Williamsburg, NY – November 19th, 2012 – Celebrating what he calls the ‘soft launch’ of his new boutique condominium at 30 Henry Street in Brooklyn Heights, Brooklyn, New York, Louis Kestenbaum, founding member and Chairman of Fortis Property Group, LLC, characterizes the property as a ‘Horizontal Townhouse’. The Heights, at Thirty Henry Street, as it is being officially branded, sits on the former site of the Brooklyn Daily Eagle. The property will officially begin to be marketed in the next few months and is being represented by the Corcoran Group.
The Heights features five spacious full-floor units ranging from 2,418-square-foot units with three bedrooms, to a 2,861-square-foot fifth-floor unit, which has additional exterior space. All apartments have keyed elevator access. According to Mr. Kestenbaum, “the universal elevator access allows us to offer the charm and appeal of large townhouse style living, but with the convenience of a horizontal foot print, verses the challenges inherent in a tradition vertical structure.”
Mr. Kestenbaum has a twenty-five-year track record of successfully acquiring, operating, managing and developing commercial and residential properties throughout the United States, with a focus on New York City.
Visit Louis Kestenbaum on Google+ for more information: https://plus.google.com/114807427187889584870/posts
For the first half of the story on how Louis Kestenbaum and Fortis Property Group closed on Galleria Office Towers, see Part 1 at, https://plus.google.com/u/2/114807427187889584870/posts/XDQuLxygnGZ
After a brief due diligence period, Fortis obtained attractive debt financing and closed on its acquisition of the Galleria Office Towers in November of 2006. At that time, the property was 90% occupied by over 125 tenants ranging from national public companies to local law and consulting firms.
Fortis immediately began leasing up the existing vacancy and rollover at the same top-of-the-market rates it was obtaining at International Plaza. Within one-year of its acquisition, and with minimal capital improvements, Fortis was able to increase the occupancy of this property to 98% (via roll-over and vacancy leasing efforts) and significantly increase the average rents. To realize the value it had created, Fortis sold the Galleria Office Towers in May of 2008 for a 55% IRR.
Brooklyn, NY – August 20th, 2012 – Fortis Property Group, LLC, headed by Chairman Louis Kestenbaum and President Joel Kestenbaum, stated today that Fortis plans to construct a 170,000-square-foot data storage and disaster recovery center in Norwalk, Connecticut.
Cervalis, LLC has signed a long-term lease for the structure that will stand at 10 Norden Place. Louis Kestenbaum announced that construction will commence in the fourth quarter of this year.
It is estimated that some 200 workers will take part in the construction effort. In addition to about two dozen permanent employees who will staff the data storage and recovery center, each Cervalis client will house their own IT personnel at the site.
The building is scheduled to open in the fall of 2013.