"We're really rolling," Halstead executive vice president Paul Gottsegen tells GlobeSt.com. "The momentum is taking off. Basically, we're excited because we are meeting our goal, which is to build up the management arm of Halstead Property Co. It's going exactly as we had hoped."
According to Gottsegen, the firm has management contracts in hand for Manhattan apartment buildings including 279 Central Park West, 176 W. 87th St., 445 E. 86th St., 301 E. 48th St. and 124 Hudson St.
Gottsegen wouldn't reveal deals on agencies currently under negotiation but says Halstead is "very close to signing" management contracts on three additional buildings. He says the firm, which specializes in co-op and condominium management, is catching on because of the value-adds it provides. "Each building is assigned a financial team," he tells GlobeSt.com. "In addition we have specialists who handle transfers and insurance. And all of these buildings are assigned a broker specialist. They're there as a free service to the shareholders in the building. This is a service that we provide. So, management and sales go well together."
Halstead will take over two properties, the 150-unit co-op at 445 E. 86th St. and Marlo Towers, a 196-unit co-op at 301 E. 48th St., next month. It has already taken the reins at 279 Central Park West, a 38-unit condominium building on the corner of 88th St. The 23-story building is roughly 115,000 sf and features a health club and family facilities including indoor and outdoor play facilities.
Halstead also has services in place at 176 W. 87th St, a pre-war co-op building located at Amsterdam Avenue. The 88-unit, Emery Roth-designed co-op building has 12 stories and roughly 145,000 sf. Its first floor is home to two well-know West Side restaurants: the Popover Café and Barney Greengrass. The firm's latest assignment, the newly remodeled 124 Hudson St., is a 24-unit TriBeCa co-op built in the 1920s. The nine-story building has roughly 60,000 sf.
Halstead Management is a subsidiary of Terra Holdings, LLC, a Manhattan-based holding company that also owns Halstead Property Co. Owned and managed by David A. Burris, Kent M. Swig, Arthur W. Zeckendorf and William Lie Zeckendorf, Terra-owned companies include commercial real estate firm Brown Harris Stevens, residential rental firm Halstead/Feathered Nest and Vanderbilt Holdings, a financial services firm with businesses in residential mortgage brokerage and insurance.
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