New York Projects

Real Estate Development - A Brief History 1972 - 1974

New york city 2 Years with grace properties. Worked on aquisitions ans the development of a new town, several PUD's, an apartment complex and an industrial park.
Left to form Teitelbaum Holdings, Ltd.

New York City 1974 - 1984

Formed teitelbaum holdings, Ltd. with $20 million of European investment capital.
Specialized in the adaptive reuse od distressed commercial properties in new york.
Completed 12 projects in 10 years and earned over $100 million for investors.
Retired in 1984. Retained financial interests in Barbizon, Archives and 200 West.
Formed Cathdral Stoneworks in 1989.

Archives

  • 1977 – 1984: Seven-year effort to convert 700,000 sq. ft. surplus federal monument into mixed use apartments, subsidized community offices & shops.
  • 1977 – 1980: Obtained all approvals from federal, state, city conservancy, and local agencies.
  • 1978: Qualified for 25% ITC credits from the Economic Tax Recovery Act of 1981, valued at $4 million.
  • 1980: Archives building donated to New York Sate from the U.S. General Services Administration under the Historic Monuments Act, for the benefit of New York City.
  • 1980: A joint venture formed between Teitelbaum Group, NYC Landmarks Conservancy – providing a 99-year lease for the property.
  • 1984: Sold partnership interest.
  • 1987: Construction completed of 479 rental units, cultural space and shops

200 West 57th Street

  • 1980: Purchased 200 West 57th Street @ $6 million. Upgraded all electric, HVAC, windows, elevators and all spaces for $6 million.
  • 1980 – 1984: Managed construction & leasing operations.
  • 1983: Obtained $36 million mortgage.
  • 1987: Sold partnership interest to general partner

31 Union Square

  • 1974: Purchased historic, 16 story office building @ $3.00 per s/f.
  • 1974: Obtained approval for Nation’s first conversion of offices into apartments
  • 1975: Relocated office tenants to neighborhood office buildings.
  • 1975: Assisted NYC in developing J-51 tax abatement/exemption program
  • 1974 – 1975: Developed plans & specs to create 145 studio, one & two b/r apartments
  • 1975: Created Nation’s first recycling consortium
  • 1976: Sold building to a local builder for $15.00 per s/f.

120 E 56th Street

  • Purchased: 1979
  • Price: $6 million
  • Sold: 1984
  • Price: $12 million

230 Central Park South

  • Purchased: 1979
  • Price: $6 million
  • Converted to Condominium: 1980
  • Sold: $12 million

Barbizon

  • 1975 – 1981: Managed woman's hotel for three different owners
  • 1981: Purchased property for $60.00/sq.ft. in 1980. Brought in investors.
  • 1983: Transformed woman's hotel to mixed use, converted 2 small bedrooms into one, gut rehabilitated five commercial floors into restaurants, bar, shops, health club, etc.
  • 1981 – 1984: Managed & marketed the property
  • 1982: Placed hotel on National Register of Historic Places. Qualified for Investment Tax Credits
  • 1984: Sold hotel to KLM, Golden Tulip hotel chain

111 Fourth Avenue

  • 1976: Purchased land & building @ $5.00 per s/f & relocated all commercial tenants
  • 1976: Obtained zoning variance permitting 180 units and two stores
  • 1976: Financed $8.5 million acquisition & construction with 100% European equity funding
  • 1977: Rented all apartments & stores
  • 1978: Converted 140,000 s/f into 180 studios and 1 B/R units & 2 stores
  • 1979: Installed Hitachi Heater/Chiller in demonstration for hitachi and Brooklyn Gas
  • 1980: Sold 100% of the units as cooperative apartments at $125/sq.ft.
  • 1984 – 1991: 7 year president & manager of 111 4th Avenue Condominium Association

121 E 31st Street

  • Purchased: 1974
  • Cost: $1.5 million
  • Sold: 1976
  • Price: $1.7 million

43 5th Avenue

  • Purchased: 1975
  • Cost: $700,000
  • Sold: 1980
  • Price: $800,000

159 Madison Avenue

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Teitelbaum Developers | 115 Third Street South | Bradenton Beach FL 34217 | 941.778.0156

Contact David

Phone: 941.778.0156
Email: David@TeitelbaumDevelopers.com