NEW YORK--(BUSINESS WIRE)--The Bauhouse Group, a New York City-based real estate development and investment firm, today announced a completed Manhattan assemblage at 515 West 29th Street, the only property in Manhattan framed on two sides by the famed High Line park.
“The special location of 515 West 29th is a great Manhattan trophy for our firm,” said Joseph Beninati, Managing Member of Bauhouse. “Our focus is to develop projects with ‘granite strong’ capital structures that use cutting-edge design and construction in first-class locations. 515 West 29th Street perfectly fits this strategy.”
In order to complete the assemblage, Bauhouse was required to negotiate a mutually agreeable outcome to an issue involving a right of first refusal on the property regarding a loan the seller had previously put in place. Bauhouse then purchased in three separate transactions a collection of air rights – some in the form of High Line Transfer Corridor (HLTC) and the last in the form of Inclusionary Air rights – and used the existing grandfathered New York City development rights on the property to maximize height and setback allowances. The result is a site upon which over $100 million of retail and luxury residential units will be developed. The Bauhouse pipeline of future projects includes sites spanning Manhattan, Brooklyn, the Bronx and the Hamptons.
The 515 West 29th Street site was purchased from the Jangana family and three air right owners that remain private. The building’s architect of record is S.M. Berger Architecture. The project’s design architect, along with renderings, will be released in spring of 2014.
A number of prominent real estate private equity firms and family offices pursued a joint venture with Bauhouse on the High Line project. Bauhouse ultimately selected an experienced and large private overseas family office to invest in 515 West 29th Street. As Bauhouse continues to contract for additional NYC developments, the firm will selectively broaden its number of capital relationships.