"Developers on less forgiving terrain"
THE REAL DEAL, April, 2008
"The challenge of modernizing history has its rewards"
"They didn't use a shoehorn"
NEW YORK TIMES  01.20.08

CURBED  12.14.07

REAL ESTATE NY, December, 2007
"New residential developments"
THE REAL DEAL, October, 2007
"Sky high"
NEW YORK POST 10.18.07

NEW YORK POST 10.14.07
DAILY NEWS 07.11.05
THE REAL DEAL, June, 2005



GROUP STATUS REPORT: Below please find a sample of our investor update report. Correct reports are produced semi annually and are available for investors.

NOVEMBER 7, 2008

Our updates for Clinton and Williamsburg Projects. We remain concerned about escalating material costs that are rising at record rates. Despite the nationwide financial difficulties, market overviews indicate the continuous appreciation of the real estate in Manhattan and Brooklyn boroughs.

We are excited about our Gramercy Park project that will have 20-story, 144,000 sq. ft. structure, which will feature: luxury condominiums, ground retail space, ... Click here to read more on Gramercy Park.

We are happy to report that 100% of the available units were sold and occupied. The development team converted several units to single bedroom from two bedrooms on the second and sixth floors. Following conversion, the singles sold out in three days. We are happy to report triple digit returns to investors on the project in spite of contractor delays and cost increases. 
Above: front with windows installed getting Trespa surface color and rear view of balconies and railings. Members of the partnership received an opportunity that allowed them to convert all or a portion of their investment (principal and profit) into our Gramercy Park project. While the tax advantage envisioned for the Attorney Street project did not meet our counsel’s confidence level, we are structuring all new projects to qualify for capital gains treatment and are 1031 eligible for tax deferrals.

Construction is now 100% complete and sales are over 97%.

In an effort to promote the sale of duplex units on the ground floor, we will landscape the rear yard, upgrade the finishes in the yard and convert two of the duplexes to three apartments. We believe moving the sales office to onsite and reduction in the square footage of the larger apartments will speed sales of the remaining units.

Click Here for Larger view


We are happy to announce that Builders Bank has agreed to provide the construction financing for the project. Preconstruction has begun of the new mixed use building. It will be marketed by Prudential Douglas Elliman.

The new 70,000 sq. ft. building will include 72 predominantly one bedroom apartments with just one two-bedroom apartment per floor. Only the penthouse will have an additional two bedroom unit. Each penthouse will feature a large outdoor space. The project will contain parking for 66 cars, a swimming pool, health club, screening room, storage space, rooftop gardens, and retail space on ground floor.

Located on one of the most visible streets in Williamsburg, the structure will feature a modern façade composed of resin “Trespa”, similar to our acclaimed and successful Attorney Street building on the Lower East Side. The building was designed by Kutnicki Bernstein Architects, a multi-national architectural firm.

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