Lalezarian Properties is a small, family-owned property management and development company that leases both residential and commercial buildings, primarily in Manhattan. Founded in 1981 and based on Long Island, Lalezarian is viewed as a smaller player but one that often manages to get into the same coveted neighborhoods as its bigger rivals, such as Cobble Hill and areas in the Financial District. It has more than 3,000 apartments to its name.
Lalezarian has been particularly active on Manhattan's West Side, buying up several luxury apartments alongside the newly refurbished High Line in Chelsea. In 2015 the company bought into Hudson Square and began developing several mixed-use buildings with an eye to a large profit windfall post-2016. However, Lalezarian has worked with the city to build affordable housing nearby as well, tapping 75 apartments for the city's Inclusionary Housing program.
Lalezarian has some of the same legal troubles as its larger corporate brethren. In 2011 it was the target of a lawsuit by construction union workers who alleged it had cheated them out of millions of dollars in wages and benefits. That same year, Great Neck, N.Y., residents fought against Lalezarian's proposals to build multi-family units in their largely single-family neighborhood, claiming several of the company's buildings had safety and environmental violations.
A $61 million financing was arranged for the acquisition of the luxury rental building. The property is owned by Rockrose Development Corporation It has 1,800 square feet of commercial space and a 4,734-square-foot garage. The company does not have any immediate plans for the 31-story multifamily residential building, 156 units total.