We work hard to make sure we do not make news decisions on the basis of donor support, because we see our duty as being to the community as a whole. Gans also owns a smaller parcel across 11th Avenue with 150,000 square feet of development potential. FONT SIZE. The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. Commercial brokerage JLL is marketing Gans 616 11th Avenue, where he owns Metropolitan Lumber & Hardware, as a development site. The complex was built in 1967. In addition to apartments and other independent living accommodations, Imperial Plaza also includes assisted living and memory care components. Some of those ideas range from an indoor/outdoor recreational center to aircraft-related uses to distribution facilities to museum and convention center space. Headquarters Regions Greater New York Area, East Coast, Northeastern US. Eddie Small; Save article. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [emailprotected]. The larger parcel includes 41 acres and the former production and hangar facilities of the Fairchild operation. Founders Eli Tabak, Marc Mendelsohn. I wholeheartedly agree with you. Unless a donor specifically requests to be anonymous and donates less than $500 per year, his or her name will belisted on our sponsors page. Langer asked people to "use your vision and imagination" to see "what this property can be.". The Bluestone Group and Bluestone Capital LLC & Principal at Bluestone Capital LLC Bloomberg first reported both bankruptcies. Bluestone continues to seek opportunities in the distressed debt and REO arena as well as traditional commercial real estate opportunities. Bluestone Group borrows $50M from Madison Realty Capital for property in Elmhurst January 10, 2020 6:53 am Eli Tabak's Bluestone Group through the entity 90-02 QB Holdings LLC as borrower signed a loan To read an article sign up for a 7-day free trial to a Post subscription, just $10 per month. East Lansing Info, known as ELi, is a non-profit citizen-run local news cooperative of the people, by the people, and for the people of East Lansing, Michigan. Seems like a lot of the same folks, on the one hand, say, We dont want this or that. Or Richmond doesnt need this or that Yada yada. Scores, the notorious Chelsea gentlemens club that inspired the 2019 film Hustlers but was shuttered by the pandemic, is one of several properties owned by Robert Gans. Contact Email info@bluestonegrp.com. Hager has until April 4 to come up with a restructuring plan for 159 Broadway, per the, was hired to oversee the virtual UCC auction for both properties, according to the marketing material reviewed by CO, with, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. We will accept anonymous donations for general support only if it is clear that sufficient safeguards have been put into place that the expenditure of that donation is made independently by our organization and in compliance with INN's Membership Standards. Its an indicator of whats to come. The owners are looking to bring in fresh capital to stabilize the property, and theres strong investor interest in the asset, Goldwasser said. (Zaha Hadid Architects). The new owners are Bluestone Group, a New York-based commercial real estate investment firm, and frequent collaborator Brentwood Investment Group, based in New Jersey. Eli Tabak did not respond to requests for comment. View contacts for The Bluestone Group to access new leads and connect with decision-makers. We acknowledge our gratitude to our corporate sponsors by presenting their logos in certain parts of our productions. Toggle Fullscreen 1/10 Buck Ennis Martha. [14], Barton Malow provided construction management services, using atypical building techniques to ensure constructibility given the unique design. Dime Savings Bank Sr. VP Charlie Terrasi Joins Leading Investment Firm as Chief Operating Officer. Two days before the Imperial Plaza closing, the firms purchased the American Heritage Apartments building at 1001 E. Main St. In a lawsuit filed this week, the real estate investor alleges a sweeping and predatory scheme on the part of his lender, Eli Tabaks Bluestone Group, to turn a $5 million equity loan into an epic windfall. The buildings street-level retail includes a corner 7-Eleven store. In 2019, Cornell and Rubin Equities purchased the Flatbush property, which includes 174 hotel rooms and 64 apartments, in 2019 for $95 million, financed by a $70 million mortgage from Madison Realty Capital (MRC). Isaac Hagers Cornell Realty Management, and its partners, have filed for bankruptcy on two Brooklyn properties in the last week, hours before each was scheduled for a Uniform Commercial Code (UCC) foreclosure auction. A joint venture between Eli Tabak's Bluestone Group and the Altmark Group has purchased a 235,584-square-foot industrial factory building in the Bronx for $44 million, sources told The Real Deal. If you'd like to submit an event to be added to our community calendar, use our special form for submitting events. According to its website, Bluestone, a private investment firm, "specializes in taking advantage of value-add scenarios such as under-managed properties, developing markets and distressed assets.". The Bluestone Group is a private investment firm that specializes in real estate market and property management services. Originally scheduled to open April 21, 2012, the official dedication was delayed until November due to "a combination of material supply delays and the priority placed on involving students in opening activities". The Bluestone Group is a private investment firm that was formed to capitalize on increasing prospects in the opportunistic real estate market. Zolty said the new name, Legacy at Imperial Village, is meant to reflect Imperial Plazas legacy in Richmond and the village-style community they envision. [2][3], On June 1, 2007, Michigan State received a $28 million donation from businessman Eli Broad and his wife, Edythe, for the construction of a new art museum, to replace the old Kresge Art Museum in the school's art building. The citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. [4] Michael Rush was named as the founding director in December 2010. We promise to execute on our plan and not stop,"Tabak said. "This property deserves to be the kind of wonderful economic driver it was in the past," he said during a ceremony Tuesday afternoon at the former Fairchild grounds adjacent to Hagerstown Regional Airport. In January it originated a $109 million bridge loan for Hong Kong Supermarket owner Jeffrey Wus building at 41-60 Main Street in Flushing, Queens, as reported by The Real Deal. Theres good news about Richmonds future all over this edition of BizSense. The American Heritage Apartments building at the corner of East Main and South 10th streets downtown. Among other things, Fairchild produced many types of aircraft for the military. All rights reserved. We do not publish any "sponsored content" or "native advertising." Bluestone also obtained equity in the Scores building a property that was allegedly in contract last summer for $27 million for a mere $100,000, according to Gans, through a foreclosure sale of its $5 million equity investment. Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. Eli Tabaks Bluestone Group is the mezzanine lender on both properties, with $6 million on the hotel property and $3.5 million on the development site. About 60 people attended the open house and ribbon-cutting ceremony in what was once a Fairchild hangar. In January it originated a $109 million bridge loan for Hong Kong Supermarket owner Jeffrey Wu's building at 41-60 Main Street in Flushing, Queens, as reported by The Real Deal. Cornell Realty did not immediately respond to request for comment. No donations are anonymous to the Board of Directors (the Board of Directors can see all of our financial information, including all donors and donations). The Hagerstown Aviation Museum brought several of its Fairchild planes to the hangar. We retain full authority over what we publish, and we take very seriously our duty to the community to provide accurate, nonpartisan, factual news. It opened on November 10, 2012. The property, at 825 East 141st Street, had been owned by the National Equipment Corporation out of the Bronx since the 1960s, records show. Bluestone, Altmark nab Bronx factory. A JLL broker said the property had many interested parties., We want to continue operating the lumber yard at present, said Gans, but we have received many offers for joint ventures that likely would involve upzoning and redeveloping the property to create substantially more value.. During the Covid shutdown my mothers apartment and furnishings became infested with roaches, and it has caused numerous issues during her move to a new facility (including loss of furniture due to severe infestation) Trying to get any real response from management took months of work with myself and the state ombudsmans office. The Bluestone Group is part of the Business Services industry, and located in New Jersey, United States. from 8 AM - 9 PM ET. The complex was built in 1967. ELi promotes communication among members of the greater East Lansing community, including across generations, across neighborhoods, and between permanent and temporary residents of our community. Time Equities had paid $6.62 million for the building, which the city most recently assessed at just over $8 million. During the pandemic lockdown, when travel came to a halt, Cornell Realty briefly rented out the hotel as a homeless shelter, and then reopened the hotel in July at reduced capacity. Note: This story has been updated to clarify that Bluestone and Brentwood bought the American Heritage Apartments building together. [7] From the list of semifinalists, five architectural firms were selected to submit competition proposals. Bluestone initiated the UCC foreclosure process in both cases in September after Hager defaulted on interest payments. Sharon perhaps you know by now the intention of new management at IP. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Under a restructuring plan, Cornell Realty will convert the residential component, which comprises the upper six floors of the 12-story property, into condominiums, per the filing. He holds a Bachelor of Business Administration with a concentration in Marketing from Pace University. Toggle Fullscreen 1/10 Buck Ennis Martha. The firm paid $8.2 million in an off-market deal for the 12-story, 57-unit building, which Tabak said Brentwood will manage. Bluestones leverage over Gans began with a $17 million mezzanine loan originated as part of the Mack-led refinancing in 2018, but the Tabak familys strategy to seize Gans portfolio kicked off later, he claims, when Bluestone called in a separate $5 million preferred equity agreement at a time when the pandemic had cut off Scores revenue. Gans currently leases the property with an option to buy it. Principal at Bluestone Capital LLC Bloomberg first reported both bankruptcies using atypical building techniques to ensure constructibility given the design! Aviation museum brought several of its Fairchild planes to the hangar capitalize on prospects. Valley ), Operating Status of Organization e.g by commercial Observer larger includes..., according to an offering memo obtained by commercial Observer 7 ] from the of. Advertising. center to aircraft-related uses to distribution facilities to museum and convention center space range from indoor/outdoor. 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