Somerset Partners | TRD Research
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Somerset Partners

450 Park Avenue
New York, NY 10022
(212) 825-1300
Website
[email protected]

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.

  • Event Sales
  • Address 101 Lincoln Avenue
  • Neighborhood Mott Haven
  • Borough Bronx
  • Price $ 165,000,000
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
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

08/01/2017
And nearby, Somerset Partners’ Keith Rubenstein, who paid a mere $35 million for his Upper East Side mansion in 2007, now wants $85 million for the 15,000-square-foot house following a gut renovation (Hermès leather walls included)...

07/01/2017
South Bronx neighborhoods have undoubtedly attracted the lion’s share of attention thanks to high-profile projects like the Clock Tower Lofts â€' a former piano factory that was converted into rentals back in 2002 â€' and the massive mixed-use waterfront project from Somerset Partners and Chetrit, which is slated to include six (mostly rental) residential towers...

01/08/2016
For the second year in a row, the number of brokers and agents in Brooklyn and Queens rose faster than in Manhattan, an indication that brokers For the second year in a row, the number of brokers and agents in Brooklyn and Queens rose faster than in Manhattan, an indication that brokers...

12/24/2015
Half of the 10 largest permit applications â€' by square footage â€' for new developments in the city were for projects in the outer boroughs. Emerging major real estate playgrounds, like Long Island City and the Bronx, topped the list, falling not too far behind the biggest development proposed this year: SL Green Realty's One Vanderbilt in Midtown East. Property Markets Group and the Hakim Organization's 40 Riverside Boulevard in Long Island City is slated to be the tallest tower in the city outside of Manhattan. The project will 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 are ultimately planning 1.2 million square feet of development...

09/01/2015
Chetrit Group and Rubenstein’s Somerset Partners paid $58 million for two sites in a one-time piano-manufacturing district...

08/04/2015
The South Bronx market in particular is changing quickly, and noted developer Joseph Chetrit now owns five 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 span as much as 1.2 million square feet...