Robert Gans legal salvo follows purchase of senior debt on his portfolio by Eli Tabaks Bluestone Group, Robert Gans, 533 West 27th Street and Eli Tabak (Robert's Steakhouse, Google Maps). Mack initiated a foreclosure on a $130 million refinancing loan tied to the portfolio in October, alleging that Gans had missed $6.6 million in payments. It opened on November 10, 2012. 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. The property is tired, and were coming in with a very large and expensive upgrade and renovation plan to bring it back to its original glory. Officials at the brokerage declined to comment on the details of the financing, or to identify the borrower. Commercial brokerage JLL is marketing Gans 616 11th Avenue, where he owns Metropolitan Lumber & Hardware, as a development site. Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. Find More Contacts for The Bluestone Group, Edit Lists Featuring This Company Section, Northeastern US Property Management Companies, East Coast Real Estate Companies (Top 10K), Greater New York Area Real Estate Female Founded Companies, City of New York Property Management Companies. In order to foster transparent, civil conversation, please include your full name when posting comments. Zoning permits a variety of uses across the portfolio financed, diversifying its potential redevelopment opportunities, sources 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. Ross Sanders with Newmark brokered the deal for seller Dominion Partners, an Alabama-based firm that had owned Imperial Plaza since 2001, according to city property records. We are glad you asked, because without donations from readers like you, we can't do this work for you! An earlier version incorrectly referred to one of the firms as a sole owner. Bluestone has been very active in the pursuit of NPL's in the New York tri-state area, closing in excess of $300,000,000 in transactions in the past year. We acknowledge our gratitude to our corporate sponsors by presenting their logos in certain parts of our productions. Headquarters Regions Greater New York Area, East Coast, Northeastern US. Our work is made possible by our generous supporters. We are recognized as a 501(c)(3) nonprofit by the IRS, so financial donations are tax-deductible. This is all pandemic-related, said FIA Capital Partners principal David Goldwasser, who is handling the workout. Of the four Manhattan propertieswhose exact addresses couldnt be identified by press timetwo sites are located in Hells Kitchenone on 11th Avenue between 45th and 46th Streets, one site in West Chelsea and one site is in Soho. The average rental rate for units is currently $1,100 a month, Zolty said, adding that rates would increase over time with renovations. You can always talk to sales if youre interested in advanced plans. from 8 AM - 9 PM ET. A spokesman for Mack Real Estate declined to comment. Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. With several Fairchild Aircraft airplanes behind him, Michael Langer said the company's old factory could see a bright future. EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. Its a 60s-vintage, beautiful property, and it has been really outdated, Zolty said Monday. Gans assets include the building that houses Scores on West 28th Street, a retail property in Soho and 32,000 square feet of industrial property in Queens. Europe, Menlo Park, China), Where the person is located (e.g. I wholeheartedly agree with you. Our work is made possible by our generous supporters. "We've had the opportunity to work closely with Charlie over the years and we are excited to have him join our team of talented professionals. In an allegedly coordinated gambit last August, Bluestone sued Gans senior lenders in an attempt to void its $130 million mortgage, positioning it to purchase the loan at a significant discount, Gans claims. In keeping with the standards of the Institute for Nonprofit News, of which we are a proud member, our organization make public which donors give a total of $5,000 or more per year on our Sponsors page. Eli is CEO of the Bluestone Group; Toby is a program supervisor at Yad Rachel, an organization that serves women suffering from postpartum depression, and she's a founder of Weecare Preemies, a support group for parents of premature infants. has closed a $148 million refinance for six redevelopment sites totaling more than 1 million square feet in Manhattan and Queens, Commercial Observer has learned. The complex was built in 1967 and has not been substantially renovated in decades, said Eli Tabak, CEO of Bluestone Group. There is no recent news or activity for this profile. Robert Gans, 533 West 27th Street and Eli Tabak (Robert's Steakhouse, Google Maps) When God closed the door on a Manhattan strip club, he opened a window for lenders to fight for control of a. The Naturalist Group is a full service design/build landscape firm. Tabak said the transaction closed Feb. 25 and was partially financed by Arbor Commercial Mortgage. Bluestone, Altmark nab Bronx factory. Bruce, Imperial Plaza is in serious need of an update. 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. ELi treats all reporters equally regardless of age, educational background, or professional status. About 60 people attended the open house and ribbon-cutting ceremony in what was once a Fairchild hangar. You are on eastlansinginfo.org, ELi's old domain, which is now an archive of news (as of early April, 2020). (Jonathan Spiers photos). The complex was built in 1967. The buildings street-level retail includes a corner 7-Eleven store. The complex was built in 1967. in both cases in September after Hager defaulted on interest payments. Phone Number +1 212-991-6600. 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. What makes ELi different from other local news organizations? It was a fast-moving job," she said. The owners, doing business as 85 Flatbush RHO Hotel LLC, were. eastlansinginfo.org 2013-2020 East Lansing Info. Gans also owns a smaller parcel across 11th Avenue with 150,000 square feet of development potential. According to online property records, First Flight Unit 2 Limited Partnership of Chantilly, Va., sold that part of the property in June through a deed in lieu of foreclosure to Topflight Owner LLC for $12,284,636. "We've had the opportunity to work closely with Charlie over the years and . NEW YORK, Oct. 1, 2014 /PRNewswire/ -- The Bluestone Group, a leading real estate investment firm in the New York tri-state area, today announced the hiring of Charlie Terrasi to lead ongoing operations and the company's expanding bridge and structured financing platform. One part includes a two-story, 119,166-square-foot office building. in Downtown Brooklyn filed for bankruptcy, the same day it was scheduled for a UCC foreclosure auction. [4] Michael Rush was named as the founding director in December 2010. Meridian Capital Groups Shaya Ackerman and Shaya Sonnenschein negotiated the three-year bridge loan, which features a rate of 650 basis points over LIBOR. Bluestone Group is a privately held commercial real estate investment firm specializing in the acquisition of value-add and distressed commercial real estate as well as non-performing debt. Hager has until April 4 to come up with a restructuring plan for 159 Broadway, per the docket. Jonathan joined BizSense in early 2015 after a decade of reporting in Wilmington, N.C., and at the Henrico County Leader. 1433 West Loop South-Houston. Imperial Plaza is long overdue for an overhaul, and that includes management particularly in Assisted Living. Mr. Terrasi's addition to The Bluestone Group's executive team is a part of the continued expansion of the firm's rapidly growing lending platform that focuses on financing complex and time-sensitive real estate investment transactions. - Joseph Tabak's Princeton Holdings and Eli Tabak's Bluestone Group acquired a mixed use property at 165 William Street in Manhattan's Financial District for $21.5 million from Shlomo and. We add conflict of interest disclosures to articles where there might be a perceived financial conflict of interest, and if a perceived financial conflict of interest might cause doubt about our legitimacy, we will not publish an article that involves such a conflict. The property, at 825 East 141st Street, had been owned by the National Equipment Corporation out of the Bronx since the 1960s, records show. The equity agreement allowed Bluestone to foreclose if the equity investment wasnt repaid. Through that work, she said, she's learned that Fairchild airplanes have fans far and wide. The museum "will generate new opportunities for existing businesses and potentially new businesses", the report noted, adding that it "is likely to attract visitors with relatively high incomes, high levels of education, and tastes and preferences"[1]. Bluestones quest for leverage over Gans culminated last week, according to court documents, when it bought the senior loan on his portfolio for $148 million. On this Wikipedia the language links are at the top of the page across from the article title. Tabak said such activity is whats drawn his and Brentwoods investment interest in the region. Update: This story has been updated with a comment from David Goldwasser, and to reflect that Rubin Equities is also an owner in 85 Flatbush Avenue Extension. Some of the other speakers Tuesday were John Seburn, president of the Hagerstown Aviation Museum, and Pam Ebersole, a former Fairchild employee. Peaked at 4 percent in 2016 and has been at .5 to 2 percent since, huh, I always thought that was a Nixon quote. The Bluestone Group Location 1130 Route 202 South Bldg D7, Raritan, New Jersey, 08869, United States Description Read More Industry Tabak said the complex totals 950 units and occupancy was in the upper 80 percentage when the purchase closed. 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. Click here to see your options, all of them free. Renew now by choosing a subscription below! 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. 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. If you'd like to submit an event to be added to our community calendar, use our special form for submitting events. 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. This is going to be a pretty big change to this community, and for the residents, an opportunity, Zolty said. We do not accept any conventional advertisements. The latest city assessment valued the property, which consists of three parcels totaling about 26 acres, at about $64.5 million. Ebersole said she was a project manager in the production control department. Theres good news about Richmonds future all over this edition of BizSense. Brentwoods other Richmond-area holdings include the 219-unit Canterbury Square Apartments in Henrico and the 218-unit Ashland Towne Square apartments in Hanover. Tabak said The Bluestone Group and The Langer Co. are partners in New Heights. Bluestone Capital, led by co-founders Eli Tabak and Marc Mendelsohn, has been aggressively expanding its bridge lending platform lately. 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]. ( Photo courtesy of Bluestone Group) "It's very historic to Richmond, it's been there since the '60s. "We were able to finance this well-located property at an attractive basis and partnering with MRC allowed for a smooth and quick execution on this deal," Eli Tabak, a Bluestone Group founder, said in prepared remarks. Cornell Realty did not immediately respond to request for comment. 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. Toggle Fullscreen 1/10 Buck Ennis Martha. We find the Richmond market to be very much a growing and changing market for the better, and we see a lot of opportunity in that area, he said. The multistory buildings are visible along Interstate 95. 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. Bluestone specializes in taking advantage of value-add scenarios such as under-managed properties, developing markets and distressed assets. In addition to apartments and other independent living accommodations, Imperial Plaza also includes assisted living and memory care components. A judge dismissed Bluestones effort to void the senior mortgage in March, ordering it to pay the other sides legal fees. I just moved my dad to the memory wing Feb 3. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs. Mr. Terrasi is a distinguished banking and real estate professional with over 12 years of experience in commercial lending, construction financing, commercial and industrial loans, workouts, and the disposition of non-performing loans. We think of ourselves as a "news cooperative" because we encourage all of our readers to consider contributing news and information. 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. "Broad Museum to bring $5.75 million in spending to region", "Eli and Edythe Broad Art Museum at MSU to open Nov. 10", "Broad Art Museum draws thousands to Michigan State during opening weekend; $40 million fundraising goal met", "MSU receives $26 million from Eli and Edythe Broad for new art museum", "Michael Rush, who led the Broad Art Museum, has died", "Michigan's Broad Art Museum Announces New Director", "Eli and Edythe Broad Art Museum Design Competition", "Kohn Pedersen Fox Associates Architects", "Formal dedication of Broad Art Museum delayed until fall", "The Eli and Edithe Broad Art Museum at Michigan State University", Eli and Edythe Broad Art Museum at Michigan State University, Western Michigan University Cooley Law School, Library of Michigan and Historical Center, Michigan High School Athletic Association, MichiganMichigan State basketball rivalry, MichiganMichigan State ice hockey rivalry, National Superconducting Cyclotron Laboratory, https://en.wikipedia.org/w/index.php?title=Eli_and_Edythe_Broad_Art_Museum&oldid=1077698347, Contemporary art galleries in the United States, Postmodern architecture in the United States, Infobox mapframe without OSM relation ID on Wikidata, Creative Commons Attribution-ShareAlike License 3.0, Campus parking: Lots 7 & 8 and the Grand River Parking Structure, $2 million in shopping, entertainment, and other retail, $1.1 million in transportation-related expenses, This page was last edited on 17 March 2022, at 18:46. ELi provides free, local, non-partisan, accurate news and information about East Lansing, including reports on our local public schools, clubs, businesses, economic and governmental activities, arts events, and so forth. Operating Status Active. Eli Tabak's Current Company Details The Bluestone Group Raritan, New Jersey 29 Employees staffing & recruiting With over 20 years of experience, The Bluestone Group specializes in the legal and financial services with recruiting expertise in Derivatives and Structured Finance including Derivatives and Structured Finance. The citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. They have announced the clsing of the Assisted Living and Memory Care wings, and those residents, including your mom, have 60 days to find a new place to live. Update my browser now. The proposed building was to include a minimum of 26,000 square feet (2,400m2) of gallery space and would accommodate both permanent and temporary exhibitions. Following the approval of the museum there were initially 10 semifinalist firms identified from a field of approximately 30 firms. Ironclad Coffee comes in for a landing at RIC, Bookbinders owners open mac-and-cheese joint on Arthur Ashe Boulevard, UR-born snack company to roll out tweaked trail mix after capital raise, MLB-required upgrades to The Diamond could cost city $3.5M. Rosewood and Bluestone declined to comment. 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 also seek to support local educational institutions, including the East Lansing Public Schools and Michigan State University, by providing paid and mentored opportunities for students to become reporters of local news and information. Now its urgent, poor planning on the part of the new owners! "It was a really fun job. Eli Tabak works in the Staffing & Recruiting industry. The Bluestone Group and Bluestone Capital LLC & Principal at Bluestone Capital LLC Eli Tabak's colleagues are John Kim, Aaron Armston, Muttalib Khan, Bob Balseiro and more. Eli Tabak has been working as a Chief Executive Officer at The Bluestone Group for 16 years. Click here to help us out. 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". (To learn more about contributing, click here.). All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Greystone sells Lantana apartments to real estate mogul for $10M, Hialeah Gardens industrial site trades at $1M/acre, as market softens, Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit, Massive waterfront Southampton estate heads to auction block, Pasadena moves to eliminate planned development zoning, CF Industries relocates suburban HQ to Northbrook with slight downsize, LaSalle sells OC office building at 55% loss. (Jonathan Spiers photo). Its also near the Mutual Building at 909 E. Main St. that Shamin Hotels sold in December for $12.8 million to Landmark Property Services and The Wilton Cos., which are planning to convert the 152,000-square-foot office building into 170 apartments with ground-floor retail space. ALL MEMBERSHIPS RENEW AUTOMATICALLY. 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. All rights reserved. Both properties, one an active hotel and the other a hotel under development, have been hit by the pandemic and failed to meet their debt obligations over the course of the year. That will entail making fuller use of the propertys open spaces and common areas with amenities such as pickleball courts, a putting green and a central pool, Zolty said, adding to existing amenities that include a pharmacy, convenience store and auditorium. Eli Tabak did not respond to requests for comment. [14], Barton Malow provided construction management services, using atypical building techniques to ensure constructibility given the unique design. Imperial Plaza is the firms biggest deal to date in Richmond, where Tabak said he is a minority investor in other properties owned by Brentwood. Sharon perhaps you know by now the intention of new management at IP. It was owned by a few larger, more healthcare-type owners," Tabak said. Is the displacement of that many seniors really good news about Richmonds future ? 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.". We do not publish any "sponsored content" or "native advertising." Then they turn around and pontificate on how the city is supposedly dying how people are supposedly leaving the city in droves when quite the opposite is true Richmond has been enjoying double-digit populationRead more , Actually no on growth figure. Specifically, the study predicted that visitors would spend: "We fully expect to be a significant contributor to our local economic engine", said Michael Rush, founding director of the Broad Museum. Bluestone. He makes an excellent addition to the firm's executive team," said Mr. Mendelsohn. Bloomberg first reported both bankruptcies. Prior to joining The Bluestone Group, he was a Vice President in the Commercial Lending Department and Head of the Special Assets Group at Dime Savings Bank of Williamsburg. 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. The investment group is getting rid of the memory care and assisted living plus the fact that a lot of the seniors in independent living may not be able to afford to live there any longer. In addressing the crowd, Langer and Tabak praised the work of local business and economic development leaders, including representatives of the Washington County Department of Business Development. Langer, of The Langer Co., is part of a new ownership group looking to bring new uses to the complex. The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. 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.. 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. The seller was Time Equities, a New York-based firm that bought the building in 2015 from locally based Genesis Properties. The larger parcel includes 41 acres and the former production and hangar facilities of the Fairchild operation. Project Coordinator - Executive Recruiter, Find verified emails and direct dial mobile numbers of contacts on LinkedIn, and sync them with your CRM instantly. Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans. Imperial Plazas entrance off Bellevue Avenue. Bluestone initiated the UCC foreclosure process in both cases in September after Hager defaulted on interest payments. Gans and officials at Bluestone Group could not immediately be reached for comment. Officials at the brokerage declined to comment on the details of the financing, or to identify the borrower. TIL. [16] Seventy percent of the 46,000 square feet (4,300m2) is dedicated to exhibition space. PincusCo first reported the sale of the senior loan. learn about our conflict of interest policies. The four multistory buildings at 1717 Bellevue Ave., beside Interstate 95 across from Bryan Park, are being rebranded as Legacy at Imperial Village, which Brentwood partner Barry Zolty described as an updated version of the 1960s-era facility that he said will cater to todays 55-and-up demographic. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. In an effort to promote community news sharing and to focus especially on East Lansing, ELi confines itself to local news and information (you won't find any editorializing at ELi!) BizSense reporter Mike Platania contributed to this report. 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. Gans seeks $100 million in damages on claims that several companies controlled by members of the Tabak real estate family have conspired with each other to sell his sizable real estate portfolio out from under him. Your subscription has expired. "People all over the world love Fairchild planes," she said. He claims he is trying to do just that. 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. [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. led the origination of the $148 million loan and. The Bluestone Group's Eli Tabak and 90-02 Queens Boulevard (Credit: Eli Tabak) May 10, 2019, 12:45 PM. 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. The complex has been divided into two parcels. 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). Earlier this year, Eli Tabak's Bluestone Group issued the ownership group a $6 million mezzanine loan, which it defaulted on. We reserve the right to refuse donations from other individuals if we believe the donations could detract from our reputation as an independent, trustworthy, and reliable news source. The Bluestone Group is part of the Business Services industry, and located in New Jersey, United States. The mailing address of Topflight Owner LLC is listed in care of The Bluestone Group of New York. The American Heritage Apartments building at the corner of East Main and South 10th streets downtown.