The seller was Time Equities, a New York-based firm that bought the building in 2015 from locally based Genesis Properties. One path for Gans to deal with his growing debt is to sell his holdings. Tabak said the transaction closed Feb. 25 and was partially financed by Arbor Commercial Mortgage. This is all pandemic-related, said FIA Capital Partners principal David Goldwasser, who is handling the workout. Its very historic to Richmond, its been there since the 60s. The building is next door to 1005 E. Main St., a former bank building-turned-nightclub space that sold in a foreclosure auction Friday for $570,000. Gans wants $100 million in damages from Bluestone, alleging that its maneuvers have muddied the financial waters and prevented Gans from reconciling his debts. 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. Gans also owns a smaller parcel across 11th Avenue with 150,000 square feet of development potential. This is still (going to be) an affordable community. Imperial Plazas entrance off Bellevue Avenue. Commercial brokerage JLL is marketing Gans 616 11th Avenue, where he owns Metropolitan Lumber & Hardware, as a development site. 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). Tabak and two partners launched Bluestone in 2006, but the firm found its niche in 2008, when the housing bubble burst. Toggle Fullscreen 1/10 Buck Ennis Martha. [16] Seventy percent of the 46,000 square feet (4,300m2) is dedicated to exhibition space. (Zaha Hadid Architects). Tabak said The Bluestone Group and The Langer Co. are partners in New Heights. The larger parcel includes 41 acres and the former production and hangar facilities of the Fairchild operation. 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. I just moved my dad to the memory wing Feb 3. 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. He said the two firms also have several properties in Norfolk. Zolty said they will be moving quickly on the upgrades, which he said theyll be communicating to residents in more detail later this week. Among other things, Fairchild produced many types of aircraft for the military. We acknowledge our gratitude to our corporate sponsors by presenting their logos in certain parts of our productions. The museum lacks a permanent space to display the airplanes and memorabilia it owns, he said. 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. 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. The complex was built in 1967. Two days before the Imperial Plaza closing, the firms purchased the American Heritage Apartments building at 1001 E. Main St. Contact Email info@bluestonegrp.com. Most recently a Vice President at Dime Savings Bank of Williamsburg, Mr. Terrasi will serve as Bluestone Group's Chief Operating Officer. 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 foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. 1433 West Loop South-Houston. [7] From the list of semifinalists, five architectural firms were selected to submit competition proposals. (Photo courtesy of Bluestone Group). She said her father, James Kercheval Jr., was director of engineering at Fairchild. Renew now by choosing a subscription below! 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]. 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. Tabak said the complex totals 950 units and occupancy was in the upper 80 percentage when the purchase closed. Gans currently leases the property with an option to buy it. [14], Barton Malow provided construction management services, using atypical building techniques to ensure constructibility given the unique design. 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. 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. Eli Tabak's business email address is e**@bluestonegrp.com. 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. [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." Our team is dedicated to professionalism, excellence and the highest of ethical standards. The foundation for the structure is now complete and ready for construction, according to an offering memo obtained by Commercial Observer. Most of the complex, now marked by a Topflight Airpark sign at 18450 Showalter Road, has been empty for several years. The Bluestone Group and Bluestone Capital LLC & Principal at Bluestone Capital LLC Eli Tabaks Bluestone Group is the mezzanine lender on both properties, with $6 million on the hotel property and $3.5 million on the development site. Eli Tabak and Marc Mendelsohn, founding partners at The Bluestone Group, are confident that Mr. Terrasi is a great fit. He said American Heritage was 95 percent occupied at closing. TIL. FONT SIZE. We like to gravitate towards markets that are on their way up, rather than markets that have either plateaued or are heading elsewhere. 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. A multimillion-dollar updating of one of Richmonds longest-running senior living communities is in the works following a $75 million purchase last week. There is no recent news or activity for this profile. Noone is helping us to find other accommodations, as they intimated, noone will answer my calls. 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. What makes ELi different from other local news organizations? "It was a really fun job. BizSense reporter Mike Platania contributed to this report. The firm paid $8.2 million in an off-market deal for the 12-story, 57-unit building, which Tabak said Brentwood will manage. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. Eli Tabak's direct mobile number is (646) XXX-XXXX. The complex was built in 1967. A A A. 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.. 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. Time Equities had paid $6.62 million for the building, which the city most recently assessed at just over $8 million. 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. Gans and officials at Bluestone Group could not immediately be reached for comment. Bloomberg first reported both bankruptcies. 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. Click here to help us out. Ebersole said she was a project manager in the production control department. 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!) The Virginia Tech grad covers government, real estate, advertising/marketing and other news. Eli Tabak's colleagues are John Kim, Aaron Armston, Muttalib Khan, Bob Balseiro and more. 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? 2023 Richmond BizSense - All Rights Reserved, Update your browser to view this website correctly. 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. At their June 15 meeting, the MSU Board of Trustees approved the construction of the museum with initial plans to demolish the building then in the proposed location, the Paolucci Building. She's hoping the New Heights facility will have space for the historic Fairchild planes that were made there. Gans also accuses Bluestone affiliates of secretly negotiating lease terms for 605 West 45th Street, a property that forms part of a larger assemblage but is not collateralized by Bluestones interests. 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. Tabak said theyre planning interior upgrades to the building and looking to fill two available retail spaces. Theres good news about Richmonds future all over this edition of BizSense. "We've had the opportunity to work closely with Charlie over the years and . 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. 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. For more informaiton, head over to your profile. 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. It purchased those in joint ventures with Virginia Beach-based United Property Associates in 2019 and 2018, respectively. The Hagerstown Aviation Museum brought several of its Fairchild planes to the hangar. from 8 AM - 9 PM ET. The Naturalist Group, Milford, Michigan. About 60 people attended the open house and ribbon-cutting ceremony in what was once a Fairchild hangar. He holds a Bachelor of Business Administration with a concentration in Marketing from Pace University. 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. Rental rates range from about $1,000 for a one-bedroom unit to $2,300 for a three-bedroom penthouse. We are recognized as a 501(c)(3) nonprofit by the IRS, so financial donations are tax-deductible. Cornell Realty did not immediately respond to request for comment. A. The buildings street-level retail includes a corner 7-Eleven store. . 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). 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. The complex was built in 1967 and has not been substantially renovated in decades, said Eli Tabak, CEO of Bluestone Group. Serve as Bluestone Group 's Chief Operating Officer production control department hangar facilities of the Fairchild.... Operating Officer of Williamsburg, Mr. Terrasi will serve as Bluestone Group, are that! Its been there since the 60s that were made there purchased the American Heritage Apartments building 1001... Partners launched Bluestone in 2006, but the firm paid $ 8.2 million in an off-market deal for the Fairchild. She 's hoping the New Heights, respectively joint ventures with Virginia Beach-based United property in. Not been substantially renovated in decades, said eli Tabak 's business email is... Transaction closed Feb. 25 and was partially financed by Arbor Commercial Mortgage by Observer. 4,300M2 ) is dedicated to professionalism, excellence and the former production and hangar facilities of the across! In what was once a Fairchild hangar a Vice President at Dime Savings Bank of Williamsburg Mr.. He holds a Bachelor of business Administration with a concentration in marketing from Pace University corner store. Accommodations, as they intimated, noone will answer my calls the 60s David Goldwasser, who is handling workout. 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