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. Meridian Capital Groups Shaya Ackerman and Shaya Sonnenschein negotiated the three-year bridge loan, which features a rate of 650 basis points over LIBOR. 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. . Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans. Before the market crashed, Bronx landlords overborrowed and raised rents. Those machines served as the backdrop for the event. Several days later, a bankruptcy plea was entered for a development site at 159 Broadway in Williamsburg, where foundation work for a 26-story tower had begun just before it was slated to go to auction Monday. 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. One part includes a two-story, 119,166-square-foot office building. When typing in this field, a list of search results will appear and be automatically updated as you type. The second property, where Hager planned to build a 26-story, mixed-use tower with a 275-key hotel, was also purchased in 2019 with MRC as the senior lender. He said American Heritage was 95 percent occupied at closing. But the jewel of his portfolio is a 57,700-square-foot assemblage between West 45th and West 46th streets on 11th Avenue in Hells Kitchen. Note: This story has been updated to clarify that Bluestone and Brentwood bought the American Heritage Apartments building together. In addition to apartments and other independent living accommodations, Imperial Plaza also includes assisted living and memory care components. 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". We are glad you asked, because without donations from readers like you, we can't do this work for you! Click here to help us out. 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. 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. The former hangar and factory areas have been rechristened New Heights Industrial Park. FONT SIZE. Gans wants $100 million in damages from Bluestone, alleging that its maneuvers have muddied the financial waters and prevented Gans from reconciling his debts. Rosewood Realty Group was hired to oversee the virtual UCC auction for both properties, according to the marketing material reviewed by CO, with Aaron Jungreis, Greg Corbin, Aaron Kline, Brandon Serota, Chaya Milworn and Elliot Haft making up the team. 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. Toggle Fullscreen 1/10 Buck Ennis Martha. Ebersole has been a volunteer for the museum. This is all pandemic-related, said FIA Capital Partners principal David Goldwasser, who is handling the workout. (Photo courtesy of Bluestone Group). 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. Fairchild once employed thousands, and the company ranked as the largest employer in Washington County. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED. You can always talk to sales if youre interested in advanced plans. Its very historic to Richmond, its been there since the 60s. 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. 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 citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. 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). In addition to his lending expertise, Mr. Terrasi's strong background in financing commercial real estate and dealing with distressed loans will also be utilized by the company as it pursues new acquisition opportunities. Tabak said theyre planning interior upgrades to the building and looking to fill two available retail spaces. [14], Barton Malow provided construction management services, using atypical building techniques to ensure constructibility given the unique design. A A A. Gans and officials at Bluestone Group could not immediately be reached for comment. eastlansinginfo.org 2013-2020 East Lansing Info. The complex was built in 1967. derivative attorneys The Bluestone Group is part of the Business Services industry, and located in New Jersey, United States. There is no recent news or activity for this profile. Two days before the Imperial Plaza closing, the firms purchased the American Heritage Apartments building at 1001 E. Main St. ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE. Read the latest edition of the Commercial Observer online! 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. 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. Cornell Realty did not immediately respond to request for comment. We do not publish any "sponsored content" or "native advertising." Langer, of The Langer Co., is part of a new ownership group looking to bring new uses to the complex. from 8 AM - 9 PM ET. Eli Tabak's HQ phone number is +1908-541-9600. Most recently a Vice President at Dime Savings Bank of Williamsburg, Mr. Terrasi will serve as Bluestone Group's Chief Operating Officer. 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]. Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. Eli Tabak's colleagues are John Kim, Aaron Armston, Muttalib Khan, Bob Balseiro and more. The Hagerstown Aviation Museum brought several of its Fairchild planes to the hangar. It was owned by a few larger, more healthcare-type owners, Tabak said. But the limited revenue was not enough to cover its debt obligations, per the bankruptcy filing. 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. 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. Were not taking this to be a luxury option.. Europe, Menlo Park, China), Where the person is located (e.g. For more informaiton, head over to your profile. Our team is dedicated to professionalism, excellence and the highest of ethical standards. Contact Email info@bluestonegrp.com. Tenants are skeptical that Bluestone Group principals Eli Tabak, Ari Bromberg and Marc Mendelsohn (from left) will properly rehab their buildings. About 60 people attended the open house and ribbon-cutting ceremony in what was once a Fairchild hangar. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. With several Fairchild Aircraft airplanes behind him, Michael Langer said the company's old factory could see a bright future. On Friday, the owners of The Tillary Hotel at 85 Flatbush Avenue Extension in Downtown Brooklyn filed for bankruptcy, the same day it was scheduled for a UCC foreclosure auction. By . We are glad you asked! 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. He holds a Bachelor of Business Administration with a concentration in Marketing from Pace University. took a senior participation of $130 million. Construction on the museum began March 16, 2010, at a groundbreaking ceremony attended by Eli Broad and Zaha Hadid. PincusCo first reported the sale of the senior loan. Bluestone Capital, led by co-founders Eli Tabak and Marc Mendelsohn, has been aggressively expanding its bridge lending platform lately. [4] The five finalists[8] were: The selection committee announced on January 15, 2008, that Zaha Hadid had been selected. [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. All rights reserved. The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. I just moved my dad to the memory wing Feb 3. 246 likes. 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.". Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. Its a very exciting project for us, and we think the property is poised for that kind of differentiation, pretty much moving from an independent-living to more of that active-adult, 55-plus lifestyle, he said. "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. Is it just my imagination or are the naysayers also the self-same NIMBYs who come out in opposition to any and every project that pushes the city forward? Construction on the Museum began March 16, 2010, at a groundbreaking ceremony attended by Eli Broad Zaha... Langer, of the Langer Co., is part of a new ownership Group to... In advanced plans part of bluestone group eli tabak new ownership Group looking to bring new uses the! Note: this story has been aggressively expanding its bridge lending platform lately updated to clarify that Bluestone and bought! If youre interested in advanced plans we ca n't do this work for you sale the. One part includes a two-story, 119,166-square-foot office building no recent news or activity this. And the highest of ethical standards or Richmond doesnt need this or that Yada.... Most recently a Vice President at Dime Savings Bank of Williamsburg, Mr. Terrasi will serve as Group. 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