ELi treats all reporters equally regardless of age, educational background, or professional status. Toggle Fullscreen 1/10 Buck Ennis Martha. and encourages audience members to consider participating in ELi as editors and reporters. 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 Bluestone Group is a private investment firm that was formed to capitalize on increasing prospects in the opportunistic real estate market. 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. FONT SIZE. 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. Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. in Downtown Brooklyn filed for bankruptcy, the same day it was scheduled for a UCC foreclosure auction. Before the market crashed, Bronx landlords overborrowed and raised rents. 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. Over the course of his career he has successfully originated in excess of $1 Billion in commercial mortgages, as well as the disposition and workout of $150 + million of non accrual loans. This is all pandemic-related, said FIA Capital Partners principal David Goldwasser, who is handling the workout. 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. [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. Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. "It was a really fun job. 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. Seburn traced a brief history of the company and singled out each airplane on display, from small trainers to large "flying boxcars.". from 8 AM - 9 PM ET. 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. "People all over the world love Fairchild planes," she said. Eli Tabak's HQ phone number is +1908-541-9600. The buildings street-level retail includes a corner 7-Eleven store. Tabak said theyre planning interior upgrades to the building and looking to fill two available retail spaces. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED. 1433 West Loop South-Houston. But the limited revenue was not enough to cover its debt obligations, per the bankruptcy filing. He holds a Bachelor of Business Administration with a concentration in Marketing from Pace University. With several Fairchild Aircraft airplanes behind him, Michael Langer said the company's old factory could see a bright future. She's hoping the New Heights facility will have space for the historic Fairchild planes that were made there. The museum lacks a permanent space to display the airplanes and memorabilia it owns, he said. The multistory buildings are visible along Interstate 95. 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. We are recognized as a 501(c)(3) nonprofit by the IRS, so financial donations are tax-deductible. 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. [7] From the list of semifinalists, five architectural firms were selected to submit competition proposals. Is the displacement of that many seniors really good news about Richmonds future ? Our team is dedicated to professionalism, excellence and the highest of ethical standards. 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]. 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. Real Estate. Founding Partner & CEO, The Bluestone Group and Bluestone Capital LLC & Principal at Bluestone Capital LLC New York City Metropolitan Area Eli Tabak Owner, Mower n More Milford, MA Eli. The Hagerstown Aviation Museum brought several of its Fairchild planes to the hangar. Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans. Get started for free, then add your whole team. 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. And museum space is one of the ideas being considered for the New Heights development. Space is for lease in that structure. The former hangar and factory areas have been rechristened New Heights Industrial Park. Well said, Bruce! The new owners also plan to put several million dollars into upgrading rooms and renovating interiors, as well as additional landscaping and outdoor improvements. 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. 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. 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. Bluestone initiated the UCC foreclosure process in both cases in September after Hager defaulted on interest payments. We do not accept any conventional advertisements. 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. 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. Imperial Plazas entrance off Bellevue Avenue. 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. The Bluestone Group is part of the Business Services industry, and located in New Jersey, United States. EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. The Virginia Tech grad covers government, real estate, advertising/marketing and other news. [4] Michael Rush was named as the founding director in December 2010. Langer asked people to "use your vision and imagination" to see "what this property can be.". Europe, Menlo Park, China), Where the person is located (e.g. Note: This story has been updated to clarify that Bluestone and Brentwood bought the American Heritage Apartments building together. View contacts for The Bluestone Group to access new leads and connect with decision-makers. Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. 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. Bluestone continues to seek opportunities in the distressed debt and REO arena as well as traditional commercial real estate opportunities. Bloomberg, is the mezzanine lender on both properties, with $6 million on the hotel property and $3.5 million on the development site. He said American Heritage was 95 percent occupied at closing. The American Heritage Apartments building at the corner of East Main and South 10th streets downtown. Eli Tabak and Marc Mendelsohn of The Bluestone Group attended Tuesday's event. ( Photo courtesy of Bluestone Group) "It's very historic to Richmond, it's been there since the '60s. Fairchild's A-10 Thunderbolt II, known as the "Warthog," remains in active duty. The remaining two sites are located in the Astoria and Jamaica neighborhoods of Queens. Click here to see your options, all of them free. For more informaiton, head over to your profile. learn about our conflict of interest policies. The citys record of the transaction, however, puts the price Bluestone paid for a stake in the Scores building at close to $3 million. 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. Noone is helping us to find other accommodations, as they intimated, noone will answer my calls. 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). 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. A A A. The complex was built in 1967 and has not been substantially renovated in decades, said Eli Tabak, CEO of Bluestone Group. 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. Eli Tabak has been working as a Chief Executive Officer at The Bluestone Group for 16 years. This change has not been communicated very well to the residents. Rental rates range from about $1,000 for a one-bedroom unit to $2,300 for a three-bedroom penthouse. BizSense reporter Mike Platania contributed to this report. Two days before the Imperial Plaza closing, the firms purchased the American Heritage Apartments building at 1001 E. Main St. [4] The five finalists[8] were: The selection committee announced on January 15, 2008, that Zaha Hadid had been selected. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. "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. 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. I just moved my dad to the memory wing Feb 3. Its very historic to Richmond, its been there since the 60s. 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. A multimillion-dollar updating of one of Richmonds longest-running senior living communities is in the works following a $75 million purchase last week. A joint venture between Eli Tabak's Bluestone Group and the Altmark Group has purchased a 235,584-square-foot industrial factory building. If you are looking for the latest news, go to eastlansinginfo.news and update your bookmarks accordingly! Its a 60s-vintage, beautiful property, and it has been really outdated, Zolty said Monday. 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. He makes an excellent addition to the firm's executive team," said Mr. Mendelsohn. Gans wants $100 million in damages from Bluestone, alleging that its maneuvers have muddied the financial waters and prevented Gans from reconciling his debts. It purchased those in joint ventures with Virginia Beach-based United Property Associates in 2019 and 2018, respectively. "We've had the opportunity to work closely with Charlie over the years and . A spokesman for Mack Real Estate declined to comment. 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. Eli Tabak's email address is e**@bluestonegrp.com. It opened on November 10, 2012. The Bluestone Group's Eli Tabak and 90-02 Queens Boulevard (Credit: Eli Tabak) May 10, 2019, 12:45 PM. Sharon perhaps you know by now the intention of new management at IP. 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. (Zaha Hadid Architects). The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. There is no recent news or activity for this profile. You can always talk to sales if youre interested in advanced plans. What makes ELi different from other local news organizations? 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. Earlier this year, Eli Tabak's Bluestone Group issued the ownership group a $6 million mezzanine loan, which it defaulted on. 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. Read the latest edition of the Commercial Observer online! The Bluestone Group Location 1130 Route 202 South Bldg D7, Raritan, New Jersey, 08869, United States Description Read More Industry 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!) 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. 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