Broad Street marks anniversary with $85m buy.Broad Street Development, an investor group led by Raymond Chalme, has acquired two new residential properties at 1438 and 1430 Third Avenue in Manhattan for $85 million from General Investment and Development Companies. This is the firm's second major residential purchase during the past year and marks the one-year anniversary of when Broad Street initially made headlines with the commercial acquisition of 61 Broadway. With the City's strong residential market, these properties were the ideal opportunity for the firm to continue it's residential and development commitment by adding these assets to its portfolio, in addition to 184 Thompson Street acquired earlier this year. "For Broad Street Development, the acquisition of these assets was an ideal way to celebrate our first year anniversary, an exciting and extremely active period for the investment group," commented Mr. Chalme. "The properties located at 1438 and 1430 Third Avenue, on the high-traffic corner of 81st Street, helps fulfill a primary target of the group and expand our involvement in the residential market, while adding value to an asset in one of the City's most sought after neighborhoods." The building at 1438 Third Avenue, located between 81st and 82nd Street in the heart of the Upper East Side, was constructed in 1986 and stands 31-stories high with 147 fully-occupied, rental units and 14,000 s/f of retail space. The property soars higher than surrounding properties, providing apartments with significant light and excellent views of Central Park and the East River. The building is made up of studio, one- and two-bedrooms with the majority of the apartments providing balconies and terraces with amenities including a full-time doorman, concierge and laundry room A laundry room (also called a utility room) is a room where clothes are washed. In a modern home, a laundry room would be equipped with an automatic washing machine and clothes dryer,and often a large basin, called a laundry tub, for hand-washing delicate articles of clothing such . The new owners will invest $15 million in capital for a number of renovation projects including significant interior improvements to the units such as new kitchens, bathrooms, hardwood hardwood: see wood. hardwood Timber obtained from broad-leaved, flower-bearing trees. Hardwood trees are deciduous trees, except in the warmest regions. floors and new lobby among others. A six-story property, 1430 Third Avenue consists of 21-rental units and two street--level retail suites. The building features spacious apartment and boasts higher ceilings heights than many other properties in the neighborhood. The units consist of studio, one-, two- and three-bedrooms and houses Liberty Travel and Jennifer Convertibles Jennifer Convertibles Inc. ((AMEX:JEN)) is the owner and licensor of sofabed specialty retail stores and leather specialty retail stores in the United States, with stores located throughout the Eastern seaboard, in the Midwest, on the West Coast and in the Southwest. in the high-profile retail portion of the building. Mike Tepedino, Senior Managing Director of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Office of Holliday Fenoglio Fowler, LP's arranged the financing with AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group for the purchase of the asset. Jeff Baker Jeffrey Glen Baker (born June 21, 1981 in Bad Kissingen, Germany) is a player in Major League Baseball who plays in the Colorado Rockies system (2005-present). He bats and throws right handed. of Granite Partners represented the seller in the deal. Eli Dweck of Wachtel & Maysr, LLP LLP - Lower Layer Protocol worked on behalf of Broad Street Development on all legal matters for the acquisition. Mr. Chalme will be joined in this new venture by Daniel M. Blanco Blanco (meaning the color white in Spanish) is an adjective often used in Spanish surnames. Below is a list of famous people and places associated with the word. , Executive Vice President of Broad Street Development, combining over two decades of real estate experience to the firm's current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. and future acquisitions. |
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