(1/x) The RedSky saga is a story of fairly sophisticated investors ($JZCP, $ARI, $JEF, others) taking a bet on high quality NY real estate deals run by a well-meaning, but ill-equipped sponsor who was unable to execute. https://therealdeal.com/2020/08/20/wiped-out-firm-says-stakes-in-brooklyn-miami-projects-now-worthless/
JZ Capital Investments Wiped Out

Private equity firm JZ Capital Partners says its real investments on Fulton Street in Brooklyn and Miami’s Design District have been wiped out.

https://therealdeal.com/2020/08/20/wiped-out-firm-says-stakes-in-brooklyn-miami-projects-now-worthless/
(2/x) Yes, RedSky was inexperienced. Yes, they have no excuse for not building 18 India.

To be fair, they did do well on their Brooklyn retail until entire market took a beating & the failure of the Fulton Mall assemblage wasn't totally their fault.
(3/x) The Fulton Mall died when the owner of 2 parcels that bisected the site refused to sell. This didn't stop Apollo from financing out RedSky's equity & didn't stop Jefferies/HomeFed from buying 50%+ stake based on a post-ULURP valuation. RedSky got more than all its money out
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