Aurora topped off. (Transcripts).

Co-developers Townhouse Management Company and Pine Equity N.Y. Inc., and Marriott ExecuStay, the corporate housing services division of Marriott International, Inc., recently commemorated the topping off of the new Aurora, a 32-story, mixed-use building currently under construction at 554 Third Ave. between 36th and 37th Streets.

"'This is a thrilling moment considering we poured the five-foot thick mat foundation for this project only days after Sept. 11," said Mitchel Maidman, president of Townhouse Management Company. "There was much to overcome in terms of labor shortages, procuring of materials, and adapting to the very special needs of our corporate housing tenant.

"Add to that the huge delay in closing the construction loan when CIBC was forced to relocate from the World Financial Center, and we had to recreate their loan file from scratch.

"Having persevered through those harrowing days, we are now on the road to completion. The Aurora is Marriott ExecuStay's first ground-up development," said Maidman. "In addition, on top of 25 floors of corporate housing, there are seven luxurious floor-through apartments for sale.

Together with the Marriott, we are confident that New York is on the way back and are proud to be able to contribute in this important way."

Maidman concluded by thanking the key people who made the topping off possible: "My wife, Arlene, who organized this party and introduced us to our partners; our lenders, CLBC World Markets and their participating lenders Comerica Bank and National City Bank, who provided the construction financing, and Wien & Malkin Strategic Capital L.P., who contributed preferred equity; my father, Richard Maidman, who invested our family's money and gave us the freedom to build this project; my cousin, Gregory Maidman, our chief operating officer, and Carrie Wettstein, president of BrawnMade Construction, who provided essential leadership and professional skills; and Tom O'Hara, our architect, and his team of engineers, who met our challenge and produced the excellent results we have seen to date."

Ofer Resles, president of Pine Equity N.Y., Inc., expressed enthusiasm for the project and the prospect of adding this luxury building to Pine's portfolio of first-class properties leased to ExecuStay. "Pine has been affiliated with Marriott and its ExecuStay brand in a number of other prime locations in and around New York for several years." Resles said. "We are very proud to add yet another prestigious address to the list."

"Marriott has tremendous presence in the New York metropolitan area with 12 hotels including seven in Manhattan alone," said Joe Lavin, executive vice president and managing director of Marriott ExecuStay. "The addition of 126 ExecuStay corporate apartments at the Aurora, and the 204 apartments at Townhouse's and Pine Equity's Chelsea building, adds a new dimension to Marriott's Manhattan portfolio for our customers who need lodging for 30 days or more."

The first to 25th floors of the Aurora will be comprised of the lobby and fully furnished corporate apartments offered by Marriott ExecuStay, beginning this fall, for people needing corporate or temporary housing for 30 days or more.

The top of the Aurora consists of seven new 3,200-SF, full-floor, loft-style luxury condos which will be located on the 26"' through 32nd floors. The amenity-endowed residences will feature ceiling heights up to 23 feet, huge window expanses, 500 SF of terraces, and spectacular views of the city. Bellmarc Realty is the exclusive sales and marketing agent for the residences which will be available for occupancy winter 2003 starting at $4 million each.