The Bluestone Group's Eli Tabak and 90-02 Queens Boulevard (Credit: Eli Tabak) May 10, 2019, 12:45 PM. Toggle Fullscreen 1/10 Buck Ennis Martha. A joint venture between Eli Tabak's Bluestone Group and the Altmark Group has purchased a 235,584-square-foot industrial factory building. 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. 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. It also owns Carriage Hill Apartments, a 297-unit complex at 7098 Fernwood St. in Henrico that it bought in 2019 for $32.2 million from Alexandria-based Bonaventure Realty Group. Some of the other speakers Tuesday were John Seburn, president of the Hagerstown Aviation Museum, and Pam Ebersole, a former Fairchild employee. An earlier version incorrectly referred to one of the firms as a sole owner. 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. 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. ELi (East Lansing Info) is unaffiliated with local government, is non-profit, and is overseen by a volunteer Board of Directors. Now i have to find him a home in 60 days? What makes ELi different from other local news organizations? Cornell Realty did not immediately respond to request for comment. Tabak said theyre planning interior upgrades to the building and looking to fill two available retail spaces. Eli Tabak's email address is e**@bluestonegrp.com. 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. negotiated the three-year bridge loan, which features a rate of 650 basis points over LIBOR. Ebersole said she was a project manager in the production control department. 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. We are glad you asked, because without donations from readers like you, we can't do this work for you! 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). Imperial Plaza is long overdue for an overhaul, and that includes management particularly in Assisted Living. in Downtown Brooklyn filed for bankruptcy, the same day it was scheduled for a UCC foreclosure auction. 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. All rights reserved. Earlier this year, Eli Tabak's Bluestone Group issued the ownership group a $6 million mezzanine loan, which it defaulted on. The seller was Time Equities, a New York-based firm that bought the building in 2015 from locally based Genesis Properties. 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. Zoning permits a variety of uses across the portfolio financed, diversifying its potential redevelopment opportunities, sources said. ( Photo courtesy of Bluestone Group) "It's very historic to Richmond, it's been there since the '60s. A judge dismissed Bluestones effort to void the senior mortgage in March, ordering it to pay the other sides legal fees. 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. Eli Tabak's HQ phone number is +1908-541-9600. Tabak said the transaction closed Feb. 25 and was partially financed by Arbor Commercial Mortgage. Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans. 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. At one side of the event Tuesday, a video display showed images of what museum and convention center space might look like at New Heights. "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. (Photo courtesy of Bluestone Group). The complex was built in 1967. There are 5 professionals named "Eli Tabak", who use LinkedIn to exchange information, ideas, and opportunities. Get started for free, then add your whole team. The complex was built in 1967 and has not been substantially renovated in decades, said Eli Tabak, CEO of Bluestone Group. "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. Eli Tabak and Marc Mendelsohn of The Bluestone Group attended Tuesday's event. He makes an excellent addition to the firm's executive team," said Mr. Mendelsohn. When God closed the door on a Manhattan strip club, he opened a window for lenders to fight for control of a real estate portfolio allegedly worth over $200 million. Rosewood and Bluestone declined to comment. The Bluestone Group Location 1130 Route 202 South Bldg D7, Raritan, New Jersey, 08869, United States Description Read More Industry Read the latest edition of the Commercial Observer online! Click here to see your options, all of them free. Note: This story has been updated to clarify that Bluestone and Brentwood bought the American Heritage Apartments building together. The Naturalist Group, Milford, Michigan. Our work is made possible by our generous supporters. Click here to see your options, all of them free. 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? 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. Tenants are skeptical that Bluestone Group principals Eli Tabak, Ari Bromberg and Marc Mendelsohn (from left) will properly rehab their buildings. In order to foster transparent, civil conversation, please include your full name when posting comments. But the company shut down its local operations in the 1980s, according to previous Herald-Mail Media reports. The citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. The owners, doing business as 85 Flatbush RHO Hotel LLC, were. Fairchild once employed thousands, and the company ranked as the largest employer in Washington County. 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. History. I wholeheartedly agree with you. Our work is made possible by our generous supporters. Bluestone specializes in taking advantage of value-add scenarios such as under-managed properties, developing markets and distressed assets. Eli Tabak's colleagues are John Kim, Aaron Armston, Muttalib Khan, Bob Balseiro and more. If you are looking for the latest news, go to eastlansinginfo.news and update your bookmarks accordingly! We acknowledge our gratitude to our corporate sponsors by presenting their logos in certain parts of our productions. Active, Closed, Whether an Organization is for profit or non-profit, General contact email for the organization. Most recently a Vice President at Dime Savings Bank of Williamsburg, Mr. Terrasi will serve as Bluestone Group's Chief Operating Officer. Your subscription has expired. Our team is dedicated to professionalism, excellence and the highest of ethical standards. It opened on November 10, 2012. The remaining two sites are located in the Astoria and Jamaica neighborhoods of Queens. Imperial Plaza, a gated complex totaling hundreds of units in the citys Northside, is being renamed and reimagined as a so-called active adult community after its sale Thursday to an out-of-town joint venture. 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. 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. The multistory buildings are visible along Interstate 95. 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. Gans wants $100 million in damages from Bluestone, alleging that its maneuvers have muddied the financial waters and prevented Gans from reconciling his debts. Now its urgent, poor planning on the part of the new owners! We think of ourselves as a "news cooperative" because we encourage all of our readers to consider contributing news and information. Brentwoods other Richmond-area holdings include the 219-unit Canterbury Square Apartments in Henrico and the 218-unit Ashland Towne Square apartments in Hanover. His vast real estate lending experience will enable the team to deliver the creative financing options, favorable terms and flexibility its clients have come to expect. Both our online contact system and our post office box can be used to submit story ideas, request corrections, report website problems, and so on. 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). 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 Eli Tabak's role at The Bluestone Group is Co Founder and CEO. [4] Michael Rush was named as the founding director in December 2010. 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. About 60 people attended the open house and ribbon-cutting ceremony in what was once a Fairchild hangar. led the origination of the $148 million loan and. Gans also owns a smaller parcel across 11th Avenue with 150,000 square feet of development potential. 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. 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. 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. We are recognized as a 501(c)(3) nonprofit by the IRS, so financial donations are tax-deductible. We do not take donations from individuals seated on or running for East Lansing City Council or East Lansing Public Schools Board of Trustees. The Virginia Tech grad covers government, real estate, advertising/marketing and other news. 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. In January it originated a $109 million bridge loan for, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. 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. It hasnt really had any extensive renovation project in probably about 25 years, so we see that as an opportunity to be able to bring the property to another level, bring occupancy up and turn it into a long-term hold type asset.. Sharon perhaps you know by now the intention of new management at IP. Theres good news about Richmonds future all over this edition of BizSense. 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. 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 are on eastlansinginfo.org, ELi's old domain, which is now an archive of news (as of early April, 2020). 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. Here are some links you might find helpful: You can always write to us through our online "contact" form, or you can send us paper mail at East Lansing Info, PO Box 115, East Lansing, MI, 48826. Commercial brokerage JLL is marketing Gans 616 11th Avenue, where he owns Metropolitan Lumber & Hardware, as a development site. 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. ELi may consider donations to support the coverage of particular subject areas or topics, but our organization maintains editorial control of the coverage. If you'd like to submit an event to be added to our community calendar, use our special form for submitting events. 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. Gans currently leases the property with an option to buy it. Europe, Menlo Park, China), Where the person is located (e.g. [15], The angular facade is composed of pleated stainless steel and glass and was conceived to give the building "an ever-changing appearance that arouses curiosity yet never quite reveals its content." 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. Meridian Capital Groups Shaya Ackerman and Shaya Sonnenschein negotiated the three-year bridge loan, which features a rate of 650 basis points over LIBOR. Officials at the brokerage declined to comment on the details of the financing, or to identify the borrower. Click here to help us out. (To learn more about contributing, click here.). The buildings street-level retail includes a corner 7-Eleven store. It purchased those in joint ventures with Virginia Beach-based United Property Associates in 2019 and 2018, respectively. "It was a really fun job. But the limited revenue was not enough to cover its debt obligations, per the, 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. "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. 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