Celebrating 25+ Years
OUR STORY (and we’re sticking to it)
From our humble beginnings in the early 90’s, we at ACH have always played with our own money. That means we get to operate using our self-imposed guidelines and judgements rather than strict rules around investment process and checklists. It also means we can act fast and be opportunistic.
Our first business unit was Apple Core Hotels, a collection of New York City hotels which we operated with great success from the 90s through the first decade of 2000. We began exiting that business as it became less profitable stemming from distribution changes caused by the internet, an influx of new hotel inventory built after the 2008 financial crisis, and inherent limitations of NYC union hotels. As we sold our hotel portfolio starting in 2015 and completing the exit in 2021, we’ve replaced those properties by rolling into some great real estate assets across the country.
After 30 years of working together, we continue to live our investment lives seeking profits as the primary goal, but put much weight on doing interesting things with exceptional people we like to be around. Those values have lead us on a journey over the last three decades seeking opportunistic investments with asymmetric risk/return dynamics.
Sometimes an opportunity presents itself as a new line of business, like when we got into the event space business with our opening of Gotham Hall in 2001, or when we created partnerships with great funds as anchor investor such as Abundance Opportunity Fund in 2012, Capri Ventures in 2015, and IrrvnrtVC in 2021.
In the early days of our venture investing, our deals came direct in the late 90s during the dot com boom. Despite the bust that came in the early 2000s, we did quite well seeding some of the biggest stories in New York, like Register.com and Go America Communications.
More recently, much of our direct deal flow comes through our fund relationships via co-investment along side the funds, although we still see much direct deal flow through our other networks. Common themes of our direct investments include Cyber Security, Enterprise Tech, Adtech, next gen e-commerce, and multiple contexts for the use of AI.
Our one occasional investment theme that is more about fun than profit, has been getting involved in arts and entertainment projects that speak to us. These efforts have brought some great works of art to life, like the incredible play and movie, Passing Strange. Hopefully these projects generate profits but they always provided much needed soul nurturing.
Our Leadership Team
Partner & CEO
As CEO and co-founder of Apple Core Holdings, Steve’s vision has led the growth of the firm from its inception as a set of hotel properties into a diversified investment company that includes premier event spaces, commercial real estate, direct venture capital and seed capital for hedge funds and venture funds, as well as occasional arts and entertainment funding and production.
Steve began his career as a corporate tax attorney at places like Cravath Swaine and Moore and Skadden Arps in New York before leaving in 1992 to co-found Apple Core Hotels, a developer, owner, and operator of hotels in midtown Manhattan. Steve’s law degrees (JD, LLM in Tax) and legal experience have provided invaluable context to understanding complex deals and structures in our businesses.
Steve serves on many boards of Apple Core Holdings’ direct investments, including Iconic Spaces, Zeno Media, Yumble, and FieldPulse, as well as serving as a venture partner for Shavit Capital Fund, advisor for Capri Ventures, and anchor investor in IrrvrntVC and Revenue Roll Debt Fund. Steve is also has been a board observer for companies like Siemplify, PlainID. Revenue Roll and Ngrow.
Steve has also written, directed and produced for both film and theater, including producing the film Passing Strange in 2009 together with Spike Lee, which Mr. Lee also directed. (The film was the best reviewed film of the year, earning 100% on Rotten Tomatoes.) Steve also wrote and directed the feature film Game Day staring Richard Lewis in 1998. Steve was nominated for a Tony Award for Best Musical and won a Drama Desk Award for Best Musical as a producer of Passing Strange on Broadway.
Steve also became deeply involved in machine translation and artificial intelligence, participating in the novel research of one of Apple Core’s portfolio companies. He is the co-author, with Jaime Carbonell, of the following academic papers: “Unsupervised Phrasal Near-Synonym Generation from Text Corpora,” published in the Proceedings of the Association for the Advancement of Artificial Intelligence (AAAI-2015), and “Context-based Machine Translation,” published in the Proceedings of the Association for Machine Translation of the Americas (AMTA-2006).
Steve holds a J.D., Magna Cum Laude, from Boston University Law School and a Master’s Degree in tax law from New York University Law School. He received his Bachelor of Science in business from the State University of New York in Albany.
Partner, General Counsel & CFO
As General Counsel and CFO, Dave manages the internal operations at Apple Core Holdings and oversees all the financial and legal aspects of its investments. He is also instrumental in evaluating and vetting new investment opportunities.
In addition, Dave is a partner and serves as an officer at Apple Core Holding’s affiliate, Apple Core Properties, a developer, owner, and operator of commercial real-estate.
Dave serves on several Boards of Apple Core Holdings direct investments including Bengal Capital, Zeno Radio and Gotham Hall Events.
Previously, he practiced law with Williams, Caliri, Miller and Otley in New Jersey where he represented financial services companies and, prior to that, at the firm of Ware and Friedenrich in Palo Alto, California, where he focused on venture capital financing.
From 1990-1994, Dave was a partner and the president of JED Broadcasting, an owner and operator of radio stations in the Pacific Northwest.
Dave is also the co-author of the following academic papers on artificial intelligence and machine translation: “Unsupervised Phrasal Near-Synonym Generation from Text Corpora,” published in the Proceedings of the Association for the Advancement of Artificial Intelligence (AAAI-2015), and “Context-based Machine Translation,” published in the Proceedings of the Association for Machine Translation of the Americas (AMTA-2006).
Dave holds a J.D. from the Duke University School of Law and a B.S. in economics from the Wharton School of Business at the University of Pennsylvania.
Ken Greif began his real-estate career by managing motels at the property level and learning the business in the most hands-on way.
In 1992, Ken along with Larry Horn and William Kohane, created Apple Core Hotels to purchase, develop and operate hospitality properties. Ken has been active in the management of the company’s portfolio, which at it’s peak included five hotels in midtown Manhattan and seven motel properties just outside the city.
As a co-founder of Apple Core Holdings, Ken is instrumental in setting the investment direction of the firm. He has been the driving force in the company’s evolution from investing exclusively in real-estate into a diverse spectrum of investments – and has sourced many of the firm’s venture capital and private equity deals.
Kenny is a graduate of New York University, where he earned a Bachelor’s degree in economics. He’s married with four grown children, and lives with his wife, Susan, in Florida.
Lawrence “Larry” Horn has four decades of experience as a real-estate owner/operator of a diverse portfolio that includes premier event spaces and residential and commercial real-estate investments in California, Florida, Michigan, New York City, Long Island and New Jersey. In addition to real estate, Larry has a diversified portfolio of investments including venture capital deals in the U.S. and Israel and private equity.
Larry began his life in real estate in 1981 right out of college. He started at the property level and was the general manager of several hospitality properties including the Grand Royal Hotel and Conference Center on Long Island. Larry then expanded into Manhattan, overseeing a variety of real estate properties and renovating the Wentworth Hotel, a historic property located at 59 west 46th street.
In 1992 Larry and his partners, Kenneth Greif and William Kohane, created Apple Core Hotels to purchase, develop, and operate hotel properties in the Manhattan metro. At its largest, the company owned and operated five hotels in midtown manhattan and seven motel properties just outside the city.
Larry graduated from Long Island University (CW Post) with a Bachelor of Science degree in management and marketing. Along with his wife, Donna, Larry spends his time in Florida and New York, and includes among his hobbies executive producing films and Broadway and Off-Broadway productions.
After graduating from Duke University Law School, Will began his career as a real-estate attorney with the law firm of Dreyer and Traub. As a lawyer, Will worked on real-estate development and financing deals for some of the biggest developers in New York City.
In 1990, he left D&T to form Apple Core Hotels with his partners Larry Horn and Ken Greif. Apple Core Hotels purchased, developed and operated hotel properties in midtown Manhattan. At its largest, the company owned and operated five hotels in midtown Manhattan and seven motel properties just outside the city.
Will presided over several iterations of Apple Core, shepherding it from humble beginnings as a budget operator, with independently managed properties to a centrally run operator of franchises before, finally, developing its own brand. Over the course of 27 years, the company has stayed ahead in a constantly changing industry, modernizing management functions, including marketing and bringing efficiencies to the accounting and back-office operations of the properties.
Will is an avid collector and has curated valuable collections of art, sports memorabilia and first-edition books. He lives with his wife, Julia, and two children in Manhattan.