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Notable Transactions

Sell-out of 6 Harlem Brownstones Condominium Units at prices reaching $1,344 per square foot.

December 2017                                                 

Advised an investment group on the acquisition of 2 vacant Harlem brownstones at 318 and 320 West 115th Street in the Morningside section of Harlem, NY. The project combined, gut renovated and enlarged 2 Harlem, NY brownstones to create and sell-out 6 individual condominium, floor-thru units. The project includes solid hardwood maple floors, stone and marble luxury finishes, and high end, Miele and Viking stainless steel appliances, individual storage units, a gym and outdoor space accessible by all of the apartment units. Selling prices reached $1,344 per square foot.

 

Advisory Assignment to Refinance and Pay-off a 16 creditor group (including major banks and private equity funds) of a non-bankruptcy, court approved payment plan.

June 2016

With refinancing proceeds provided by a major bank with a highly structured financing arrangement with the bank, the lender group, and the investor, to pay-off the investor’s debt, with a disparate group of lender’s that accepted a pay-off of the investor’s debt obligations, and allow the investor to get back to business.

 

Repositioning of East Village Properties Complete

March 2013

Steven A. Kirschenbaum of Madison Advisory Group has completed the substantial renovation and re-leasing program of 2 multi-family residential buildings in the East Village section of Manhattan.

The repositioning program, which included a capital improvement program that comprised refacing of both buildings front facades, installation of new entrance ways, and redecoration of the entrance vestibules and common corridors. At one of the properties, the renovation work included the conversion of a former underutilized street level retail space into a full floor maisonette with access to the rear yard now converted to a garden, and the renovation and upgrade of various apartments. The repositioning program concluded with a leasing program that, over an 18 month period, resulted in a nearly 45% increase in rents. The properties are well positioned to be refinanced and take advantage of the historically low interest rate environment to unlock substantial equity to the owner group.

$100+ Million, Multi-Creditor Debt-Restructuring Plan Complete

February 2013

Steven A. Kirschenbaum of Madison Advisory Group LLC completed an advisory assignment to restructure $100+ million of debt obligations with a 16 creditor group (including major banks and private equity funds) in a non-bankruptcy, court approved payment plan to repay all principal and a substantial majority of the accrued interest owing. The debt obligations encumbered interests in several operating companies as well as a variety of commercial real estate properties.

The agreement by the lender group with the investor, to restructure the investor’s debt was the result of a detailed and laborious process with a disparate group of lender’s that, to their credit, saw the value in their borrower’s portfolio of assets, and agreed to extend the time of repayment over a period of years. The lender group came together and agreed to a repayment plan that, in the end, will benefit all of them, and allow the investor to get back to business.

 

Office to Residential Conversion: The Exchange – 25 Broad Street, New York, NY

June 2006 to July 2009

Steven A. Kirschenbaum managed the development and condominium conversion of a 425,000 square foot, occupied, 350 unit, 29 story, New York City landmark high-rise rental building. Coordinated the writing of the Part 23 Condominium Offering Plan with legal counsel (Stuart Saft, Esq. of Dewey & LeBouef, LLP), the development of the design scheme to reduce the 350 rental “cookie cutter” units to 325 luxury condominium units with architects (Cetra/CRI Architecture PLLC) and engineers (MGJ Engineering PC and GACE), the construction bidding process and the selection of a general contractor (Pinnacle Contractors of NY, Inc.), as well as the execution of the construction program. The construction included renovating 325 apartments, lobby, tenant amenity space including a tenant lounge, spa, and outdoor space, as well as the renovation of the lobby. Additional projects included the “de-landmarking” of 70,000 square feet of space for demolition and transfer of development rights to adjacent parcel with the approval of the New York City Landmarks Preservation Commission and the recommendation of Community Board 1. Interface with the New York Office of the Attorney General, Real Estate Finance Bureau with respect to compliance with the Martin Act; managed governmental oversight by the New York City Building Department during the construction period. Additional responsibilities included the hiring and oversight of the sales director and an in-house 5 person sales team, as well as the coordination and execution of the marketing campaign that included print media and web design.

Condominium Conversion: Sheffield, 322 West 57th Street, New York, NY

April 2007 to July 2009

Steven A. Kirschenbaum managed the development and condominium conversion of an 800,000 square foot, occupied, 845 unit, 57 story, New York high-rise rental building. Coordinated the writing of the Part 23 Condominium Offering Plan with legal counsel (Stuart Saft, Esq. of Dewey & LeBouef, LLP), the development of the design scheme to reduce the 845 rental “cookie cutter” units to 475 luxury condominium units with architects (Cetra/CRI Architecture PLLC) and engineers (MGJ Engineering PC and GACE), the construction bidding process and the selection of a general contractor (Pinnacle Contractors of NY, Inc.), as well as the execution of the construction program. The construction included renovating and building 475 apartments, 2 floors of tenant amenity space including a tenant lounge, spa, outdoor space including a swimming pool, as well as the redesign and enlargement of the lobby, private driveway, and landscaped public plaza with the approval of the New York City Department of City Planning and the recommendation of Community Board 5. Interface with the New York Office of the Attorney General, Real Estate Finance Bureau with respect to compliance with the Martin Act; managed governmental oversight by the New York City Building Dept., Environmental Control Board and the Department of Housing, Preservation & Development during the construction period. Principal negotiator with resident tenant’s association including New York State Attorney General and local politicians. Additional responsibilities included the hiring and oversight of the sales director and an in-house 7 person sales team, as well as the coordination and execution of the marketing campaign that included print media and web design.

Office to Residential Conversion: The Crest & Crest Lofts – 67 Wall Street, New York, NY

March 2003 to April 2006

Steven A. Kirschenbaum managed the development and conversion of a 425,000 square foot, 36 story New York City landmark, vacant office building to a 475 unit high-rise multi-family rental building and an adjacent 325,000 square foot, 29 story, partially occupied office building to a 350 unit high-rise multi-family rental building. Coordinated the development of the design scheme to construct luxury rental units with architects (AKM Architects PLLC) and engineers (George Langer Associates), the construction bidding process and the selection of a construction manager (Newmark Construction Services LLC), as well as the execution of the construction program. The construction included creating 475 apartments, lobby, tenant amenity space including a tenant lounge, spa, and outdoor space, as well as the renovation of the lobby. Additional responsibilities included the hiring and oversight of the leasing director and an in-house 5 person leasing team, as well as the coordination and execution of the marketing campaign that included print media and web design.