A Successful 2020 for Fortress Investment Group
Fortress Investment Group is a leading global investment manager located in New York. It was founded in 1998 as an asset-based investment management firm. Despite the unprecedented situation brought by the covid-19 pandemic, 2020 was a year like no other for the company. The company made further developments in projects it had started earlier and ventured into other new projects.
Completion of Luxury Investment
In 2018, Fortress Investment Group partnered with Hyde Retail and Kean Developments to purchase the Tiffany & Company Building. The company purchased the property at $20 million.
In 2019, the second floor of the Tiffany& Company Building was reformed into luxurious apartments. The third floor was also transformed into a SPA. The project got completed in 2020, and the company sold the property for $26.5 million.
Fortress Investment Group subsidiary group, Bright Line, had two plans. One was to construct a high-speed rail that would link Orlando to Tampa. The second plan was to have a new train station that would connect Disney World with Orlando International Airport and Miami.
Development at Times Square
Despite the ongoing pandemic, the company moved forward with its development project at Times Square in New York. In 2020, the company recorded $ 100 million increment in Contributed capital.
Health care finance provide, Covered Care benefitted from $100 million donated by Fortress Investment Group. The donation would enable Covered Care to finance health care services for the underprivileged. This project was an excellent way for the company to give back to the community.
In 2020, the company managed to venture into new projects such as expanding Brightline. It also managed to complete previous projects such as the Tiffany & Company Building and Times Square development, which continued despite uncertainties caused by the COVID-19 pandemic. The company also did charitable works in 2020, where the company offered $100 million to a healthcare financing provider ensuring the undeserving citizens could get financing on health care.