In 2006, Apollo Real Estate Advisors and TDC Development formed a joint venture partnership with the intent to acquire, renovate, and sell as residential condominium units, the property located at 148 Lafayette Street in Manhattan. Together, Apollo and TDC were able to parse certain complicated tax and zoning issues in a way that made the property a very attractive investment.

The partnership employed Top8 Construction to serve as general contractor in renovating the property. Upon completing renovation of the street-level retail, however, the partnership decided to test the market as market conditions had significantly changed. Utilizing the services of Holliday Fenoglio Fowler, the partnership sold the property realizing a significant return on investment in just over a year.