Pink Stone Capital is planning to erect a 54-story, rental apartment at 111 Washington Street, two blocks south of the World Trade Center site in the Financial District, according to an article today by Adam Pincus at therealdeal.com.
The article said that the tower will have about 500 apartments "in a mix of studios and one- and two-bedroom apartments, Meir Milgraum, director of acquisitions for the firm, said." It will also have about 30,000 square feet of retail space on two floors.
"Pink Stone bought the defaulted $50 million note from New York Community Bank in March. The bank lent parking magnate Gerald Brauser and his company Term-Washington Street Garage the money in 2006 to develop the property. On July 1, Pink Stone acquired title for the site through a deed in lieu of foreclosure, Milgraum said. Court records show the site includes the property at 105 Washington Street and 111 Washington Street, as well as air rights from four other properties."
The firm is interviewing architects and plans to hire one by the end of next week, the article continued, adding that Mr. Milgraum said the company hopes to complete construction by 2014 and plans to build a one-story retail site at 105 Washington Street.
Pink Stone Capital was founded in 2010 and is led by CEO Richard Ohebshalom, son of Empire Management's Fred Ohebshalom, the article said, adding that it "takes it name from the color associated with breast cancer advocacy, and was named in honor of Richard's high school history teacher, who died of the disease in 1997."
The company "bought the note for 174 Nassau Street in Downtown Brooklyn on June 22, which has development rights for approximately 100,000 square feet. In addition, the company is constructing a 73-unit residential building with 21 stories at 3 West 36th Street and a new, 21-story hotel with 108 rooms at 250 Fifth Avenue, at 28th Street," according to the article.
The article said that the tower will have about 500 apartments "in a mix of studios and one- and two-bedroom apartments, Meir Milgraum, director of acquisitions for the firm, said." It will also have about 30,000 square feet of retail space on two floors.
"Pink Stone bought the defaulted $50 million note from New York Community Bank in March. The bank lent parking magnate Gerald Brauser and his company Term-Washington Street Garage the money in 2006 to develop the property. On July 1, Pink Stone acquired title for the site through a deed in lieu of foreclosure, Milgraum said. Court records show the site includes the property at 105 Washington Street and 111 Washington Street, as well as air rights from four other properties."
The firm is interviewing architects and plans to hire one by the end of next week, the article continued, adding that Mr. Milgraum said the company hopes to complete construction by 2014 and plans to build a one-story retail site at 105 Washington Street.
Pink Stone Capital was founded in 2010 and is led by CEO Richard Ohebshalom, son of Empire Management's Fred Ohebshalom, the article said, adding that it "takes it name from the color associated with breast cancer advocacy, and was named in honor of Richard's high school history teacher, who died of the disease in 1997."
The company "bought the note for 174 Nassau Street in Downtown Brooklyn on June 22, which has development rights for approximately 100,000 square feet. In addition, the company is constructing a 73-unit residential building with 21 stories at 3 West 36th Street and a new, 21-story hotel with 108 rooms at 250 Fifth Avenue, at 28th Street," according to the article.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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