News: Brokerage

Elite Builders & Mgmt. doubles footprint of Chelsea restaurant; retained by Masterpiece Const.

Chelsea, NY Elite Builders & Management (EBM) has been retained by Masterpiece Construction for a 4,000 s/f multi-level expansion of a restaurant at 119 Seventh Ave., on the corner of West 17th St.

EBM’s extensive role in the project encompasses fully shoring up the building in order to remove existing masonry walls and install new steel frames along the perimeter for an open glass concept. In addition, EBM is shoring up the ceilings between the restaurant -- which is operating 24-hours-a-day, seven-days-a-week -- and the second-floor residences in the building, as well as adding a staircase between the lower and grade levels, and a new 55-foot fire escape in the back of the building.

“What makes this project so complex is that we are working on the expansion of an active restaurant in a mixed-use building,” said EBM vice president Alex Chalkias. “To accomplish the work in a timely fashion, we have had to figure out ways to work around the dining clientele and the residents in the floors above with minimal disruption. Sound attenuation and implementing careful protocols for sealing off the spaces in which we are working have been key.”

Christella Xu, president of EBM said, “This was always an ambitious project. Although the work was temporarily delayed by the pandemic, we are at full speed again and working with a stellar project team!”

The project team includes C3D Architecture, PLLC, structural engineering firm MSP Engineering, Inc., and general contracting firm Masterpiece Construction. Project completion is anticipated in 2022.

MORE FROM Brokerage

NYSCAR June 2026 president’s message - by Mercedes Brien

As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced