  3. Create architectural plans and financial proformas
  4. Consult engineering and construction experts for pricing and financial feasibility
  5. Determine true asset “Value”

Capital Restructuring - Equity & Debt 

Cap-Stack Analysis & Strategy:

  1. Utilize "Highest and Best Use" Analysis
  2. Build counter party engagement strategy
  3. Detailed review of loan/ Partnership docs to ensure mutual compliance
  4. Lead loan restructuring or DPO's (Discounted Pay Off)
  5. Evaluate guarantee and tax liabilities


Restructuring Execution:

  1. Engage lenders / Capital Partners for mutual settlements
  2. Lead negotiations
  3. Coordinate with Sponsor’s / Borrower's counsel
  4. Maintain post-closing relationship for issue management


Asset Management  - Owners & Lenders 

Lenders:

  1. Manage loan portfolios with risk reduction focus
  2. Refine loan terms
  3. Optimize loan structuring


Property Owners:

  1. Analyze assets and portfolios for improved performance
  2. Assess acquisitions and development feasibility
  3. Outsourced Acquisition underwriting
  4. Implement competitive strategies and end-user
    behavior insights
  5. Strategize joint venture partner selection and syndication


Key Personnel

Gaurav Khanna

With an illustrious career spanning over 25 years in the dynamic realm of real estate, Gaurav Khanna stands as a thought leader and the visionary founder of Val-Add. Boasting unparalleled expertise, he has successfully navigated diverse facets of deal lifecycles, orchestrating acquisitions, repositioning efforts, workouts, and asset management, with a cumulative impact exceeding $2 billion across a spectrum of projects. Gaurav's path to establishing Val-Add in 2019 was propelled by his fervent dedication to adding and creating value in real estate projects through innovative solutions in architecture, finance, and asset management. This journey was preceded by impactful leadership roles at esteemed entities like Vornado Realty Trust and Gazit Horizons, prior to which he led real estate expansion and development of Le Pain Quotidien's portfolio to over 180 locations in 21 countries.

Beyond his corporate triumphs, Gaurav Khanna is also recognized as an adjunct professor at the prestigious NYU Schack Institute of Real Estate. Holding graduate degrees from Harvard University and Pratt Institute, his architectural background uniquely enriches his comprehension of real estate projects, fostering a comprehensive approach to his endeavors.

gkhanna@val-add.com  I  1.917.439.2108

Steven H. Klein

Steven H. Klein boasts over 40 years of experience in real estate, particularly on behalf of private equity firms and REITs. Most recently Steven served as the Chief Investment Officer of Brickman and previously held key positions at JOSS Realty Partners, LLC, Broadway Partners, and SL Green Realty Corp. His expertise lies in acquisition, disposition, asset management, loan restructuring, raising substantial equity and debt financing, managing IPOs, and directing over $5 billion in investments across 100+ properties. Klein's focus is on strategic joint ventures and asset management throughout the U.S, with a strong emphasis on office assets in New York Tri-State Area. He holds a Bachelor of Arts degree from the University of Michigan.


sklein@val-add.com  I  1.917.439.6326

Jonathan Rubin

Jonathan Rubin has over 15 years of real estate investing experience, specializing in complex transactions in major markets such as New York, Boston, Washington, D.C., and Texas, totaling over $12 billion. His skills encompass acquisitions, capital markets, leasing, and workouts at Fortis and American Capital. Earlier in his career he contributed to the turnaround of assets within a bond portfolio and actively participated in launching a bridge and mezzanine loan platform. Jonathan is particularly adept at hands-on management of loan workouts and implementing innovative tax structuring methods. He earned graduate and bachelor’s degrees from Georgetown University and Tulane University, respectively.

jrubin@val-add.com  I  1.240.350.3650

Strategic Advisor

Ira Perlmuter

Ira has over 30 years of banking, turnaround, and workout experience, having acquired troubled companies and real estate. He has handled over $20 billion in assignments across multiple industries as a lender, bondholder advisor, and acquirer. A Wall Street-trained expert, he served as a senior Workout Officer at Chase Bank for 7 years. Ira founded a financial advisory firm, advising JP Morgan on two multibillion-dollar bankruptcies and acting as US Bankruptcy Court Trustee in the Daewoo International case. He led a private equity group, acquiring 11 companies, a bank, and a $2 billion real estate project, many under stress or in bankruptcy. Ira has served on the bank’s board and as Chairman of its Credit Committee for 13 years, also chairing a special Compliance Committee reporting to regulators for 8 years.

Gaurav Khanna

With over 25 years of experience in real estate, Gaurav Khanna has managed various phases of deal lifecycles, including acquisitions, repositioning, workouts, and asset management, totaling over $2 billion across multiple projects. Prior to founding Val-Add in 2019, he held leadership roles at Vornado Realty Trust and Gazit Horizons, showcasing his expertise in expanding large REIT portfolios. Additionally, he spearheaded significant growth in the real estate portfolio of Le Pain Quotidien. Gaurav is also an adjunct professor at NYU Schack Institute of Real Estate and holds graduate degrees from Harvard University and Pratt Institute. His background as an architect enriches his understanding of real estate projects.


gkhanna@val-add.com  I  1.917.439.2108

Steven H. Klein

Steven H. Klein boasts over 40 years of experience in real estate, particularly on behalf of private equity firms and REITs. Most recently Steven served as the Chief Investment Officer of Brickman and previously held key positions at JOSS Realty Partners, LLC, Broadway Partners, and SL Green Realty Corp. His expertise lies in acquisition, disposition, asset management, loan restructuring, raising substantial equity and debt financing, managing IPOs, and directing over $5 billion in investments across 100+ properties. Klein's focus is on strategic joint ventures and asset management throughout the U.S, with a strong emphasis on office assets in New York Tri-State Area. He holds a Bachelor of Arts degree from the University of Michigan.


sklein@val-add.com  I  1.917.439.6326

Jonathan Rubin

Jonathan Rubin has over 15 years of real estate investing experience, specializing in complex transactions in major markets such as New York, Boston, Washington, D.C., and Texas, totaling over $12 billion. His skills encompass acquisitions, capital markets, leasing, and workouts at Fortis and American Capital. Earlier in his career he contributed to the turnaround of assets within a bond portfolio and actively participated in launching a bridge and mezzanine loan platform. Jonathan is particularly adept at hands-on management of loan workouts and implementing innovative tax structuring methods. He earned graduate and bachelor’s degrees from Georgetown University and Tulane University, respectively.

jrubin@val-add.com  I  1.240.350.3650

Our Services

 Specialties

  • Office/ Retail Optimization and Repositioning
  • Office to Residential Conversion
  • Student Housing Conversion
  • Hotel to Residential/Student Housing Conversion
  • Urban or Suburban Retail Repositioning
  • Land Assemblages
  • Residential Development
  • Amenities Upgrades Solutions

 Services

  • Valuation Analysis / Highest & Best Use Analysis
  • Loan Modification & Restructuring
  • Debt Resolution Strategies
  • DPO (Discounted Pay Off)
  • Portfolio Analysis / Optimization
  • Adaptive Reuse & Value Add Repositioning
  • Development Feasibility
  • Financial Modeling
  • Fiscal and Economic Impact Analysis
  • JV Partner Selection

 Clients

  • Property Owners/ Borrowers
  • Family Offices
  • Lenders and Services
  • Private Equity
  • Investors & Limited Partners
  • Non-Profit Organizations
  • Hedge Funds
  • Tenants

Select Transactions

Valuation Analysis & Loan Restructuring

  • Restructured $52 MM senior & mezz loans for 151,000 SF office property in Chelsea
  • Restructured $71 MM A & B notes for a 326,000 SF office property in midtown east
  • Restructured $284 MM of senior & mezz loans for a Luxury Condominium Development, Brooklyn, NY
  • Restructured $894 MM of senior & mezz loans for a 1.1 MM SF Trophy Office Tower, Boston, MA
  • Restructured $115 MM senior and $34 MM mezz loans for a Parking Garage, Boston, MA
  • Restructured $104 MM of senior & mezz loans for a Luxury Condominium Development, Boston, MA
  • Restructured $60 MM of senior and $30 MM of mezz loans on a 740K SF office tower in Dallas, TX 

Repositioning & Development

  • 1.4 MM Hotel conversion to residential and mixed use - Penn Plaza, New York, NY
  • Shops at Georgetown, Washington DC
  • 401 East 60th Street, New York, NY
  • Luxury Residential Unit Condo, Richmond, VA
  • Wayne Town Center, New Jersey ​

Disposition

  • South Hills Mall, Poughkeepsie, NY
  • Hyde Park Village, Tampa, FL
  • 211-217 Columbus Avenue, New York, NY
  • 99-01 Queens Blvd, Queens, NY
  • Data Center, NYC Metro
  • 400K SF Class A Office, Dallas, TX

Portfolio Restructuring & New Ventures

  • Le Pain Quotidien 91 locations in US, 325 globally
  • Hudson Bay Company – Health & Wellness Concept Creation
  • Honeycomb – Health & Wellness Venture

Debt Financing & Recapitalizations

  • 1.3 MM SF Trophy Office Tower, Dallas, TX
  • 1.1 MM SF Trophy Office Tower, Boston, MA
  • Luxury Condominium Development, Brooklyn, NY
  • 400K SF Class A Office Portfolio, Austin, TX
  • Parking Garage, Boston, MA
  • Luxury Condominium Development, Boston, MA
  • 400K SF Class A Office, Dallas, TX


Valuation, Acquisition & Asset Management​​

  • Penn Plaza Assemblages, New York, NY
  • 666 Fifth Avenue, New York, NY
  • Lucida - 150 East 86th Street, New York, NY​
  • ​34 North, 7th Street, Brooklyn, NY​
  • 501 Broadway, New York, NY
  • Luxury Condominium Development Site, Boston, MA
  • 400K SF Class A Office Portfolio, Austin, TX
  • 1.3 MM SF Trophy Office Tower, Dallas, TX
  • 1.1 MM SF Class A Office Campus, Dallas, TX
  • Luxury Condominium Development, Boston, MA
  • Luxury Condominium Development, Brooklyn, NY
  • 400K SF Class A Office, Dallas, TX
  • 1.1 MM SF Trophy Office Tower, Boston, MA
  • Marriott Marquee Times Square Retail
  • 1535 Broadway, New York, NY ​

SELECT PROJECTS

Repositioning I Development  ​

Acquisition I Repositioning I Disposition  320,000 SF Mall into Mixed-use​

Shops at Georgetown, Washington DC

Repositioning I Development I Conversion ​ 1.2 MM SF Trophy hotel into a mixed-use Penn Plaza, New York, NY


Acquisition I Repositioning I Leasing ​ 700,000 SF Shopping Center ​

Wayne Town Center, New Jersey ​

Acquisition I Design I Ground-up Development​

4.5 Acres I 26 Luxury Residential Units

​ Richmond, Virginia​

Acquisition I Asset Management​

Acquisition I Asset Management​

Office I Retail

​666 Fifth Avenue, New York, NY

Acquisition​

Lucida Multifamily I Retail​

150 East 86th Street, New York, NY​


Acquisition I Asset Management ​

The Edge Retail

​34 North, 7th Street, Brooklyn, NY​


Acquisition I Leasing​

Marriott Marquee Times Square

Retail I Signage​

 1535 Broadway, New York, NY ​


Acquisition I Assemblages

​5 contiguous buildings  - Lot assemblage

Penn Plaza, New York, NY

Portfolio Acquisition

300,000 SF Development Sites I Retail I Residential

7 Assets incl. 14th/ 6th, 86th/ Madison Assemblages

New York, NY ​

Acquisition I Asset Management I Repositioning

 Retail I Parking

401 East 60th Street, New York, NY

Acquisition I Leasing

501 Broadway - Soho

New York, NY ​

Disposition

South Hills Mall

517,000 SF I Retail

Poughkeepsie, NY 

Hyde Park Village

266,000 SF I Retail I Mixed-use

 Tampa, Florida 

211-217 Columbus Avenue

New York, NY 


Medical Office I Retail

99-01 Queens Blvd,

Rego Park, Queens, NY

Portfolio Restructuring I New Ventures

Portfolio Restructing & Optimization

Le Pain Quotidien I 90+ locations

Nationally 

Portfolio Repositioning I Hudson Bay Company

Analyzed assets and created solutions focused on health and wellness in Joint Venture partnership with The Wright Fit 


New Venture I Honeycomb

Venture focused on repositioning vacant assets with a collective of health & wellness brands and medical concierge 


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