When the developer in New York City’s Manhattan West announced the project’s debut last year, it touted luxury apartments, modern offices and a variety of retail outlets in a multi-tower complex.
It also forged a link (in name only) to one of Las Vegas’ visible real estate collapses due to the Great Recession.
A product of the mid-2000s bubble, the ManhattanWest complex in Las Vegas was to feature condominiums, retail space and more. But with the economy collapsing, the developers stopped construction, and after years of the project gathering dust, new investors bought it, renamed it, completed it, filled it with tenants, It was sold piecemeal.
Manhattan West in New York City and the former Manhattan West in Las Vegas have no connection other than the name. They have different developers, one of him actually built a project in Manhattan and another one of him didn’t finish the project outside of Las Vegas.
Still, the name of the New York City complex rekindles memories of Las Vegas’ go-go days when developers, backed by easy funding, flooded southern Nevada with massive construction projects about 15 years ago. increase.
In New York, real estate giant Brookfield Properties announced the opening of its $5 billion Manhattan West complex in September 2021. The project, as the name suggests, is located on the west side of Manhattan.
The 7-million-square-foot project includes office buildings, residential towers, a hotel, and ground-floor retail, with tenants including Whole Foods Market, NHL flagship store, Peloton showrooms, coffee shops and restaurants.
The residential tower is effectively fully leased. The project’s first office skyscraper is 98% leased to him. Retail space is almost entirely leased. Offices to open next year Her tower is 76% pre-leased, according to Laura Montross, her director of communications at Brookfield.
Montross also confirmed that she had not heard of Manhattan West in Las Vegas until The Review Journal contacted Brookfield with the story.
After working for technology companies such as Microsoft and Netscape in the 1990s and early 2000s, Alex Edelstein entered the Las Vegas real estate market.
He developed a Manhattan condominium complex south of the Strip and sold the first 700 units. He also launched He ManhattanWest, a multi-purpose project at Russell Road just west of 215 Beltway in the southwestern Las Vegas Valley.
He reportedly bought the ManhattanWest site in 2006 for about $30 million, Spring 2007Project plans called for over 600 homes, restaurants, office space and a hotel.
Soon, the once-booming Las Vegas real estate market plummeted. In mid-2008, Edelstein launched a new blog, FrothingDeveloper, which he said was “designed to counter the media’s constant negative view of the economy and housing market.”
“I love the smell of recession in the morning,” Edelstein joked in a June 2008 news release. “The greatest opportunity comes when everyone else is paralyzed by fear, especially when I know that fear is irrational.”
But by late 2008, the economy had collapsed and Edelstein stopped construction on ManhattanWest. At the time, he said funding for the project was no longer available. Reported by Review-Journal.
“I am very sorry that we have to stop construction,” he said. “We’re looking for a way to end it. We’ll try to get it done.”
ManhattanWest, one of many abandoned projects dumped in southern Nevada after the bubble burst, has been a visible failure for years. The unfinished building was behind a barbed-wire fence, and the nine-story condominium tower had bare floors and was only partially covered with blue glass panels.
Edelstein sold the property to The Krausz Companies Inc. and WGH Partners in 2013 for $20 million.
He did not respond to requests for comment on this article.
“It was like a war zone.”
The new owners renamed the project The Gramercy and have completed two four-story apartment buildings and two four-story office and retail buildings.
They also decided they had to dismantle the condominium tower at a safe distance from the blast site at the 2015 event where they served Bloody Marys and mimosas to guests.
They eventually sold Gramercy for over $100 million. Koll Co. and Estein USA are building an office building $61.75 million in 2017; Lyon Living acquires apartments, vacant lots and parking lots $45.75 million in 2018.
Partnered with Lyon last year start of construction About a new apartment project in the footsteps of a former condominium tower.
Manhattan West in New York City is a cluster of skyscrapers, restaurants and retail stores. Ben Brown, managing partner of Brookfield’s Real Estate Group, said in a news release last year that the project “contributes to the energy and dynamism” of New York City, adding that the city “continues to revitalize.” there is,” he said.
In Las Vegas, The Gramercy offers residential, office and retail space, with tenants including DW Bistro and Pinches Tacos. But a few years ago, when it was still Manhattan West, this project was a little different. Ophir Haguey, who was part of the group that bought the project from Edelstein, once recalled.
“It was like a war zone,” he said.