From left: Allen Rosenberg, Kevin Salmon and 80 Carmine Street
The Long Island-based Alrose Group appears to be turning a corner. The landlord investor signed a 49-year lease with the local International House of Pancakes franchisee last week for its retail space at 80 Carmine Street. And, yesterday it cleared a crucial hurdle to stabilize a once-troubled Long Island building that’s home to the luxury Allegria Hotel. [more]
From left: Lloyd Goldman, president of BLDG, and 888 Lexington Avenue
Property owner Lloyd Goldman is on a bit of a roll. He’s closed on or in contract to buy at least three small retail properties over the last four months in Manhattan and says there are more to come.
Most recently Goldman, president of BLDG Management, which is one of the major commercial owners in the city, acquired the two-story commercial property at 888 Lexington Avenue on the corner of 65th Street Jan. 24 for $13.25 million from Allen Rosenberg’s struggling Alrose Group, city property records published yesterday show. [more]
Investors Bancorp CEO Kevin Cummings and a Brooklyn Federal Savings branch at 81 Court Street
New Jersey-based Investors Bancorp acquired Brooklyn Federal Bancorp for $10.3 million, Long Island Business News reported, while unloading most of Brooklyn Federal’s commercial real estate loan portfolio to a separate, unnamed, real estate investment fund.
Brooklyn Federal is the parent company of Brooklyn Federal Savings Bank, which has five branches in Brooklyn and Long Island and has $470 million in assets and $411 million in deposits. With Brooklyn Federal in tow, investors will have $10.7 billion in assets, $7.2 billion in deposits and 85 branches in New Jersey, Brooklyn, Queens and Long Island.
Brooklyn Federal agreed to the transaction because of the increasing costs of complying with government regulation, such as Dodd-Frank, according to analysts interviewed by LIBN…. [more]
The flip side of the story of real estate investors who have taken advantage of the downturn and snapped up discounted properties is the city’s owners who are losing them one by one.
One such mid-sized landlord who built up a modest portfolio in Manhattan and Long Island and is now losing them is Allen Rosenberg. In 1990, he founded the Alrose Group, with offices in Midtown and Woodmere, L.I. His website shows over the years he acquired 23 properties in New York City, Long Island, New Jersey and Maryland.
Now, he is under pressure from lenders who are selling the notes on three of his Manhattan retail properties with a face value of $11.5 million, as well as the $2.7 million loan on a 35,000-square-foot shopping center in Commack, L.I. In addition, $30 million in loans on the luxury Allegria Hotel & Spa in Long Beach, L.I. is being sold, according to sources. Alrose did not respond to requests for comment. … [more]
Long Beach has scored its first luxury hotel, the Allegria at the Boardwalk and National Boulevard, thanks to developer Allen Rosenberg’s faith in the power of a quick getaway. “I think people are so tired of driving to the Hamptons,” said Rosenberg, who is president of Alrose Group in Manhattan. “In Long Beach, there are plenty of restaurants. It’s a year-round community. It’s the un-Hamptons.” Roughly 85 of Allegria’s 143 rooms have already opened, with prices per night ranging from $199 for a view of the atrium to $1,000 for an ocean view. The remaining rooms are slated for occupancy by the end of the year, and a rooftop pool and spa will open in the spring.
For NYC real estate updates provide email below
