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Tabak Brothers’ respective Firms Join to Buy NY FIDI Property for $21.5 million

L-R  Joseph Tabak’s Princeton Holdings and Eli Tabak’s Bluestone Group

 

Joseph Tabak’s Princeton Holdings and Eli Tabak’s Bluestone Group acquired a mixed use property at 165 William Street in Manhattan’s Financial District for $21.5 million from Shlomo and Moris Bakhash’s Kash Group, The Real Deal has reported.

The two firms, whose principals are brothers, are planning on making alterations to the property and selling off its units as condominiums.

The Bakhash brothers acquired the building for only $6.1 million in 2010. That’s a 350% profit in only 4 years.

Constructed in 1908, the ten story building is 118 feet high, holds 31, 076 square feet of space and has both a retail space – currently occupied by a pharmacy — and 12 rental apartment units. The apartments there average 2, 600 square feet in space.

Zillow currently lists two 5 bedroom, 2, 900 square foot units there for $8, 000 a month. A 3, 000 square foot penthouse there is going for $10, 000 a month.

Princeton Holdings, LLC (“Princeton”) is a Manhattan-based real estate investment and finance company founded by industry veteran Joseph Tabak. The company says that it offers both its clients and partners a wide variety of investing and lending options, including (i) equity, (ii) preferred equity, (iii) mezzanine debt, and (iv) senior debt.

The Bluestone Group is a private investment firm which says that it specializes in taking advantage of value-add scenarios such as under-managed properties, developing markets and distressed assets.

Bluestone invests in opportunistic situations, distressed properties, sub-performing debt and equity, and non-performing commercial mortgage loans (“NPLs”).

 

165willbldg

 

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