News

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Jan 7th, 2022

MIAMI BEACH, Fla., Jan. 3, 2021 /Commercialobserver/ Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million...

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A $40 million renovation has turned this former hostel into a Miami Beach gem

Nov 22nd, 2022

MIAMI, Fla., Nov. 19, 2021 /MiamiHerald/ From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach...

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Infinity Sells Ocean Drive Building to Apple Core for $33M | By Katherine Kallergis, The Real Deal

Dec 24th, 2022

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned. Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive...

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Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Jan 7th, 2022

MIAMI BEACH, Fla., Jan. 3, 2021 /Commercialobserver/ Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million...

Read More

A $40 million renovation has turned this former hostel into a Miami Beach gem

Nov 22nd, 2022

MIAMI, Fla., Nov. 19, 2021 /MiamiHerald/ From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach...

Read More

Infinity Sells Ocean Drive Building to Apple Core for $33M | By Katherine Kallergis, The Real Deal

Dec 24th, 2022

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned. Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive...

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Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Jan 7th, 2022

MIAMI BEACH, Fla., Jan. 3, 2021 /Commercialobserver/ Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million...

Read More

A $40 million renovation has turned this former hostel into a Miami Beach gem

Nov 22nd, 2022

MIAMI, Fla., Nov. 19, 2021 /MiamiHerald/ From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach...

Read More

Infinity Sells Ocean Drive Building to Apple Core for $33M | By Katherine Kallergis, The Real Deal

Dec 24th, 2022

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned. Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive...

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N.Y. Investment Firm Acquires Three Properties in Coon Rapids

Finance & Commerce, Minneapolis, MN, November 1, 2007

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N.Y.-based investment firm acquires three properties in Coon Rapids

Press Release: Infinity Capital Management & Katz Properties Complete the Acquisition of 247 West 30th Street in Manhattan

CityFEET.com, New York, NY, June 12, 2008

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Press Release: INFINITY COMPLETES THE ACQUISITION OF 247 WEST 30TH STREET IN MANHATTAN

Press Release: Infinity Capital Management & Katz Properties Complete the Acquisition of 247 West 30th Street in Manhattan

CityFEET.com, New York, NY, June 12, 2008

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Press Release: INFINITY COMPLETES THE ACQUISITION OF 247 WEST 30TH STREET IN MANHATTAN

Infinity Completes Purchase of 247 West 30th Street with Katz Properties

New York Real Estate Journal, New York, NY, July 8, 2008 – Infinity has closed on the purchase of 247 West 30th Street for $15.85 million. The class B loft office building is located on the north side of West 30th Street, between 7th and 8th Aves. The property is a 16-story elevator building totaling 67,500 square feet.

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Infinity Completes Purchase of 247 West 30th with Katz Properties

Infinity Real Estate “Tops Off” Hotel26 Project in Chelsea, NYC

New York, NY, November 22, 2008 – Infinity Real Estate today has officially “topped off” its 22-story Wyndham Hotel at Fashion Avenue and West 26th Street, in the Chelsea neighborhood of Manhattan.

Rare Bar & Grill to Open at Infinity’s Fashion 26 – A Wyndham Hotel

New York Post, New York, NY, February 24, 2007 – Rare Bar & Grill has executed a lease for the Restaurant, Lobby Bar and Sky Lounge spaces at Fashion 26 – Wyndham Hotel, located in Chelsea, NYC.

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BIG PLANS FOR BOXER’S BURGEONING BURGER JOINTS

Infosys Technologies Ltd. Coming to Skyline Professional Center

New York, NY, April 22, 2009 – Infosys Technologies Ltd. has leased 13,500 square feet at Skyline Professional Center in Bentonville, AR. The office space will serve as the Company’s new regional headquarters. Infosys Technologies is a leading, global IT services company that focuses on providing innovative and cutting-edge IT and consulting solutions for businesses. The Company currently employs more than 103,000 people with 50 offices in 22 countries. The Addition of Infosys at Skyline demonstrates the attractiveness of the Property’s prime location, with its proximity to the new Sam’s Club headquarters.

The Infinity Group Signs Lease for New HQ at 1407 Broadway

New York, NY, July 1, 2009 – The Infinity Group will relocate and expand its NYC headquarters at year-end 2009. The company has executed a lease for 13,805 square feet on the entire 30th floor of 1407 Broadway. The floor features 360-degree Manhattan skyline views and ample natural light. Infinity’s executive suite and corporate staff will occupy the space, as well as all personnel for Infinity affiliate – Franco Apparel Group. The office space is being designed by leading architect Glen Coben, of Glen & Company.

The Parlour Leases Retail Space at 247 West 30th Street

New York, NY, August 23, 2009 – The Parlour, an established New York City Irish Pub, will join an impressive roster of new tenants at 247 West 30th Street, located in Midtown South. The neighborhood food and beverage operation will occupy a total of approximately 8,000 square feet on three levels. The grand retail space and its mezzanine balcony will feature a 35’ bar and restaurant seating for 120 guests. The Parlour will serve lunch and dinner daily, and will offer specials during happy hour, holidays, as well as before/after Madison Square Garden events. An exclusive private dining room will also be offered to private parties, with advance reservation. The Parlour on 30th Street plans to open its doors in early February 2010.

Fashion 26 – A Wyndham Hotel Official Market Announcement!

Hotel Chatter, New York, NY, August 25, 2009 – Infinity Real Estate, on behalf of the project’s partnership group, has announced the official naming of its Chelsea hotel as “Fashion 26 – A Wyndham Hotel.” The naming marks the location’s cross streets at Fashion Ave and West 26th Street. The 4-star property will have 280 rooms, a rooftop lounge with views of the Empire State Building and a burger joint called RARE. The entire hotel is inspired by the eccentric neighborhood; details include a front desk constructed with cast iron legs from a sewing table, an ingenious art piece made of colorful thread spools, room keys that open with the wave of a hand using radio frequency technology and themed cupcakes upon arrival.

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Fashion 26: Manhattan’s Newest Fashion Hotel is Actually a Wyndham

JHR Baltimore Leases Entire Bloom Street Property

New York, NY, October 1, 2009 – Infinity Real Estate is pleased to announce the occupancy of JHR Baltimore at 339 Bloom Street, in Baltimore, Maryland.  JHR Baltimore is a HUD-sponsored non-profit organization that provides housing and career services in the Baltimore City area. The organization has entered into a five year “master lease” for the entire Bloom Street property, comprised of eight, three-bedroom apartment units. All units have hardwood floors, individual HVAC, and fully modernized kitchens with brand new appliances. The property is located in the heart of Bolton Hill, a choice residential neighborhood within close proximity to Downtown Baltimore.

Young Hotelier to Open Garment District Spot (The Real Deal, 11-2-2009)

The Real Deal, New York, NY, November  02, 2009

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Young Hotelier to Open Garment District Spot (The Real Deal, 11-2-2009)

The Parlour Midtown – NOW OPEN!

New York, NY, April 6, 2010 – Infinity Real Estate LLC, an INFINITY GROUP Company, announced today that The Parlour Midtown, a 7,000 SF Irish “Gastro-Pub” has opened its doors at 247 W. 30th Street – a mixed-use loft office property owned and managed by Infinity Real Estate.

Since signing a lease in August of 2009, John Kelly and Sean McCarthy (also of the Parlour West Side) have carefully crafted what they describe as ‘the next generation of the Irish Bar’.  Designed by Ireland-based Berington Group Interior Design, the décor is sleek and modern – the space features 20 foot ceilings, a 20 seat black granite bar top and plush leather banquettes throughout.  Between the main floor dining and bar area, the mezzanine, and the private party room downstairs, the facility houses 220 guests.   The signature artistic element of the restaurant are oversized satirical portraits of famous Irishmen like Oscar Wilde Bono of U2 fame, which round out the bold, yet understated Irish theme.

Now open for lunch and dinner, The Parlour Midtown, led by French-Canadian chef Jacques Belanger will offer standard Irish fare (fish and chips, shepherd’s pie), along with more unique bar snacks (crispy duck gizzards, smoked salmon boxty), and a high-end line of steaks, lamb, and fish.  On tap, Guinness is served beside local IPAs from New York breweries and renowned wine expert Andre Compeyre, pairs the pub’s menu with a great selection of wine.

Media guru Daryn Mayer, on his experience at The Parlour Midtown, said “The Parlour space is fabulous, the food is delicious.  I like the brand concept of a gastro spin on the Irish pub.  The diverse menu gives the restaurant the ability to market their culinary uniqueness to all who enjoy excellent food and drink, fair prices, along with a welcoming staff in a magnificent Midtown space.”  The opening of The Parlour Midtown adds another exciting element to a property that has recently seen the completion of a $3M capital improvement program. During that same period, over 30,000 square feet of space was leased to a diverse tenant mix ranging from PR firms to post-production companies, further solidifying W. 30th Street and the Midtown South/Penn Plaza market as a desirable location for the creative tenant.

Fashion 26 Opens its Doors!

The Real Deal, New York, NY, April 13, 2010

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http://therealdeal.com/newyork/articles/real-estate-in-brief–43

Infinity Real Estate Acquires Colony Plaza

New York, NY, May 17, 2010 – Infinity Real Estate LLC, an INFINITY GROUP Company, announced today the purchase of Colony Plaza, a 215,000 square foot grocery-anchored neighborhood shopping center in Augusta, Georgia.  Colony Plaza, anchored by a Food Lion Market and Roses Department Store, also features an eclectic mix of national and regional everyday retail offerings. Other leading, national retailers in the center include Cato’s It’s Fashion Metro, Colortyme, H&R Block, and Applebees. Colony Plaza is the most recent addition to Infinity’s national portfolio of neighborhood retail properties.

Located at Exit 7 of Interstate-520 (Bobby Jones Expressway), Colony Plaza benefits from traffic counts exceeding 100,000 cars per day.  The center currently has 15,300 square feet of vacant space which offers a significant value-add leasing opportunity.  “Considering its ‘recession resistant’ tenant roster, the recently completed renovation, and below average in-place rents, Colony Plaza is poised to provide stable long-term cash flow for years into the future.  We continue to actively pursue these types of value-add shopping center opportunities throughout the Eastern U.S.” said Jonathan Zamir, of Infinity Real Estate.

Infinity-Urban Closes on 42-Unit Apartment Complex

New York, NY, July 07, 2010 – Infinity Urban Century LLC, an Infinity Real Estate affiliate, announced today the purchase closing of 1801 & 1811 Wyoming Avenue, a 42-unit apartment complex with retail ground floor located in the Adams Morgan-Dupont Circle area of Washington DC.  The property will be redeveloped into Class A residential units in a joint venture partnership with a locally-based construction and management firm. 1801 Wyoming Avenue is part of a series of residential acquisitions currently under Infinity Urban Century’s control in the District of Columbia, and is a prime example of the Company’s multifamily strategy for the nation’s capital.

The property benefits from the combination of a front entrance on the quiet, tree-lined, Wyoming Avenue, and a retail façade along 18th Street, Adams Morgan’s main commercial corridor.  “This deal offered us the opportunity to acquire a unique historic building and a prominent corner in one of DC’s best-known destination-neighborhoods.  Adams Morgan’s culture, restaurants, and nightlife make it one of the most vibrant and most sought-after pedestrian neighborhoods in the District. It attracts affluent urban dwellers and young professionals looking for a true urban-living experience. But the area has a very limited supply of new apartment units and high end residential product to offer. This project will create a unique offering of one and two-bedroom units at a very competitive cost basis to our partnership” said Etienne Locoh, Managing Partner of Infinity Real Estate and Principal of its Urban Century Ventures investment program.

Infinity Sells Fashion 26 Hotel for $122 Million

New York, NY, September 22, 2010 – Infinity Real Estate LLC (“Infinity”) announced today its sale of the Fashion 26 Hotel in New York City. The 280-key, full-service hotel was sold to a fund managed by RLJ Development for $121.8 million.  Infinity led the design, construction, launch, and stabilization of Fashion 26 throughout the Hotel’s three year development period. “We felt the offer we received presented a successful economic outcome for our partnership, and felt it was a sound, strategic move to divest at this time” commented Steve Kassin, managing partner of Infinity Real Estate. RLJ, which owns 120-hotels nationwide, also owns a Hilton Garden Inn at 63 West 35th Street, and is one of the more active players in the hospitality sector.

Urban Outfitters Opens in Armory Square, Downtown Syracuse, NY

New York, NY, October 01, 2010 – Infinity Real Estate (“Infinity”) is pleased to announce the opening of the new Urban Outfitters in Syracuse, NY’s historic Armory Square District.  In early 2009, a partnership between Infinity and Brookline Development purchased the 1890s constructed McArthur, Cooney and Wirth Building – a three-story property located at 221 Walton St. in the heart of downtown Syracuse. The partners net leased the property to Urban Outfitters shortly thereafter, and carefully initiated the required rehabilitation and modernization of the Building’s structural and mechanical systems. The project was also awarded an urban-renewal grant from the Metropolitan Development Agency, in addition to low-interest loans from the Syracuse Economic Development Corporation and the Greater Syracuse Business Development Corp.

The historic redevelopment of 221 Walton included selective interior redesign, structural reinforcement, complete replacement of mechanical and electrical systems, and careful rehabilitation of the Building’s original façade. Urban Outfitters, which now occupies all three stories, underwent a substantial interior retrofit throughout the past 6 months to prepare for its Fall, 2010 opening.  The debut of the Philadelphia-based chain is representative of the recent resurgence of the Armory Square district, where in addition to the growing campuses of Syracuse University and Le Moyne College, the relocation of professional firms such as O’Brien and Gere and the Sugarman Law Firm have bolstered the local economy.

Along with the Urban Outfitters project at 221Walton, Infinity’s recent acquisition and renovation of the nearby Bentley Settle and Piper Phillips buildings have played a major role in the revitalization of Armory Square, now listed on the National Register of Historic Places.  Along with its partner, Brookline Development, Infinity real Estate is proud to be a lead contributor to the renaissance of historic downtown Syracuse.

Infinity-Urban Closes on New Quin Apartments in Washington, D.C.

New York, NY, December 30, 2010 – Infinity-Urban Century LLC, an Infinity Real Estate affiliate in partnership with Urban Investment Partners of Washington, D.C. has acquired the 99-unit New Quin Apartments complex directly across the street from the Petworth Metro station at the intersection of New Hampshire and Georgia Avenues in NW Washington, D.C. Marcus & Millichap’s Stacey Milam represented the seller, longtime Washington real estate owner CC Dudley, in the $8.2 million transaction.

The Property, which will offer newly renovated luxury rental apartments, is comprised of two buildings with 55 and 45 units, respectively. The buildings feature charming, highly detailed historic brick and cast concrete façades. The new ownership group plans to preserve these facades while renovating, upgrading, repairing and restoring the buildings’ common areas, building systems, and apartment units. UIP General Contracting, Inc. will oversee the $4 million renovation project slated to begin in January.

Common area upgrades will include new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage room, and renovated elevators, lobbies, and hallways. Electrical service throughout the property will be upgraded, and individual apartments will receive upgrades as well. “With its beautiful façade and great location in a fantastic resurgent neighborhood, this is one of the more exciting acquisitions we have made recently,” said Etienne Locoh, an Infinity Managing Partner. “The more time I spend in and around Petworth, the more I understand its popularity. The front door of 811 Quincy Street is steps from the Metro station entrance.”  Locoh noted that the popular 14th Street restaurant Marvin’s plans to open on the first floor of a new condominium development next door to New Quin.

Infinity Real Estate & UIP Acquire 40-Unit Apartment Building at DC’s Columbia Heights Metro

New York, NY, January 24, 2011 – Infinity Real Estate (IRE) of New York, NY in partnership with Urban Investment Partners (UIP) of Washington, D.C., has acquired the a 40-unit apartment building at 1340 Kenyon Street, N.W. in Washington, a half block from the Columbia Heights Metro station, for $4.5 million. The seller, an affiliate of Northridge Capital, was represented by Andrew McAllister of Mac Realty Advisors, formerly of Cushman & Wakefield.

Under the District’s Tenant Opportunity to Purchase Act (TOPA), the 1349 Kenyon Tenants’ Association and IRE reached an agreement that will preserve, improve, and protect the property as part of the District’s dwindling rental housing stock.

IRE will begin a $2 million renovation that will add between five and seven apartments to the building’s terrace level. IRE will preserve the building’s 1925-vintage facade while renovating, upgrading, and restoring the building’s common areas, building systems, and apartment units.  UIP General Contracting, Inc., a subsidiary of UIP, will begin the work in the first quarter of 2011. Completion is expected   by the end of the third quarter of the year.

“UIP and IRE are pleased to acquire a unique asset in the Columbia Heights submarket and are pleased to have done so in yet another partnership with a tenants association that will both preserve and improve this rent controlled property” said Steve Kassin, Managing Partner of IRE.

Andrew McAllister said “the purchasers’ experience with urban apartments was critical in bringing the Kenyon House sale to closure. This group has assembled a first class team to execute these types of transactions.”

Common area upgrades will include new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage room, and renovated elevators, lobbies, and corridors. The individual apartments will be upgraded as well.

Infinity Purchases Eden Center

New York, NY, February 4, 2011 – Infinity Real Estate LLC (“Infinity”) announced today the purchase of Eden Centre, a 59,000 square foot grocery-anchored neighborhood shopping center in Eden, North Carolina.  Eden Centre, anchored by a Food Lion Supermarket, also features a mix of national and regional everyday retail offerings including CitiFinancial Services and a Subway Restaurant. Eden Centre is the most recent addition to Infinity’s national portfolio of neighborhood retail properties.

Eden Centre is positioned along North Carolina Highway 14 (North Van Buren Road), a primary north/south, four-lane thruway. “The center’s recession-proof tenants will provide stable, long term cash flow, and the existing vacancy provides an opportunity for significant upside potential,” said Jonathan Zamir of Infinity.

Infinity Initiates Redevelopment of 22 LW 12th Street, NYC

New York, NY, June 1, 2011 – Infinity Real Estate LLC (“Infinity”) announced today the kick off of the rehabilitation project for 22 Little West 12thStreet, a 6-story building in Manhattan’s Meatpacking District. Located in the heart of the landmarked Gansevoort Market, 22 Little West 12th Street is a former parking garage located steps from the High Line Park and the site of the new Whitney Museum of American Art.  Major elements of the use-conversion and improvement program will include new storefronts and windows, all new utilities and HVAC, new state-of-the-art elevators, and a lobby created in the industrial-chic style to reflect the neighborhood’s history and edgy personality. Infinity will immediately begin the redevelopment of the Property, which upon completion will offer three distinct attractions: 4,000 square feet of premier ground floor retail space, an unparalleled leisure entertainment venue both on the rooftop and cellar levels, and five floors of boutique Class A office space.  Infinity will employ an efficient side-core design with best-in-class finishes, all while maintaining the historic glamour of the property, reminiscent of the 19th Century-style commercial marketplace that defines the Meatpacking District.

A signature component of 22 LW 12th Street will be its 4,000 square foot ground floor retail space, perfectly suitable for a fashion, luxury, or high-end design tenant.  Designer brands like Stella McCartney, Tory Burch, Theory, and Moschino have made the Meatpacking District one of the most fashion focused neighborhoods in Manhattan.  Infinity will be marketing the space to leading domestic and international brands looking for a NYC flagship location or a presence in this chic submarket.

The luxury loft-style office spaces at 22 LW 12th Street boast well configured, open floor plans with large operable industrial-style windows, many of which offer stunning views of the High Line and Hudson River.  The side-core building design achieves efficient and flexible layouts that can also accommodate multi-tenant floors.  Office spaces will feature polished concrete floors, 12 foot loft ceilings, and tenant controlled HVAC.   In this low-rise, landmarked district, Infinity is excited to be delivering new Class A office space for the growing number of design, new media, and technology firms focusing on the Meatpacking District as a preferred location. Steven J. Kassin, managing partner at Infinity Real Estate commented, “We are excited to be taking part in the repositioning of a dormant historic property, in the heart of our City’s most stylish retail, entertainment, and arts district. The space availabilities at 22 LW 12th Street will offer something completely unique for NYC’s leading boutique businesses.”

Infinity Completes Acquisition of Daymark Realty Advisors

Infinity Urban Century Completes Acquisition of Daymark Realty Advisors, Inc. in Partnership with Sovereign Capital Management Group

New York, NY, August 10, 2011 – Infinity Urban Century, an investment unit of Infinity Real Estate, and Sovereign Capital Management, today announced they have completed the purchase of Daymark Realty Advisors Inc. from Grubb & Ellis Company (NYSE: GBE). With the completion of this acquisition, the strategic joint venture between Sovereign Capital and Infinity Urban Century becomes one of the leading players in the securitized tenant-in-common investment market.

Daymark, which was a wholly owned subsidiary of the Grubb & Ellis Company, became the largest asset management and structured finance provider in this segment of the US commercial property market during the last decade. The company is a fully integrated platform providing acquisition, asset management, structured finance, asset restructuring and recapitalizations. It manages a nationwide portfolio of properties totaling over 33 million square feet, valued at $4.9 billion based on purchase price, and including more than 8,700 residential multifamily units. For more information regarding Daymark Realty Advisors, visit www.DaymarkRealtyAdvisors.com.

Grubb & Ellis Company entered the asset management business as part of the company’s 2007 merger with NNN Realty Advisors, Inc. Daymark was responsible for overseeing management of the entire tenant-in-common portfolio and providing specialized management services to the owners of the tenant-in-common properties. With this disposition that was part of a strategic realignment, Grubb & Ellis Company has fully exited the tenant-in-common business.

Infinity Urban Century and Sovereign Capital will operate Daymark independently, under the direction of a new board of directors and stronger management team. The new ownership group plans to reinvigorate Daymark and accelerate its transformation. “We will be implementing an execution plan focused on stabilizing and recapitalizing properties (with new debt and/or equity). Our goal is to use new capital to create solutions for both long and short-term ownership and exit strategies, while focusing on the needs our existing investor base”, says Etienne Locoh, managing partner of Infinity’s Urban Century investment unit. “Our strategic alliance with Sovereign Capital Management transforms Daymark into a true, best-in-class, distressed asset management platform in the TIC sector, and we plan to grow this business”.

ABC’s Miss America Pageant Surges 13% Year to Year Against the NFL Playoffs

Las Vegas, NV, January 15, 2012 – Up against CBS’ monster NFL AFC Divisional Playoff Game (Denver Broncos-New England Patriots) and an NFL playoff overrun-fueled Fox on Saturday night, ABC’s 9-11pm broadcast of The 2012 Miss America Pageant on January 14, 2012 grew year to year and made it the dominant #1 non-sports network in the time period with Total Viewers and Adults 18-49.

Building steadily throughout its 2-hour telecast, The Miss America Pageant’s audience jumped by 2.8 million viewers and by 47% from its first half-hour to its final half-hour.  In fact during its final half-hour from 10:30-11pm, The Miss America Pageant drew an average audience of 8.0 million viewers and earned a 2.2 rating, 6 share with young adults.

Excluding only its high-rated 2011 New Year’s Eve programming, ABC scored its best non-sports Adult 18-49 rating in the 2-hour time period in more than 1 year – since 12/25/10.

Despite the big NFL competition, The Miss America Pageant increased its overall audience and surged by 13% in Adults 18-49 over last year’s broadcast, marking the program’s top numbers since 2004.

Infinity Real Estate Purchases 1995 Nesconset Highway

New York, NY, March 23, 2012 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1995 Nesconset Highway, a 19,417 square foot free standing Fortunoff Backyard Store located in Lake Grove, NY.  The Property is prominently situated on Route 347 at the entrance of Smith Haven Mall, the principal shopping destination in central and western Suffolk County. Premier neighboring retailers include Macy’s, Dick’s Sporting Goods, JC Penney, Trader Joe’s, Target, H&M, and many more. 1995 Nesconset Highway is the most recent addition to Infinity’s national portfolio of neighborhood retail properties.

UIP & IRE Partnership Aquires 114-Unit Apartment Building in DC’S Adams Morgan for $26 Million

New York, NY, April 10, 2012 – Infinity Real Estate LLC (IRE), a wholly owned business unit of the Infinity Group, in partnership with DC based Urban Investment Partners, Inc. (UIP) announced today the purchase of a114-unit apartment building at 1841 Columbia Road, NW in Washington, DC, formerly known as The Alcazar, for $26 million. The seller was Fairfield Residential Company. Arbor Commercial Mortgage of New York provided the acquisition and project debt financing for the venture.

1841 Columbia Road is a prominent pre-war mixed-use building conveniently located in the heart of Adams Morgan. The property features 20,000 square feet of prime neighborhood retail space. Current retail tenants include Napoleon Bistro, Bedrock Billiards, Gary Taylor Framing, Bank of America, World Cleaners, and Fleet Feet, which specializes in running, bicycling, and swimming gear and is owned by local resident Shawn Fenty, brother of former Washington, DC Mayor Adrian M. Fenty.

The partners plan to invest more than $7 million on a comprehensive building renovation and modernization program to include a complete window and retail storefront replacement, a new environmentally friendly water-sourced heating and cooling system, redesigned common areas, and a rooftop terrace certain to be one of the largest and most exciting resident amenities in the District.

UIP General Contracting, Inc., a subsidiary of UIP, is performing the renovation work, which is expected to be completed by December 2012. UIP Property Management, Inc. will assume the property management of the building immediately. IRE’s team will be responsible for asset management and the partnership’s development/construction oversight for the project.

“As with many of our other multifamily properties in Washington, D.C., we have reached a win/win agreement with the tenants’ association, allowing UIP to make much-needed improvements to the property to extend its useful life for another century,” said UIP principal Steve Schwat. “Current residents will receive no rent increase beyond the standard annual CPI-based increase specified by DC rent control law.”

“1841 Columbia Road is a wonderful historic residential building that we plan to upgrade to a Class A quality finish. We are thrilled to aquire and reinvent another building in the heart of Adams Morgan with our partners at UIP. This acquisition will add to the over 300 units that we own in this highly sought-after submarket,” added IRE principal Steven J. Kassin.

American Recovery Property Trust Announces the Successful Acquisition of Western Place I & II

Business Wire, San Diego, CA, Sep 05, 2012 – The American Recovery Property Trust (“ARPT”), a newly formed company that intends to qualify as a REIT, announced today its first real estate acquisition – Western Place I & II, a 425,000 square-foot, two-building office complex located in Fort Worth, Texas. The real estate transaction closed on June 15, 2012 at a purchase price of $34,000,000.

The two ten-story buildings that comprise Western Place are the home to reputable tenants such as Lockheed Martin, BAE Information Systems, APEX Capital Corporation and Computer Science Corporation.

“We are very excited to have closed on our first real estate acquisition,” says Todd A. Mikles, president and CEO of American Recovery Property Trust. “ARPT has gone from the drawing board to reality.” Mr. Mikles notes that, “ARPT was created to help property owners (including tenants-in-common) restructure their real estate and preserve their tax status, while combining their remaining equity in a diversified REIT.”

Infinity Real Estate Purchases 158 8th Avenue

New York, NY, September 10, 2012 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 158 8th Avenue, a 1,200 square foot retail condo in Manhattan. 158 8th Avenue is the most recent addition to Infinity’s national portfolio of urban retail properties.

Located in the heart of the Chelsea neighborhood, 158 8th Avenue is the former home of Gascogne Restaurant. The re-developed and renovated retail space will now be home to Gabriel Stulman’s newest restaurant Montmartre. Montmartre will join the Little Wisco portfolio which features successful West Village eateries such as Chez Sardine, Perla, Fedora, Jeffrey’s Grocery and Joseph Leonard.

The 1,200 square foot restaurant can seat up to 108 guests; with 46 seats in the main dining room; a 14-person private dining room, and a covered outdoor garden that can seat up to 48. The restaurant will feature French-American Bistro and cater to the local audience. Mr. Stulman will team-up with Chef Tien Ho who will be both the executive chef and co-managing partner. Previously, Chef Tien Ho was the mastermind behind successful restaurant establishments such as Ma Peche and Momofuku. With his Little Wisco partnership, Chef Tien Ho will now design a new concept that will showcase his considerable range, to the utmost.

Restructuring Imminent for Huge TIC Portfolio – RE Finance & Investment

Real Estate Finance Intelligence, September 24th, 2012

Click hyperlink below for article:
Real Estate Finance & Investment (9-2-2012)

Infinity Urban Century completes sale of its interest in Daymark Realty Advisors

New York, NY, October 4, 2012 – Infinity Urban Century, an investment affiliate of Infinity Real Estate, announced today that it has sold its interest in Daymark Realty Advisors to an entity owned by Sovereign Capital Management, Inc. Infinity acquired Daymark from Grubb & Ellis, in partnership with San-Diego Sovereign Capital, in August 2011, shortly before Grubb & Ellis filed for bankruptcy protection. Daymark is the largest asset manager of tenant-in-common (TIC) properties in the nation and manages a portfolio of commercial real estate properties valued at approximately $3 billion.

Sovereign Capital’s executive team took over the management of the company shortly after the acquisition, under the guidance of a board of directors. Infinity Urban Century provided the company with initial capital support, guidance on restructuring its operations, and strategic advice on its proposed portfolio recapitalization. These efforts led to the formation of two private investment vehicles that have begun closing on several TIC properties in immediate need of recapitalization. Infinity coordinated capital market originations and negotiations on behalf of Daymark, with the help of Brookfield Financial’s investment banking group.

Infinity’s exit after this initial turn-around period marks a new phase for the Company. Sovereign Capital will become the sole owner of Daymark and intends to consolidate the gains made in its first year of operation by pursuing further TIC portfolio consolidations. “We are very pleased with the conclusion of this transaction and the new stage it enables. Sovereign has been a great partner for our group, and we hope to capitalize more investment opportunities with them in the future” said Etienne Locoh, Infinity Urban Century’s managing partner.

$430 Million Purchase Clears Way for First New Times Square Mixed-Use Development in a Quarter Century

36-Story Project will Feature the Largest LED Screen in Times Square, a Multi-Story Destination Retail Complex, and a 500-Room Hotel Tower

New York, NY, October 16, 2012 – Maefield Development, Infinity Urban Century, The Witkoff Group and New Valley, an investment unit of Vector Group LTD (NYSE: VGR), announced today that they have completed the $430 million acquisition of their Times Square Gateway Center development site.  The purchase clears the way for construction of a 340,000 square-foot, 36-story, multi-use development that will anchor the northern end of Times Square, with a new retail experience, a hotel tower, and the nation’s largest single LED screen.

The iconic Times Square Gateway Center development, located at 47th Street and Seventh Avenue, will dramatically transform a prime corner of Manhattan’s Times Square. When fully complete in three years, the $800 million project will feature 130,000 square feet of best-in-class multi-story retail space facing the Square, a 24,000 square-foot state-of-the-art LED sign  wrapping around its façade on 100 feet of height, a dramatic rooftop and entertainment venue overlooking the Square, and a world-class 500-room hotel tower.  The podium building will deliver retail space with unparalleled technology infrastructure, large floor plates, and wide open unobstructed areas to serve the hundreds of millions of consumers who come through America’s number one tourist destination.

“The Times Square Gateway Center will greatly enhance the North end of Times Square”, says Ike S. Franco, Co-Managing Partner of Infinity Urban. “With the combined strength of Maefield Development, New Valley, and The Witkoff Group, this project has the potential to become one of the most innovative New York City developments in decades and to further cement the image of Times Square as the most vibrant global retail and entertainment district”.

Times Square’s renaissance has been remarkable over the last 15 years. It has regained its dominance as the most highly visited urban corridor in the world, offering global retailers and brands unparalleled foot traffic and visibility. Today, retail, lodging and entertainment together generate over $5 billion in sales annually in the Square. In April of this year, the Bloomberg administration announced a $50 million overhaul of Times Square’s streetscape to include new pedestrian areas, new sidewalks, granite benches, and lighting fixtures which are expected to give the venerated urban square a more modern feel and a fresh new look.

Maefield Development and Infinity Urban Century secured exclusive control of the site in January 2012, after multi-year negotiations between Maefield and the various interest holders. The assemblage of all the purchase rights needed to create a free and clear developable site of this scale required securing purchase agreements forthe fee simple interest in the land from the owners of the 701 Seventh Avenue property, irrevocable lease buyout agreements from the long term retail tenants that occupied the ground floor, and repurchase agreements from the existing façade signage license holders, all of which came together during the first half of this year.

An existing eleven-story turn-of-the-century office building currently on the site will be partially demolished to make way for the project’sretail and signage complex, expected to be operational within two years.  The joint venture will spend $170 million to develop the retail complex and another $200 million for the hotel tower.  Starwood Capital is providing $475 million in combined acquisition and construction financing for the development, $375 million of which was funded at closing.

This transformational development is a testament to New York City’s resilience and staying power in the midst of a slow national economic recovery.  NYC’s intellectual energy and economic vibrancy continues to inspire entrepreneurial risk takers to take large bets with the potential to generate thousands of new jobs for the City.

Infinity Real Estate Purchases Prime NYC Retail Portfolio

New York, NY, November 15, 2012 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of a prime 3-property retail portfolio in the NYC boroughs of Brooklyn and Queens. 2131 Nostrand Avenue, a 4,500 square foot retail building in Brooklyn, is fully occupied by Get Set, a longtime local lifestyle and denim fashion retailer. 55-01 Myrtle Avenue, a 5,500 square foot retail building in Queens, is fully occupied by 99 Cent City, a dollar plus general merchandise retailer with over 25 urban locations throughout the tri-state area. Finally, 57-38 Myrtle Avenue, a 4,000 SF retail property in Queens, has been leased to Tiradito Bistro, a local restaurant and event space offering Latin fair. Tiradito is currently completing its tenant improvements, which include a top to bottom interior renovation of the existing three-story property. The restaurant is expected to open its doors in the first half of 2013. These three assets represent the most recent addition to Infinity’s national portfolio of urban retail properties on highly trafficked, mass-transit serviced corridors.

Located in the heart of the Nostrand Avenue/Flatbush Avenue “Junction” corridor in Brooklyn, 2131 Nostrand Avenue is fully leased thru 2022. The Property’s unparalleled position at the intersection of these two avenues provides a retailer an irreplaceable location to attract consumer awareness and traffic. Similarly, 55-01 and 57-38 Myrtle Avenue are located in the heart of the Myrtle Ave corridor in Queens, both flanked  by leading brand names and leading national retailers. Some of the Properties’ neighbors include The Gap, Children’s Place, Game Stop, New York & Company, HSBC, Target, and Best Buy.

The portfolio acquisition affirms Infinity’s desire to acquire and redevelop unique retail opportunities in irreplaceable locations. Through the acquisition and redevelopment of highly visible and highly valuable urban retail sites, with large consumer appeal, robust surrounding density, foot-traffic and mass-transit service, Infinity aims to expand the urban retail portfolio and become a market leader in Manhattan and other gateway US cities.

Infinity Real Estate to Purchase and Redevelop 1245 Fulton Street in Brooklyn, NY

New York, New York, February 27, 2013 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1245 Fulton Street, an 11,385 square foot retail building in Brooklyn’s Fulton Street and Nostrand Avenue retail corridor. 1245 Fulton Street is the most recent addition to Infinity’s portfolio of prime urban retail properties.

Located in the heart of one of New York City’s strongest neighborhood shopping corridors, 1245 Fulton Street is currently fully occupied. However, Infinity plans to redevelop and re-tenant the Property in the short term. Similar to Infinity’s growing portfolio of urban properties, 1245 Fulton offers one or two national retailers an irreplaceable location to target New York City’s most populous borough. In addition, the redeveloped property will feature a brand new design, a new architectural metal and glass storefront, and state-of-the-art building systems.

The acquisition of 1245 Fulton demonstrates Infinity Real Estate’s desire to continue acquiring and reinventing unique, mixed-use properties in irreplaceable urban locations. Through the acquisition of highly visible and highly valuable urban retail sites, with large consumer appeal due to their location’s density, foot-traffic, and surrounding amenities, Infinity aims to continue serving its committed base of leading retailers as they expand their footprint in gateway urban markets throughout the United States.

Infinity Real Estate Closes Purchase of Prime SoHo Retail Condominium

New York, New York, April 23, 2013 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 158 Wooster Street, a 3,932 square foot corner retail space located in Manhattan’s highly coveted SoHo neighborhood. Located at the gateway to SoHo, at the intersection of Wooster and Houston Streets, 158 Wooster exemplifies Infinity Real Estate’s unique ability to secure rare retail opportunities in Manhattan. The Property was acquired off-market, and required Infinity to close the purchase as an all-cash transaction in under 30 days. 158 Wooster Street is the most recent addition to Infinity’s portfolio of prime urban retail properties in urban U.S. markets.

158 Wooster Street is currently occupied by Bulthaup, the renowned German high-end custom kitchen-maker. The Property, which is Bulthaup’s U.S. flagship showroom and retail space, is currently under renovation and expansion. The strategically located retail space offers the global brand direct exposure to the neighborhood’s high-end residents and consumers as well as to millions of local shoppers and tourists visiting SoHo annually.  SoHo is one of Manhattan’s most attractive shopping districts, providing both high vehicular and foot traffic as well as an unparalleled mix of consumer demographics.

“The acquisition of 158 Wooster Street demonstrates our company’s ability to continue acquiring and reinventing unique retail and mixed-use properties in irreplaceable urban locations” comments Steve Kassin Infinity Real Estate’s managing partner. “Over the past decade or so, our firm has established a deep track record of identifying untapped value by acquiring properties not available on the open sales market or through creative redevelopment.” Through the acquisition of highly visible and highly valuable urban retail sites, with large consumer appeal due to location density, foot-traffic, and surrounding entertainment and amenities, Infinity aims to continue serving its committed base of leading retailers as they expand their footprint in gateway urban markets throughout the United States.

Infinity Purchases Upper West Side Prewar Multifamily Gem

New York, NY, October 1, 2013 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 159 West 85th Street, a prewar residential building in Manhattan’s premier Upper West Side. 159 West 85th Street is the most recent addition to Infinity’s portfolio of urban residential properties. Infinity’s plans for the property include an overhaul of the building’s infrastructure and mechanical systems, a new entrance, and complete renovation of the common areas and select apartments.

Located in one of New York City’s most desirable and upscale residential neighborhoods, 159 West 85th Street is currently a Class B, five story, early 1900’s residential building. The building’s apartment inventory consists of petit one bedroom and studio units catering to singles, young professionals and empty nesters. The property benefits from being located in the heart of the Upper West Side on a quiet, tree lined residential street only two blocks from Central Park.  Residents enjoy the proximity to numerous restaurants, cafes and retailers found on Amsterdam and Columbus Avenues in addition to convenient subway access.

“This building provides another opportunity for our talented team to transform a rundown and under-improved building in a top neighborhood of this great city. We expect to reposition the asset over time into a fresh boutique property with prewar character” added Steve Kassin, managing partner at Infinity.

The acquisition of 159 West 85th Street demonstrates Infinity Real Estate’s strategy of purchasing undervalued residential properties in highly desirable urban neighborhoods.  Through creative rebranding, infrastructure upgrades, and extensive unit renovations, Infinity creates considerable value over each investment’s horizon.

Douglas Elliman’s Tavivian Sporn Team Named Exclusive Leasing Agents at 22 East 36th Street

New York, NY, December 23, 2013 – Infinity Urban Century LLC, an affiliate ofInfinity Real Estate and owner of22 East 36th Street, announced that it has selectedDouglas Elliman’s Tavivian Sporn Team as the exclusive leasing team for the Murray Hill property, also known as 215 Madison Avenue.

Situated on a beautiful tree lined street at the corner of Madison Avenue and 36th Street, the classic pre-war rental building is conveniently located within walking distance to many of the city’s top destinations including Grand Central Station, Bryant Park, Times Square and the Morgan Library. It is also accessible to the Flatiron and Gramercy neighborhoods along with fabulous dining and retail locations.

“22 East 36th Street offers grand classic-five and classic-six layouts that are perfect for entertaining and all homes boast sought-after pre-war touches including high beamed ceilings, original wood burning fire places and spaciously proportioned rooms,” said Ariel Tavivian, co-founder of the Tavivian Sporn team along with Yair Tavivian and Lenny Sporn. “These high-end finishes paired with a fantastic location and great amenities create truly coveted homes.”

Consisting of 40 units, the 10-story building features an array of amenities that include a full-time doorman, on-site laundry facilities and private storage.

“We are very pleased to bring such an exceptional product to the market in this neighborhood,” said Steven Kassin, Managing Partner, Infinity Urban Century LLC. “215 Madison Avenue is a pre-war building offering the grand homes one would expect to find along Central Park West, Fifth Avenue or Park Avenue.

Current availabilities, each  new to the market, include a one-bed, one-bathroom apartment for $3,950, a two-bed, two-bathroom apartment for $6,200and a three-bed, three-bathroom apartment for $6,400.

For more information contact The Tavivian Sporn Team at 212.319.5580.

Infinity Real Estate & The Xerxes Group Purchase Flatiron Retail

New York, NY, March 27, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, in partnership with The Xerxes Group, announced today the purchase of 49 East 21st Street, a 5,000 square foot mid-block retail space located in Manhattan’s coveted Flatiron District neighborhood. Located between Broadway and Park Avenue, 49 East 21st Street is the most recent addition to Infinity’s growing collection of prime retail properties in urban U.S. markets.

49 East 21st Street is currently occupied by Dal-Tile, the Dallas based manufacturer and distributor of ceramic tile. Dal-Tile was established in 1947 and acquired by Mohawk Industries in 2002; Mohawk is listed on the New York Stock Exchange and has an estimated market value of $10 billion. The property has been Dal-Tile’s flagship showroom and retail space in New York City since 2005. The central location provides easy access to institutional consumers and small contractors alike that drive Dal-Tile’s business. Having a footprint in the heart of New York City reinforces the international image of the company’s brand and widens its market appeal to a new breed of consumer.

“The acquisition of 49 East 21st Street is a tremendous addition to our growing urban retail portfolio in New York City and throughout major U.S. metros” commented Steven J. Kassin, Infinity Real Estate’s managing partner. “By investing in retail properties that attract credit-worthy tenants, servicing a captivated consumer base, we are able to benefit from stable cash flows and the ability to tap into a highly competitive market segment from a leasing standpoint”. This investment is consistent with Infinity’s track record of acquiring unique retail opportunities in some of the best commercial neighborhoods in New York City.

Infinity Real Estate Purchases Center City Philly Mixed-Use Property

Philadelphia, PA, March 27, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1805 Chestnut Street, a 5,000 square foot mixed-use apartment and retail property located in Philadelphia’s coveted Rittenhouse neighborhood. Located on the corner of 18th and Chestnut Street, 1805 Chestnut Street is comprised of retail on the ground floor and apartment units on floors one thru four. In accordance with the transaction, Blue Sole Shoes, a long-time local favorite for over a decade, renewed its lease on the ground floor premises thru 2024. The acquisition exemplifies Infinity Real Estate’s unique ability to secure value-add mixed-use properties in irreplaceable urban-infill locations throughout major U.S. urban retail corridors.

The premier location of the property, situated on the heavily trafficked corner of 18th and Chestnut is within 2 blocks of Rittenhouse Square providing easy access to retail consumers and an attractive rental location. “The acquisition of 1805 Chestnut Street provides an exciting opportunity to expand into the Philadelphia commercial real estate market by acquiring a value-add property in a Class-A location” comments Steven J. Kassin, Infinity Real Estate’s managing partner. “By investing in demand-oriented, urban properties that attract strong tenants, we are able to benefit from stable cash flows and the ability to tap into a highly competitive market segment from a leasing standpoint”. This investment is consistent with Infinity’s track record of acquiring unique opportunities in some of the best commercial neighborhoods in metropolitan cities.

Infinity Real Estate Purchases 2845 Coney Island Ave in Brooklyn, NY and Prepares for Redevelopment

infinity-real-estate-purchases-2845-coney-island-ave-in-brooklyn-ny-and-prepares-for-redevelopment.w200New York, NY, July 16, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 2845 Coney Island Avenue, a unique 10,000 square foot free-standing corner retail building with onsite parking. 2845 Coney Island Avenue is the most recent addition to Infinity’s portfolio of prime urban retail properties well positioned and planned for redevelopment. The Property is located in Brooklyn’s upscale and densely populated Sheepshead Bay neighborhood on the SW corner of Coney Island Avenue and Avenue Z, immediately north of the Belt Parkway freeway exit. The 20,437 lot includes 30 parking spaces and an additional 10,000 square feet of cellar space. The Property is currently 100% occupied by longstanding discount retailer 99 Cents the Limit!, which has established itself as a neighborhood destination. The retailer will remain in place for the foreseeable future as Infinity prepares the site for redevelopment.

The Property’s prime location at the nexus of Gravesend, Midwood, Sheepshead Bay, and Manhattan Beach will provide retailers and service oriented tenants with a unique opportunity serve some of Brooklyn’s most premier communities. Further, the redeveloped Property will provide a one-of-a- kind opportunity to offer 30,000 square feet of commercial space, featuring surface parking, at an exit off the Belt Parkway, one the most heavily trafficked vehicular freeways in New York City. The future 2845 Coney Island Avenue, dubbed temporarily as “Coney Island Plaza”, is being designed as an environmentally responsible urban mixed-use commercial property, featuring sleek design, environmentally sustainable materials and building systems.

Similar to other recent acquisitions by Infinity Real Estate, the acquisition of 2845 Coney Island Avenue demonstrates the company’s desire to continue acquiring and reinventing retail properties in irreplaceable urban locations. Through the acquisition of highly visible and highly valuable urban retail sites, with large consumer appeal due to their location’s density, foot-traffic, and surrounding amenities, Infinity aims to continue serving its committed base of leading retailers as they expand their footprint in gateway urban markets throughout the United States.

Infinity Real Estate & Nightingale Properties Purchase Kingswood Portfolio in Brooklyn, NY

infinity-real-estate-nightingale-properties-purchase-kingswood-portfolio-in-brooklyn-ny.w200New York, NY, August 18, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, in partnership with Nightingale Properties, announced today the purchase of two major mixed-use properties located on the premier Brooklyn commercial corridor of Kings Highway. The properties, includes Kingswood Plaza, a 230,000 square foot mixed-use building featuring national retailers TJ Maxx and NY Sports Club, premier medical tenants, and 250 underground parking spaces. The Property is located at 1630 East 15th Street between Kings Highway and Avenue P just steps from the bustling Kings Highway subway station. Also included in the sale is a 22,000 square foot development site that is currently comprised of a 300-space structured parking garage. The parcel comes with as-of-right commercial or multifamily development rights providing the partnership with substantial development flexibility in the future. The parking site, which is located at 1715 East 13th Street right off of Kings Highway, comes with 200 feet of “anchor” potential retail frontage on both East 13th and 14th Streets.

Built in 2007, Kingswood Plaza is a Class A, mixed-use urban property that offers stable rental income backed by credit grade tenants and long-term leases. The Property also offers significant value-add opportunity through 60,000 square feet of commercial expansion potential. The neighboring parking garage site included in the purchase will be positioned for future mixed-use development, offering one-of-a-kind space opportunities for one or more national anchor retailers. Future tenants will benefit from the customized design built to serve one of Brooklyn’s demographically strongest communities. Strategically located directly off of Kings Highway, one of Brooklyn’s major high density retail thoroughfares, the Properties offer space and layout opportunities not otherwise available in the submarket. Both properties also boast an unparalleled combination of visibility, convenience, and parking access.

“This acquisition will make way for continued expansion of Kings Highway’s retail and professional services offerings, providing the surrounding communities the convenience and efficiency of living in an ever more walk-able neighborhood. It is rare to come across an opportunity of this magnitude, in our home market, with significant value creation opportunity by simply expanding access to ‘bread and butter’ tenants unable to enter highly supply constrained NYC submarkets” said Steve Kassin, Managing Partner of Infinity Real Estate.

Infinity Real Estate picks up Kingswood Plaza in $80M buy

steve-kassin-and-1630-east-15th-stThe Real Deal, New York, NY, August 20, 2016 – Infinity Real Estate LLC, in partnership with Nightingale Properties, acquired two mixed-use properties in Brooklyn’s Midwood section. The purchase price for the properties was $79.1 million, sources told The Real Deal.

Located on the Kings Highway commercial corridor, the buy includes Kingswood Plaza, a 230,000-square-foot mixed-use building at 1630 East 15th Street, between Kings Highway and Avenue P, and a 22,000-square-foot development site at 1715 East 13th Street that now holds a 300-space parking garage.

Infinity Real Estate, a subsidiary of real estate investment company Infinity Group, and Nightingale purchased the properties from the Yonkers, N.Y.-based Alan V. Rose Realty Company. AVR purchased the parcels as vacant land through a New York City Economic Development Corp. request for proposal in 2005 for around $2 million, Steven Eickelbeck, director of construction management at AVR, told The Real Deal. The structures now located on the site were constructed in 2007.

Kingswood Plaza is currently 100 percent occupied with retail tenants TJ Maxx and NY Sports Club, which occupy approximately 27,000 square feet and 21,000 square feet respectively, as well as medical tenants in roughly 21,000 square feet. The Class A property also includes 250 underground parking spaces, and has expansion potential of an additional 60,000 square feet of commercial space, according to Infinity. The adjacent parking garage site, meanwhile, is zoned for mixed-use development.

David Berg, director of investments for Infinity Real Estate, told TRD that the firm is looking to develop a mixed-use retail and medical office property on the development site.

“We will definitely have a unique situation for multi-floor retail with possible office space above, depending on the office market,” Berg said.

Click here for the online article.

Brooklyn’s Biggest Sales of 2014

Bisnow, December 18, 2014 – In August, A JV of Infinity Real Estate and Nightingale Properties bought the 230k SF Kingswood Plaza at 1630 E 15th St from AVR Realty, which The Real Deal reports went for nearly $80M. The property, built in 2007 and near the Kings Highway subway station, includes a T.J.Maxx and NY Sports Club, medical tenants and 250 underground parking spaces. Also included in the sale was a 22k SF development site that had a 300-space parking garage; the parcel came with as-of-right commercial or multifamily development rights.

Click here for the online article.

Infinity Completes Prime South Beach Purchase

infinity-completes-prime-south-beach-purchase.w200Miami Beach, FL, March 12, 2015 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 728 Ocean Drive, an iconic 9,238 mixed-use commercial property situated between 7th and 8th Street, in the heart of South Beach . 728 Ocean Drive is the most recent addition to Infinity’s growing portfolio of prime urban mixed-use properties.

The ground floor retail component of the building has been occupied by Johnny Rocket’s for the past two decades. This All-American themed food venue features a fun, casual dining experience that is tailor made for the South Beach lifestyle. The restaurant faces the Atlantic Ocean and offers 85 seats of outdoor dining that caters to both tourists and Miami Beach locals alike. The second and third floors of the building are leased to the Deco Youth Hostel.

The building is well known partly for being featured in the 1983 film, Scarface, and is situated in the heart of South Beach’s nightlife and the historic hospitality row on Ocean Drive. The property benefits greatly from being located across the street from the Beach, which serves as a magnet for people of all backgrounds and income levels from all over the world. This special environment creates a constant 24-hour pedestrian presence at the property.

The acquisition of 728 Ocean Drive is consistent with Infinity Real Estate’s focus on irreplaceable, mixed-use properties in the most sought after CBD’s in the United States. “By investing in mixed-use properties that can service credit-grade tenants and support multiple commercial uses, we are able to generate a highly competitive leasing marketplace and cater to the highest and best use over multiple real estate cycles. The acquisition of 728 Ocean Drive demonstrates our company’s ability to acquire and evaluate unique retail and mixed-use properties in high barrier to entry markets throughout the United States.” shared Steven J. Kassin, managing partner at Infinity.
 

Infinity Expands its Retail Footprint into Westport, CT

infinity-expands-its-retail-footprint-into-westport-ct.w200Westport, CT, May 8, 2015 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 535-561 Post Road East, which is a 1.9 acre parcel of land improved with a 19,000 SF Terrain Home & Garden Store, situated in the heart of the busiest commercial thoroughfare in Westport, Connecticut.

Terrain, which boasts a unique retail experience, fuses an outdoor garden center, an indoor nature-themed retail component and a dining café that serves breakfast, lunch and dinner. The store specializes in the sale of garden products, live plants, wellness products as well as landscape and design services. The restaurant and café serve a variety of gourmet farm to table offerings on a seasonal menu.

Terrain occupied the property beginning in 2012, after implementing an extensive, built to suit renovation program of the entire property. The store has since established an extremely impressive customer following in the local community and has served as a magnet for customers in neighboring areas that are attracted to the enjoyable retail experience offered by the luxurious indoor-outdoor environment and the frequent events and workshops hosted at the property.

Terrain is a subsidiary of Urban Outfitters (NASDAQ: URBN). The Westport location is one of the first two Terrain stores in the country, with the second location being in Glen Mills, Pennsylvania.

The acquisition of this prime retail asset is consistent with Infinity Real Estate’s focus on commercial properties in high barrier-to-entry markets that enjoy the physical characteristics and location attributes that will support national, credit-grade retailers for the foreseeable future.  “Our purchase of the Post Road East property in Westport reinforces our commitment and desire to aggressively seek and pursue ‘best-in-class’ commercial properties that attract ‘best-in-class’ tenants, such as Terrain. We are thrilled to own such a high visibility building on the historic Post Road in the great Town of Westport.” said Steven J. Kassin, managing partner of Infinity Real Estate.

Infinity Adding 60K Square Feet on Top of Kingswood Center

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Commercial Observer, June 23, 2015 – Nearly a year after buying two mixed-use Midwood, Brooklyn, properties for $79.1 million, the owners are hoping to tack on 60,000 square feet at one of the plazas for one or more tenants to occupy, Commercial Observer has learned.

A partnership led by Infinity Real Estate wants to add floors four and five to the 160,000-square-foot building that is 100 percent occupied with tenants including TJ Maxx and NY Sports Club on the ground floor and medical tenants like Visiting Nurse Service of New York and New York Eye and Ear Infirmary of Mount Sinai on the second and third floors. Hundreds of parking spaces are below grade.

“It’s been some time since anyone developed real new legitimate office space in Midwood,” said Timothy King, a managing partner at CPEX Real Estate Services in New York, who is marketing the 60,000 square feet along with colleagues Richard NovakRosanna Tapang and Timothy Cahaney. “It speaks to the strength of the marketplace and demand. Once you leave the Downtown Brooklyn central business district there are very few, real, or what I call Class A office spaces, in the outer boroughs.”

Alan V. Rose Realty Company built Kingswood Center at 1630 East 15th Street between Kings Highway and Avenue P in 2007, five years after purchasing the property along with a lot on the south side of Kings Highway between 13th and 14th Streets. As AVR constructed the building on East 15th Street, the area’s zoning changed and it could have added 60,000 square feet on top, said Mr. King, who leased the office space to the current tenants. But, because VNS needed to get into the building by a certain date, AVR didn’t have time to max out the floor area ratio, or FAR.

In anticipation of the addition, however, AVR erected the building in a way that makes it easy to tack on additional square footage. For example, Mr. King said, there is a dummy shaft in the lobby where the new elevator will be. The renovation has been designed by architect Larry Rosenbloom of Zyscovich Architects.

Asking rent for the new space is in the low-$40 per square foot, Mr. King said.

Click here for the online article.

205 Bleecker Street Acquired With Plans to Improve Retail in Greenwich Village

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Infinity Real Estate Expands Its Portfolio of Prime Urban Retail

New York, NY, August 3, 2015 – Infinity Real Estate, a wholly owned business unit of the Infinity Group, in partnership with Seven Equity Group, announced today the purchase of 205 Bleecker Street, a 6,097 square foot retail condominium located in historic Greenwich Village.

Situated on the corner where 6th Avenue, Bleecker Street and Minetta Street converge, the distinctively shaped storefront provides over 200’ of combined frontage. The convenient location offers excellent visibility to hundreds of thousands of pedestrians, as well as a high-volume of north-bound vehicular traffic on Sixth Avenue. The property has great access to the West 4th Subway Station and Washington Square Park, and is part of collegiate life at New York University and The Cooper Union.

The retail condominium at 205 Bleecker Street was sold by Forest Hill Property Group for $9.75 million to Infinity Real Estate and Seven Equity Group.

Greenwich Village is one of Manhattan’s most thriving retail corridors. The desirable submarket neighbors SoHo, Meatpacking and the West Village; each supplying a diverse selection of eateries, galleries, retailers and nightlife to residents, students and daily tourists. “This acquisition represents our strong dedication to urban value-add retail in prime corridors, as we continue to actively pursue new opportunities,” said Ray Falack, principal of Seven Equity Group.

The Flatiron type structure is a 6 story prewar building, with 40 residential co-op units, anchored by a full ground floor of retail. 605 Bleecker was previously home to American Apparel. It was also Banana Republic’s first location in New York City, which it occupied for over twenty-five years. The retail space is currently being marketed for lease by a team led by Ross Berkowitz of RKF.

The retail space consists of approximately 3,772 square feet on the ground level, with an additional 2,325 square feet of usable selling space on the cellar level. The new ownership is working with Zyscovich Architects to illustrate how a single user can maximize the space, as well as to develop multiple subdivision scenarios to create value and attract the ideal co-tenancy.

205 Bleecker is the most recent addition to Infinity’s growing portfolio of prime urban retail properties. The new acquisition complements Infinity’s existing assets in the area, part of 125K square feet of strategically positioned retail in New York City, and a 1.5M square foot national urban retail portfolio. “205 Bleecker exemplifies our commitment to acquire and reinvent retail properties in irreplaceable urban locations,” said Steven J. Kassin, managing partner at Infinity Real Estate. Kassin continued, “We look forward to leveraging our experience in this submarket, as well as expanding our relationship with the growing list of retailers throughout our national portfolio.”

Infinity’s Steve Kassin makes Globe Street’s 2015 “Fifty Under 40” List

New York, NY, October 1, 2015 – They are the future of our industry and, in some ways, the future is now, as young professionals are in the trenches, shaping the thinking and direction of commercial real estate. These young leaders have a drive and determination that is equal to and, in many ways, unmatched to that of their older counterparts. They’ve combined an uncanny knack for using the best of established traditions with finding ways of turning those traditions on their heads when adding their own creative spins to the equation. Their zest for giving back and innovation is an inspiration to those who have been in the business for a good many years. And, their outlook on the business is refreshing and invigorating to watch. With these leaders as the face of the industry for the next generation, it is safe to say the industry is in very good hands.

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STEVE KASSIN, 30
Managing Partner

Kassin is the founder and managing partner of Infinity Real Estate, which he started when he was 20 years old. Kassin developed his first ground up building in Manhattan at the age of 22, when Infinity broke ground on the 22-story, $90-million development of the Fashion 26 Hotel, now the Hilton Fashion District. Kassin has amassed more than 2.5 million square feet in less than 10 years and led or joint ventured in the acquisition or development of more than $1.25 billion in direct investment transactions. Under Kassin’s leadership, Infinity successfully closed on the $450-million acquisition of the revolutionary Times Square Gateway Center in 2012, to later divest its interest at a confounding valuation of $1.2 billion. Infinity participates in “1% for the Planet,” pledging 1% of Infinity’s global revenues to environmental preservation and nonprofit social causes. “It’s more about people than buildings. Tenants, lenders, investors, attorneys, consumers; buildings wouldn’t exist without each of them.”

Click here for the online article.
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Infinity Sells two Mixed-use Properties in Manhattan’s East Village

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New York, NY, January 22, 2016 – Infinity Real Estate (“Infinity”) announced today that it sold two New York City properties located at 123 East 12th Street and 128 East 13th Street to The Milan Associates L.P. for $21.50 million. James Nelson of Cushman & Wakefield served as the exclusive broker on the transaction. Infinity originally acquired defaulted mortgages encumbering the two properties from People’s United Bank for $7 million, in June 2011, and subsequently acquired full ownership of the properties after successfully completing a foreclosure proceeding in July 2012.

Infinity’s investment and management team assumed operational oversight and initiated a reinvestment program that included improvements to the façades, roofs and HVAC. Infinity stabilized the properties and fully leased both assets, including a restructured lease for Peridance, the acclaimed dance school, leasing the entire building at 128 East 13th Street.

These efforts generated a remarkable turn-around that resulted in positive operating cash flows and a more than doubling in the value of both buildings. Infinity’s exit after a five year investment period represents a highly successful conclusion to a multi-faceted and complex value-add transaction.

Steven J. Kassin, Infinity’s co-founder and managing partner, commented: “We are delighted that we were able to generate excellent returns and deliver that value back to our partners in the sale to Milan Associates. Thanks to our solid relationships, our improvements to the properties, and the investment and management team that made it all happen, a complex and challenging project has concluded with remarkable results.”

About Infinity Real Estate, LLC:
Infinity Real Estate is a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. The Company’s portfolio includes over 50 individual properties representing over 2.5 million square feet of commercial space and over 1,000 urban multi-family rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects. Infinity Real Estate is a business unit of Infinity Group and is headquartered in New York City. For more information about Infinity Real Estate, visit www.infinity-group.com.

Click here for the online article.

Infinity Buys Retail Condo Space at Paramount Bay on Biscayne Boulevard

New York, NY, March 30, 2016 – New York-based Infinity Real Estate just paid $4.85 million for a retail condo space at Paramount Bay on Biscayne Boulevard, as it continues to expand its Miami portfolio, The Real Deal has learned.

In the off-market deal, Infinity bought a 6,794-square-foot ground-floor site at 2063 Biscayne Boulevard in Miami’s Edgewater neighborhood. The current tenant is Visionnaire, a home furnishings store. The price equates to $714 per square foot.

“We felt that the price per pound was very appealing,” Steve Kassin, managing partner of Infinity Real Estate told TRD. “We look at things based on existing cash flow and also on the prospective cash flow if we were to replace the user or upon maturation of the lease.”

Irma Figueroa, director of retail leasing and sales for the Comras Company brokered both sides of the transaction. She also handles leasing for the building and had signed the tenant.

The seller of the retail space is an entity led by Argentine investors, Figueroa said. The group paid $2.35 million for the space in 2013, Miami-Dade property records show.

Edgewater is exploding with new residential projects, including four Paraiso towers, Elysee Miami and Aria on the Bay. The developments, in turn, are boosting the area’s demand for retail space, Figueroa said.

“In Edgewater there are so many residential units going up it makes the retail more valuable, she told TRD.

Infinity, an owner, operator and developer, focuses on properties in East Coast urban markets, including Manhattan, Washington, D.C., Miami and Philadelphia, said David Berg, Infinity’s investment director.

The latest purchase marks Infinity’s second in Edgewater. The company is partnering with Greystone and Alta Developers to develop a new residential rental building at 2500 Biscayne, which is currently under construction. Infinity is currently partners in the overall project, and will eventually own the 13,000 square-foot retail space, Berg told TRD.

Steve Kassin of Infinity Group and the Johnny Rockets building

Steve Kassin of Infinity Group and the Johnny Rockets building

Infinity also purchased the Johnny Rockets building on Ocean Drive in Miami Beach last year for $12.4 million.

In addition, Kassin told TRD that the firm has been involved in private lending for retail real estate owners and developers in Miami’s Wynwood and Midtown areas.

Infinity Real Estate, part of the Infinity Group co-founded by Kassin, is continuing to look for acquisitions in the Miami market, he said. “We’re looking at anything and everything that is retail, multifamily or hospitality-related, and our sweet spot is really the neighborhoods you see us in.”

LE PAIN QUOTIDIEN TAKES PREMIER CORNER AT 205 BLEECKER STREET

Restaurant and Bakery Chain Expands in Manhattan’s Bustling West Village

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NEW YORK (June 27, 2016) – Infinity Real Estate, along with its partner, Seven Equity Group, has leased 2,969-square-feet of retail space to internationally known Le Pain Quotidien at 205 Bleecker Street in the West Village. Started in Brussels in 1990, the Belgian-inspired bakery and communal table chain will feature a bi-level restaurant use uniquely designed to fit the company’s brand. Le Pain Quotidien is expected to open in late fall of 2016.

Le Pain Quotidien will occupy 1,524 square feet on the Ground Floor and 1,445 square feet on the Lower Level of the six-story prewar walkup co-op building located at the intersection of Sixth Avenue, Bleecker Street and Minetta Street. The space was previously occupied by American Apparel.

“Le Pain Quotidien is the tenant we targeted for this location. We believe in their well-established concept, and we are excited about the new life that they will bring to this corner,” said Steven Kassin, Managing Partner of Infinity Real Estate.

Situated in the heart of the West Village, one of Manhattan’s most historic, popular and busy retail corridors, the wedge-shaped building, known as a smaller-scale Flatiron lookalike, offers high visibility and robust foot traffic. The area features a richly varied mix of restaurants, service businesses and numerous apparel and accessory retailers. Neighbors include Bank of America, Bar Pitti, byCHLOE, Cafe Clover, Caliente Cab Company, Charlie Bird, Dos Toros Taqueria, Duane Reade, El Toro Blanco, Grom, Joe’s Pizza, Minetta Tavern, sweetgreen, and The Coffee Bean & Tea Leaf. Juice Generation and Pig Beach are expected to open soon.

“We are thrilled to have partnered with Le Pain Quotidien at 205 Bleecker.  We think they will be very successful in this neighborhood,” added Ray Falack, Managing Partner of Seven Equity Group.

RKF Managing Director Ross Berkowitz, Senior Associate Brandon Berger and Associate Hunter Rief represented the landlord. Newmark Grubb Knight Frank’s Mark Frankel represented Le Pain Quotidien.

RKF is continuing to market the remaining 2,969 square feet of available retail space on the Ground and Lower levels of 205 Bleecker Street to other fast-casual restaurants and specialty retailers.  The space features 22 feet of frontage on Bleecker Street and can accommodate one or two tenants.

“This West Village location is going to be a highly desirable corridor for restaurant operators. It has proven to be a destination neighborhood that benefits from residents, students and tourists frequenting the West Village and Greenwich Village looking for a diverse dining experience,” said David Berg, Investment Direct at Infinity Real Estate.

About Infinity Real Estate

Infinity Real Estate is a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. Infinity Real Estate is a business unit of Infinity Group, officially formed in 2005, and is headquartered in New York City. The Company’s portfolio includes over 50 individual properties representing over 2.5 million square feet of commercial space and over 1,000 urban multi-family rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $4.5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals.

About Seven Equity Group

Seven Equity Group is a real estate owner, developer and operator focused on managing and redeveloping retail, mixed use and multi-family buildings in major U.S. markets. The company has a strong commitment to investments in emerging and established neighborhoods and prides itself on a proactive and ethical approach to management.

About RKF

The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco and Toronto. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.

Media Contact:

Kimberly Macleod
(917) 587-0069
kim@bscworks.com

INFINITY REAL ESTATE BUYS 1200 OCEAN DRIVE

Infinity’s 2nd Historic Ocean Drive Property

BP-02MIAMI BEACH (July 18, 2016) – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 1200 Ocean Drive, a historic 18,287 square-foot mixed use residential property in Miami’s South Beach. 1200 Ocean Drive marks Infinity’s most recent addition to its growing portfolio of prime urban mixed-use properties, and its third South Beach property in the last year.

“We are excited to be the new owner of this building so prominently located on South Beach’s flagship corridor, and we look forward to working with the Historic Preservation Board, the Ocean Drive task force and community leaders to redevelop and re-introduce the property through an approved transformative rehabilitation that respects the architectural and design integrity for which South Beach is known,” said Steven Kassin, Managing Partner of Infinity Real Estate.

The multi-use residential building, located on 12th Street, currently houses the Palace restaurant and bar. Offering high visibility and robust foot traffic, the property is adjacent to The Sugar Factory and flanked by The Victor and Tides South Beach hotels, and located within a richly varied mix of South Beach restaurants, retailers and businesses.

1200 Ocean Drive is Infinity’s 7th Miami investment in the past year and a half. With this acquisition, it has now deployed more than $125 million into the Miami metro area.

BP-01“Acquiring 1200 Ocean Drive is consistent with our strategy to own irreplaceable mixed-use properties in the most sought after urban districts in the United States. Similar to our other SOBE property at 728 Ocean Drive, our plan for 1200 Ocean Drive is to preserve and enhance the property, including improving the building’s prominence and accessibility,” said David Berg, Investment Director at Infinity Real Estate.

Steve Kassin Discusses Real Estate Opportunities at NYU “Stern Talks”

NEW YORK, NY (November 15, 2016) – Infinity Real Estate’s founder and managing partner Steve Kassin was featured at the NYU Stern Talks series held on Friday, November 11 at Tisch Hall. The program also featured Assistant Dean Ashish Bhatia of NYU Stern, Lee Ballin of Bloomberg LP and Tensie Whelan, Director of the NYU Stern Center for Sustainable Business, who spoke on their experiences in political economy, financial media & analytics and sustainability, respectively.

Kassin spoke to over 600 hundred undergraduate students about his decade-long career as a real estate developer and investor, describing the potential paths to land opportunities and build a career in the industry. Commenting on the ups and downs of the markets as well as the iconic nature, rarity, demand for and permanence of real estate, he stressed that those seeking to be in the business should be creative, enjoy problem solving and working closely with other people, and have a very strong stomach.

Stern Talks is a series of twenty-minute-long “TED-Style” talks presented by leading industry professionals and entrepreneurs about their notable career experiences and lessons learned, to provide inspiration and guidance to future business leaders currently attending the NYU Stern School of Business. Steve is an NYU Stern alumnus, an advisory board member of NYU Stern’s Center for Real Estate Finance & Research and a guest lecturer in both the undergraduate and graduate programs.

Highlights

Click on the following link to view the complete video of Kassin’s Stern Talk:
Kassin’s 2016 Stern Talk – Complete

Infinity Sells 1841 Columbia Road, NW in Washington, DC

WASHINGTON, DC (February 15, 2017) – Infinity Urban Century, a wholly-owned subsidiary of Infinity Real Estate, announced today the sale of its interest in 1841 Columbia Road, NW in Washington, DC. The sale was successfully completed at a gross valuation of $62 million. The mixed-use property consists of 116 apartment units and over 20,000 square feet of premier neighborhood retail. Infinity, along with its partners, acquired the historic Adams Morgan building in 2012 for $26 million ultimately transforming it into a full service Class-A rental apartment community.

The renovated and rebranded property, which is now 97% leased, underwent a $7.5 million capital improvement program consisting of i) the modernization of all building systems, ii) façade restoration, iii) window and storefront replacement, iv) the addition of a green roof and a rooftop amenity space, v) lobby and common area enhancements, and vi) the gut renovation of over 75% of the apartment inventory.

Infinity’s exit marks a highly successful conclusion to a multifaceted and complex historic redevelopment project. “We are pleased with the result of this investment. While we rarely exit irreplaceable properties like 1841, the opportunity yielded a remarkable return for our partnership, allowing Infinity to redirect our resources toward several other new and exciting projects within the DC region” said David Berg, Infinity Urban Century’s investment director responsible for the project.

Marshalls Joining Target at Kingswood Center II in Midwood, Brooklyn

Commercialobserver, February 2017 – TJX Companies, parent company of Marshalls, has leased about 22,000 square feet in a 10-year deal for a new Marshalls department store in Kingswood Center IIlocated at 1715 East 13th Street in the Midwood section of Brooklyn, one of the retail brokers for the site, JLL’s Erin Grace, told Commercial Observer. She worked alongside JLL’s Patrick Smith.

The big-box chain store will join Target at the five-story, 115,000-square-foot office and retail property. As CO reported last June, Target signed a 10-year deal for 37,700 square feet at the site between Avenue R and Kings Highway. The two stores—which span the lower, ground and second floors—sew up the entire retail component. Grace said the asking rent for the ground floor was $65 per square foot, the second floor was $55 a foot and the lower level was $45 per foot. (Marshalls has a ground-floor entrance and then occupies the entire lower level. Target will occupy the remainder of the ground floor, all of the second floor all and half of third floor.)

A spokeswoman for Infinity Real Estate, which is co-developing the site with Nightingale Properties, declined to address the Marshalls deal, but said they have broken ground at the site. The property includes offices on the third, fourth and fifth floors. Construction is expected to be complete in the third quarter of 2018 with the retail opening that fall.

“We have looked at redeveloping this property for some time now, and are delighted to finally be able to offer medical practices, professionals and small businesses well-located, high-quality office space in a market that is starved for such product,” Steven Kassin, the founder and managing partner of Infinity, said in a statement.

Esther Bukai of Ripco Real Estate represented Marshalls in the deal. She said: “Kings Highway is one of the strongest retail streets in Brooklyn. Every retailer loves the market.” Jeffrey Howard of Ripco represented Target in its deal at Kingswood Center II.

Brooklyn broker Timothy King, a managing partner at CPEX Real Estate, said of the new retail at Kingswood II: “It is a logical extension of the Kings Highway corridor. Long a prime local shopping district, Kings Highway is experiencing an influx of new retail to complement the mix of national and local tenants on this bustling strip. Marshalls will benefit from the enormous foot traffic generated by Kings Highway’s shops and subway.”

Click here for the online article.

 

Le Pain Quotidien Opens at Infinity Real Estate’s 205 Bleecker Street in Nyc

New York, New York (March 3, 2017) – Infinity Real Estate LLC announced today the opening of Le Pain Quotidien’s newest location, in the heart of Manhattan’s Greenwich Village, at Infinity’s 205 Bleecker Street.

Prior to delivering the space, Infinity completed a complex and multi-faceted redevelopment of the historic property, which required Landmarks Preservation Commission and MTA approvals along with a change of use.

The retail property was most recently occupied by American Apparel and was a longstanding Banana Republic store prior to that. To accommodate a mix of smaller diverse users, Infinity re-entitled lower level retail space and reconfigured the entire retail premises. The redevelopment scope also included storefront replacement and structural work as well as the replacement of all major building systems.

“Our vision was to bring the neighborhood a retail offering that would benefit the community and contribute to the vibrant Bleecker Street corridor. Le Pain Quotidian joins a successful roster of high quality neighborhood eateries including Sweetgreens, by CHLOE, and Dos Toros, among others.” said David Berg, Investment Director at Infinity.

The new prominently located eatery features approximately 3,000 square feet on two levels and tremendous visibility along the highly trafficked 6th avenue.

“Le Pain Quotidian will re-energize and re-invigorate this corner,” said Berg. “We view Le Pain as a fantastic anchor tenant and look forward to finding high quality co-tenants to occupy the remaining 2,200 square feet along Bleecker Street”

The remaining availability at 205 Bleecker Street can accommodate a single user of 2,200 square feet or two users of approximately 1,100 square feet each. There is an additional 800 square feet in the lower level with a certificate of occupancy for numerous use groups as well.

Infinity purchased 205 Bleecker in July 2015, shortly after American Apparel vacated the property, with the intention of redeveloping and re-tenanting the retail component. Similar to Infinity’s growing portfolio of urban mixed-use properties, 205 Bleecker provides tenants with an irreplaceable location to target New York City’s most popular neighborhoods.

Scarface’s Chainsaw Scene Location on Ocean Drive Is Turning Into a CVS

Miami New Times, April 2017 – All the painkillers, Band-Aids, and antibiotics in the world wouldn’t have made much of a difference to Angel Fernandez, the Scarface character whose dismemberment by chainsaw was the 1983 gangster flick’s most infamous scene. But today the building where the grisly attack was set is being converted into a CVS.

Renovations have already begun at 728 Ocean Dr. in South Beach, with the back portion of the building now demolished.

The façade and its iconic porthole windows, one of which served as a backdrop for the chainsaw massacre, will be preserved.

Built in 1953, the building housed the Sun Ray Apartments when Scarface was filmed in the early ’80s. The scene, in fact, is one of the few that ended up being filmed in Miami. Scarface was bedeviled by political infighting, with then-Miami Commissioner Demetrio Perez Jr. threatening to withhold permits unless Tony Montana was recast as a communist agent sent by Castro.

“The basic message of the movie seems to be drugs, killing, and criminal activities. That does not represent the majority of hard-working and law-abiding Cubans,” Miami Dade College president Eduardo Padron told the Miami Herald at the time.

Soon after Montana’s bloody fight on Ocean Drive was filmed, director Brian De Palma picked up and moved production to Los Angeles, far from the protesting crowds of South Beach.

The building’s history hasn’t been as illustrious as that of the cult-classic film. In 1989, Irene Marie purchased the property and ran a modeling agency in the upstairs space where Manny and Chi-Chi killed a pair of gangsters before they could turn the chainsaw on Tony Montana. A Johnny Rockets location operated on the first floor.

Marie sold the building to MER Ocean Drive Holdings for $8 million in 2011. Four years later, New York-based Infinity Group bought it for $12.4 million.
Over the years, plenty of tourists have dropped by to gawk at the property, and a sign on its exterior declared it the “world-famous Hollywood landmark!” where Fernandez got the chainsaw treatment.

CVS didn’t return an email seeking comment on whether it’ll do anything to celebrate its place in cinematic history. City of Miami Beach officials confirmed the renovation is ongoing and passed historical preservation boards, but they weren’t able to provide any permitting documentation on exactly what CVS has planned for the location.

Click here for the online article.

Steve Kassin, Xerxes take over 587 Fifth Avenue leasehold

TheRealDeal, April 2017 – After a four-year legal battle, 587 Fifth Avenue finally has a new owner.

Steve Kassin’s Infinity Real Estate quietly took a majority stake in the 10-story, 41,652-square-foot building’s leasehold for an undisclosed price at the end of 2016, according to sources, with Xerxes Group and Elyass Eshagian holding a minority interest.

Eshagian previously owned the leasehold in partnership with Asher Zamir, but the partners fell out in the wake of the building’s botched sale to Crown Acquisitions in 2011. For four years the two sides traded lawsuits to determine who controls the property, before reaching a settlement in December 2016.

In the wake of the settlement, LLCs associated with Eshagian and Xerxes’ Daniel Gohari took over the leasehold for “ten dollars and other valuable and good considerations,” property records show. A spokesperson for the new owners declined to specify the terms of the deal, citing the settlement’s confidentiality. Infinity was brought in at the time of closing, sources say.

The new owners landed a $36 million mortgage and a $9.3 million gap mortgage from Sterling National Bank in late March, property records show. In a statement, Infinity and Xerxes said they want to spend $5 million on renovations.

The building includes 3,300 square feet of retail, occupied by British clothing company Karen Millen, and 40,000 square feet of office space, 12,000 of which are vacant.

Infinity last year sold the former East Village home of Frank Stella and a nearby property for $22 million. Xerxes, the investment firm founded by brothers Arash and Daniel Gohari, made the news last year when it listed the former apartment of the late Ferrari dealer Roffredo Gaetani for sale.

Click here for the online article.

Infinity Acquires 353 Newbury Street

Deal Marks Infinity’s First Boston Acquisition

Boston, Massachusetts (April 25, 2017) – Infinity Real Estate, LLC (“Infinity”) announced today the purchase of 353 Newbury Street, a four-level, 9,500 square-foot mixed-use property in Boston’s historic Back Bay neighborhood.  LF Stores, a women’s apparel retailer based in LA, occupies the ground floor while the top two floors consist of vacant office space which will soon be marketed for lease.  This transaction represents Infinity’s first acquisition in Boston, adding yet another prime market to its expanding list of high-street retail assets.

Located directly across from “the T” and half a block from Massachusetts Avenue, the building features street-level entrances, generous ceiling heights, and over 30 feet of frontage in an area of the Back Bay easily reachable by Boston’s large student population. “The most unique aspect of this property is its accessibility,” said Shahnawaz Daredia, Infinity’s Director of Acquisitions. “Millennials have the option to ride the Green Line, car share along Mass Ave, or just walk Newbury to get to the property.”

Situated on the western end of Newbury Street, the block has seen increased foot traffic with the opening earlier this year of Uniqlo’s multi-level flagship store.  Other national retailers also located on the same block as the property include Urban Outfitters, Forever 21, and TJ Maxx.

Commenting on the deal, Steven Kassin, founder and managing partner of Infinity, noted, “We have been looking for an optimal entrance to the Boston market for some time.  I am delighted that Infinity is joining the bustling Back Bay community through this acquisition of 353 Newbury Street, and adding to our portfolio another one-of-a-kind retail building that attracts great tenant line-ups and visibility.”

Infinity is exploring multiple value-add investment plans for 353 Newbury. The Property’s prime spot on Boston’s strongest pedestrian corridor, and its flexible format, allow for a number of successful repositioning plans.

Infinity, Nightingale land $42M construction loan for Kingswood Plaza

Kingswood Plaza 1715 East 13th Street, Brooklyn NY TheRealDeal, May 2017 – Infinity Real Estate and the Nightingale Group landed a $41.6 million construction loan from Mercantil Commercebank for their planned Midwood office-and-retail development Kingswood Plaza II.

The partners plan to replace a two-story garage at 1715 East 13th Street with a 106,000-square-foot building. 56 percent of the space is pre-leased to retailers Marshalls and Target.

The lender is a subsidiary of the Venezuelan holding company Mercantil Servicios Financieros.

Mission Capital Advisors’ Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras brokered the loan.

Infinity and Nightingale bought the development site and a neighboring 230,000-square-foot mixed-use building dubbed Kingswood Plaza for $79.1 million in 2014.

Nightingale, which says it owns over 11 million square feet of office and retail space, last year paid Gary Barnett’s Extell Development $28 million for the leasehold on 20 East 46th Street in Midtown.  Steve Kassin’s Infinity, meanwhile, recently took over a majority stake in 587 Fifth Avenue’s leasehold.

Click here for the online article.

Infinity Sells 2845 Coney Island Ave for $12.2 Million

2845 Coney Island Av, Brooklyn NYBrooklyn, New York (August 23, 2017) – Infinity Real Estate LLC announced today the sale of 2845 Coney Island Avenue in Brooklyn, NY to MED Partners LLC for $12.2 Million or $1,220 per leasable square foot. Cushman & Wakefield led by James Nelson, Alex Svetlakou and Carly Weinreb represented the seller, while Arsen Atbashyan of Commercial Acquisitions Inc. represented the buyer.

The Property is located in Brooklyn’s well established and densely populated Sheepshead Bay neighborhood situated on the south-west corner of Coney Island Avenue and Avenue Z, immediately north of the Belt Parkway freeway exit. The free-standing retail building features 12-foot ceiling heights and consists of 10,000 square feet on the ground floor with an approximately 10,000-square-foot lower level. The property also includes a 10,000 square feet surface parking lot offering a loading dock and 30 spaces. The property has historically been a successful supermarket location and is currently triple-net leased to Corner Z Supermarket, which has established itself as a neighborhood destination.

Infinity purchased a majority interest in 2845 Coney Island Avenue in 2015 at a valuation of $7.7 Million. Similar to most other assets in Infinity’s portfolio, the property was purchased with a redevelopment strategy in mind. The plan never ultimately advanced beyond the initial design and entitlement stages.

“We purchased 2845 Coney for it’s development potential. The property’s large footprint and prominent location attracted us. We pursued some mixed-use redevelopment plans, but ultimately couldn’t get comfortable to proceed onward.“ explained Steve Kassin, managing partner at Infinity. “Our compelling entry basis allowed us to run the feasibility process, reconsider our strategy, and still exit the deal with 20+ percent compounded annual returns.” A great result by any investor’s standards.

Daro Realty Launches Sustainability Initiatives For Its Nine Residential Buildings

WASHINGTON, D.C. (November 30, 2017) – Daro Realty LLC, one of DC’s oldest and most revered residential brands with nine buildings and 700 rental apartments under management, announced today a suite of measures aimed at reducing the environmental impact of its operations while enhancing resident comfort. The efficiency upgrades were initiated as part of Daro’s sustainability program and are designed to reduce the consumption of natural resources, minimize waste, and create healthier living environments.

Earlier this year, Daro engaged Bright Power, the leading energy and water management partner for multifamily buildings, to complete an energy and water audit to identify opportunities to reduce Daro’s energy and water consumption, determine an actionable scope of work to achieve these reductions and mitigate the buildings’ overall environmental impact. With Bright Power’s completed audit and recommendations, Daro began to implement measures to effectively manage energy and water consumption, which include new energy-efficient lighting systems, new hot water heating systems and controls, low flow water conserving plumbing fixtures, pipe insulation, as well as the use of Green Seal® certified chemical free, eco-friendly cleaning products.

In total, seven individual measures will be installed across Daro’s nine properties, and will result in a 27% reduction of water consumption or 7.3mm gallons annually. Total energy consumption will fall by 11% annually, equating to 328,919 kWh of electricity and 29,238 therms of natural gas (the equvalent of driving across the country nearly 250 times). The full suite of conservation installations are expected to be completed in the first quarter of 2018.

“We are proud to be the premier rental option in Northwest D.C. and are committed to providing our tenants with a high-quality living experience which in today’s market also carries a responsibility to delivering eco-friendly sustainability improvements,” said Carissa Barry, Daro Realty’s President. “These upgrades will lower utility costs, save energy, reduce money and time spent on building operations, increase the value and long-term sustainability of our buildings, all without sacrificing quality of service.”

“We are thrilled to be working with an organization like Daro that understands the value of energy and water improvements, and the intersection between reduced operations and maintenance costs, improved tenant comfort, positive environmental impact, and increased asset value,” said Jeff Perlman, President and Founder of Bright Power.

The nine Daro properties receiving sustainability upgrades are:1600 | 1600 16th Street NW1900 Lamont | 1900 Lamont Street NWArcher | 3701 Massachusetts Avenue NWParkway | 3220 Connecticut Avenue NWParkwest | 2929 Connecticut Avenue NWPhoenix | 1421 Massachusetts Avenue NWRodman | 3002 Rodman Street NWRodney | 1911 R Street NW Washington; and Sedgwick Gardens | 3726 Connecticut Ave NW.
 

View original content with multimedia: http://www.prnewswire.com/news-releases/daro-realty-launches-sustainability-initiatives-for-its-nine-residential-buildings-300564191.html

Infinity Real Estate Revitalizes Iconic 728 Ocean Drive

CVS Opens at Hollywood Landmark Site

Miami, FL – February 9, 2018 – Infinity Real Estate, LLC (“Infinity”) announced the opening of CVS in their iconic South Beach property at 728 Ocean Drive. Infinity purchased the property for $12.4 million in 2015 and fully renovated the building in accordance with Historic Preservation Board approval at a cost of over $5 million. The Company has developed and owns several other prominent properties in surrounding neighborhoods including South Beach, North Beach, Edgewater and Wynwood.

Steve Kassin, Infinity’s managing partner, remarked: “Architectural preservation and integrity are guiding values in all our historic development projects. We are thrilled to have revitalized this important South Beach landmark.”

Over the past few decades, the building was severely neglected, with most of its interior abandoned and many of its historic design features either altered, damaged or demolished. Kassin further commented:“I sincerely hope that the magnificent and architecturally significant resurrection of 728 Ocean is well received by our neighbors and the broader Miami Beach community.”

Built in 1953 by the notable post-war architect Don Reif (1924 -1982) as the Sunray Apartments, thelandmark buildinghas been an important fixture in theartdeco streetscape of South Beach. Infinity’s renovation of the property included preserving original elements of the street façade and reintroducing damaged or destroyed architectural elements including original stone elements and the distinctive series of three portholes. The exterior stairwell made famous by its feature in the 1983 blockbuster “Scarface” was also reconstructed to its original specifications.

Kassin added: “I would like to thank the members of the Historic Preservation Board for their unanimous support of our project, as well as Zyscovich Architects for their invaluable design contributions. We also greatly appreciate CVS’s commitment to maintaining the authenticity of this art deco gem.”

Developers refinance 2500 Biscayne, sell ownership stakes

The 156-unit building in Edgewater was completed late last year

2500 Biscayne (Credit: Biscayne)

TheRealDeal – February 23, 2018 – Greystone Development just sold its stake in a new mixed-use rental tower in Edgewater, and the remaining owners refinanced the property.

The New York-based development company partnered with Alta Developers to build the 19-story, 156-unit building at 2500 Biscayne Boulevard. Alta refinanced the building with a loan in the $50 million to $60 million range from Invesco, sources said.

Infinity Real Estate, a partner in the project, also closed on the roughly 13,000-square-foot retail component in a separate deal valued at about $7 million.

HFF’s Jaret Turkell, Brian Gaswirth and Maurice Habif arranged the refinancing.

Property records show Greystone affiliate 2500 Biscayne Property LLC paid $10 million for the development site in 2014. The building, which includes about 275 parking spaces, a pool, Jacuzzi, game room and fitness center, opened late last year. Rents started at $2,023 a month, a spokesperson said at the time.

Retail tenants include Rice Kitchen with 2,500 square feet, Mercantil Bank with about 3,000 square feet and a 7,300-square-foot Mount Sinai Medical Center medical office, Infinity partner David Berg said.

Records show construction was financed with a $34.9 million loan from Fifth Third Bank.

Greystone and Alta were not immediately available for comment.

 

Infinity Real Estate Announces Refinancing of 2500 Biscayne
Co-Developers Complete Property and Assign Ownership of Retail and Residential

Miami, FL – February 25, 2018 – Infinity Real Estate, LLC (“Infinity”) announced today the deed partitioning and refinancing of 2500 Biscayne Boulevard, marking a major milestone for the
three year development project. The 19-story, 380,000 square foot mixed-use property consists
of 156 luxury rental apartments, 20,000 square feet of amenity space, 275 covered parking
spaces and 13,000 square feet of street-level retail.

Infinity, Alta Developers and Greystone Development have jointly owned the Edgewater
property since 2015. The building and adjacent lots totaling 1.04 acres were purchased for $10
million and more than $40 million dollars has been invested in the development of the
property.

With the property now completed, Infinity will retain ownership of the retail, and Alta will
retain ownership of the residential units. Retail tenants include Mount Sinai Hospital, which
will occupy 7,300 square feet of medical and administrative space; Mercantil Bank, which will
house a branch in 3,000 square feet; and Rice Kitchen, which will operate its Edgewater
location in 2,700 square feet at the building. All spaces were pre-leased and procured during
construction.

Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014,
with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting highgrowth submarkets, and we are delighted to be serving the neighborhood with convenience
retail making this community more pedestrian friendly and enjoyable to live in.”

Infinity has invested more than $165 million in Miami real estate since 2014. The Company’s
holdings are diversified across Edgewater, Wynwood and South Beach.

Berg added. “Greystone and Alta have been great partners throughout this project. We thank
them and wish them great success in all of their endeavors. We also greatly appreciate
Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”

Advisors CRE Leases 587 Fifth Avenue Penthouse to Independent Music Publisher Arcade Songs

New York, NY – April 19, 2018 – The Xerxes Group (“Xerxes”) and Infinity Real Estate (“Infinity”) announced today the successful leasing of the property’s unique 4,110-square foot Penthouse suite to Independent Music Publisher Arcade Songs.

The building’s full lobby renovation by award-winning design firm, Julian Von Der Schulenburg, is also under way and set to maximize the lobby’s spatial experience by doming the space to double the ceiling height. The revitalized lobby is on schedule for completion by June 1.

The extensive renovation of the classic, 10-story, 45,000-square foot building, located between 47th & 48th Streets, also includes upgrading several floors and renovating the elevator cabs.

With the penthouse now leased, Advisors Commercial Real Estate (“ADVISORS”) is marketing the remaining space available on the column-free third floor (4,425 SF), which connects by internal staircase to the fourth floor but may be leased separately (4,425 SF), the eighth floor (1,518 SF) and the column-free ninth floor (4,110 SF).

The third, fourth, and ninth floors – which feature 11-foot high ceilings and polished concrete floors – will each receive newly installed tenant-controlled HVAC systems and new bathrooms. The ninth floor will also feature a state-of-the-art pantry with high-end finishes and stainless-steel appliances.

Industry veteran and executive managing director, Jeffrey Zund, who leads ADVISORS’ leasing team, Brett Hanfling and Elie Steinberg, noted “We look forward to leasing the remaining spaces at 587 Fifth Avenue to entities like Arcade Songs that recognize the building’s long-term value and convenient location,” said Zund.

Daniel Gohari added, “Xerxes and Infinity welcome Arcade Songs to 587 Fifth Avenue and look forward to similar entities following their lead as we continue to co-market with Jeff and the team at ADVISORS.” JV partners Xerxes and Infinity have collaborated successfully on two other New York City properties. Scott Bennett of Prime Manhattan Realty served as Arcade Songs’ broker.

Infinity Real Estate Wins Historic Preservation Award for Revitalization of 728 Ocean Drive in Miami Beach

Local Real Estate Leaders Recognized by Miami Beach Chamber of Commerce at 6th Annual Better Beach Awards

New York, NY and Miami Beach, FL – April 20, 2018 – Infinity Real Estate (“Infinity”) today was recognized for its transformative, historic redevelopment of 728 Ocean Drive property as the recipient of the Historic Preservation Platinum Award at the 6th Annual Better Beach Real Estate Awards. The annual event, which was presented and organized by the Miami Beach Chamber of Commerce (“the Chamber”) and was sponsored by City National Bank and BCI Financial, honored influential leaders and projects that have had a profound impact on Miami’s local real estate over the past year. Award categories included historic preservation, innovative architecture, design, restoration, and environmental initiatives, among others.

The Historic Preservation Award recognizes a real estate company that revives a historical Miami Beach building site to current, adaptive re-use, while ensuring the building still maintains its cultural and historic identity. The building must meet approval from the Historic Preservation Board and obtain a Certificate of Operation for its new adaptive use.

Infinity Real Estate’s Manager Partner, Steve Kassin commented, “We are extremely humbled and gratified by this honor, and sincerely thank the Chamber for selecting our project as the winner of this prestigious award. We are hopeful that our work to restore this iconic property reflects Infinity’s commitment to historic preservation and best-in-class adaptive redevelopment.”

Infinity acquired 728 Ocean Drive in 2015 and quickly partnered with Zyscovich Architects to recreate and preserve the historic design of this noteworthy building, originally designed by Donald Reiff in 1953. With the gracious and unanimous support of the Historic Preservation Board, Infinity was able to pursue its vision and ultimately infuse over $5 million into this landmark property, bringing back many of its original “MiMo” design elements, including the clear circular Plexiglas domes, the stacked stone façade and the open-air stair that was featured as the set of the notorious chainsaw scene in the blockbuster film Scarface. The property was also thoroughly renovated for the first time in decades, activating its abandoned commercial space and bringing infrastructure, life safety systems and ADA accessibility up to code. The revitalized property is widely regarded as a case study of architecturally responsible and economically viable historic development.

David Berg, Partner at Infinity, added, “Our deepest appreciation goes out to the Chamber and to our partners, collaborators and friends on Ocean Drive and in the Miami Beach community who helped us achieve this recognition. We look forward to further contributing to Miami’s cultural reputation as a number one international gateway destination and place to live, work and play.”

This project marks Infinity Real Estate’s 27th historic redevelopment project across five cities, and its 4th in the Miami area.

 

Infinity Real Estate Buys Remaining Commercial Condos at 2063 Biscayne Boulevard

Infinity now controls all of the commercial units along Biscayne Blvd at Paramount Bay

Miami, FL –  May 2, 2018 – EINPresswire.com – Infinity Real Estate LLC announced today its purchase of two commercial condominium units at 2063 Biscayne Boulevard in Miami’s Edgewater neighborhood. Infinity acquired approximately 7,000 square feet at the property for $2.3 million. Mercantil Bank provided financing for the deal with a $1.5 million mortgage.

With the acquisition of units C301 and C501, Infinity now controls all of the commercial units along Biscayne Blvd at the Paramount Bay. In 2016, Infinity had purchased for $4.85 million the 6,800 sf ground floor retail condo unit C101, which is leased by Visionnaire, a home furnishings store. Barre Code, a fitness tenant, and Florida Community Health Network Corp are also tenants at the building. 1,200 square feet is available to lease and is being marketed by Comras Company.

David Berg, Partner at Infinity, noted “Our purchase here reflects our continued commitment to the property and the Edgewater community, as well as our optimistic outlook for the neighborhood and greater Miami, generally.”

With this acquisition, Infinity has now deployed more than $165 million into high-visibility real estate in Miami since 2013.

Finding Preservation A Source Of Inspiration
By John Jordan

Thirty-three-year-old Steve Kassin and his partners, Etienne Locoh and David Berg, of Infinity Real Estate, LLC have been steadily making their mark on Miami real estate by refreshing the faces (and facades) of some of the area’s most noteworthy historic buildings.

Steve Kassin, founder, managing partner, Infinity Real Estate

May 23, 2018 – GlobeSt.com – It’s rather refreshing to find someone so young and so committed to preserving the classic architectural designs of the past.

Thirty-three-year-old Steve Kassin and his partners, Etienne Locoh and David Berg, of Infinity Real Estate, LLC have been steadily making their mark on Miami real estate by refreshing the faces (and facades) of some of the area’s most noteworthy historic buildings. Kassin is the founder and managing partner of New York City-headquartered Infinity Real Estate, which now owns and manages more than 60 properties in eight states and has completed more than $2 billion of real estate-related investments since 2005. The firm operates management offices in Washington, DC and Miami.

Appealing to Kassin’s passion for preserving and reinventing irreplaceable real estate, Infinity has completely repurposed, renovated and preserved 28 neglected historic or “landmark” designated properties in high-visibility and high-value locations. His vision, along with Infinity’s “Green Landmark Initiative,” are aimed at modernizing the infrastructure and transforming the spatial programming of historic properties so they operate at the highest efficiency and in the smallest environmental footprint possible, while rehabilitating and preserving precious architectural elements of the historic structures.

For its recent reinvigoration of 728 Ocean Drive, Infinity was awarded last month the Miami Beach Chamber of Commerce Better Beach Award for Historic Preservation.

Infinity acquired 728 Ocean Drive in 2015 and partnered with Zyscovich Architects to recreate and preserve the historic design of the building, originally designed by Donald Reiff in 1953. With the support of the Historic Preservation Board, Infinity was able to pursue its vision and ultimately infuse more than $5 million into this landmark property, bringing back many of its original “MiMo” design elements, including the clear circular Plexiglas domes, the stacked stone façade and the open-air stair that was featured as the set of the notorious chainsaw scene in the blockbuster film “Scarface.” The property was also thoroughly renovated for the first time in decades, activating its abandoned commercial space and bringing infrastructure, life safety systems and ADA accessibility up to code.

Kassin spoke to Globest.com about his company, his passion for architecture, environmental activism, as well as the current economic and real estate outlook in Miami and elsewhere.

Globest.com: Have you always had a passion for preserving historic buildings?

Kassin: Yes, at least since I have been immersed in real estate. I am keenly interested in history, architecture and design, and preservation is the perfect convergence of the three. Restoring and reinvigorating a historic building, which in many cases probably couldn’t or wouldn’t be built today, inspires me. Preserving something of historical significance while creating best-in-class space by current standards is even more gratifying if those efforts improve the environmental footprint of the building. Historic buildings that haven’t been touched for decades tend to be the least efficient real estate from environmental and operational standpoints. We find economic upside in our historic projects by fitting them with the most efficient, environmentally conscious building systems, finishes and products wherever possible. This creative, focused work makes our business much more meaningful and fulfilling: it benefits our tenants, the community and the environment, and ultimately makes for good business.

Globest.com: What brought you to Miami?

Kassin: A cold call, actually. It was Christmas week about five years ago when I received a call about a time sensitive deal. The rest is history. Miami’s market fundamentals fit squarely within the model of what we look for when acquiring properties: rich history, deep and diverse demand drivers and global investment capital inflow. At the same time, Miami’s unique beach-urban lifestyle appeals to many seeking a thriving and culturally diverse community, which makes all the challenges inherent in our work worth the effort. I also have personal connection to the Latin culture so deeply infused into Miami. Infinity has been investing here for a while now, and currently we have holdings in Wynwood, Midtown, Edgewater, South Beach and Downtown Miami. Most of our properties here are steeped in Miami history and are architecturally significant.

Globest.com: What are the opportunities and challenges you see ahead for Miami?

Kassin: Miami has a very bright future, as it continues its steady growth and evolves as a truly international “gateway” city. Our local government and the private sector have done a great job working together to create and grow a number of diverse and culturally vibrant neighborhoods that didn’t exist a handful of years ago. Miami is no longer simply a transient tourist destination: it is a magnet for young people looking to establish roots in a beautiful, family-friendly, and affordable place. That said, I see three threats to Miami’s future: (i) rising sea level, (ii) lacking public transportation, and (iii) an overheated real estate market. The first two challenges are of far greater, long-term magnitude, while the third is a short-term issue.

Globest.com: How did you manage through the super storms?

Kassin: Above all, we are relieved that loss of life has been minimal regionally, because safety is our main concern. We are fortunate that our properties were not as affected as some, however, we too experienced damage and the closure of our hotel on Espanola. We are focused on rebuilding and ultimately reopening there, with a much more weather-secure building as well as a much better brand and product offering. We are currently remediating water damage caused by Hurricane Irma and will commence a comprehensive transformation program at that property. We look forward to making announcements about this exciting historic project when the timing is more appropriate.

Globest.com: How do you approach climate issues when making an investment, and does this tie into how Infinity’s approaches social responsibility?

Kassin: As with any good business operator, before we consider a new project, we inspect the building thoroughly for environmental and physical issues and also assess how an asset is exposed to climate change. We look at flood maps very carefully, and we inspect for moisture penetration susceptibility as well as potential air quality issues. Our greatest enemy is water (or sustained/trapped moisture), as it is the number one cause of physical degradation to a property and potential health issues for our occupants.

Proactively, at the front end of an investment, we also assess carefully how efficiently a property is operating based on its vintage, infrastructure, systems and technology. Not only is this critical to unlocking potential operating expense savings through increasing the efficiency of these systems, but this also helps us determine a property’s environmental footprint. We have established a thorough proprietary protocol that allows us to craft the best improvement plan for each property early on in our due diligence process. This has become a competitive advantage for us when competing for historic projects, allowing us to identify subtle upside where others might not, and reinforces our commitment to environmental responsibility.

Finally, Infinity Real Estate pledges 1% of our annual revenues to environmental preservation and green-space restoration, as a member of 1% for the planet. We have done so since 2015, and the impacts have been gratifying. We have contributed to the planting of more than 450 trees in the cities where we invest, and we are contributing to two major natural area rehabilitation projects in New York City and in New Jersey.

In part two of our conversation with Infinity Real Estate’s Kassin, he takes a deeper dive into the Miami market and details both its strengths and the possible headwinds it faces in the future.

Click here for the online article.

Finding Preservation A Source Of Inspiration—Part Two
By John Jordan

Kassin is the founder and managing partner of the New York City-headquartered firm, which now owns and manages more than 60 properties in eight states and has completed more than $2 billion of real estate-related investments since 2005.

Steve Kassin, founder, managing partner, Infinity Real Estate

May 29, 2018 – GlobeSt.com – Last week, Globest.com published a thought-provoking question and answer formatted interview with Steve Kassin, who along with his partners Etienne Locoh and David Berg, operate Infinity Real Estate, LLC, which has made headlines in Miami and elsewhere redeveloping historic buildings. Kassin is the founder and managing partner of the New York City-headquartered firm, which now owns and manages more than 60 properties in eight states and has completed more than $2 billion of real estate-related investments since 2005. The firm operates management offices in Washington, DC and Miami.

Here is the second part of our exclusive conversation with the 30-year-old real estate executive:

Globest.com: Previously, you said one of the challenges Miami could face is an overheated real estate market. Can you please expound on that a bit more and tell us where you think the real estate market in Miami may be a bit overheated?

Kassin: I see really two sectors of property showing signs of being an overheated or overbuilt market—one being residential condominium development and the other being high-end retail properties.

The struggles in Miami and Miami Beach as it relates to retail are far more limited in both the amount of assets and in the number of locations struggling than in New York for example. So, Miami is doing relatively much better fundamentally than places like New York where the rent cost run-up has so far eclipsed what makes these higher-end dry-use places profitable. In Miami, you have the same thing going on but in a much more micro level in places like Lincoln Road, Collins and the Design District. My experience is that consumer, stable neighborhood retail is doing just fine. We have actually participated a great deal in that sector bringing day-to-day neighborhood pedestrian-friendly retail uses to an area that has a ton of residential supply that is now absorbed, but never had local services and local retail at the doorstep of these residential communities.

There is no issue at all with those types of retail uses in those neighborhoods. It is the higher-rent corridors that kind of followed the high-rent corridors in the main cities like New York, Los Angeles and Chicago, where it has kind of crossed that inflection point and Lincoln Road is the perfect poster child for what I believe is that impending correction where retailers are simply not going to bridge the gap on money-losing stores much longer. Theoretically, properties all along that corridor that have been purchased in the last three to four years are probably between 20% to 50% underwater.

Globest.com: What do you see as the growth markets in Miami right now?

Kassin: We love Downtown; we love Edgewater. I think those areas are very strong. We also think there is great opportunity in kind of the northern sections of Miami Beach, let’s say north of 50th Street. There is a very underdeveloped, under-nurtured corridor there that is going through up-zoning and we believe will see a renaissance. I think the space between South Beach and North Beach there is still a lot of opportunity there.

In terms of the City of Miami, like I had mentioned Edgewater and Downtown and maybe even Wynwood, but the land pricing in Wynwood is keeping us out of the market. It just feels very priced in, even though I love the fundamentals of that area.

Globest.com: How does Miami fit into the vision for your overall portfolio?

Kassin: Our “Urban Century Initiative” is aimed at growing our presence in key gateway urban markets that are well positioned for sustainable population growth. Essentially, we aim to contribute to and participate in the creation and growth of pedestrian friendly, full-service “24-hour” neighborhoods in major U.S. cities that are diverse, cultured, and foster a healthy lifestyle. Miami is one of our five focus cities on the East Coast—along with New York, DC, Philadelphia and Boston—which are designed for today’s and tomorrow’s urban lifestyles. We have been delivering to these cities residential, commercial, retail and hospitality projects rich with high-quality amenities, convenience and services. Our footprint and investment in Miami is a measure of our belief that Miami is and will remain a dominant city for the foreseeable future. We have invested over $150 million into high-visibility real estate locally since 2013, and nearly every one of our projects here has required a material amount of reinvention or significant physical enhancement.

Globest.com: What are you expecting to be the next big real estate market?

Kassin: Infinity is always looking at new and emerging submarkets and neighborhoods in our focus cities, and at the same time maintain our primary strategy of fixing and activating the most neglected product within established locations. There are still a lot of properties in city centers that haven’t been adapted for current uses and have remained blighted and dormant for decades. There seems to be an endless supply of properties to work on right under our noses, especially historic properties that can’t be quickly and simply demolished and replaced with a new development. All it takes is some creativity, grit and a willingness to navigate the lengthy and convoluted process of executing an architecturally responsible but relevant transformation. Most investors don’t have the interest in or risk appetite for the incremental complexities inherent to historic redevelopment, so this provides opportunity for groups like us.

Globest.com: Your core cities are all on Amazon’s short list for a 2nd World HQ. What can you say about that?

Kassin: I appreciate being in good company, but the serious answer is we have chosen the markets we are in based on very specific and defined attributes. We prefer to focus our time and resources in cities defined by innovation, an empowered and educated workforce, affordability and quality of life. I imagine these are the attributes the teams at Amazon also considered when choosing location options for a second world headquarters. Perhaps (Jeff) Bezos and I think alike.

Click here for the online article.

Target Cuts Ribbon on Its New Small Format Store in Midwood at Infinity’s Kingswood Center II

Right on Target! — The retailer cut the ribbon on its newest Brooklyn location, 1712 East 14th St., in Midwood, in an invite-only store preview event on Wed., Nov. 7.

ebrooklyn media/Photos by Arthur de Gaeta Cutting the ribbon.

NOVEMBER 8, 2018 – brooklynreporter.com – The store — which is near Kings Highway — is one of the new small-format stores the chain has been opening in urban areas, dense suburban neighborhoods and near college campuses. Last fall, Target launched a 20,400-square-foot location at 6401 18th Avenue in Bensonhurst.

The store opened unofficially on Fri., Nov. 9, with its official grand opening on Sun., Nov. 11 at 8 a.m., but Team Leader Shena Pender told this paper about the excitement the latest iteration of Target has already brought to the neighborhood.

“I think what makes this Target location unique is that it’s a small format store, but the size of it is 37,000 square feet so it’s not the usual small format store that you’re used to seeing,” she said, pointing out that the Bensonhurst store is “a little bit smaller.

“We have a great assortment that we are going to offer for our community,” Pender continued. “They’re just excited that Target is here and we also have a Starbucks. A lot of guests have been knocking on our doors wanting to come in.

“They’re really excited it’s really close,” she added. “Typically, they’re a train ride away.” Pender said she anticipated “a lot of great foot traffic from the people that live in the neighborhood and don’t have to take that long train ride to get there.”

That was one of the goals of building owner Infinity Real Estate, according to Steve Kassin, a founder and managing partner. With roots in the neighborhood, Kassin told this paper, “We hope residents and those who work here will welcome the convenience and accessibility Target’s new small format store will provide to all.”

The Midwood store — in an area that Infinity Investment Director Daniel Gluck called a “vibrant, high-density and convenient neighborhood in the heart of Brooklyn” — offers a product selection that is familiar to Target shoppers, but tailored for local residents and commuters.

“One of the special areas is electronics,” Pender said. This includes Plus Mobile for cell phones.

In addition, she said, staffers in the store’s beauty department have had extra training “to be able to support the guests in any way they can.”

The Midwood Target’s grocery department is also a specialty area.

“Being that there are no bigger grocery stores in the area, I’m really excited that we offer that to our guests,” said Pender, who also singled out the store’s apparel department.

“They’re going to love the stuff that we have for them,” she said.

Merchandise at the store includes a curated assortment of men’s and women’s apparel and accessories, as well as clothes and accessories for infants and children, home and decor essentials, health and beauty products, toys and sporting goods, and more. It will also offer a quick-trip selection of food and beverages.

Community outreach is typically an important part of what Target does and this location is no exception.

“We pride ourselves on volunteering,” Pender said, adding that she was “looking forward” to being contacted by local organizations about volunteer opportunities for Target staff.

In addition, she noted that the store had given a grant to a local not for profit, Imagine Academy, whose mission is for to help families of children that have been diagnosed with autism.

“It’s a new partnership,” Pender added. “I’m looking forward to seeing what we can create in the relationship and how we can help them spread the message and also any activity we can be supportive in. We would love to be a part of that.”

The new Midwood Target is the third small-format store to open in Brooklyn. Its hours are Monday through Friday, 7 a.m.-10 p.m.; Saturday, 8 a.m.-11 p.m.; and Sunday 8 a.m.-10 p.m. The Starbucks hours are Monday through Friday, 7 a.m.-9 p.m.; and Saturday and Sunday, 8 a.m.-9 p.m.

Click here for the online article.

Miami Beach United Hosting Panel on Re-Imagining Ocean Drive

Miami Beach Residents and Panelists to Discuss Vision with Passing of Proposals and Funding

Ocean Drive

MIAMI BEACH, FL, USA, November 12, 2018 – einpresswire.com – Miami Beach United (MBU) is hosting a panel discussion on Re-Imagining Ocean Drive at the Miami Beach Woman’s Club on Tuesday November 13, 2018. The panel will review the ongoing revitalization on Ocean Drive over the past few years, and will discuss ideas and out-of-the-box thinking about how Ocean Drive can be enjoyed differently than it is currently.

Panelists will include Rolando Aedo, Chief Operating Officer of the Greater Miami Convention & Visitors Bureau; David Berg, Director, Ocean Drive Association and Partner, Infinity Real Estate, redevelopers of 728 Ocean & Clay Hotel; Mike Palma, President, Ocean Drive Association and EVP, Jesta Group, owners of Clevelander and Essex House; Ed Ponder, Director of Food & Beverage, The Betsy Hotel and Former President, South Florida Concierge Association; Cesar Garcia-Pons, Principal at garcia-pons + associates and LEED certified urban designer & planner involved with urban renewal in Miami; and Don Worth, Ocean Drive resident since 1993, Former DRB member; and preservationist for Art Deco, MiMo and Miami Marine Stadium.

MBU’s mission is to provide Miami Beach residents a cohesive voice for city-wide issues that impact their quality of life. “MBU is grateful to the Miami Beach Woman’s Club for offering us their space for this panel to re-envision Ocean Drive. By bringing together residents, stakeholders, and other constituents who care about our community, we can assess everyone’s thoughts and concerns and discover our best path forward,” stated Tanya Bhatt, Co-President of Miami Beach United.

“Miami Beach, its rich community and history, and storied architecture have been a natural draw for Infinity. Our objectives of landmark preservation, environmental protection, and urban renewal have found a natural foothold here with like-minded residents and community leaders of Miami Beach. We are delighted to be a participant in the revitalization and renaissance here, appreciate the legislative support and funding that has been approved, and look forward to important enhancements that are critical to the future of Ocean Drive and Miami Beach,” added David Berg, Director, Ocean Drive Association, and Partner, Infinity Real Estate.

Click here for the online article.

Infinity Real Estate Participates in $24 Million BridgeInvest Loan

Invests $4.5 Million for Construction of 133-Unit Condo Building in Miami

NEW YORK, NY, USA, November 19, 2018 – einpresswire.com – Infinity Real Estate LLC (Infinity) participated in BridgeInvest’s $24 million loan syndication for the development of FountaineParc, a 133-unit class A multifamily rental building, located at 275 Fontainebleau Boulevard in Western Miami. The property sits on 2.2 acres and will offer more than 100k rentable square feet. Construction is scheduled to begin by the end of 2018 with a completion target of 12 months.

Infinity’s participation was approximately $4.5 million of the total $24 million BridgeInvest loan, and marks Infinity’s tenth debt transaction over the past twelve months.

Steve Kassin, Infinity’s Founder and Managing Partner, noted: “This property aligns well with our investment strategy, and our participation with BridgeInvest underscores our ability to provide debt financing to projects that meet our lending criteria.”

Infinity provides senior, 2nd mortgage, or mezzanine position financing in the range of $2-10 million for well-located projects requiring stabilized, value-add or construction funding. For debt funding above $10 million, Infinity will partner with a single senior lender. In addition to Miami, Infinity is open to lending in urban locations with strong demographics and economic drivers, including other nearby South Florida markets and its other urban focus markets – New York, Washington, DC, Philadelphia, and Boston. Infinity debt investment criteria also include: high-quality product/location; attractive financing terms of less than 75% of LTC and 65% of appraised completed value; and only experienced borrowers with sufficient security for debt collateralization.

Infinity Partner David Berg added: “We have an optimistic outlook for Miami and are open to providing similarly structured debt there, in similar South Florida markets, and in our other urban focus cities of New York, DC, Philadelphia, and Boston.”

Three DARO-Owned Buildings Featured in Architecture DC Spring 2019 Issue

Uncommon Spaces Column Showcases Historic Renovations Bringing Sedgwick Gardens, The Parkway and The Archer to Legacy Grandeur

WASHINGTON, DC, USA, March 15, 2019 – EINPresswire.com/ – Three DARO-owned buildings in its 10-property portfolio were showcased in Architecture DC Magazine’s Uncommon Spaces series for recently completed historic renovations. Renovations and enhancements to the magnificent properties were undertaken by ownership to bring back to original historic splendor DARO’s Sedgwick Gardens (1931) at 3726 Connecticut Avenue, NW; The Parkway (1927) at 3220 Connecticut Avenue, NW; and The Archer (formerly, Cathedral Court, 1925) at 3701 Massachusetts Ave, NW.

DARO’s commitment to rehabilitating, restoring and preserving historic properties are among a core set of values, along with their dedication to offering tenants the comfort of modern amenities, class-A service, a sense of community and a focus on sustainability.

“There is nothing as satisfying in my work as a completed project that modernizes and breathes new life and elegance back into a property and in turn allows tenants and visitors to experience the legacy of an era in their day to day,” said Carissa Barry, President of DARO Management. “We are so proud of the work on these three buildings, and I hope that our residents – existing and prospective – will enjoy the restorations for some time to come.”

The inset of contributing architects to Sedgwick Gardens and The Archer omitted Andrew Wilkinson who provided Interior Design alongside Bonstra | Haresign Architects.

The Future of Travel: “Hospitality is now inherently a driver for all real estate — and no longer isolated to just hotels. This is a fundamental shift.” With David Berg of Infinity Real Estate

Real estate is no longer just about ‘location, location, location’. It’s about ‘experience, experience, experience’, and you’re seeing this across all property types and sectors. Hospitality does not just mean hotel anymore: the hospitality industry is impacting the office property sector, the residential property sector, and the retail property sector. Every retail location and retail […]

March 25, 2019 – thriveglobal.com/ – I had the pleasure of interviewing David Berg, partner, joined Infinity Real Estate in 2011. David oversees the firm’s investment ventures and the implementation of its strategy in New York City, Washington, D.C., Philadelphia, and Miami. He is also responsible for maintaining and servicing the firm’s lender and investor relationships within these markets. He is an active member of the Miami Beach development community serving as the vice president of the Espanola Way Association, a board member of the Ocean Drive Association, and an advisory member of the Washington Avenue BID.

Can you tell us the story about what brought you to this specific career path? How did you get your start?

I graduated from the Goizueta Business School at Emory University and wanted to work at a large institution, so I started my career at JP Morgan in commercial mortgage backed securities before the market crash. That’s what exposed me to real estate. I realized then that I wanted to be involved in both real estate finance and the bricks and sticks. So I moved out of the capital markets side of the business into more of an acquisitions and investment management role.

How did that actually transgress into hospitality and hotels and specifically to the Clay on Espanola Way and Miami?

My focus is on investing in top-tier urban markets in the US, mainly on the East Coast. As a result, that has brought us to New York, D.C., Philadelphia, Boston, and Miami, all of which are transient-oriented cities that capture a lot of tourism. When you’re in Miami you are inherently in the hospitality industry, since the major focus is on driving and servicing tourism.

Can you share a story from early in your career that drove you towards Miami in particular?

Christmas week of 2014, I was in Miami on vacation when my partner Steve got a call that there was an opportunity to purchase on Ocean Drive if we moved quickly. The property was 728 Ocean Drive, which formerly housed a Johnny Rockets, which we redeveloped into a CVS. We closed that first Miami deal in about a week, and the relationships we formed in that transaction are what eventually brought us to Espanola Way.

Have you made any funny mistakes since first delving into the real estate world and can you tell us if there’s any lesson that you learned from that?

When weacquired the Ocean Drive property, we did not foresee the political backlash which ensued from the perceived disruption that bringing a national retailer store — CVS — to Ocean Drive would create. This lesson we learned was a blessing in disguise.

Although getting the deal approved and the CVS opened was a challenge, we now have a far better understanding of Miami Beach and developed strong relationships with the political and local community. Through those community-driven efforts and focus, I am now proud to serve and work with the community as Vice President of the Espanola Way Association, Co-Chair of the South Beach Bid, and director of the Ocean Drive Association.

What innovations are you bringing to the travel and hospitality industries?

Real estate is no longer just about ‘location, location, location’. It’s about ‘experience, experience, experience’, and you’re seeing this across all property types and sectors. Hospitality does not just mean hotel anymore: the hospitality industry is impacting the office property sector, the residential property sector, and the retail property sector. Every retail location and retail operator is now focused on an experience-driven store. They hope to bring a new experience, a lively experience, to their location to attract people inside to compete with online shopping.

For the office sector, firms like Knotel and WeWork have brought hospitality to the office world. You don’t just check-in at the security desk and take the elevator up to your office. You now have open floor spaces with ping-pong and pool tables, open kitchens, and social gathering spaces.

In the residential sector, sought-after amenities include concierge services, dry cleaning services, different food and beverage outlets, and common areas inside residential lobbies.

Hospitality is now inherently a driver for all real estate — and no longer isolated to just hotels. This is a fundamental shift.

How are you taking the hospitality industry to the next level?

Curation. Curated amenities, curated offerings, and curated products. Differentiation can no longer rely on design and service alone, but through every touch point and experience that someone has inside of your hotel. Among other things, we now offer our guests unique, fresh, and forward-thinking brands and products across all our hotels to leave a lasting impression and elevate their experience.

Which pain-point are you trying to address by introducing this innovation?

Staleness: you can’t be “same-same.” Brand and your story are critical factors and must be impressionable. We focus on providing a nostalgic experience, for example — one that will give our customers who are from different countries, cultures, demographics — to distinguish our brand from others. You have to find the unique story in your product and capture that. It can’t be obvious. If Al Capone gambled at your property years before, finding a way to conjure his time there through design, product, and experience will leave a longer mark than a billboard.

We specialize in historic properties in major urban markets. We focus on reclaiming the legacy of those properties, bringing them back to life, rediscovering the charm of the architecture and history, and modernizing our properties to today’s world and technology — all to enrich the integrity and impression and deliver an authentic experience.

Can you share three examples of how travel and hospitality companies will be adjusting over the next five years to the new ways that consumers like to travel?

We are creating more common area spaces because people work more remotely than before. Second, we will deliver unique experiences. Third, hospitality will embrace new forms of booking and other technologies. More people are using the OTA’s, which are the Expedia’s and Kayaks in the world. A lot of people are using social media to determine where they want to travel. To be competitive in hospitality means having a very big social presence, a very big online presence, and strategic marketing.

How would you describe your perfect vacation experience?

My perfect vacation is one that is close to the action but offers unique, isolated, and private accommodation. You want to be able to access and enjoy all the location has to offer, but you don’t necessarily need to be or feel in the center of it.

Can you give me an example of a place you’ve traveled to recently that enhanced all your senses?

We went to The Sanara, in Tulum, Mexico. This is a boutique wellness-driven hotel with only seventeen rooms. It is in the center of Tulum, within walking distance to all of the restaurants, bars, shopping, and the bohemian culture that Tulum has to offer. What we loved about that experience was that every person working there knew who we were. We were on a first name basis with the staff, the owner of the hotel met us to extend his hospitality and made us feel welcome and at home — all with the benefit of being in the heart of Tulum with everything Tulum has to offer.

None of us are able to achieve success without some help along the way. Is there a particular person you are grateful towards who helped get you to where you are?

Yes, my partner Steven Kassin, the founder of Infinity Real Estate. He is a mentor; encouraged my move from a pigeon-holed real estate position; and empowers all of us at the firm with autonomy, opportunity and as strong sense of partnership. Steve embraces entrepreneurialism, and his leadership style lets us focus on our strengths, add value in creative ways, and develop our capabilities to the fullest extent.

Is there a specific story showcasing how Steve empowered you?

I’m partly responsible for bringing us into the Miami and Philadelphia sub-markets because of my experience and relationships in those markets. When I joined Infinity Real Estate, we were only in New York and D.C. We could have continued focusing on those two markets alone. However, Steve trusted and empowered us to move ahead and tackle these markets, and this has resulted in some pretty favorable transactions for our team.

Thank you so much for joining us.

Edition hotel in Times Square dazzles on 47th Street

NEW YORK, NY, (March 25, 2019) – nypost.com/ – It took seven years for the Times Square Edition hotel to open at the corner of Seventh Avenue and West 47th Street after the project was announced in 2012.

But Maefield Development, Fortress Investment, Marriott International and Edition-brand creator Ian Schrager hit the sweet spot after a “Grand Hotel”-worthy saga of construction delays, refinancings and partnership changes.

The 42-story, 452-room luxury inn officially opened on March 12, just in time to catch the wave of a Manhattan hotel market that’s cresting after a lull.

Although the Edition’s rooms are opening in stages, occupancy is close to 96 percent in the ones that are available, Schrager said.

“Rooms are full, all restaurants at capacity, and the [cabaret venue] Paradise Club is sold out and killing it,” he said.

Cushman & Wakefield hotel specialist Tom McConnell said, “If they opened two years ago, they would have stepped into a spongy market. Today, they’d probably get 96 percent even if it was all the rooms.”

Maefield declined to comment. Studio 54 co-creator Schrager, who isn’t known for understatement, said, “The bustling, energized and naughty, haughty chaos of Times Square and the pristine, sophisticated, elegant and refined experience of the Edition are two opposites that attract each other and together create a new and magical third zone where the diversity of the people from the two different extremes, like Studio 54, will create a tsunami. It’s what made Studio so special and will do the same for Times Square.”

Manhattan’s hotel market dipped a few years ago because of too many new rooms added and the Airbnb effect.

But according to the trusted PwC Manhattan lodging index, borough-wide revenue per available room — the industry benchmark for hotel performance known as RevPAR — soared to $328 in the fourth quarter of 2018, the highest average for the quarter since 2006.

The fourth-quarter occupancy rate of 89.9 percent bolstered the highest annual occupancy rate in over 24 years, PwC said.

Times Square Alliance President Tim Tompkins calls the Edition “a culmination in the development of a Times Square hotel market as one offering a greater range of offerings.”

Hotel rooms in the “bowtie” rose from fewer than 16,000 in 2009 to more than 18,500 in 2019, according to the Alliance. Yet, Times Square occupancy for 2018 averaged almost 92 percent, compared with 88 percent in Manhattan overall.

CBRE senior vice-president and hotel specialist Bradley Burwell said that while most Times Square hotels are four-star, the Edition “aims for five-star. There’s definitely a need for it in the area.” He predicted, “I’d say they hope to achieve an average daily rate well over $500 a night.”

The Big Apple’s official tourism organization, NYC & Co., found visitors rose to a record 65.2 million in 2018, up 3.8 percent over 2017 — and projected a jump to 67 million this year — making chopped liver of its own predictions of a decline a few years ago.

Maefield and Fortress Investments bought out all their Edition partners last April in a $1.53 billion recapitalization — the climax to a long-running tango that included Schrager; J.W. Marriott Sr.; developer Steven Witkoff; Winthrop Realty Trust; Steven Kassin’s Infinity Real Estate; Barry Sternlicht’s Starwood Property Trust and Howard Lorber’s New Valley LLC. (Marriott manages the property but has no equity. Schrager is a partner with Marriott in management.)

After the developers acquired the two-building corner site for $430 million, they bought additional air rights in 2014 from the Shubert Organization for $409 per square foot for 44,968 square feet — allowing a larger building of nearly 270,000 square feet.

Infinity sold its stake. Then, after ground was broken in 2015, the ground proved to be less stable than expected.

“As we began excavating, we found that old footings were attached to nothing,” Witkoff told us in 2016. “They were literally floating free.”

Shoring up the footings required approval by the MTA, because subway tracks run beneath the site — adding nine months to the job.

The originally planned 500 rooms were cut to 452, while retail and event space grew from 66,360 square feet to 100,000 sf. A spectacular, 18,000 square-foot outdoor LED sign — Times Square’s biggest and brightest to date — was added. The planned opening in 2016 was pushed back several times.

CBRE’s Burwell said that the timing benefitted the project. “The long duration allows capital to come and go” [as needed] and for the design to change to suit the market,” he said.

The gleaming silver tower’s architect is PBDW Architects and interiors are by Yabu Pushelberg/ISC Design Studio. But Schrager is behind the overall design, amenities and atmosphere. He tapped his gift for creating a buzzy, sexy environment full of food, drink and show.

The Edition boasts restaurants by Michelin-starred chef John Fraser, multiple alfresco dining terraces and a high-profile Paradise Club after-dark venue inspired by Bushwick’s House of Yes cabaret.

Maefield and Fortress are also partners with David W. Levinson’s L&L Holding Co. in TSX Broadway — a new hotel to replace the DoubleTree right across the 47th Street corner.

That project, to feature an outdoor performance deck suspended 30 feet above the street, is to be finished by 2022.

“Both hotels combined with entertainment and experiential retail help bring Times Square into the 21st century like never before,” Levinson said, adding, “TSX Broadway, with its one-of-a-kind outdoor stage, will bring premier entertainment streamed world wide.”

Infinity Real Estate Wins Historic Preservation Award for Revitalization of 1200 Ocean Drive in Miami Beach

Infinity’s David Berg Recognized by Miami Beach Chamber of Commerce as a Better Beach Citizen and Next Gen Leader at 7th Annual Better Beach Awards

New York, NY and Miami Beach, FL – May 16, 2019 – Infinity Real Estate (“Infinity”) today was recognized with two awards at the 7th Annual Better Beach Real Estate Awards event. Infinity’s transformative, historic redevelopment of its 1200 Ocean Drive property earned it the Historic Preservation Platinum Award. In addition, David Berg, Partner of Infinity, earned the Better Beach Citizen Award for his ongoing efforts to improve and revitalize the Miami Beach community. The annual event, which was presented and organized by the Miami Beach Chamber of Commerce (“the Chamber”) and was sponsored by City National Bank and BCI Financial, honored influential leaders and projects that have had a profound impact on Miami’s local real estate over the past year. Award categories included historic preservation, innovative architecture, design, restoration, and environmental initiatives, among others.

The Historic Preservation Award recognizes a real estate company that revives a historical Miami Beach building site to current, adaptive re-use, while ensuring the building still maintains its cultural and historic identity. The building must meet approval from the Historic Preservation Board and obtain a Certificate of Operation for its new adaptive use.

This project marks Infinity Real Estate’s 30th historic redevelopment project across five cities, and its 5th in the Miami area.

“Infinity truly understands the importance of maintaining and preserving Miami Beach’s architectural history. What they’ve done with a landmark like 1200 Ocean Drive is going to become a model for preservation and sustainability efforts for years to come,” said Mirielle Enlow, the Real Estate Council Chair for the Chamber. “Also, I can’t think of someone more deserving of the Better Beach Citizen Award than David. His work with the Espanola Way Association, in particular, is just amazing. He’s managed to bring the entire community together.”

Infinity Real Estate’s Managing Partner, Steve Kassin commented, “We would like to express our gratitude to the Chamber for this honor. This is an extremely prestigious award, and we are humbled by their decision to name us the winner. It is our hope that the restoration of 1200 Ocean Drive showcases Infinity’s commitment to historic preservation, sustainability, and best-in-class adaptive redevelopment.”

Infinity acquired 1200 Ocean Drive in 2016 and began restoring the Miami Modern icon to its former grandeur. Originally designed by legendary architect Gilbert Fein, the three-story, post-war apartment building was erected in 1958, and it quickly became a landmark due to its signature balconies and eyebrows, as well as its vertical “1200” signboard. With the gracious support of the Historic Preservation Board, Infinity was able to pursue its vision and ultimately infuse over $6 million into restoring this classic property. Improvements included renovating the building’s façade, the famous “1200” signboard, all balconies and windows, and the interiors of all the units. The property was also made more energy efficient and less vulnerable to sea level rise through elevation changes to the ground floor. The revitalized property is a case study of architecturally responsible and economically viable historic development.

“We cannot thank the Chamber enough for this honor,” David Berg, who was also the recipient of the Better Beach Citizen Award, said. “We would also like to thank our partners, collaborators and friends on Ocean Drive and in the Miami Beach community who helped us achieve this recognition. We feel that it is our responsibility not only to contribute to Miami’s cultural reputation as a number one international gateway destination and place to live, work, and play, but also to serve as a model for what sustainable historic redevelopment can achieve.”

On being named the winner of the Better Beach Citizen Award, Berg said, “It is a tremendous honor. Just being nominated was an achievement in itself, and I am grateful to have been honored with the win. I look forward to continuing to serve Miami Beach as best I can, and to helping improve the quality of life for everyone in the community.”

The Better Beach Citizen Award is presented to individuals and corporations who strive to improve the quality of life within the Miami Beach community through civic engagement and volunteer work. Berg was nominated and selected for the award because of his historic redevelopment work with Infinity, as well as his involvement with Ocean Drive Association, South Beach Business Improvement District, and Espanola Way Association.

Premier 587 Fifth Avenue Building Leases 9th Floor to GSI

Prime Double Height Expandable Retail Available at Prime 48th Street Location

New York, NY – May 30, 2019 – The Xerxes Group (“Xerxes”) and Infinity Real Estate (“Infinity”) announced today that Gemological Science Institute (GSI) is the most recent company to join the building roster at 587 Fifth with a 4,110 square foot lease of the 9th floor, expanding GSI’s NYC footprint from their neighboring offices at 581 Fifth Avenue. The Property has attracted a steady stream of interested businesses for its unique architecture, sophisticated updates, its smaller, distinct footprint and prime location on Fifth Avenue just south of 49th Street.

Salon SCK also chose the property for its prime Fifth Avenue location after 7 years at Columbus Circle with the lease of 4,425 square feet on the 4th floor. Independent Music Publisher Arcade Songs leased the property’s unique 4,110-square foot Penthouse suite in April 2018.

Mark Sweet, one of the owners of of Salon SCK, commented on his company’s move to midtown, “This location is clearly at the epicenter of up and downtown Manhattan. We look forward to welcoming our clients to this premier building and trust that they will make the transition seamlessly to an environment and location that matches or exceeds their expectations.“ Salon SCK will be beginning construction imminently with permits underway, and hopes to open the location in August.

Newmark partners Nick Berger and Greg DiGioia represented the ownership group for the property’s commercial space and were responsible for the GSI and Salon SCK leases. Berger noted, “We are delighted to have leased the commercial office space on the 9th Floor to GSI and are pleased that companies on the building roster value the aesthetic and intentions ownership holds for the property.”

Adjacent buildings have attracted prominent brands Lululemon, Sephora, H&M, Asics and Sunglass Hut for the location’s accessibility to upper and lower Manhattan.

Matt J. Ogle and Patrick A. Smith of JLL are marketing the newly renovated double height storefront on the ground level, along with a 2,000 square foot basement.

Ogle noted: “No other space on Fifth Avenue south of 49th Street offers the features currently available at 587 Fifth Avenue. 587 has the best space available under 3,500 square feet on the ground level where a tenant could take advantage of a new store installation with a double height storefront. We are seeing much greater leasing tenant interest and leasing in this corridor.”

Commenting on the building and ownership, Smith added: “This is by all means one of the desirable retail blocks on the Fifth Avenue corridor, and this property is a real gem. Moreover, the current occupancy of the building is a testament to its long-term value, convenient location, and more importantly, reflects ownership’s stature as best-in-class landlords who get things done.”

The 4,225 square foot and soon-to-be-available 2nd Floor which offers floor-to-ceiling glass windows overlooking Fifth Avenue and above standard ceiling height will be offered on a standalone basis by Newmark or is combinable as either a showroom or office space tying into the retail.

The building’s full lobby renovation by award-winning design firm, Julian Von Der Schulenburg, was completed in Summer 2018, maximizing the lobby’s spatial experience by doming the space to double the ceiling height. The extensive revitalization of the classic, 10-story, 45,000-square foot building, located between 47th & 48th Streets, included upgrades of several floors and elevator cab renovations.

JV partners Xerxes and Infinity have collaborated successfully on two other New York City properties.

DARO Adds Two New Buildings to Its Management Oversight

Circle Arms in Foggy Bottom and Connecticut House in Van Ness Bring Total Property Count to 12

Washington, DC – June 13, 2019 – EINPresswire.com/ – DARO announced today it has added two new buildings to its management oversight to bring its total property count to 12. DARO has been managing the two buildings since May 1, 2019, and residents at the new properties are responding positively to both DARO’s oversight and accessibility of the locations.

Circle Arms is located at 2416 K Street NW in the Foggy Bottom neighborhood of NW Washington, DC. The community was built in 1964 and offers 48 fully furnished apartment homes which range in size from studio to one bedroom den. Circle Arms is conveniently located within walking distance of the Foggy Bottom metro, GW University and GW Hospital, and provides resident amenities such as a roof deck with views of the Potomac River and Georgetown.

Connecticut House is located at 4500 Connecticut Ave. NW in the Van Ness neighborhood of NW Washington, DC. Connecticut House was built in 1958 and offers 119 extremely large apartment homes ranging from studio to three bedrooms. The community is a block from the Van Ness metro, the University of the District of Columbia (UDC) Van Ness campus, and Soapstone Valley Park.

Carissa Barry, President of DARO Management, commented: “We are delighted to have added Circle Arms and Connecticut House to the Daro Management portfolio. The addition of these two communities further enhances our residential portfolio offerings. Both are charming buildings in vibrant neighborhoods.”

DARO’s commitment to rehabilitating, restoring and preserving historic properties are among a core set of values, along with their dedication to offering tenants the comfort of modern amenities, class-A service, a sense of community and a focus on sustainability.

Barry added: “As with all our buildings, we cherish the opportunity to offer our residents the features, elegance and legacy inherent in these vibrant communities, and we remain encouraged by the positive feedback we continue to receive from our residents.”

Infinity Renews 2 Retail Leases in Soho and Flatiron

Chic Kitchen Designer Bulthaup to Remain at 158 Wooster Street Property Through 2030 and Renowned Tile Manufacturer Renews for Another Ten Years at 49 East 21 st Street

New York, NY – July 10, 2019 – EINPresswire.com/ –  Infinity Real Estate (“Infinity”) has announced that Bulthaup, a luxury German kitchen manufacturer, will remain as the sole tenant of the ground-floor space at 158 Wooster Street in Manhattan. The enviable location at the corner of Wooster and West Houston Street is just a few blocks south of the campus of New York University. It is also nearly equidistant to Broadway and West Broadway, two of the main commercial arteries of SoHo, which is one of the premier shopping destinations in New York City. Bulthaup has occupied the approximately 3,000-square-foot space since 2010 and will now remain until at least the end of January 2030. The previous lease was set to terminate January 31, 2020. Prior to moving to the 158 Wooster Street location, Bulthaup had been based at 578 Broadway.

“We are extremely happy that we’ve reached a deal with Bulthaup,” Investment Director for Infinity James Jung said. “They have been ideal tenants for us, and we know how much remaining in SoHo means to them. They really do belong here because they provide the kind of authenticity and customer service that people have come to expect from companies based in this part of Manhattan.”

Infinity also renewed for another ten years its tenant at 49 East 21st Street, which is co-owned by Infinity and The Xerxes Group (“Xerxes”). The 5,000-square-foot, ground-floor space on 21st Street is the showroom for the largest tile manufacturer and distributor in the nation. The location sits between Broadway and Park Avenue South and is only steps away from such landmarks as Gramercy Park, the Flatiron Building, and Madison Square Park.

For more about Bulthaup, please visit: bulthaup.com/en-us/ 

Infinity Real Estate Signs Reformation at Its Newbury Street Boston Property

Leading Sustainable Fashion Brand Leases Ground Floor of Infinity’s 353 Newbury Street

Boston, MA – July 17, 2019 – Infinity Real Estate (“Infinity”) announced today that they have signed a ten-year, ten-month lease with leading sustainable fashion brand Reformation at Infinity’s 353 Newbury Street property, located in the heart of Boston’s Back-Bay neighborhood. The lease is for the 2,850-square-foot ground floor retail space at the property that fronts the premier shopping corridor.  

For over 10 years, Reformation has been dedicated to transforming harmful retail practices by leading a sustainable revolution and paving the way for how the fashion industry defines being green. From opening the first sustainable sewing factory in the U.S. to designing low-impact, tech-enabled retail locations, Reformation is committed to pushing the industry forward and furthering their mission of bringing sustainable fashion to everyone.

For over 10 years, Reformation has been dedicated to transforming harmful retail practices by leading a sustainable revolution and paving the way for how the fashion industry defines being green. From opening the first sustainable sewing factory in the U.S. to designing low-impact, tech-enabled retail locations, Reformation is committed to pushing the industry forward and furthering their mission of bringing sustainable fashion to everyone.

Steve Kassin, Managing Partner at Infinity, noted Reformation’s contribution to the Back-Bay’s allure. “Newbury Street is one of the most vibrant commercial strips in Boston and has been so for decades. Retailers like Reformation are the ones who have made it that way and continue to drive the area’s growth. They provide a unique experience for the conscientious consumer that prioritizes style, social and environmental responsibility. I have no doubt that Reformation will help keep Newbury at the forefront of Boston’s retail market.”

Infinity is increasingly aligning with companies like Reformation that share its social responsibility objectives and dedication to environmental and sustainability initiatives.  “We are particularly drawn to retailers and companies that share our ethos on environmentalism and social progress,” Kassin added. “Working with Reformation has truly been a breath of fresh air – their focus, professionalism, and their efforts from the top down to reduce waste, increase sustainability, and provide real financial opportunities to their workforce clearly positions them at the vanguard of progressive companies.”

Infinity is actively searching for additional properties in the Boston metro area for several other retail partners seeking expansion opportunities in the market. The Company is targeting mixed-use properties that offer hospitality, residential or office space above street-front neighborhood retail.

For more about Reformation, please visit: www.thereformation.com.

Daro to Take Lead on Sustainability

Property Manager Will Now Rely on Wind to Power Its 12 Historic DC Buildings

Washington, DC – September 3, 2019 – EINPresswire.com/ – Daro Management Services, LLC (“Daro”) has announced more aggressive efforts to cut carbon emissions by transitioning to wind power. To accomplish this task, Daro has allied with WGL Energy(“WGL”) and will take part in their WindPower program. The move by Daro will prevent 209 metric tons of carbon dioxide from being released into the atmosphere and will affect the firm’s entire portfolio: 

Sedgwick Gardens Apartments – 3726 Connecticut Avenue NW 
The Parkwest – 2929 Connecticut Avenue NW 
Parkway Apartments – 3220 Connecticut Avenue NW 
Connecticut House Apartments – 4500 Connecticut Avenue NW 
Circle Arms Apartments – 2416 K Street NW 
1900 Lamont Apartments – 1900 Lamont Street NW 
The Phoenix – 1421 Massachusetts Avenue NW 
The Archer – 3701 Massachusetts Avenue NW 
The Rodney – 1911 R Street NW 
The Rodman Apartments – 3002 Rodman Street NW 
Sixteen Hundred Apartments – 1600 16th Street NW 
The Vintage on 16th – 3146 16th Street NW 

“Daro has always been a strong proponent of environmental causes,” said Carissa Barry, President of Daro. “From the appliances that we supply to our tenants to the windows that we install throughout our buildings, we always consider the amount of energy that we consume and strive for efficiency. By participating in WGL’s WindPower program, however, we are expanding our focus from efficiency to a model of sustainability that is more global in scope.” 

WindPower is Green-e Energy certified, meets the environmental and consumer protection standards established by the Center for Resource Solutions, and is a recognized Renewable Energy Certificate product. Additionally, wind power produces no air or water pollution and, as of 2018, supported 114,000 jobs throughout the United States, according to the American Wind Energy Association. 

“The transition ensures that all Daro properties are powered by renewable sources,” Barry said. “On top of reducing our carbon footprint, it allows us to better align our values with our day-to-day operations and the opportunity to lead by example.” 

About Daro (www.daroapartments.com
DARO was founded in 1935 by Dunbar A. Rosenthal. The 84-year-old company employs over 60 professionals across twelve revitalized historic properties and is known as a top owner-managed firm in the Metropolitan DC area. In 2013, after an infusion of capital into the portfolio, DARO began operating under new management with a renewed focus on strengthening customer service and community. DARO is proud to offer its tenants the charm and grandeur of DC’s historic properties alongside the comfort of modern amenities and class-A service. DARO’s management also takes pride in its sustainability program, aimed at preserving and rehabilitating historic properties and operating with the highest possible efficiency and smallest possible carbon footprint.

Infinity to Welcome VTA to Kingswood Center I

Infinity Real Estate and The Nightingale Group announce that VTA Management Services has signed a 10 year/5,000 s/f lease at Kingswood Center I in Midwood, BK.

Brooklyn, NY – September 3, 2019 – EINPresswire.com/ – Infinity Real Estate LLC (“Infinity”) and The Nightingale Group LLC have announced that VTA Management Services, LLC (“VTA”) has signed a ten-year lease on approximately 5,000 square feet of Class A office space in Kingswood Center I previously occupied by the Lighthouse Guild. VTA, which offers pediatric, geriatric, nursing, hospice, and therapy services, is a partner of NPORT Staffing, New York’s largest provider of contract nursing and therapy staffing services.

VTA joins a growing number of organizations from the medical community, including the New York Ear and Eye Infirmary of Mount Sinai, Visiting Nurse Service of New York, and other health care staffing companies, who have become tenants of Kingswood Center I. The mixed-use building at 1630 East 15th Street is located off Kings Highway, Midwood’s premier commercial artery, just steps from the Kings Highway Station on the B and Q lines. On top of being a growing non-profit and medical hub, the center has also become a major shopping destination for southern Brooklyn, with tenants including T.J. Maxx and New York Sports Club.

Another Infinity and Nightingale owned property, the newly developed Kingswood Center II, is located just a block away at 1712 East 14th Street/1715 East 13th Street and has recently become home to both a Target and a Marshalls. Like Kingswood I, the property also contains Class A office space with approximately 45,000 square feet available on its top three floors. The space features tall ceilings, wide column spans, and abundant light. It also benefits from an attended lobby beautifully apportioned with terrazzo floors, custom millwork, and other high-end finishes.

Neighborhoods like Midwood, such as Borough Park, Kensington, and Flatbush, have seen greater than 45 percent job growth since the recession. Kings Highway, in particular, is attracting a significant number of firms in the health care industry, which is fueling the local economy.

Bill O’Brien from M.C. O’Brien Inc., represented VTA, and Infinity and Nightingale were represented in-house by Infinity Investment Director Daniel Gluck. Mr. O’Brien was particularly pleased with the deal. “I have had over 20 years of experience working with VTA, both as a tenant rep and landlord rep, due to a series of mergers and acquisitions. This property is by far the best facility they have acquired. It was a pleasure working with ownership and we look forward to bringing other quality tenants to the Kingswood portfolio,” he said.

“This deal is a testament to the strength of the Midwood market,” said Mr. Gluck. “Kings Highway has always been a vibrant retail corridor, but we’re seeing greater interest from institutional, medical, and non-profit companies who want office space in both Kingswood I and Kingswood II. The properties are in an excellent location central to all southern Brooklyn, which is still relatively affordable. With commercial leasing, that combination coupled with this area’s population density, demographics, and the building’s on-site parking, is always a recipe for success,” Mr. Gluck added.

For more about VTA Management Services, please visit http://nportstaffing.com/

Infinity, Nightingale Draw Nurses, Doctors and Medics to Mixed-use Midwood Property

Brooklyn, NY – September 6, 2019 – rew-online.com/ – Infinity Real Estate LLC and The Nightingale Group LLC have announced that VTA Management Services, has signed a ten-year lease on 5,000 s/f of Class A office space in Kingswood Center I previously occupied by the Lighthouse Guild.

VTA, which offers pediatric, geriatric, nursing, hospice, and therapy services, is a partner of NPORT Staffing, New York’s largest provider of contract nursing and therapy staffing services.

The group joins a growing number of organizations from the medical community, including the New York Ear and Eye Infirmary of Mount Sinai, Visiting Nurse Service of New York, and other health care staffing companies, who have become tenants of Kingswood Center I.

The mixed-use building at 1630 East 15th Street is located off Kings Highway, Midwood’s premier commercial artery, near the Kings Highway Station.

On top of being a growing non-profit and medical hub, the center has also become a major shopping destination for southern Brooklyn, with tenants including T.J. Maxx and New York Sports Club.

Another Infinity and Nightingale owned property, the newly developed Kingswood Center II, is located a block away at 1712 East 14th Street and has recently become home to both a Target and a Marshalls. The property also contains Class A office space with 45,000 s/f available on its top three floors.

Neighborhoods like Midwood, such as Borough Park, Kensington, and Flatbush, have seen greater than 45 percent job growth since the recession.

Kings Highway, in particular, is attracting a significant number of firms in the health care industry, which is fueling the local economy.

Bill O’Brien from M.C. O’Brien Inc., represented VTA, and Infinity and Nightingale were represented in-house by Infinity Investment Director Daniel Gluck.

O’Brien commented, “I have had over 20 years of experience working with VTA, both as a tenant rep and landlord rep, due to a series of mergers and acquisitions. This property is by far the best facility they have acquired. It was a pleasure working with ownership and we look forward to bringing other quality tenants to the Kingswood portfolio,” he said.

“This deal is a testament to the strength of the Midwood market,” added Gluck.

“Kings Highway has always been a vibrant retail corridor, but we’re seeing greater interest from institutional, medical, and non-profit companies who want office space in both Kingswood I and Kingswood II. The properties are in an excellent location central to all southern Brooklyn, which is still relatively affordable.

“With commercial leasing, that combination coupled with this area’s population density, demographics, and the building’s on-site parking, is always a recipe for success.”

Amerant Lands $49M Loan For Brooklyn Development Project

Brooklyn, NY – September 16, 2019 – law360.comAmerant Bancorp said Monday that it has provided a joint venture with a $49 million first mortgage loan to finance a five-story, 109,623-square-foot property in Brooklyn that features both office and retail space.

Florida-based Amerant Bancorp Inc. said that it arranged refinancing on behalf of a partnership between Infinity Real Estate LLC and Nightingale Group LLC for the Kingswood Center II, located at 1715 East 13th Street in Brooklyn. Amerant said it is acting as the administrative agent financing the majority of the loan, with other prominent banks in New York picking up the remainder of the balance.

“Amerant is committed to growing and maintaining strong inter-bank relationships, while always meeting our client’s ever-evolving needs. We are dedicated to expanding and solidifying our footprint in the industry,” senior vice president and manager of Amerant’s New York commercial real estate division, Paulo Garcia, said in a statement.

The property houses 60,000 square feet of retail space that is currently leased by department stores Target and Marshalls. The remaining space, approximately 45,000 square feet currently, is marketed as office space.

“As one of our preferred lenders, we are delighted to be refinancing our construction loan with Amerant,” Infinity Real Estate Managing Partner Steve Kassin said in a statement.

New York-based Infinity Real Estate was founded in 2005 and is a privately owned developer, owner and manager of property in major U.S. markets.

Nightingale Group is a vertically integrated real estate investment firm targeting properties that are primed for redevelopment.

Representatives for Amerant, Infinity and Nightingale did not return requests for comment Monday.

Legal and financial adviser information for Amerant, Infinity and Nightingale was not available Monday.

Brooklyn: A Place to Live, Work, Shop & Visit | The Stoler Report – New York’s Business Report

Brooklyn, NY – October 24, 2019 – Brooklyn, traditionally considered a back-office for Manhattan companies, is getting closer to becoming the main office for important businesses. Retail is affected by the borough’s walkability, proving brick and mortar retail is not dead. Discussion included the future of Coney Island, Red Hook, East New York.

The Experience Factor Spreads Throughout CRE | By Tanya Sterling, GlobeSt.com

“Hospitality and experience are the new buzz words for real estate, and seemingly as common and important as location.”

Brooklyn, NY – November 15, 2019 – globest.comMove aside ‘location, location, location.’ Experience has become the new buzzword for commercial real estate. Or if you prefer, the more traditional word ‘hospitality.’

“Hospitality and experience are the new buzz words for real estate, and seemingly as common and important as location,” David Berg, partner at Infinity Real Estate, tells GlobeSt.com. “The hospitality industry affects the office market from a coworking perspective and the retail market from an experiential perspective. Most retailers are now focused on an experience-driven space. They plan on bringing a fresh, new experience to their location in order to compete with online shopping.”

In retail, online spending has become so disruptive that without an experience-driven concept, it is challenging for retailers to survive even with a recognized brand name. Office spaces are now also jumping in and adding common areas, concierges, bars and outdoor spaces.

“I think we are going to be hard pressed to find a successful property sector going forward where hospitality services and experience-driven consumer interaction isn’t at the forefront of the offering,” Berg says.

But today’s experiences are only as good as however long they stay top-of-mind, he continues. “Every brand is on the hunt for memory-making and consumer stickiness, but the winners are going to be the ones that are authentic and deliver on their brand promises in a world where most fall short of both.”

This is not to say that the more traditional metrics can now be put aside. For example, the tenant experience has become key to multifamily but Berg and his team never forget the basics, such as:

  • cost per square foot
  • cost per unit
  • going in and stabilized yield
  • proximity to the metro or public transportation
  • size of the units plus unit mix
  • vintage of the infrastructure

Investment Criteria

Invetsment-wise, Berg and his team are attracted to a wide variety of properties and areas.

“We try to know a lot about a little, one could say. What I mean by that is we try to be experts in certain property types in certain submarkets but not experts in all submarkets. For instance, in Miami, we are experts in certain parts of Miami Beach and Miami, but do not play in South Miami, Fort Lauderdale and other surrounding submarkets. In Philadelphia and Boston, our radius of interest in certain submarkets can be a few specific blocks/streets. We tend to leverage our know-how and infrastructure so that we are not spread thin or overextend ourselves,” explains Berg.

Flow of Capital to Secondary Markets

Berg, who joined Infinity in 2011, observes that there is significantly more capital flowing to cities that were previously not at the forefront of national and international investors. Cities like Austin, Nashville, Seattle and Philadelphia, to name a few, have seen a tremendous amount of interest from out-of-market buyers and owners.

“The competition in these cities has certainly increased and that has had a direct impact on more traditional primary markets like Manhattan, which is seeing a material slowdown in investment activity and value growth in recent years,” says Berg. “We’re also experiencing a distinct shift in what it takes to attract captive end users. Whether its residential, retail or office, there seems to be a hospitality element to all shapes and sizes of real estate. Largely driven by the WeWorks, Sonders and experience-driven retailers, the absorption of all three sectors is being driven by relatively new players.”

Going into 2020

Berg believes the industry is in for a bumpy and windy road ahead.

“Legislation in some of the country’s ‘core’ markets has had an immediate impact on property values, future investment and growth. Some of the secondary markets have seen an uptick in supply that has yet to be proven and most of the absorption of this supply continues to be driven by new companies that are following the ‘growth model’ without yet turning a profit,” forecasts Berg.

“I foresee some correction on both the valuations of these firms such as WeWork, but also a flight to the historical norm of balancing supply with demand by individual users as opposed to bulk leasing both on the office and residential fronts.”

Banks Struggle to Compete Among Bevy of Alt Lenders | By Mariah Brown, GlobeSt.com

With borrowers willing to pay a premium rate in favor of more leverage and more flexible loan provisions, bridge lenders and alternative lending platforms are finding a robust pipeline of deal flow.

Momofuku Noodle Bar.

New York City, NY – December 09, 2019 – globest.comDebt service coverage, debt yields, and loan-to-value restrictions have challenged the ability of banks and other traditional institutions to compete on value-add transactions, leaving the gates open to alternative lenders.

With borrowers willing to pay a premium rate in favor of more leverage and more flexible loan provisions, bridge lenders and alternative lending platforms are finding a robust pipeline of deal flow for value-add financing opportunities, David Berg, partner at Infinity Real Estate, tells GlobeSt.com.

“Some of the alternative lending groups have experience in the borrower’s shoes on the same types of value-add investment, so these lenders have an easier time getting their arms around the business plan,” Berg said.

Often, value-add deals have the low in-place cash flow or a business plan that intends to alter the cash flow, which in many cases makes traditional lenders that focus on debt-yield and coverage ratios reluctant. As a result, alternative lenders such as Infinity have found a niche in providing higher leverage to borrowers to execute on a renovation or repositioning investment strategy.

For example, in a transaction last week, Infinity Real Estate teamed up with BridgeInvest to lend $12 million on BH’s $14 million acquisition of 169-171 First Avenue. The high-leverage senior loan will finance the two buildings comprised of two retail units and five, full-floor residential units that are each approximately 2,000 square feet. Combined, the total area of the two properties is 13,185 square feet. At 169 First Ave., Momofuku Noodle Bar serves as the anchor tenant and is on a long-term lease.

“We understand the upside that the borrower is trying to capture through the value-add program and see a clear path for the borrower to do so, and we’re comfortable providing financing through this lens,” Berg said.

Alternative lenders, who were traditionally private equity players, are launching debt funds and issuing loan products that banks and even large insurance companies cannot keep pace with, emerging a  competitive force in the space, a recent GlobeSt.com article noted. Alternative lenders could soon overtake loan issuance over life insurance companies, according to data from Real Capital Analytics.

For the 2019 year, debt funds represented a larger share of the commercial mortgage markets than life insurance companies. RCA noted a 10% share for life insurance companies compared to a 9% share for debt funds. It is in the riskier investment styles, where debt funds are more competitive, allowing them to capture more market share than insurance company lenders this year, the data noted.

Infinity Real Estate Sells Iconic Miami Beach Property

1200 Ocean Drive Sells to Core Ocean Drive LLC for $32.5 Million

1200 Ocean Drive, Miami Beach
1200 Ocean Drive, Miami Beach

MIAMI, FL, USA, December 24, 2019 – EINPresswire.com Infinity Real Estate LLC (“Infinity”) sold 1200 Ocean Drive (“1200 Ocean”) to Core Ocean Drive LLC, an affiliate of the New York based Applecore Holdings. The property was sold for $32.5 million in an off-market transaction.

After acquiring the ~19,000 square foot property in July 2016, Infinity received Historic Preservation Board approval and commenced a $6 million restoration and rehabilitation program to retrofit and revitalize the historic property. The program also included modernized and environmentally friendly infrastructure and building envelope upgrades. Their efforts earned Infinity the prestigious 2018 Historic Preservation Platinum Award from the Miami Beach Chamber of Commerce for the property.

We look forward to deploying the proceeds into
our next historic redevelopment hopefully in
the Miami Beach market or one of our other target
markets such has Washington DC, Philadelphia or New York.

David Berg, Partner, Infinity Real Estate

Upon completion of the preservation-based capital program, Infinity leased and delivered the newly configured ground floor retail space to Xperience Restaurant Group for their rock and roll Mexican concept Pink Taco, which is expected to open in January. SobeNY, a national hospitality company that provides luxury and short-term accommodations in core urban destinations, occupies the newly renovated second and third floors.

1200 Ocean has been a Miami Beach landmark since it was built in the late 1950s. It was designed by Gilbert Fein, one of the architects responsible for the development of the Miami Modern aesthetic.

David Berg, a Partner at Infinity, said, “This property is a case study for social, environmental and economically responsible historic redevelopment. The sale of this property is bittersweet as a fully renovated corner property on Ocean Drive is an extremely rare property to come by. With that said, we look forward to deploying the proceeds into our next historic redevelopment hopefully in the Miami Beach market or one of our other target markets such as Washington D.C, Philadelphia or New York.”

Steve Kassin, the Founder and Managing Partner of Infinity, added, “We are considering reinvesting in Miami, especially considering our community involvement, relationships and recognition after winning the award earlier this year,” Kassin said, in reference to Berg’s being the recipient of the Silver Award for the Better Beach Citizen Award. “We want to do our part to continue to build and maintain a strong sense of community.”

Infinity still owns multiple assets in Miami Beach and the greater Miami sub-markets including 728 Ocean Drive. Berg will maintain his position as a Director on the Ocean Drive Association and Co-Chair of the prospective South Beach Business Improvement District.

Aaron Labovitz of Newmark Knight Frank served as adviser for both parties in the off-market transaction.

For more about Core Ocean Drive LLC, please visit http://www.applecoreholdings.com/

For more about SoBeNY, please visit https://sobenewyork.com/

For more about Pink Taco, please visit http://www.pinktaco.com/.

Infinity Sells Ocean Drive Building to Apple Core for $33M | By Katherine Kallergis, The Real Deal

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned.

Steve Klein, David Berg and 1200 Ocean Drive
Steve Klein, David Berg and 1200 Ocean Drive

Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive, across from the beachfront Lummus Park, said Infinity partner David Berg. The company acquired the property from Goldman Properties in 2016 for $15.25 million.

Apple Core Holdings is led by co-founder and CEO Steve Klein, and co-founders and senior partners Kenneth Greif, Larry Horn and Will Kohane, according to its website.

Aaron Labovitz of Newmark Knight Frank represented the buyer, Core Ocean Drive LLC, as well as the seller in the off-market deal.

The three-story South Beach mixed-use building was previously home to the prominent gay bar and restaurant called The Palace. It was built in 1958 on a 7,322-square-foot lot, and Infinity invested $6 million into restoring and renovating the property after securing approval from the Miami Beach Historic Preservation Board. The building was designed by Miami Modern architect Gilbert Fein.

The renovations involved upgrading the plumbing, electrical and other infrastructure, as well as reconfiguring the ground floor. Renovations were completed in the third quarter of 2018.

The ground-floor retail space totals a little over 5,000 square feet, plus a 1,000-square-foot lobby.

Infinity leased the ground-floor retail space to Xperience Restaurant Group’s Pink Taco, a Mexican concept. Pink Taco is expected to open in an indoor and outdoor space in mid-January, according to a press release.

SobeNY, a New York-based firm that operates luxury and short-term rentals, occupies the second and third floors, which were also renovated by Infinity.

Berg said that Infinity plans to re-invest the proceeds of the sale into a property via a 1031 exchange in Miami Beach, Washington, D.C., Philadelphia or New York.

At least two hotels sold on Ocean Drive this year. In August, the U.S. arm of Henley paid nearly $35 million for the Lord Balfour Hotel at 350 Ocean Drive, which re-opened as a Life House hotel.

A month earlier, Crescent Heights sold the Bentley Hotel at 510 Ocean Drive for $28 million to a company led by hotelier Shadi Shomar.

Infinity & Nightingale Sell Kingswood Portfolio In Brooklyn

New York, NY February 12, 2020 – A year and half after delivering the first Class-A, full-service, retail and office property in the Midwood neighborhood of Brooklyn, Infinity Real Estate announced that it has sold its Kingswood Portfolio  to Urban Edge Properties for $165 million in an off-market transaction. The recently developed 110,000 square foot Kingswood Crossing is home to retail anchors Target and Marshalls while also featuring 45,000 square feet of state-of-the-art office space. Also included in the sale is the recently renovated Kingswood Center, a 230,000 square foot mixed-use building that is home to NY Sports Club, TJ Maxx, and Visiting Nurse Services among others. The prime urban properties are located on the densely populated Kings Highway corridor, which serves as a regional retail and transit hub in southern Brooklyn. Unique to the properties is the 250 space below grade parking lot, large office floorplates, unparalleled ceiling heights, expansive views, outdoor tenant space and loading docks. 

The properties were acquired by Infinity and Nightingale in 2014 for $89 million. After securing leases with Target and Marshalls, Infinity completed the ground-up redevelopment of Kingswood Crossing, transforming the property from a structured parking garage into a modern mixed-use retail and office building. Meanwhile, the partnership completed extensive renovations and building improvements to modernize Kingswood Center, strongly enhancing the older property’s appeal. 

“The successful development and redevelopment execution of the Kings Highway portfolio exemplifies our core competencies of delivering best-in-class new build and adaptive re-use urban properties,” commented Steven Kassin, Managing Partner of Infinity. 

“The successful delivery, lease-up and sale of these assets is a testament to our value creation strategy in growing neighborhoods centered around the identification and fulfillment of underserved demand. We always endeavor to merchandise and develop differentiated product that is compelling, progressive and environmentally responsible. These values are central to our mission of having a positive social impact through our work” he added. 

 

Blank-check company with deep bench of industry veterans launches to raise $200 million for restaurant acquisitions

Sandy Beall, founder of Ruby Tuesday, and Doug Jacob of &Pizza serve as co-CEOs of FAST Acquisition Corp.

Ron Ruggless | Aug 19, 2020

Founders of restaurant brands ranging from Ruby Tuesday to &Pizza are partnering in a blank-check acquisition company to raise as much as $200 million to buy into unidentified hospitality and restaurant businesses, according to Securities and Exchange Commission filings.

Sandy Beall, founder of Ruby Tuesday, and Doug Jacob, a board member of &Pizza, are serving as co-CEOs of FAST Acquisition Corp., which has filed a preliminary prospectus to issue securities. The blank-check company was incorporated June 4 in Delaware.

“We believe that the current COVID-19 pandemic provides a compelling opportunity” in restaurant and hospitality investments, the filing states.

The New York Stock Exchange on Wednesday certified its approval for the company’s listing and registration. Special purpose acquisition companies, or SPACs, are formed to allow companies to raise capital through an initial public offering for the purpose of acquiring an existing company.

Besides co-CEOs Beall and Jacob, FAST’s executive team taps deeply into the restaurant industry, according to SEC filings earlier this week.

The chairman is Kevin Reddy, who worked with McDonald’s Corp., Chipotle Mexican Grill, Noodles & Co. and with investment groups like BDT Capital, which acquired a majority stake in Whataburger Inc. last year. He also chairs &Pizza and Qdoba Mexican Grill.

The chief strategy officer is Kimberly Grant, who served as CEO of chef José Andrés’ ThinkFoodGroup restaurant and hospitality company from January 2014 to April 2020 and previously worked with Ruby Tuesday.

Director nominees include Beall, Jacob and Reddy as well as: Ramin Arani, chief financial officer of Vice Media; Alice Elliot, founder and CEO of The Elliot Group executive recruitment agency; Sanjay Chadda, co-head of investment banking at Canaccord Genuity; and Steve Kassin, founder and managing partner of Infinity Real Estate.

Advisers to the company include: Michael Lastoria, co-founder and CEO of &Pizza; Kat Cole, chief operating officer of Focus Brands; Sanjay Lamba, principal at private placement firm Buddhist Wolf LLC; Ndamukon Sugh, former Detroit Lions defensive tackle and founder of the Generals Restaurant Group, an investor in Blue Sushi Sake Grill, and a baker of Bae’s Hot Chicken and Super Deluxe, a burger concept; Dan Gardner, CEO of the Code and Theory creative agency; Todd Gurley, Atlanta Falcons running back and brand ambassador; Allison Page, co-founder and chief product officer of SevenRooms marketing platform; and Kris Stevens, CEO of CoKinetic Systems.

“Although the current COVID-19 pandemic has disrupted the restaurant ecosystem, many limited-service concepts, particularly those with strong delivery components, continue to record same-store sales levels at or above those of one year prior,” FAST Acquisition states.

“We believe this level of performance in the midst of industry disruption can be used to clearly evaluate concepts that will be poised for future growth,” it said. “Additionally, we believe there is a strong real estate opportunity, with many underperforming concepts shuttering units, and landlords providing flexibility on lease terms. We believe that now is the best time to apply a lifetime of learning to this opportunity.”

FAST Acquisition said its strategy is “to identify and complete our initial business combination with a company that complements the experiences and skills of our leadership team and can benefit from their operational expertise.”

Bloomberg first reported last month that investment firm &Vest was planning an initial public offering of a blank-check company targeting the restaurant sector and that the initial public offering could be this month.

Book runners on the acquisition company’s offering are Citigroup and UBS Investment Bank and co-manager is Odeon Capital Group LLC.

Contact Ron Ruglgess at Ronald.Ruggless@Informa.com

Follow him on Twitter: @RonRuggless

full article:

https://www.nrn.com/finance/blank-check-company-deep-bench-industry-veterans-launches-raise-200-million-restaurant

Hotter Than Ever: The Newest Hotels In Miami Beach For 2021

Ramsey Qubein | Apr 25, 2021

Even before the Covid-19 pandemic, Miami Beach, as a destination, was hot seeing plentiful hotel openings and high nightly rates for its most popular hotels. With Coronavirus came a penchant for being outdoors and the destination stayed top of mind.

Travel Weekly reports tremendous growth for hotels in Florida, Georgia and South Carolina when comparing metrics from March of this year with the same month in 2019. Using data from Inntopia’s DestiMetrics division, there was a 5% increase in occupancy and 29.6% in average daily rate. The data, which includes Miami Beach, also reports to strong advance business for the summer ahead.

“Greater Miami continues to ride the crest of a 30-year wave of real estate growth that at its core, is fueled by its resilient hospitality industry,” said Steve Adkins, chairman of the Miami Beach Visitor and Convention Authority (MBVCA).

Since early 2020, several new hotels have opened their doors in Miami Beach attracting the attention of vacationers and hoteliers looking to be where the people are.

Adkins added, “We’ve seen hotel room availability increase by more than 5,000 rooms in the past five years and we’ll continue to see this trend continue with an expected 6,000 rooms available in 2021 and beyond thanks to continuous new hotel openings.”

Launching a new hotel during pandemic times may seem surprising, but hotel developers know that Miami Beach could bounce back faster than other destinations. And that it did as shown by Inntopia’s numbers.

The new challenge was to incorporate Covid-focused protocols into the operation while not losing the intended spirit of design or style. Social distancing is contrary to what many Miami Beach travelers are seeking, but plentiful outdoor space makes it easier.

“Human beings are social animals — it’s in our DNA,” says Mitchell Hochberg, president of Lightstone and developer of the new Moxy South Beach, which opened in January of this year. “The feeling of warmth and excitement that a hotel can evoke comes in large part from being around other people, even if you’re six feet apart. In fact, what we call social distancing is really physical distancing. We can still be social but in a way that’s safe and comfortable.”

These are a few of the many hotels that opened their doors in Miami Beach in 2020 and 2021.

Moxy South Beach

Moxy South Beach incorporates poolside cabanas and open-air meeting spaces into the design. These are amenities that work now, but will be functional long after the pandemic. The 202-room hotel also counts six dining and drinking options among its portfolio, and fans of the Marriott Bonvoy program have another Miami Beach option to earn and redeem points.

Esmé Miami Beach

Esmé Miami Beach is part of the Preferred Hotels & Resorts group and participates in the I Prefer Hotel Rewards loyalty program. This 145-room hotel demonstrates a Spanish-Mediterranean revival design with five food and beverage outlets plus a rooftop lounge where visitors can sample from the area’s largest selection of artisanal sangrias.

Kimpton Hotel Palomar South Beach

The Kimpton Hotel Palomar South Beach, near Miami Beach Botanical Garden, is a trendy option for IHG Rewards fans. Opened in 2020, the hotel sits on the edge of Sunset Harbour with yacht-like architecture and 96 rooms. Many of its rooms have private balconies overlooking Biscayne Bay, and those that book the Sunset Harbour Corner Terrace King room can even add a balcony bartender for more private entertaining. This is not the only Kimpton on Miami Beach; there are two others including Kimpton Surfcomber in the heart of the Art Deco district, which is fresh from a late 2020 renovation.

Berkeley Park Hotel

As part of Accor’s M Gallery Collection, this is the first property for M Gallery in Florida. Berkeley Park Hotel was originally built in 1936, but was newly renovated to the tune of $18 million before opening earlier this month. It is located two blocks from the beach in the Collins Park neighborhood of South Beach and is also the closest hotel to the newly renovated Miami Beach Convention Center.

The Goodtime Hotel

At Washington Avenue and 6th Street, this new hotel is a partnership between David Grutman of Groot Hospitality and Pharrell Williams. With hand-painted hothouse murals and a modern take on Art Decor decor, the 266-room Goodtime Hotel will have guests singing the famous musician’s song, “Happy,” as they enjoy the verdant pool area. There’s also a ground-floor retail area, library lounge, modern gym and dual-restaurant and pool club space called Strawberry Moon.

The Landon Bay Harbor-Miami Beach

Opened earlier this year, The Landon Bay Harbor-Miami Beach, Ascend Hotel Collection, is a new option for Choice Privileges members on Miami Beach. The hotel is designed like a modern beach house and features complimentary perks like breakfast and coffee plus guest rooms with microwaves and refrigerators.

KAYAK Miami Beach

Travel search engine brand KAYAK has opened its own hotel. KAYAK Miami Beach property will serve as a “design lab” for the company to fine tune its accommodation technology. The hotel uses wireless lock and access controls allowing for contactless check-in and in-app messaging so guests can communicate directly with hotel staff. All rooms have modern amenities like Apple TVs and Marshall speakers. The hotel’s Middle Eastern bar and restaurant concept, Layla, exclusively takes reservations via OpenTable, KAYAK’s sister brand.

 

 

See pdf:

full article:

https://www.forbes.com/sites/ramseyqubein/2021/04/25/hotter-than-ever-the-newest-hotels-in-miami-beach-for-2021/

Announcing the Opening of Esmé Miami Beach

An Artful Collage of Bohemian Grandeur alongside Miami’s Historic Española Way

MIAMI BEACH, Fla., Nov. 10, 2021 /PRNewswire/

Infinity Hospitality proudly unveils Esmé, a new boutique hotel located along Miami Beach’s charming pedestrian plaza, Española Way.  The Spanish-Mediterranean revival property was originally known as the “Spanish Village” when it opened in 1927 and was built as a bohemian artist’s colony. After a five-year renovation, Esmé, comprised of 145 guest rooms and five original food and beverage concepts across a series of eight buildings, offers a chic Miami Beach escape that honors the street’s original village vision.

We are extremely excited to open Esmé’s doors to Miami, so our guests can experience just how unique and special this hotel is,” says James Stuart, Director of Infinity Hospitality. “To reimagine and design a property like this from top to bottom, and to watch it come to life; I could not be prouder of our team and all that they’ve done to make this project a reality.” 

Announcing the Opening of Esmé Miami BeachAn Artful Hotel of Bohemian Grandeur alongside Miami’s Historic Española WayTweet this

Collaborating closely with Infinity during the property’s renovation, Jessica Schuster Design has created a whimsical and captivating backdrop for the Esmé experience. Playing with an artful combination of jewel tones, textured mahogany, and gold accents, Schuster’s vision takes guests on a journey through her modern interpretation of classic design elements.  Esmé’s rooms and suites offer the thrill of being ushered into a world filled with rich rose and emerald colors, and the velvety light of the Mediterranean filtered through a Miami lens. With nods to the joyous decadence of days past, every detail has been carefully chosen, from the luxe Bellino linens and Grown Alchemist bath amenities, to custom designed furnishings and finishes.

Each of the buildings within the Esmé village are connected by intimate paseos that hum with the vibrance and energy of Miami Beach’s newest restaurants and bars.

Infinity enlisted Miami-based Lost Boy & Co. co-founder Chris Hudnall and acclaimed chef Fabian DiPaolo to oversee the food and beverage program for Esmé, resulting in El Salón, Bar Pintxo, and The Roof at Esmé, three of five dynamic concepts in the hotel that infuse both Spanish and Latin influences with a little swagger.

After passing through the hotel’s lobby and stepping into the paseos, guests discover El Salón, a unique cocktail bar that exclusively features proprietary blends of base spirits. With a culinary approach, the Esmé bar team have created recipe blends focusing purely on flavor profile rather than brand, elevating the cocktail experience to new heights. Chef DiPaolo has also created an inspired menu of small plates that celebrates the Latin diversity of Miami, with Argentinian empanadas, Cuban medianoche sliders, and Venezuelan arepas. 

Further down the paseo, Bar Pintxo offers a modern interpretation of a Spanish pintxo bar, offering a rotating array of snacks to be enjoyed with Spanish beer and wine. Casual and fun, the pub-style concept serves bites such as Pulpo Pinchose (octopus with smoked paprika) and Gilda (anchovy, pickled pepper and olive) alongside Estrella Damm beer, fizzy Txakoli wines, and Basque Cider. The space will feature weekly activations of local artists, musicians, and chef collaborations.

The Roof at Esmé connects four of the Village’s rooftops to create a deck that features a bar and restaurant, a pool, cabanas, and a wellness space. In the daytime, guests may take a yoga class, or lounge by the pool while sampling a selection of hand-crafted Sangrias. In the evening, The Roof is the quintessential rooftop dining experience featuring Chef DiPaolo’s market-driven Modern Latin cuisine. As the night progresses, guests enjoy music under the moonlit sky with a selection of large format cocktails called Spirited Jugs of reimagined classics like the French 75 and Sparkling Paloma.

To punctuate the Esmé village, Casa Matanza is a standalone building accessed via a tunnel through the paseos that delivers guests to the more mysterious side of the street at Drexel Avenue. Rich with culture and history, the building features a darker, more vivid color palette in its guest rooms. It is also home to The Drexel, a new coastal Mediterranean restaurant from the team behind Miami’s acclaimed Mandolin Aegean Bistro, and Tropezón, an Andalusian style kitchen & gin bar from Lost Boy & Co.

Esmé Miami Beach is located at 1438 Washington Ave, Miami Beach, FL 33139.

For more information, please visit www.esmehotel.com or follow them @esmehotel.

See full article on prnewswire.com

A $40 million renovation has turned this former hostel into a Miami Beach gem

MIAMI, Fla., Nov. 19, 2021 /MiamiHerald/

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future.

The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the 1920s as a Bohemian artists’ colony, is not specific to one era. Instead, it harkens back to all of the history that inspired The Miami News to write in 1926: “In all the world, no place so quaint.”

In the 1930s, Al Capone ran a gambling syndicate out of offices in the main building, while 20 years later, Desi Arnaz created a musical sort of empire there. Different decades, different glamour.

“We wanted to bring back some of that charm,” said James Stuart, director of developer Infinity Hospitality. “We wanted to have the kind of property you didn’t see anywhere else in Miami Beach, because of course, these buildings aren’t everywhere in Miami Beach.”

So how did a two-and-a-half star hostel known as The Clay Hotel transform into a boutique gem? It took a five-year, $40 million restoration and renovation project and an innovative approach by Jessica Schuster Design, which channeled the spirit of actress/flapper/socialite/Jazz Age icon Louise Brooks as a muse.

The rooms are unique, small but full of personality and eye-catching touches: an old-fashioned phone here, tiny prints on the walls there, courtesy of a friend’s grandmother. Capone almost certainly would have approved of the rooms with leopard-print curtains.

The property stretches across eight buildings, including Casa Matanza on the west side of Drexel Avenue, with 145 rooms, a rooftop bar and pool and five original food and beverage concepts, the latter overseen by Lost Boy & Co. co-founder Chris Hudnall and Chef Fabian DiPaolo.

At the stylish El Salon, visitors can dine on tapas-style plates — Argentinian empanadas, Cuban medianoche sliders, Venezuelan arepas — while drinking cocktails made from proprietary spirits. Don’t sleep on the gin gimlet. Bar Pintxo offers pub-style bites like octopus with smoked paprika or gilda (anchovy, pickled pepper and olive) and wine, beer or Basque cider.

By day, the centerpiece of The Roof at Esmé is the pool and cabana area. At night, guests can sip sangria, watch evening fall and dine on Modern Latin cuisine. The Roof will also serve something called large-format cocktails called Spirited Jugs, and we are by all means in favor of this.

The bigger question is, of course, how the renovation will affect Española Way itself. Long a magnet for tourists, the street has struggled to lure locals in the past. But new tenants could change things.

“We kept on hearing the same thing from locals. ‘Oh, Española Way — I used to hang out there 10 or 15 years ago,’ ” Stuart said. “We kept that in mind with our tenancy and retail space and how we conceived our food and beverage. It was important to have a reason for a Renaissance of Española Way.”

David Berg, partner and developer in the ownership group Infinity Collective, said that meant starting on the west end of Española Way, where locals tend to congregate. Casa Matanza is now home to The Drexel, a Mediterranean restaurant from the Mandolin Aegean Bistro team. Coming soon next door is the Andalusian-style kitchen and bar Tropezon from Lost Boy & Co. Tropezon’s neighbor, Folie, is one of the few spots that already draws locals.

“We had to start west and work our way east,” Berg said, adding that the street will soon be home to Japanese restaurant Paper Fish and Kobrick Coffee out of New York. “All these tenants were curated to bring in locals.”

Tourists still flock to the east end of the street near Washington Avenue, of course, and that’s fine — Esmé Miami Beach is a hotel, after all, a place for out-of-towners to settle in. Berg hopes the new Esmé offers an experience that inspires guests to spend more time on hotel property.

Before, “your hotel experience was your bed and Española Way,” Berg said. “We want our guests to have a more quaint experience within our hotel walls.”

Read more at: https://www.miamiherald.com/miami-com/hotels-motels/article255893881.html#storylink=cpy

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

MIAMI BEACH, Fla., Jan. 3, 2021 /Commercialobserver/

Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million, property records show. 

The two-story building sits in a prime Miami Beach spot at 728 Ocean Drive, a popular pedestrian street, facing the beach.

It served as a set in the gangster film ‘Scarface,’ starring Al Pacino. A bloody scene from the 1983 film, in which a character is dismembered by a chainsaw, was shot inside. The building is one of few Miami locales featured in the iconic film. Production relocated to L.A. following a fight between movie makers and local authorities, according to the Miami New Times

The 10,062-square-foot property comprised apartments before being converted into a CVS Pharmacy, which opened in 2018.  

The seller — Steven Kassin, co-founder of New York-based firm, Infinity Real Estate — bought the building, constructed in 1953, for $12.4 million in 2015, per records. 

The investor demolished the rear section of the building and added air conditioning units as well as an elevator, though the facade has remained largely untouched.

The buyer, Texas-based investor Shazeb Daredia, nabbed a $16.1 million loan from Wells Fargo bank. Daredia could not be reached for comment. 

 

See full article on commercialobserver.com: https://commercialobserver.com/2022/01/infinity-real-estate-scarface-al-pacino-ocean-drive/

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

MIAMI BEACH, Fla., Jan. 3, 2021 /Commercialobserver/

Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million, property records show. 

The two-story building sits in a prime Miami Beach spot at 728 Ocean Drive, a popular pedestrian street, facing the beach.

It served as a set in the gangster film ‘Scarface,’ starring Al Pacino. A bloody scene from the 1983 film, in which a character is dismembered by a chainsaw, was shot inside. The building is one of few Miami locales featured in the iconic film. Production relocated to L.A. following a fight between movie makers and local authorities, according to the Miami New Times

The 10,062-square-foot property comprised apartments before being converted into a CVS Pharmacy, which opened in 2018.  

The seller — Steven Kassin, co-founder of New York-based firm, Infinity Real Estate — bought the building, constructed in 1953, for $12.4 million in 2015, per records. 

The investor demolished the rear section of the building and added air conditioning units as well as an elevator, though the facade has remained largely untouched.

The buyer, Texas-based investor Shazeb Daredia, nabbed a $16.1 million loan from Wells Fargo bank. Daredia could not be reached for comment. 

 

See full article on commercialobserver.com: https://commercialobserver.com/2022/01/infinity-real-estate-scarface-al-pacino-ocean-drive/

A $40 million renovation has turned this former hostel into a Miami Beach gem

MIAMI, Fla., Nov. 19, 2021 /MiamiHerald/

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future.

The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the 1920s as a Bohemian artists’ colony, is not specific to one era. Instead, it harkens back to all of the history that inspired The Miami News to write in 1926: “In all the world, no place so quaint.”

In the 1930s, Al Capone ran a gambling syndicate out of offices in the main building, while 20 years later, Desi Arnaz created a musical sort of empire there. Different decades, different glamour.

“We wanted to bring back some of that charm,” said James Stuart, director of developer Infinity Hospitality. “We wanted to have the kind of property you didn’t see anywhere else in Miami Beach, because of course, these buildings aren’t everywhere in Miami Beach.”

So how did a two-and-a-half star hostel known as The Clay Hotel transform into a boutique gem? It took a five-year, $40 million restoration and renovation project and an innovative approach by Jessica Schuster Design, which channeled the spirit of actress/flapper/socialite/Jazz Age icon Louise Brooks as a muse.

The rooms are unique, small but full of personality and eye-catching touches: an old-fashioned phone here, tiny prints on the walls there, courtesy of a friend’s grandmother. Capone almost certainly would have approved of the rooms with leopard-print curtains.

The property stretches across eight buildings, including Casa Matanza on the west side of Drexel Avenue, with 145 rooms, a rooftop bar and pool and five original food and beverage concepts, the latter overseen by Lost Boy & Co. co-founder Chris Hudnall and Chef Fabian DiPaolo.

At the stylish El Salon, visitors can dine on tapas-style plates — Argentinian empanadas, Cuban medianoche sliders, Venezuelan arepas — while drinking cocktails made from proprietary spirits. Don’t sleep on the gin gimlet. Bar Pintxo offers pub-style bites like octopus with smoked paprika or gilda (anchovy, pickled pepper and olive) and wine, beer or Basque cider.

By day, the centerpiece of The Roof at Esmé is the pool and cabana area. At night, guests can sip sangria, watch evening fall and dine on Modern Latin cuisine. The Roof will also serve something called large-format cocktails called Spirited Jugs, and we are by all means in favor of this.

The bigger question is, of course, how the renovation will affect Española Way itself. Long a magnet for tourists, the street has struggled to lure locals in the past. But new tenants could change things.

“We kept on hearing the same thing from locals. ‘Oh, Española Way — I used to hang out there 10 or 15 years ago,’ ” Stuart said. “We kept that in mind with our tenancy and retail space and how we conceived our food and beverage. It was important to have a reason for a Renaissance of Española Way.”

David Berg, partner and developer in the ownership group Infinity Collective, said that meant starting on the west end of Española Way, where locals tend to congregate. Casa Matanza is now home to The Drexel, a Mediterranean restaurant from the Mandolin Aegean Bistro team. Coming soon next door is the Andalusian-style kitchen and bar Tropezon from Lost Boy & Co. Tropezon’s neighbor, Folie, is one of the few spots that already draws locals.

“We had to start west and work our way east,” Berg said, adding that the street will soon be home to Japanese restaurant Paper Fish and Kobrick Coffee out of New York. “All these tenants were curated to bring in locals.”

Tourists still flock to the east end of the street near Washington Avenue, of course, and that’s fine — Esmé Miami Beach is a hotel, after all, a place for out-of-towners to settle in. Berg hopes the new Esmé offers an experience that inspires guests to spend more time on hotel property.

Before, “your hotel experience was your bed and Española Way,” Berg said. “We want our guests to have a more quaint experience within our hotel walls.”

Read more at: https://www.miamiherald.com/miami-com/hotels-motels/article255893881.html#storylink=cpy

Announcing the Opening of Esmé Miami Beach

An Artful Collage of Bohemian Grandeur alongside Miami’s Historic Española Way

MIAMI BEACH, Fla., Nov. 10, 2021 /PRNewswire/

Infinity Hospitality proudly unveils Esmé, a new boutique hotel located along Miami Beach’s charming pedestrian plaza, Española Way.  The Spanish-Mediterranean revival property was originally known as the “Spanish Village” when it opened in 1927 and was built as a bohemian artist’s colony. After a five-year renovation, Esmé, comprised of 145 guest rooms and five original food and beverage concepts across a series of eight buildings, offers a chic Miami Beach escape that honors the street’s original village vision.

We are extremely excited to open Esmé’s doors to Miami, so our guests can experience just how unique and special this hotel is,” says James Stuart, Director of Infinity Hospitality. “To reimagine and design a property like this from top to bottom, and to watch it come to life; I could not be prouder of our team and all that they’ve done to make this project a reality.” 

Announcing the Opening of Esmé Miami BeachAn Artful Hotel of Bohemian Grandeur alongside Miami’s Historic Española WayTweet this

Collaborating closely with Infinity during the property’s renovation, Jessica Schuster Design has created a whimsical and captivating backdrop for the Esmé experience. Playing with an artful combination of jewel tones, textured mahogany, and gold accents, Schuster’s vision takes guests on a journey through her modern interpretation of classic design elements.  Esmé’s rooms and suites offer the thrill of being ushered into a world filled with rich rose and emerald colors, and the velvety light of the Mediterranean filtered through a Miami lens. With nods to the joyous decadence of days past, every detail has been carefully chosen, from the luxe Bellino linens and Grown Alchemist bath amenities, to custom designed furnishings and finishes.

Each of the buildings within the Esmé village are connected by intimate paseos that hum with the vibrance and energy of Miami Beach’s newest restaurants and bars.

Infinity enlisted Miami-based Lost Boy & Co. co-founder Chris Hudnall and acclaimed chef Fabian DiPaolo to oversee the food and beverage program for Esmé, resulting in El Salón, Bar Pintxo, and The Roof at Esmé, three of five dynamic concepts in the hotel that infuse both Spanish and Latin influences with a little swagger.

After passing through the hotel’s lobby and stepping into the paseos, guests discover El Salón, a unique cocktail bar that exclusively features proprietary blends of base spirits. With a culinary approach, the Esmé bar team have created recipe blends focusing purely on flavor profile rather than brand, elevating the cocktail experience to new heights. Chef DiPaolo has also created an inspired menu of small plates that celebrates the Latin diversity of Miami, with Argentinian empanadas, Cuban medianoche sliders, and Venezuelan arepas. 

Further down the paseo, Bar Pintxo offers a modern interpretation of a Spanish pintxo bar, offering a rotating array of snacks to be enjoyed with Spanish beer and wine. Casual and fun, the pub-style concept serves bites such as Pulpo Pinchose (octopus with smoked paprika) and Gilda (anchovy, pickled pepper and olive) alongside Estrella Damm beer, fizzy Txakoli wines, and Basque Cider. The space will feature weekly activations of local artists, musicians, and chef collaborations.

The Roof at Esmé connects four of the Village’s rooftops to create a deck that features a bar and restaurant, a pool, cabanas, and a wellness space. In the daytime, guests may take a yoga class, or lounge by the pool while sampling a selection of hand-crafted Sangrias. In the evening, The Roof is the quintessential rooftop dining experience featuring Chef DiPaolo’s market-driven Modern Latin cuisine. As the night progresses, guests enjoy music under the moonlit sky with a selection of large format cocktails called Spirited Jugs of reimagined classics like the French 75 and Sparkling Paloma.

To punctuate the Esmé village, Casa Matanza is a standalone building accessed via a tunnel through the paseos that delivers guests to the more mysterious side of the street at Drexel Avenue. Rich with culture and history, the building features a darker, more vivid color palette in its guest rooms. It is also home to The Drexel, a new coastal Mediterranean restaurant from the team behind Miami’s acclaimed Mandolin Aegean Bistro, and Tropezón, an Andalusian style kitchen & gin bar from Lost Boy & Co.

Esmé Miami Beach is located at 1438 Washington Ave, Miami Beach, FL 33139.

For more information, please visit www.esmehotel.com or follow them @esmehotel.

See full article on prnewswire.com

Hotter Than Ever: The Newest Hotels In Miami Beach For 2021

Ramsey Qubein | Apr 25, 2021

Even before the Covid-19 pandemic, Miami Beach, as a destination, was hot seeing plentiful hotel openings and high nightly rates for its most popular hotels. With Coronavirus came a penchant for being outdoors and the destination stayed top of mind.

Travel Weekly reports tremendous growth for hotels in Florida, Georgia and South Carolina when comparing metrics from March of this year with the same month in 2019. Using data from Inntopia’s DestiMetrics division, there was a 5% increase in occupancy and 29.6% in average daily rate. The data, which includes Miami Beach, also reports to strong advance business for the summer ahead.

“Greater Miami continues to ride the crest of a 30-year wave of real estate growth that at its core, is fueled by its resilient hospitality industry,” said Steve Adkins, chairman of the Miami Beach Visitor and Convention Authority (MBVCA).

Since early 2020, several new hotels have opened their doors in Miami Beach attracting the attention of vacationers and hoteliers looking to be where the people are.

Adkins added, “We’ve seen hotel room availability increase by more than 5,000 rooms in the past five years and we’ll continue to see this trend continue with an expected 6,000 rooms available in 2021 and beyond thanks to continuous new hotel openings.”

Launching a new hotel during pandemic times may seem surprising, but hotel developers know that Miami Beach could bounce back faster than other destinations. And that it did as shown by Inntopia’s numbers.

The new challenge was to incorporate Covid-focused protocols into the operation while not losing the intended spirit of design or style. Social distancing is contrary to what many Miami Beach travelers are seeking, but plentiful outdoor space makes it easier.

“Human beings are social animals — it’s in our DNA,” says Mitchell Hochberg, president of Lightstone and developer of the new Moxy South Beach, which opened in January of this year. “The feeling of warmth and excitement that a hotel can evoke comes in large part from being around other people, even if you’re six feet apart. In fact, what we call social distancing is really physical distancing. We can still be social but in a way that’s safe and comfortable.”

These are a few of the many hotels that opened their doors in Miami Beach in 2020 and 2021.

Moxy South Beach

Moxy South Beach incorporates poolside cabanas and open-air meeting spaces into the design. These are amenities that work now, but will be functional long after the pandemic. The 202-room hotel also counts six dining and drinking options among its portfolio, and fans of the Marriott Bonvoy program have another Miami Beach option to earn and redeem points.

Esmé Miami Beach

Esmé Miami Beach is part of the Preferred Hotels & Resorts group and participates in the I Prefer Hotel Rewards loyalty program. This 145-room hotel demonstrates a Spanish-Mediterranean revival design with five food and beverage outlets plus a rooftop lounge where visitors can sample from the area’s largest selection of artisanal sangrias.

Kimpton Hotel Palomar South Beach

The Kimpton Hotel Palomar South Beach, near Miami Beach Botanical Garden, is a trendy option for IHG Rewards fans. Opened in 2020, the hotel sits on the edge of Sunset Harbour with yacht-like architecture and 96 rooms. Many of its rooms have private balconies overlooking Biscayne Bay, and those that book the Sunset Harbour Corner Terrace King room can even add a balcony bartender for more private entertaining. This is not the only Kimpton on Miami Beach; there are two others including Kimpton Surfcomber in the heart of the Art Deco district, which is fresh from a late 2020 renovation.

Berkeley Park Hotel

As part of Accor’s M Gallery Collection, this is the first property for M Gallery in Florida. Berkeley Park Hotel was originally built in 1936, but was newly renovated to the tune of $18 million before opening earlier this month. It is located two blocks from the beach in the Collins Park neighborhood of South Beach and is also the closest hotel to the newly renovated Miami Beach Convention Center.

The Goodtime Hotel

At Washington Avenue and 6th Street, this new hotel is a partnership between David Grutman of Groot Hospitality and Pharrell Williams. With hand-painted hothouse murals and a modern take on Art Decor decor, the 266-room Goodtime Hotel will have guests singing the famous musician’s song, “Happy,” as they enjoy the verdant pool area. There’s also a ground-floor retail area, library lounge, modern gym and dual-restaurant and pool club space called Strawberry Moon.

The Landon Bay Harbor-Miami Beach

Opened earlier this year, The Landon Bay Harbor-Miami Beach, Ascend Hotel Collection, is a new option for Choice Privileges members on Miami Beach. The hotel is designed like a modern beach house and features complimentary perks like breakfast and coffee plus guest rooms with microwaves and refrigerators.

KAYAK Miami Beach

Travel search engine brand KAYAK has opened its own hotel. KAYAK Miami Beach property will serve as a “design lab” for the company to fine tune its accommodation technology. The hotel uses wireless lock and access controls allowing for contactless check-in and in-app messaging so guests can communicate directly with hotel staff. All rooms have modern amenities like Apple TVs and Marshall speakers. The hotel’s Middle Eastern bar and restaurant concept, Layla, exclusively takes reservations via OpenTable, KAYAK’s sister brand.

 

 

See pdf:

full article:

https://www.forbes.com/sites/ramseyqubein/2021/04/25/hotter-than-ever-the-newest-hotels-in-miami-beach-for-2021/

Blank-check company with deep bench of industry veterans launches to raise $200 million for restaurant acquisitions

Sandy Beall, founder of Ruby Tuesday, and Doug Jacob of &Pizza serve as co-CEOs of FAST Acquisition Corp.

Ron Ruggless | Aug 19, 2020

Founders of restaurant brands ranging from Ruby Tuesday to &Pizza are partnering in a blank-check acquisition company to raise as much as $200 million to buy into unidentified hospitality and restaurant businesses, according to Securities and Exchange Commission filings.

Sandy Beall, founder of Ruby Tuesday, and Doug Jacob, a board member of &Pizza, are serving as co-CEOs of FAST Acquisition Corp., which has filed a preliminary prospectus to issue securities. The blank-check company was incorporated June 4 in Delaware.

“We believe that the current COVID-19 pandemic provides a compelling opportunity” in restaurant and hospitality investments, the filing states.

The New York Stock Exchange on Wednesday certified its approval for the company’s listing and registration. Special purpose acquisition companies, or SPACs, are formed to allow companies to raise capital through an initial public offering for the purpose of acquiring an existing company.

Besides co-CEOs Beall and Jacob, FAST’s executive team taps deeply into the restaurant industry, according to SEC filings earlier this week.

The chairman is Kevin Reddy, who worked with McDonald’s Corp., Chipotle Mexican Grill, Noodles & Co. and with investment groups like BDT Capital, which acquired a majority stake in Whataburger Inc. last year. He also chairs &Pizza and Qdoba Mexican Grill.

The chief strategy officer is Kimberly Grant, who served as CEO of chef José Andrés’ ThinkFoodGroup restaurant and hospitality company from January 2014 to April 2020 and previously worked with Ruby Tuesday.

Director nominees include Beall, Jacob and Reddy as well as: Ramin Arani, chief financial officer of Vice Media; Alice Elliot, founder and CEO of The Elliot Group executive recruitment agency; Sanjay Chadda, co-head of investment banking at Canaccord Genuity; and Steve Kassin, founder and managing partner of Infinity Real Estate.

Advisers to the company include: Michael Lastoria, co-founder and CEO of &Pizza; Kat Cole, chief operating officer of Focus Brands; Sanjay Lamba, principal at private placement firm Buddhist Wolf LLC; Ndamukon Sugh, former Detroit Lions defensive tackle and founder of the Generals Restaurant Group, an investor in Blue Sushi Sake Grill, and a baker of Bae’s Hot Chicken and Super Deluxe, a burger concept; Dan Gardner, CEO of the Code and Theory creative agency; Todd Gurley, Atlanta Falcons running back and brand ambassador; Allison Page, co-founder and chief product officer of SevenRooms marketing platform; and Kris Stevens, CEO of CoKinetic Systems.

“Although the current COVID-19 pandemic has disrupted the restaurant ecosystem, many limited-service concepts, particularly those with strong delivery components, continue to record same-store sales levels at or above those of one year prior,” FAST Acquisition states.

“We believe this level of performance in the midst of industry disruption can be used to clearly evaluate concepts that will be poised for future growth,” it said. “Additionally, we believe there is a strong real estate opportunity, with many underperforming concepts shuttering units, and landlords providing flexibility on lease terms. We believe that now is the best time to apply a lifetime of learning to this opportunity.”

FAST Acquisition said its strategy is “to identify and complete our initial business combination with a company that complements the experiences and skills of our leadership team and can benefit from their operational expertise.”

Bloomberg first reported last month that investment firm &Vest was planning an initial public offering of a blank-check company targeting the restaurant sector and that the initial public offering could be this month.

Book runners on the acquisition company’s offering are Citigroup and UBS Investment Bank and co-manager is Odeon Capital Group LLC.

Contact Ron Ruglgess at Ronald.Ruggless@Informa.com

Follow him on Twitter: @RonRuggless

full article:

https://www.nrn.com/finance/blank-check-company-deep-bench-industry-veterans-launches-raise-200-million-restaurant

Infinity & Nightingale Sell Kingswood Portfolio In Brooklyn

New York, NY February 12, 2020 – A year and half after delivering the first Class-A, full-service, retail and office property in the Midwood neighborhood of Brooklyn, Infinity Real Estate announced that it has sold its Kingswood Portfolio  to Urban Edge Properties for $165 million in an off-market transaction. The recently developed 110,000 square foot Kingswood Crossing is home to retail anchors Target and Marshalls while also featuring 45,000 square feet of state-of-the-art office space. Also included in the sale is the recently renovated Kingswood Center, a 230,000 square foot mixed-use building that is home to NY Sports Club, TJ Maxx, and Visiting Nurse Services among others. The prime urban properties are located on the densely populated Kings Highway corridor, which serves as a regional retail and transit hub in southern Brooklyn. Unique to the properties is the 250 space below grade parking lot, large office floorplates, unparalleled ceiling heights, expansive views, outdoor tenant space and loading docks. 

The properties were acquired by Infinity and Nightingale in 2014 for $89 million. After securing leases with Target and Marshalls, Infinity completed the ground-up redevelopment of Kingswood Crossing, transforming the property from a structured parking garage into a modern mixed-use retail and office building. Meanwhile, the partnership completed extensive renovations and building improvements to modernize Kingswood Center, strongly enhancing the older property’s appeal. 

“The successful development and redevelopment execution of the Kings Highway portfolio exemplifies our core competencies of delivering best-in-class new build and adaptive re-use urban properties,” commented Steven Kassin, Managing Partner of Infinity. 

“The successful delivery, lease-up and sale of these assets is a testament to our value creation strategy in growing neighborhoods centered around the identification and fulfillment of underserved demand. We always endeavor to merchandise and develop differentiated product that is compelling, progressive and environmentally responsible. These values are central to our mission of having a positive social impact through our work” he added. 

 

Infinity Sells Ocean Drive Building to Apple Core for $33M | By Katherine Kallergis, The Real Deal

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned.

Steve Klein, David Berg and 1200 Ocean Drive
Steve Klein, David Berg and 1200 Ocean Drive

Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive, across from the beachfront Lummus Park, said Infinity partner David Berg. The company acquired the property from Goldman Properties in 2016 for $15.25 million.

Apple Core Holdings is led by co-founder and CEO Steve Klein, and co-founders and senior partners Kenneth Greif, Larry Horn and Will Kohane, according to its website.

Aaron Labovitz of Newmark Knight Frank represented the buyer, Core Ocean Drive LLC, as well as the seller in the off-market deal.

The three-story South Beach mixed-use building was previously home to the prominent gay bar and restaurant called The Palace. It was built in 1958 on a 7,322-square-foot lot, and Infinity invested $6 million into restoring and renovating the property after securing approval from the Miami Beach Historic Preservation Board. The building was designed by Miami Modern architect Gilbert Fein.

The renovations involved upgrading the plumbing, electrical and other infrastructure, as well as reconfiguring the ground floor. Renovations were completed in the third quarter of 2018.

The ground-floor retail space totals a little over 5,000 square feet, plus a 1,000-square-foot lobby.

Infinity leased the ground-floor retail space to Xperience Restaurant Group’s Pink Taco, a Mexican concept. Pink Taco is expected to open in an indoor and outdoor space in mid-January, according to a press release.

SobeNY, a New York-based firm that operates luxury and short-term rentals, occupies the second and third floors, which were also renovated by Infinity.

Berg said that Infinity plans to re-invest the proceeds of the sale into a property via a 1031 exchange in Miami Beach, Washington, D.C., Philadelphia or New York.

At least two hotels sold on Ocean Drive this year. In August, the U.S. arm of Henley paid nearly $35 million for the Lord Balfour Hotel at 350 Ocean Drive, which re-opened as a Life House hotel.

A month earlier, Crescent Heights sold the Bentley Hotel at 510 Ocean Drive for $28 million to a company led by hotelier Shadi Shomar.

Infinity Real Estate Sells Iconic Miami Beach Property

1200 Ocean Drive Sells to Core Ocean Drive LLC for $32.5 Million

1200 Ocean Drive, Miami Beach
1200 Ocean Drive, Miami Beach

MIAMI, FL, USA, December 24, 2019 – EINPresswire.com Infinity Real Estate LLC (“Infinity”) sold 1200 Ocean Drive (“1200 Ocean”) to Core Ocean Drive LLC, an affiliate of the New York based Applecore Holdings. The property was sold for $32.5 million in an off-market transaction.

After acquiring the ~19,000 square foot property in July 2016, Infinity received Historic Preservation Board approval and commenced a $6 million restoration and rehabilitation program to retrofit and revitalize the historic property. The program also included modernized and environmentally friendly infrastructure and building envelope upgrades. Their efforts earned Infinity the prestigious 2018 Historic Preservation Platinum Award from the Miami Beach Chamber of Commerce for the property.

We look forward to deploying the proceeds into
our next historic redevelopment hopefully in
the Miami Beach market or one of our other target
markets such has Washington DC, Philadelphia or New York.

David Berg, Partner, Infinity Real Estate

Upon completion of the preservation-based capital program, Infinity leased and delivered the newly configured ground floor retail space to Xperience Restaurant Group for their rock and roll Mexican concept Pink Taco, which is expected to open in January. SobeNY, a national hospitality company that provides luxury and short-term accommodations in core urban destinations, occupies the newly renovated second and third floors.

1200 Ocean has been a Miami Beach landmark since it was built in the late 1950s. It was designed by Gilbert Fein, one of the architects responsible for the development of the Miami Modern aesthetic.

David Berg, a Partner at Infinity, said, “This property is a case study for social, environmental and economically responsible historic redevelopment. The sale of this property is bittersweet as a fully renovated corner property on Ocean Drive is an extremely rare property to come by. With that said, we look forward to deploying the proceeds into our next historic redevelopment hopefully in the Miami Beach market or one of our other target markets such as Washington D.C, Philadelphia or New York.”

Steve Kassin, the Founder and Managing Partner of Infinity, added, “We are considering reinvesting in Miami, especially considering our community involvement, relationships and recognition after winning the award earlier this year,” Kassin said, in reference to Berg’s being the recipient of the Silver Award for the Better Beach Citizen Award. “We want to do our part to continue to build and maintain a strong sense of community.”

Infinity still owns multiple assets in Miami Beach and the greater Miami sub-markets including 728 Ocean Drive. Berg will maintain his position as a Director on the Ocean Drive Association and Co-Chair of the prospective South Beach Business Improvement District.

Aaron Labovitz of Newmark Knight Frank served as adviser for both parties in the off-market transaction.

For more about Core Ocean Drive LLC, please visit http://www.applecoreholdings.com/

For more about SoBeNY, please visit https://sobenewyork.com/

For more about Pink Taco, please visit http://www.pinktaco.com/.

Banks Struggle to Compete Among Bevy of Alt Lenders | By Mariah Brown, GlobeSt.com

With borrowers willing to pay a premium rate in favor of more leverage and more flexible loan provisions, bridge lenders and alternative lending platforms are finding a robust pipeline of deal flow.

Momofuku Noodle Bar.

New York City, NY – December 09, 2019 – globest.comDebt service coverage, debt yields, and loan-to-value restrictions have challenged the ability of banks and other traditional institutions to compete on value-add transactions, leaving the gates open to alternative lenders.

With borrowers willing to pay a premium rate in favor of more leverage and more flexible loan provisions, bridge lenders and alternative lending platforms are finding a robust pipeline of deal flow for value-add financing opportunities, David Berg, partner at Infinity Real Estate, tells GlobeSt.com.

“Some of the alternative lending groups have experience in the borrower’s shoes on the same types of value-add investment, so these lenders have an easier time getting their arms around the business plan,” Berg said.

Often, value-add deals have the low in-place cash flow or a business plan that intends to alter the cash flow, which in many cases makes traditional lenders that focus on debt-yield and coverage ratios reluctant. As a result, alternative lenders such as Infinity have found a niche in providing higher leverage to borrowers to execute on a renovation or repositioning investment strategy.

For example, in a transaction last week, Infinity Real Estate teamed up with BridgeInvest to lend $12 million on BH’s $14 million acquisition of 169-171 First Avenue. The high-leverage senior loan will finance the two buildings comprised of two retail units and five, full-floor residential units that are each approximately 2,000 square feet. Combined, the total area of the two properties is 13,185 square feet. At 169 First Ave., Momofuku Noodle Bar serves as the anchor tenant and is on a long-term lease.

“We understand the upside that the borrower is trying to capture through the value-add program and see a clear path for the borrower to do so, and we’re comfortable providing financing through this lens,” Berg said.

Alternative lenders, who were traditionally private equity players, are launching debt funds and issuing loan products that banks and even large insurance companies cannot keep pace with, emerging a  competitive force in the space, a recent GlobeSt.com article noted. Alternative lenders could soon overtake loan issuance over life insurance companies, according to data from Real Capital Analytics.

For the 2019 year, debt funds represented a larger share of the commercial mortgage markets than life insurance companies. RCA noted a 10% share for life insurance companies compared to a 9% share for debt funds. It is in the riskier investment styles, where debt funds are more competitive, allowing them to capture more market share than insurance company lenders this year, the data noted.

The Experience Factor Spreads Throughout CRE | By Tanya Sterling, GlobeSt.com

“Hospitality and experience are the new buzz words for real estate, and seemingly as common and important as location.”

Brooklyn, NY – November 15, 2019 – globest.comMove aside ‘location, location, location.’ Experience has become the new buzzword for commercial real estate. Or if you prefer, the more traditional word ‘hospitality.’

“Hospitality and experience are the new buzz words for real estate, and seemingly as common and important as location,” David Berg, partner at Infinity Real Estate, tells GlobeSt.com. “The hospitality industry affects the office market from a coworking perspective and the retail market from an experiential perspective. Most retailers are now focused on an experience-driven space. They plan on bringing a fresh, new experience to their location in order to compete with online shopping.”

In retail, online spending has become so disruptive that without an experience-driven concept, it is challenging for retailers to survive even with a recognized brand name. Office spaces are now also jumping in and adding common areas, concierges, bars and outdoor spaces.

“I think we are going to be hard pressed to find a successful property sector going forward where hospitality services and experience-driven consumer interaction isn’t at the forefront of the offering,” Berg says.

But today’s experiences are only as good as however long they stay top-of-mind, he continues. “Every brand is on the hunt for memory-making and consumer stickiness, but the winners are going to be the ones that are authentic and deliver on their brand promises in a world where most fall short of both.”

This is not to say that the more traditional metrics can now be put aside. For example, the tenant experience has become key to multifamily but Berg and his team never forget the basics, such as:

  • cost per square foot
  • cost per unit
  • going in and stabilized yield
  • proximity to the metro or public transportation
  • size of the units plus unit mix
  • vintage of the infrastructure

Investment Criteria

Invetsment-wise, Berg and his team are attracted to a wide variety of properties and areas.

“We try to know a lot about a little, one could say. What I mean by that is we try to be experts in certain property types in certain submarkets but not experts in all submarkets. For instance, in Miami, we are experts in certain parts of Miami Beach and Miami, but do not play in South Miami, Fort Lauderdale and other surrounding submarkets. In Philadelphia and Boston, our radius of interest in certain submarkets can be a few specific blocks/streets. We tend to leverage our know-how and infrastructure so that we are not spread thin or overextend ourselves,” explains Berg.

Flow of Capital to Secondary Markets

Berg, who joined Infinity in 2011, observes that there is significantly more capital flowing to cities that were previously not at the forefront of national and international investors. Cities like Austin, Nashville, Seattle and Philadelphia, to name a few, have seen a tremendous amount of interest from out-of-market buyers and owners.

“The competition in these cities has certainly increased and that has had a direct impact on more traditional primary markets like Manhattan, which is seeing a material slowdown in investment activity and value growth in recent years,” says Berg. “We’re also experiencing a distinct shift in what it takes to attract captive end users. Whether its residential, retail or office, there seems to be a hospitality element to all shapes and sizes of real estate. Largely driven by the WeWorks, Sonders and experience-driven retailers, the absorption of all three sectors is being driven by relatively new players.”

Going into 2020

Berg believes the industry is in for a bumpy and windy road ahead.

“Legislation in some of the country’s ‘core’ markets has had an immediate impact on property values, future investment and growth. Some of the secondary markets have seen an uptick in supply that has yet to be proven and most of the absorption of this supply continues to be driven by new companies that are following the ‘growth model’ without yet turning a profit,” forecasts Berg.

“I foresee some correction on both the valuations of these firms such as WeWork, but also a flight to the historical norm of balancing supply with demand by individual users as opposed to bulk leasing both on the office and residential fronts.”

Brooklyn: A Place to Live, Work, Shop & Visit | The Stoler Report – New York’s Business Report

Brooklyn, NY – October 24, 2019 – Brooklyn, traditionally considered a back-office for Manhattan companies, is getting closer to becoming the main office for important businesses. Retail is affected by the borough’s walkability, proving brick and mortar retail is not dead. Discussion included the future of Coney Island, Red Hook, East New York.

Amerant Lands $49M Loan For Brooklyn Development Project

Brooklyn, NY – September 16, 2019 – law360.comAmerant Bancorp said Monday that it has provided a joint venture with a $49 million first mortgage loan to finance a five-story, 109,623-square-foot property in Brooklyn that features both office and retail space.

Florida-based Amerant Bancorp Inc. said that it arranged refinancing on behalf of a partnership between Infinity Real Estate LLC and Nightingale Group LLC for the Kingswood Center II, located at 1715 East 13th Street in Brooklyn. Amerant said it is acting as the administrative agent financing the majority of the loan, with other prominent banks in New York picking up the remainder of the balance.

“Amerant is committed to growing and maintaining strong inter-bank relationships, while always meeting our client’s ever-evolving needs. We are dedicated to expanding and solidifying our footprint in the industry,” senior vice president and manager of Amerant’s New York commercial real estate division, Paulo Garcia, said in a statement.

The property houses 60,000 square feet of retail space that is currently leased by department stores Target and Marshalls. The remaining space, approximately 45,000 square feet currently, is marketed as office space.

“As one of our preferred lenders, we are delighted to be refinancing our construction loan with Amerant,” Infinity Real Estate Managing Partner Steve Kassin said in a statement.

New York-based Infinity Real Estate was founded in 2005 and is a privately owned developer, owner and manager of property in major U.S. markets.

Nightingale Group is a vertically integrated real estate investment firm targeting properties that are primed for redevelopment.

Representatives for Amerant, Infinity and Nightingale did not return requests for comment Monday.

Legal and financial adviser information for Amerant, Infinity and Nightingale was not available Monday.