Past Projects

Located within the Park Slope Historic District Extension, this property is a combined lot with two abutting structures: a historic 17,000-sf, five-story building on the street corner, constructed in 1889 for office and light manufacturing use; and a 2,100-sf, four-story walk-up residential building. When Steven acquired the property, a bar occupied the ground floor of the corner building and the remaining floors were vacant. He renovated the interiors of both buildings and restored the landmark quality exterior of this historic property.

Building Occupants: At the time of sale, a restaurant occupied the ground floor of the corner building, upper floors had been converted to loft apartments, and the residential building contained co-op apartments.

Return on Investment: Upon disposition, the value of the building increased by 40%.

This 48,000-sf, 12-story building, constructed in 1920, is located in a Manhattan Commercial Zoning District with a Residential Equivalent. The zoning provides a unique opportunity to combine residential and commercial condominiums within the same property. Steven acquired the property when it had multiple vacancies and successfully converted it to mixed residential/ commercial use on the upper floors with a retail space on the ground level. All units were sold within four years of the acquisition.

Building Occupants: Mixed-use commercial and residential condominium spaces, with one rental retail unit.

Return on Investment: The building sold out its residential and commercial condominiums.

This single story, 40,000-sf mixed-use building was constructed in 1983 and is located in close proximity to Long Island MacArthur Airport. Avid purchased the nearly vacant, bank-owned property in 2003, performed cosmetic upgrades, and aggressively marketed the building to successfully attract new tenants.

Tenants: Office and research/development companies

Return on Investment: Avid acquired the property in 2003 for $650,000 and invested $200,000 in upgrades. It was sold three years later in 2006 for $3.2 million, representing a 203% return.

This prominent 64,000-sf office and warehouse building on a 5.5-acre lot was designed in 1978 by noted architect I. M. Pei. When Steven acquired the building through a court-appointed referee sale, it was partially abandoned and in a state of decline. The property renovations included site work, new HVAC systems, and enhanced interior finishes. The upgrades revitalized the property, and when Steven sold it, the building was fully leased and financially stabilized.

Tenants: New tenants included NY Blood Services, several medical practices, and the northeast regional office and distribution center for a major apparel and fashion brand.

Return on Investment: In addition to a significant rent roll increase, the property’s value increased by 35% over the five-year investment period, when it was sold.