A New York-based company is transferring its headquarters to New Jersey, with the leader of another Garden State company taking the helm as it shifts focus to real estate holdings.Mango Capital Inc. has acquired more than 400 properties in Western states as it becomes a real estate holding company specializing in undervalued American land, it said in a news release Monday.
The land deals helped settle litigation against Mango, which had been a publicly traded company based in Somers, New York, that purchased and resold structured settlements. The settlement of the litigation also means Mango now has no senior securities or preferred stock, the company added.
The company’s new leader is Rick J. Makoujy Jr., who for several years has been running a Far Hills-based land wholesaler called Land Ho Inc. Makoujy will run Mango for a $0 salary, instead receiving a share of dividends that will be paid to shareholders.
“We have assembled a terrific and motivated team and are thrilled at the opportunity to efficiently grow Mango into a major domestic land owner,” he said in a prepared statement. “This will be a great way for investors to diversify their portfolios with land in the United States without the hassles and expense of evaluating properties and paying taxes.”
Makoujy’s Land Ho company will also take an ownership stake in Mango, as will Englander Capital Corporation.
Mango expects to start paying dividends this year, it said.