Contact Information: Media Contacts: David Gutierrez Dresner Corporate Services 312-780-7204 dgutierrez@dresnerco.com Philip Kranz Dresner Corporate Services 312-780-7240 pkranz@dresnerco.com
WexTrust Capital Acquires 24-Unit Residential Complex in New York City
| Source: WexTrust Capital
CHICAGO, IL -- (MARKET WIRE) -- November 20, 2006 -- WexTrust Capital, through its affiliate West
82nd Street Holdings, LLC, has acquired a 24-unit residential complex
located at 176-182 West 82nd Street in the Upper West Side of New York City
for an undisclosed price. The site on which the complex will be developed
is approximately 0.16 acres in size and is currently improved with a
20-unit apartment complex. The Company plans to partially demolish the
existing improvements and construct a seven-story residential complex
containing 24 high-end luxury condominiums.
This property is on a block consisting of a mix of brownstones and
townhouses and was designated as a Landmark District. The existing
apartment complex consists of four five-story buildings originally
constructed in 1900 and most recently renovated in 1983. The Company's
current project plans are to gut renovate (partially demolish) the existing
improvements, leaving the existing front façade, and construct a seven
story (five full floors and two partial floors) residential complex -- the
outer shell of the building will remain intact, with newly constructed
sixth and seventh floors added on.
Don Price, President of Wexford Development, a division of WexTrust Capital
which will oversee all facets of the development and construction phase of
the project, commented, "The property is located within a Upper West Side
Manhattan neighborhood that is currently one of the stronger residential
areas within the New York marketplace, and has become a desirable place for
new growth and development."
Located within an upscale, revitalized urban area, the property has a
central location, situated near major employment centers, retail properties
and recreational facilities, and is located on city rail and bus routes,
providing access to various locations throughout the city.
"Additionally," concluded Price, "The project will continue the high-end,
upscale, premium concept established with previous development in the
neighborhood, including high ceilings, large windows and open floor plans."
About WexTrust Capital
WexTrust Capital is a globally diversified private equity and specialty
finance company with a proven track record for protecting its clients'
assets and delivering a superior return-on-investment through its diverse
portfolio of principal investments. WexTrust Capital specializes in unique
investment opportunities ranging from real estate to specialty finance and
investment banking. Headquartered in Chicago, the company also maintains
offices in New York, Norfolk, Va., Atlanta, Boca Raton, Fla., Nashville,
Tenn., Tel Aviv, Israel, and Johannesburg, South Africa. More information
can be found at www.wextrust.com.