Borough Equities Borough Construction Group Company Profile July 2017 NYC Office: 45 West 34 th Street Suite 1001 New York, NY 10001 646.237.5220
Borough Equities Business Lines DEVELOPMENT INVESTMENT GENERAL CONTRACTING CONSTRUCTION MANAGEMENT 2
Company Overview and Background Borough Equities is an owner, operator, and developer of residential and commercial real estate. Additionally, Borough Equities, through its construction arm, acts as the General Contractor and/or Construction Manager for certain projects. From adaptive reuse and repositioning of existing assets to ground-up development, the Company leverages proven expertise and a diverse set of capabilities to achieve superior risk-adjusted returns. As a vertically integrated real estate owner and developer, Borough Equities manages all aspects of its projects and acquisitions, from sourcing, underwriting, budgeting, financing, and development management to ongoing construction and property management. Borough Equities pursues opportunistic real estate investments using an entrepreneurial approach, a fully integrated platform and extensive relationships to acquire, develop, reposition and operate real estate. The investment approach focuses on ground-up development and repositioning opportunities in assets with significant value-add potential and calculated downside risk. 3
Construction Capabilities Borough Construction Group ( BCG ) is the affiliated construction division of Borough Equities with a wide range of capabilities. Ground up construction up to 300,000 square feet across all asset classes Interior renovations and fitouts ranging from affordable to luxury projects Self-perform most trades except MEP s Experience working with GMP and Cost Plus contracts Provide Owner s Representative services 4
Company Management Michael Bauer Co-Founder Mr. Bauer has over 10 years experience as a real estate finance professional and has worked on over $45B of deals throughout his career. Mr. Bauer is responsible for sourcing and negotiating all transactions, as well as structuring the capital stack. Prior to launching Borough Equities, Mr. Bauer was the CFO at Princeton Holdings, an investment firm in NYC, where he was responsible for all aspects of transactions including underwriting and due diligence components for acquisitions and dispositions and implementing tax strategies. He also participated in negotiations, particularly with sellers, JV partners, investors and lenders. Prior to Princeton, Mr. Bauer was a Director in the Real Estate Advisory Group at FTI Consulting (NYSE: FCN), where he worked on domestic and international engagements including acquisitions, diligence, financial underwriting, valuations, restructuring, portfolio and operational optimization, master planning and land use, and market and economic feasibility. Specifically, Mr. Bauer worked on the restructuring and optimization of a global portfolio valued over $40B (Lehman Brothers), master planning and land use strategies for international re-development sites over 6,000,000 square feet and $1B (Jeddah, Saudi Arabia), and the acquisition advisory for over 5MM square feet of hospitality, commercial, and retail (various). Prior to FTI, Mr. Bauer was an Accounting Manager at Apax Partner, a global private equity firm, where he was responsible for the complete administration and financial reporting for over 15 funds, containing over $1B in assets, on both a US GAAP and Tax Basis. Mr. Bauer is a Certified Public Accountant and Licensed Real Estate Broker in New York as well as a Licensed Attorney in NY and NJ. Emanuel Kanaris Co-Founder Mr. Kanaris is an experienced builder and developer in the New York Metropolitan area with 30 years of construction knowledge. He has orchestrated complex construction, rehabilitation and development operations as a principal and for other major New York firms. Mr. Kanaris spearheads new construction and development opportunities and partnerships for Borough Equities. Recent projects under his management have had construction budgets ranging from $5 to $75 million. Among all his roles, Mr. Kanaris has been a site project manager for public and private construction and renovation projects, in charge of planning, scheduling, budgeting, and all other construction process activities. He takes an active role in the pre-development phase, with a focus on building quality and innovative housing that is attractive, energy efficient and ecofriendly, taking a direct approach to monitoring and reviewing construction progress. 5
Company Management Robert Schwerdt Director of Construction Mr. Schwerdt has worked in every phase of construction throughout his twenty year career in the industry. He has held positions such as Executive Project Manager, Project Manager, Jobsite Super and Union Carpenter. His project experience extends across all sectors including corporate, residential, retail and healthcare. Mr. Schwerdt has managed a number of high profile construction projects for clients such as The Leukemia & Lymphoma Society, Beth Israel, Toyota, Citibank, Bank of America, Lutheran Hospital, and Maimonides Medical Center. Donna Hill Senior Project Manager Mrs. Hill has over 18 years of construction experience. She ensures that our staff operates in conformance with established project directives, policies, procedures, instruction, guidelines, and the levels of quality, while maintaining control of scope, cost, and schedule. She is responsible for overseeing and coordinating project specific work from the design phase through construction start-up and completion. Mrs. Hill has held senior roles at TRM Contracting and HRH Construction where her she has worked on over $300MM of construction projects including JC Penney, Scholastic Inc., Stratosphere Hotel & Casino, City Center White Plains and the African Burial Ground Memorial in NYC. Barry Feuerstein Chief Estimator/Senior Project Manager Mr. Feuerstein has over 25 years of experience estimating and managing projects up to $500MM. He has a unique understanding of all architectural & MEPS design elements and interfacing with construction trades. He has experience working on a multitude of high-end projects including commercial, residential, museum and religious institutions. Mr. Feuerstein has extensive experience negotiating contracts and scopes of work with subcontracter trades. Mr. Feuerstein s past projects include work with Bank of New York, the Grand Palace Hotel, Sotheby s, Columbia University, The Basilica of Old Saint Patrick s Cathedral. The Fashion Institute of Technology and the Federal Reserve Bank. 6
Current Projects 160 Imlay Street, Brooklyn, NY 240,000 SF containing 70 Residential Condos and 15 Commercial Units Project Cost $71 Million Architect: Bluarch Architects Warehouse to Condo conversion Completion: 2017 20 Bruckner Boulevard, Bronx, NY 165,000 SF Commercial Project Cost $28 million Architect: ASAP Architects Full renovation of existing building Completion: 2017 1 Prospect Park West, Brooklyn, NY 169,000 SF Residential and Community Facility Project Cost $45 million Architect: New Amsterdam Design Associates Conversion of senior assisted-living facility to luxury apartments Completion: 2018 1455 Boston Rd, Bronx, NY 80,000 SF Residential with Church on the ground floor and basement Project Cost $20 million Affordable housing Architect: TBD Ground up development Completion: 2019 1880 Boston Rd, Bronx, NY 144,908 SF containing 160 apts Commercial Units and Senior Apartments Project Cost $49 Million Architect: SLCE Architects LLP Completion: 2019 44-46 Purves Ave, Long Island City, NY 41,500 SF Residential Project Cost $11 Million 12 story building with 49 apartments Architect: Gerald Caliendo Architects Ground up development Completion: 2018 7
Current Projects 952 Columbus Avenue, New York, NY 15 Residential Units with a 5,000 SF Church on the ground floor and basement. Project Cost $16 Million Architect: Pinner Architects Ground up development Amenities include a community room, storage units and outdoor terraces. Completion: 2016 227 Starr Street, Bushwick, NY 5,000 SF Commercial 2 story building Project Cost $1.5 Million Architect: Future-Made Architects Ground up construction Completion: 2017 1040 Flatbush Avenue, Brooklyn, NY 24,000 SF Commercial Project Cost $3 million Architect: Workshop Design Architecture Occupied by Crunch gym Completion: 2016 86-50 Dongan Ave, Elmhurst, NY 29,000 SF Residential with 5,000 SF of below grade parking Project Cost $7 Million 7 story building with 27 units Architect: Manny Kambanis Architect Completion: 2018 8
Completed Projects 920 Westchester Avenue, Bronx, NY 128,000 SF affordable housing complex with 110 Residential Units, 52 Parking Spaces, 11,000 SF Commercial Space and 1,000 SF Community Facility Space. Project Cost $37 Million Architect: Meltzer/Mandl Architects, P.C Green building, with both a LEED Gold rating and a NYSERDA's EnergyStar label. First building in New York City to contain the Girder Slab system which utilizes steel and precast hollow core concrete planks. El Jardin De Selene 390 East 158th Street, Bronx, NY 84 Residential Units, 6,000 SF Commercial Space, 2,000 SF Community Facility Space, and 21 Parking Spaces LEED Gold (USGBC), Energy Star (NYSERDA), Green Communities Project Cost $26 Million Architect Magnusson Architecture & Planning, P.C. The building features sustainable design elements including: Bamboo floors, dual flush toilets, energystar appliances in apartments, green roofs and solar panels. Z Hotel 42-45 11th Street, Long Island City, NY 100 rooms with rooftop commercial space, and 25 parking spaces Project cost $16 million Architect Gerald J. Caliendo R.A., A.I.A. The hotel includes an outdoor pool and beer garden, restaurant and a rooftop bar lounge. 40 Gold Street, New York, NY 56 Residential Units with 8,000 SF of Commercial Space Project Cost $18 Million Architect: Meltzer/Mandl Architects, P.C This 14 story elevator building includes a recreation area, laundry room, and gym allocated at the penthouse level. 9
Completed Projects 12 East Clark Place, Bronx, NY 76 Residential Units Project Cost $16 Million Architect RKTB Architects The building features sustainable design elements including: Bamboo floors, dual flush toilets, energystar appliances in apartments, green roofs. Sugar Hill Condominiums 415 West 150th Street, New York, NY 16 Residential Units 10,000 SF Commercial Space Project Cost $6.5 Million Architect Magnusson Architecture & Planning, P.C. 16 East 169th Street, Bronx, NY 33 Residential Units Project Cost $8 Million Architect: RKTB Architects The building features sustainable design elements including: Bamboo floors, dual flush toilets, energystar appliances in apartments, green roofs and solar panels. 115-02 Jamaica Avenue, Queens, NY 29,334 SF Commercial Project Cost $5 Million Architect: ASAP Architects Occupied by Dollar Tree and Crunch gym Hamilton Lofts 117 & 121 Edgecombe Avenue, New York, NY 12 Residential Condominium Units Project Cost $3.5 Million Architect GF 55 Partners 10