Levy of Cornerstone, Sussman of Rosenberg and Estis and Cohen of Moritt rep ADG/Langsam in $42 million purchase

American Development Group, LLC (ADG) along with Langsam Property Services Corp. closed on the land acquisition of 219 West 28th St. The property, a vacant lot and an existing structure, was acquired in a deal valued at $42 million. The total valuation of the project will be $150 million. 219 West 28th St. will be a new construction development project featuring a 116,000 s/f residential tower with 150 rental units, ground floor retail space and an underground automated garage from AutoMotion Parking Systems, LLC. Developed as a part of the city's new inclusionary housing program, the project will include 80% market rate and 20% middle income rental units. The project is slated to commence construction in June. "Due to the favorable zoning and inclusionary component of the site, this acquisition represents another outlet for ADG Langsam to create a successful high end project in a fantastic location," said Perry Finkelman, CEO of ADG. "The unique zoning of the property allowed us to extract the highest value, as well as allow a creative approach to affordability of both middle income and market rate units." Amenities at 219 West 28th St. will include communal space for the residents such as a game room, library, and small offices for the residents to use as swing spaces for study or personal business. Additionally, a first class gym will be constructed on the second floor overlooking the mechanical components of the automated parking system. The seller, a long term owner/operator, was represented by Deborah Schwartz of Buchbinder and Warren Realty LLC. The buyer was represented by Edmond Levy of Cornerstone Properties, Richard Sussman from the law offices of Rosenberg and Estis, and David Cohen from the law offices of Moritt, Hock and Hameroff. "The automated component of the garage will allow visitors to see a unique perspective of a highly innovative mechanical system in use," said Ari Milstein, of AutoMotion Parking Systems, a feature that has been added to previous ADG Langsam development projects. "Visitors will be able to see cars whisked away to shelves and turned 180 degrees without any human intervention, and - most importantly - no emissions or use of fossil fuels." American Development Group LLC is the firm behind several successful projects in Manhattan and Brooklyn, including a historic conversion in Park Slope (910 Union Street) that was brought to market in Fall 2012, a ground-up new construction condominium project in the Gramercy area (148 East 24th Street) which sold out in less than one year, and a planned project to create North America's largest automated parking system in downtown Brooklyn. "The last few years have been very successful for ADG. We are currently in a buying mode, aggressively seeking additional opportunities to acquire and develop off-market residential developments, re-development projects and hotel conversions across the New York City area," added Finkelman. About American Development Group, LLC: American Development Group, LLC (ADG) provides a full range of real estate services to plan, build, market, finance and manage New York's most exclusive and innovative properties. Our strong array of talent, capabilities, and resources give us the flexibility to make projects happen. What's more, as a full-service leader in the country's most demanding and sophisticated market, ADG maintains solid professional relationships within its offices from providing professional management administered by an accredited management organization and having key employees who hold the distinguished Certified Property Management (CPM) designation, to having structural and architectural staff that manage our key business partners throughout the industry. These relationships help ADG secure preferential status in allowing the firm to build and manage the finest buildings that the team undertakes. For more information, please visit: http://adgorg.com. About Langsam Property Services Corp.: Langsam Property Services Corp. is a Bronx-based real estate management company. The company is responsible for managing the day-to-day operation of approximately 350 buildings containing over 11,000 dwelling units and 300 commercial units. These buildings are located in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County.