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Wall Street and Puerto Rico: A Gamble Gone Wrong

Experts say that it may take months or years before Puerto Rico can fully recover. The power grid is destroyed, fresh water is hard to come by and the suffering of its 3.4 million people continues unabated.

According to an article in The New York Times, Wall Street firms such as Paulson & Company, the Blackstone Group and Goldman Sachs gambled big on Puerto Rico, taking advantage of a long period of depressed prices and buying up luxury properties and other real estate. Well, pardon the pun, the tide has turned red. These properties are now awash in red ink.

“We sustained a lot of damage, and we’re facing very significant losses,” said Brian Tenenbaum, regional director for the Morgan Reed Group, which owns or operates several office buildings, commercial buildings and residential complexes on the island.

For the full article, click Here:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion-dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

Last month’s Hurricane Maria devastated the island of Puerto Rico, causing up to $95 billion in damages and lost economic output.

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