Somerset Partners | The Real Deal New York

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Somerset Partners

450 Park Avenue
New York, NY 10022
(212) 825-1300
Website
info@somersetpartnersllc.com

Somerset Partners is a private real estate investment firm that focuses on commercial and multi-family properties. The firm was founded in 2000 by real estate lawyer Keith Rubenstein and has had a steady track record of more than $2 billion in acquisitions. The firm is one of those credited with the revival in the South Bronx. Somerset joined with the Chetrit Group in 2015 to purchase five acres of industrial property along the Harlem River, where the two firms had plans for a residential community. The area was purchased for $58 million and is close to the Special Harlem River Waterfront District to entice private residential and commercial projects to move into the Bronx. To interest investors, Somerset filed plans for art galleries, restaurants, and coffee shops and used swank parties and billboards to tout the arrival of what was called “the Piano District.” Somerset Partners also has investments in hotels and private clubs, as well as a microbrewery.


10/17/18
...for $31.9 million. Brookfield purchased the two sites from Somerset Partners and the Chetrit Group for $165 million earlier this year and plans to construct a...

10/15/18
...a piece of the action. Keith Rubenstein of Somerset Partners is working on putting together a $200 million opportunity zone fund for new projects in...

10/11/18
...Haven in the Bronx (Credit: Getty Images, Twitter, Somerset Partners, and Max Touhey via Curbed NY) Keith Rubenstein’s Somerset Partners is teaming up...

...include the Yankees-led partnership with Related Companies and Somerset Partners to build a soccer stadium for the New York City Football Club in the...

...a piece of the action. Keith Rubenstein of Somerset Partners is working on putting together a $200 million opportunity zone fund for new projects in...

09/24/18
...buy of a Mott Haven development site from Somerset Partners and the Chetrit Group earlier this month, the developer told TRD it would set...

09/11/18
...on its $165 million purchase of the site from Somerset Partners and the Chetrit Group. They plan to build about 1,300 residential units across seven buildings...

09/06/18
...purchase of 2401 Third Avenue and 101 Lincoln Avenue from Somerset Partners and the Chetrit Group on Wednesday, according to representatives for Brookfield and Somerset. The...

08/16/18
...million purchase of two South Bronx sites from Somerset Partners and the Chetrit Group is still the talk of the borough. The deal came...

07/25/18
...purchase of 101 Lincoln Avenue and 2401 Third Avenue from Somerset Partners and the Chetrit Group. Much of the activity during the first half of the...

07/20/18
...million-square-foot, 1,300-unit megaproject — assembled by Keith Rubenstein’s Somerset Partners and the Chetrit Group — is one of the most ambitious developments the Bronx has...

06/05/18
...biggest private development from the Chetrit Group and Somerset Partners. Correction: This story was updated to reflect that Park Tower Group is retaining ownership...

05/29/18
...market-rant rental megaproject in the South Bronx from Somerset Partners and the Chetrit Group for $165 million. And the developer announced last week that it...

05/17/18
...neighborhood backed by Keith Rubenstein, the founder of Somerset Partners. Although Rubenstein has backed away from his largest project in the area — he and...

05/02/18
...more units,” he said. The Chetrit Group and Somerset Partners recently sold the site of their planned mixed-use development in the South Bronx to...

04/18/18
...will compete against a proposal from Related Companies, Somerset Partners and the New York City Football Club to bring a soccer stadium to the...

04/17/18
...submitted the plans to Empire State Development with Somerset Partners and the New York City Football Club as part of an RFP process, and...

04/04/18
...Hill West Architects) UPDATED, 3:44 p.m., April 4: When Somerset Partners and the Chetrit Group were getting started on their massive South Bronx project, Brookfield...

04/04/18
...Architects and Getty Images) After years of planning, Somerset Partners and the Chetrit Group are walking away from one of the most ambitious real...

12/11/17
...investment in Trump Soho as recently as 2012, with Somerset Partners...

12/08/17
...priciest listing in the neighborhood at $80 million. The Somerset Partners founder and his wife Inga first listed the six-bedroom, 14,700-square-foot townhouse at 8 East 62nd...

10/24/17
...in place and others like the megaproject from Somerset Partners and the Chetrit Group planned along the waterfront.   – Eddie Small...

10/19/17
...made it inside, police said. Rubenstein’s company Somerset Partners is developing a massive waterfront project in the South Bronx. He listed his home...

10/11/17
...on the future.” He is particularly skeptical of Somerset Partners’ and the Chetrit Group’s massive waterfront project coming to Mott Haven. The companies...

10/10/17
...not sure yet who will handle leasing at Somerset Partners’ and the Chetrit Group’s massive project on the South Bronx waterfront, his company...
  • Event Sales
  • Address 101 Lincoln Avenue
  • Neighborhood Mott Haven
  • Borough Bronx
  • Price $ 165,000,000
  • Publication Date 09/07/2018
  • Event Date 09/06/2018
  • Party 1 Chetrit Group, Somerset Partners
  • Party 1 Brokerage Pryor Cashman
  • Party 1 Broker Todd Soloway, Danielle Schechner, Ari Tran
  • Party 2 Brookfield Property Partners
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Doug Harmon, Adam Doneger
notes
The buyer bought the Mott Haven portfolio for $165 million.
  • Event Financing
  • Address 9 Bruckner Boulevard, 2413 3rd Avenue
  • Neighborhood Mott Haven
  • Borough Bronx
  • Price $ 24,500,000
  • Publication Date 10/01/2017
  • Event Date 09/15/2017
  • Party 1 Somerset Partners
  • Party 1 Brokerage Iron Hound Management
  • Party 1 Broker Robert Verrone, Robert Vernicek
  • Party 2 Kushner Companies
notes
The real estate investment firm acquired a loan for $24.5 million.
  • Event Sales
  • Address 2413 Third Avenue
  • Neighborhood Mott Haven
  • Borough Bronx
  • Square feet 42,465
  • Price $ 17,000,000
notes
The warehouse and the parking lot were sold for $17 million.
  • Event Sales
  • Address 9 Bruckner Boulevard
  • Neighborhood Mott Haven
  • Borough Bronx
  • Square feet 16,000
  • Price $ 7,500,000
  • Price per foot $ 468.75
  • Publication Date 09/01/2016
  • Event Date 07/15/2016
  • Party 1 Halman Enterprises
  • Party 2 Somerset Partners
notes
The warehouse was sold for $7.5 million with plans to convert it into a Gansevoort Market-style food hall to be known as Bruckner Market.
  • Event Sales
  • Address 450 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 330,000
  • Price $ 509,000,000
  • Price per foot $ 1,542.42
notes
Somerset has closed on its purchase of the Class A office property for $509 million, or $1,540 per square foot, the most ever paid for a U.S. office tower on a per-square-foot basis. Asking rents in the building are now in the range of $60 to $70 per square foot, but Somerset believes new leases can fetch up to $180 per square foot.
  • Event Sales
  • Address 85 10th Avenue
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 600,000
  • Price $ 430,000,000
  • Price per foot $ 716.67
notes
The former Oreo cookie factory is under contract for $430 million, or $717 per square foot. Somerset paid $294 million for the building in July 2005.
  • Event Sales
  • Address 85 Tenth Avenue
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 600,000
  • Price $ 300,000,000
  • Price per foot $ 500.00
  • Publication Date 08/01/2005
  • Event Date 06/22/2005
  • Party 1 A. Gordon, Belvedere Capital, I. Cohen, ATC Management
  • Party 1 Brokerage Eastdil Secured
  • Party 1 Broker Douglas Harmon
  • Party 2 Somerset Partners
  • Party 2 Brokerage in-house
  • Party 2 Broker Keith Rubenstein, Marshall Allan
notes
Former Nabisco factory sold for $300 million; reportedly record price per sf for area
Bronx, 10454
CHETRIT GROUP, 101 LINCOLN ASSOCIATES PROP. LLC
This property is a new development. The developer(s) filed plans in September of...
Manhattan, 10011
85 TENTH AVENUE ASSOCIATES, L.L.C.
85 Tenth Avenue is a 635,000-square-foot, 11-story office building, located on the border...

01/08/16
...changing as developments like the Chetrit Group and Somerset Partners...

12/24/15
...span more than 800,000 square feet. In the Bronx, Somerset Partners and Joseph Chetrit’s Chetrit Group are busy building up the waterfront, where they...

...the South Bronx. Chetrit Group and Rubenstein’s Somerset Partners paid $58 million for two sites in a one-time piano-manufacturing district. The waterfront sites, at...

08/04/15
...acres along the Harlem River, where he and Somerset Partners plan to embark on a market-rate residential project that could include six towers and...
Bronx, 10454
CHETRIT GROUP, 101 LINCOLN ASSOCIATES PROP. LLC
This property is a new development. The developer(s) filed plans in September of...