VE Equities brings four buildings to market

TRD New York /
Apr.April 14, 2011 01:06 PM
From left: Justin Ehrlich and Zach Vella

VE Equities, let by partners Zach Vella and Justin Ehrich (two of the rising real estate stars featured in The Real Deal’s April issue), is in the process of bringing four properties — 250 Bowery, 471 Washington, 1 North Moore and 949 Park Avenue — to the market, the New York Post reported, and that makes them one of the few active developers through the downturn. VE purchased 250 Bowery from Peter Moore Associates, which tried to bring a condo-hotel to the site, and is turning it into an eight-story condo with 24 residential units as well as retail space. The firm took over the failed development site at 471 Washington Street in Tribeca and transformed it into a 12-unit condo with 10 units reportedly in contract. VE also bought 1 North Moore Street out of foreclosure and turned it into a five-unit condo. Finally, VE bought one of The Few New Buildings Along Park Avenue, 949 Park Avenue, and turned it into a condo with six duplex units. “We’re picking the best properties block by block, not even neighborhood by neighborhood. Perfect corner pieces, great frontage on the Bowery,” Zach Vella told the Post. “We’re finding deals that are attractive for our lenders, and we use the same group of lenders all the time. I think they’re confident with our ability to execute.” [Post]


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