The commercial real estate landscape welcomed a fresh player in November 2023 when a group of industry veterans launched their own investment firm. Based in Palm Beach, Florida, this new enterprise represents the entrepreneurial ambitions of professionals who previously shaped significant real estate transactions at some of the industry’s most respected names.
Company Overview
TZ Capital operates as a real estate investment firm with a clear focus on opportunistic deals across carefully selected markets. The company maintains an employee-owned structure, ensuring that those making investment decisions have substantial skin in the game. This alignment of interests forms one of the core principles guiding the firm’s operations, alongside integrity, partnership alignment, and a commitment to long-term investment strategies rather than quick flips.
The firm’s approach centers on identifying undervalued or overlooked opportunities in both debt and equity real estate investments. Rather than following a rigid playbook, the team embraces flexibility and entrepreneurial thinking when evaluating potential deals.
The Leadership Behind the Vision
Tyler Tananbaum: Co-Founder & Managing Partner
Tyler Tananbaum brings extensive experience from his previous roles at Wexford Real Estate Partners and Related Fund Management. His career trajectory demonstrates a consistent focus on identifying value in commercial real estate markets, particularly in the retail sector. As one of the co-founders, Tyler Tananbaum plays a central role in shaping the firm’s investment strategy and maintaining relationships with institutional investors and high-net-worth clients.
Sam Zuckert: Co-Founder & Managing Partner
Sam Zuckert shares a similar professional background with his co-founder, having also worked at Wexford Real Estate Partners and Related Fund Management. The partnership between the founders dates back to their college years when they first worked together at Tishman Speyer. This long-standing professional relationship provides a foundation of trust and shared vision that informs the firm’s decision-making process. Sam Zuckert oversees investor relations and can be reached at szuckert@tzcapital.co for investment inquiries.
Teddy Tananbaum: Managing Partner
Teddy Tananbaum completes the leadership trio as Managing Partner. His background mirrors that of his partners, with experience at the same institutional real estate firms. This shared professional history creates a cohesive management team that speaks the same language when evaluating opportunities and managing risk.
The three leaders originally connected during their time at Tishman Speyer while still in college, forming professional bonds that would eventually lead to the creation of their own firm. Their combined expertise spans debt origination, equity investment, asset management, and property operations.
Investment Platforms and Strategy
The firm operates through two distinct but complementary investment platforms, each targeting different opportunities within the real estate capital stack.
Debt Platform: High-Yield Credit Focus
The debt side of the business concentrates on high-yield credit opportunities, providing loans ranging from $50 million to $250 million, with the flexibility to go up to $1 billion for exceptional deals. The platform targets established, institutional-quality sponsors who present clear business plans and control differentiated properties.
Geographically, the debt platform maintains primary focus areas in Florida, New York, and California, though the team remains flexible enough to consider opportunities in other markets when the risk-reward profile proves compelling. The emphasis on business plan visibility means the firm prefers borrowers who can articulate clear value-creation strategies rather than relying solely on market appreciation.
Equity Platform: Specialty Assets and Development
On the equity side, the investment approach focuses on acquiring and developing specialty commercial and residential assets. The primary markets currently include New York and Florida, with expansion plans that include Colorado. Within these markets, the firm has demonstrated particular interest in prime urban retail opportunities, especially in Manhattan’s most prestigious shopping corridors.
The equity strategy takes a long-term view, prioritizing capital appreciation and steady cash flow over quick exits. This patient capital approach allows the firm to weather market cycles and hold properties through periods when others might feel pressured to sell.
Notable Transactions and Portfolio Highlights
680 Madison Avenue: A Flagship Acquisition
In May 2024, the firm made a significant statement with the acquisition of 680 Madison Avenue for $180 million. This 35,000-square-foot luxury retail space sits at the corner of East 61st Street in Manhattan, one of the city’s premier shopping districts. The property houses high-end fashion tenants, including Missoni, Brioni, and Tom Ford.
The deal structure included $120 million in financing from Goldman Sachs, and notably, the leasehold runs until 2169, providing exceptional long-term security. This transaction exemplified the firm’s conviction in Manhattan’s luxury retail sector at a time when many investors remained cautious about brick-and-mortar retail.
111 Mercer Street: SoHo Retail Investment
More recently, in May 2025, the firm acquired 111 Mercer Street for $6.5 million. This 4,000-square-foot retail condominium in SoHo includes ground-floor and lower-level retail space currently occupied by ME+EM, a British women’s fashion brand. While smaller in scale than the Madison Avenue acquisition, this deal reinforces the firm’s strategy of targeting prime retail locations in neighborhoods with strong foot traffic and brand cachet.
Market Positioning and Investment Philosophy
The firm’s leadership has expressed strong conviction in New York’s retail recovery, particularly in high-street locations where premium brands and prime real estate intersect. Manhattan’s retail market has shown signs of improvement, with availability rates reaching their lowest levels since 2017. The team views this recovery as validation of their thesis that quality retail real estate in irreplaceable locations will continue to command premium valuations.
Looking ahead, the firm has identified Madison Avenue and SoHo as priority targets for future transactions, seeing ongoing opportunities in neighborhoods that appeal to luxury retailers and affluent consumers.
The investment philosophy emphasizes opportunistic market timing—moving decisively when others hesitate—combined with a long-term stewardship approach to property management. Rather than implementing aggressive short-term value-add strategies, the team focuses on maintaining property quality, securing strong tenants, and allowing locations to appreciate over extended hold periods.
Geographic Focus and Market Selection
The firm’s geographic strategy reflects a balanced approach between concentrated expertise and selective expansion. Florida and New York serve as the primary markets, leveraging the team’s deep knowledge of these regions and their proximity to the Palm Beach headquarters.
For debt investments, the platform maintains greater geographic flexibility, willing to consider opportunities across the United States when deals meet the firm’s credit standards and return requirements. The equity platform takes a more concentrated approach, focusing investment activity in Manhattan and select Florida markets, with Colorado representing a recent expansion area.
This geographic focus allows the firm to develop specialized market knowledge, cultivate local broker relationships, and respond quickly when opportunities arise.
Client Base and Capital Partners
The firm serves a diverse client base that includes the founders’ own capital, high-net-worth families, asset management firms, and institutional investors. This mix of capital sources provides stability and allows the firm to pursue opportunities across different risk-return profiles.
The employee-owned structure ensures that the management team’s interests align directly with those of outside investors, as the leadership participates meaningfully in both the upside and downside of investment decisions.
Contact and Additional Information
For those interested in learning more about investment opportunities or the firm’s activities, press inquiries can be directed to press@tzcapital.co, while investor-related questions should be sent to szuckert@tzcapital.co. Additional information about the firm and its portfolio can be found at tzcapital.co.
Conclusion
As a relatively new entrant to the real estate investment landscape, this Palm Beach-based firm has quickly established itself through significant transactions and a clear investment philosophy. The leadership team’s shared background, combined with their entrepreneurial approach and long-term perspective, positions the firm to navigate market cycles and identify opportunities others might overlook.
With demonstrated conviction in Manhattan’s luxury retail market and a flexible investment approach spanning both debt and equity, the firm represents an interesting case study in how experienced professionals are building new platforms in today’s commercial real estate environment. As the portfolio grows and the track record develops, the firm’s investment thesis will face continued testing in dynamic real estate markets.
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