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.


08/16/17
...has voiced support for major Bronx projects including Somerset Partners and the Chetrit Group’s mixed-use development at 2401 Third Avenue and 101 Lincoln Avenue, as...

07/20/17
...Organization’s Hallets Point project in Astoria or Somerset Partners’ and the Chetrit Group’s complex along the South Bronx waterfront. David Manheimer, co-founder...

07/18/17
...Greenburger, Mark Stagg, Harold Fetner, Keith Rubenstein’s Somerset Partners and Nazee Moinian, wife of developer Joseph Moinian. Margo Catsimatidis, spouse to Red Apple...

05/19/17
...Management’s 130-unit building at 23 Bruckner Boulevard and Somerset Partners’ massive project with the Chetrit Group along the waterfront -- will be either mostly...

05/18/17
...the same time.” Keith Rubenstein, a founder of Somerset Partners, said the success of the Clock Tower building played a key role in convincing...

05/02/17
...The Related Companies, which purchased the building from Somerset Partners in 2007 for $430 million, owns the other half. Average asking rents for Class A office...

05/01/17
...projects approved between 2005 and 2008. The Chetrit Group and Somerset Partners are working on the first phase of their massive market-rate residential rental development in...

04/18/17
...in Bronx development, with the Chetrit Group and Somerset Partners planning to develop a 1,300-unit market-rate rental project in the Mott Haven neighborhood. In...

04/17/17
...area's near future: Last month, Chetrit Group and Somerset Partners announced they would soon break ground on their 1,300-unit, market-rate residential complex on the...

03/31/17
...enormous construction loan that the Chetrit Group and Somerset Partners are seeking for a seven-building, 1,300-unit rental complex in Mott Haven, Silvershore Properties looking...

03/30/17
...record for the borough. The Chetrit Group and Somerset Partners are in the market for a construction loan of up to $500 million for a...

03/29/17
...the borough, as big-name developers like Related Companies, Somerset Partners and Chetrit Group dive into the mix. Wednesday’s panelists expressed their enthusiasm with...

03/28/17
...is also going up. The Chetrit Group and Somerset Partners will soon be breaking ground on their 1300-unit residential project on the Mott Haven...

03/14/17
...stake in the South Bronx residential development by Somerset Partners and the Chetrit Group at 2401 Third Avenue, according to sources. Real estate is "straightforward...

03/13/17
...s development scene, where the Chetrit Group and Somerset Partners are set to break ground on their 1,300-unit residential project on the Mott Haven...

03/12/17
...is officially on its way. Chetrit Group and Somerset Partners are breaking ground on a 1,300-unit residential project on the Mott Haven waterfront. The...

01/23/17
...Keith Rubenstein and an LLC tied to his Somerset Partners gave $84,500. Rubenstein never gave to the governor before, but had previously hosted a $2,500-a-head...

01/16/17
...mid-market New York City investment sales last week, Somerset Partners added to its Mott Haven megaproject with a $17 million warehouse purchase and Rybak Development...

12/15/16
...borough's project: it's teamed up with Keith Rubenstein's Somerset Partners to develop as many as six, 25-story residential towers in the South Bronx.   --...

12/08/16
...office building, a former Nabisco factory, in 2007 from Somerset Partners for $430 million. The new mortgage replaces a $270 million acquisition loan from Deutsche Bank subsidiary...

07/20/16
...hall, courtesy of developer Keith Rubenstein. Rubenstein’s Somerset Partners  closed Wednesday on the purchase of a 16,000-square-foot warehouse at 9 Bruckner Boulevard that he...

06/14/16
...projects. The Chetrit Group and Keith Rubenstein’s Somerset Partners filed plans last year to build two 25-story apartment towers at 2401 Third Avenue and...

06/07/16
...a spike in more upscale development. For example, Somerset Partners and the Chetrit Group are developing six residential buildings along with coffee shops and...

05/12/16
...is a founder of real estate investment firm Somerset Partners, which has acquired more than $2 billion worth of office and multifamily property nationwide since...

05/02/16
...Blasio raise money. Finally, in the Closing interview, Somerset Partners founder Keith Rubenstein talks about the 1970 NBA Finals, why he didn’t go the...
  • 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
101 Lincoln Avenue is the address of a block-long site in the Bronx...
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
101 Lincoln Avenue is the address of a block-long site in the Bronx...
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