Dees Stribling, Contributing Editor
New York–Enough multifamily projects in the city were either caught unfinished or otherwise pummeled by the economic crisis beginning in 2008 that there’s now a specialized real estate business based on reviving these projects. Developer Cary Tamarkin and development workout specialist Eric Anderson recently formed the consultancy Tamarkin Anderson LLC to help owners, investors and lenders dig their way out of the real estate morass created by the current economic climate.
Previously Anderson led the development and workout of 56 Leonard Street, a stalled $600 million Manhattan condominium being developed by Alexico Group, Goldman Sachs, and Dune Capital. Anderson is one of the few real estate development professionals in New York City who is listed by the New York State Unified Court System as eligible to serve as a receiver or referee in Manhattan and Brooklyn.
It looks like there will be demand for such services. With over 300 New York City development sites in foreclosure, plaintiff lenders have the ability to monetize their assets more quickly if they can facilitate completion of development before the court action is complete, notes Anderson. In a foreclosure, the plaintiff may recommend a receiver from the eligible list whose expertise covers development as well as the typical role of protecting and preserving the asset.
“The company was formed to fill an important need in today’s real estate market,” says Tamarkin. “Our track record in workouts and residential development enables us to provide these highly specialized services.”
As the founding partner of Tamarkin Co., a development firm with an in-house architectural capacity, Tamarkin is the developer and architect of such buildings as 47 East 91st Street, the first newly constructed residential building approved by the NYC Landmarks Commission in the Carnegie Hill Historic District, as well as six properties located in the Far West Village and the High Line District, including 456 West 19th Street.
Tamarkin Anderson thus far has been retained to provide development consulting services for two projects, One Madison Park and 215 East 81st Street. One Madison Park is a 51-story high-rise residential building that is the subject of a New York State Supreme Court foreclosure action brought by iStar Financial. As a development consultant for the building’s court-appointed receiver, Tamarkin Anderson is responsible for overseeing completion of the tower, an adjoining development site, and the combined lobby and amenity floors for both buildings.
For 215 East 81st Street, Tamarkin Anderson was appointed directly by the court as a referee to provide a detailed plan to complete the development.