Springhouse pays $55,000,000 for Union Square gem

Adam Verner’s Springhouse Partners is the new owner of a mixed-use rental building on Irving Place near Gramercy Park, having paid longtime owners the Rumpel family $55 million for the property. The six-story, 50,000-square-foot building at 51 Irving Place, on the corner of East 17th Street, holds 56 rental units, the majority of which are market-rate. The property...

Uptown Maintains Upside

Soaring property values in New York neighborhoods once associated with crime and poverty are producing healthy profits for developers who jumped in early. Consider this recent deal: Springhouse Partners' Adam Verner just purchased two Harlem apartment buildings with 59 mostly-rent-regulated units and seven retail spaces for $15.4 million. The seller was...

Springhouse pays $18,200,000 for Brooklyn apt building

Springhouse Partners has teamed up with Avenue Realty Capital in the $18.2 million oﬀ-market purchase of 902-908 Bedford Avenue, The Commercial Observer has learned. The 65,000-square-foot building is located in the Clinton Hill neighborhood of Brooklyn, just a few blocks from the Pratt Institute. “This area has seen significant positive changes...

Young guns set their sights on becoming tomorrow’s real estate success stories

The city’s young real estate entrepreneurs are using unique investment strategies to become tomorrow’s success stories. In some circles, youth correlates with impatience and rash decisions, but these relative newcomers to the ferce and congested New York City market are identifying eﬀective strategies — and valuable assets — and sticking to them. “Because I’m young, I tend to be...

Ariel Property Advisors presents panel on Value-Added Opportunities

More than 200 real estate professionals attended Ariel Property Advisors' panel presentation on Value-Added Opportunities in the NYC Multifamily Market at the recent NYC Real Estate Expo. Close to 3,000 individuals attended this year's expo, which was held on October 18 at Columbia University...

Miami Beach apartment/retail building sold for $21M to New York investor

Goldwater Realty, a Miami Beach-based company managed by Zalman Fellig, sold the building at 1700 Alton Road to AC 1700 Alton Owner, which is managed by Springhouse Partners founder Adam Verner. Forte Capital Management was also part of the deal. The buyer obtained a $19.04 million mortgage from Ladder Capital Finance...

Historic Mayflower Hotel on Alton Road to Become an, um, 'Boutique Hospitality Concept'

The historic Mediterranean Revival building on Alton Road and 17th Street with the Vespa dealership on the corner, which was originally known as the Mayflower Hotel and is now called the Variety Building and has been a studio apartment building since the '90s, is being "lightly renovated" and converted "back to its roots," into a "boutique hospitality concept." Two developers...

Historic designation for iconic South Beach building moves forward

The area surrounding West Avenue, 17th Street and Alton Road on South Beach is quickly becoming a “go-to” destination for boutique hotels catering to the thousands of visitors who flock to Lincoln Road. A 116-room Residence Inn recently opened on 17th Street at the northern end of West Avenue and a restored five-story building built in 1922 that was once the second tallest high-rise...