Former New York Governor Elliot Spitzer apparently isn't waiting long to move into his next venture.

On the heels of his resignation in the wake of a prostitution scandal, Spitzer is planning a distressed real estate fund that will build off of his father's business, according to a report Tuesday afternoon in the New York Sun.

The report claimed that Spitzer gathered several high-powered labor union officials in a conference room at his father's business late last month and pitched them on his idea of a vulture fund that would snap up distressed real estate and failed developer projects in a bid to expand his father's well-known business -- a business that has quickly become crowded as giants including The Blackstone Group ($16.04 -0.55%), the Carlyle Group, Marathon Asset Management and BlackRock Inc. ($190.00 -0.19%) have moved in to the same or somewhat related fields.

The Sun's coverage said that Spitzer is targeting projects between $100 and $500 million, but that he has not yet set firm plans for a launch date or established particular purchase targets.

The former governor has not commented to the press since his departure from office in March.

Disclosure: The author held no positions in BX or BLK when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.