NEW YORK CITY—Benenson Capital Partners and Mack Real Estate Group have entered into a joint venture to develop a mixed-use property on the site of the former Peter Stuyvesant Post Office in the East Village.
Benenson has owned the property, at 432 E. 14th Street, between First avenue and Avenue A, since the 1940s, and recently filed demolition plans for the Post Office building and another small retail building on the site. MREG and Benenson are now partners in the development of a new 8-story, 134,000-square-foot, mixed-use building housing 114 apartments and 15,400 square feet of ground floor retail space.
“We are delighted to work with Mack Real Estate Group on this exciting new project, which we believe will maximize the long-term value of a property that has been part of our portfolio for many years,” says Richard Kessler, COO of Benenson. “The Macks share our multi-generational investment philosophy, and we look forward to creating an outstanding building by combining our expertise.”
Adds Richard J. Mack, CEO of Mack Real Estate Group, “In all of our multifamily development projects nationwide, we seek to build Class A assets in improving neighborhoods that show sustained positive demographic trends supporting long-term rental growth in excess of inflation. We believe this corridor will be attractive to Millenials; currently the most significant demographic force in American real estate.
“More importantly,” he notes, “as both families are long term investors, we are dedicated to developing an asset that is stylistically contextual to the neighborhood as it is today and yet timeless enough to appeal to future generations of urban dwellers.”
Pre-development work for the project is underway. The partners are targeting the spring to begin construction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
