By Keat Foong, Executive Editor
New York—Dan Rosen, managing director of Rosen Partners LLC, believes there is one winning strategy in developing multifamily housing, whether for-sale or for-rent. And that is to build unique products in locations that will be well-received by the marketplace.
Some of Rosen Partners’ developments demonstrate this philosophy. The 124-unit 254 Park Avenue condominiums combine a Manhattan Upper East Side location with a downtown, avant-garde, design that is one-of-a-kind for that neighborhood. The condominiums also allow residents to live on Park Avenue for under $1 million.
And in the 29-unit Vela Townhomes, located in the Bergen County, N.J., Rosen Partners provided rooftop decks for every townhome unit. “We wanted to maximize the outdoor space, which is an amenity in itself, and bring a level of architecture and design that is normally not available on the New Jersey Gold Coast,” says Rosen.
Rosen Partners, a third-generation firm, develops and manages both residential and commercial properties. The company currently owns and manages about 5,000 multi-housing units on the East Coast, concentrated in the New York tri-state area and in Boca Raton and Hollywood, Fla. In addition to apartments and condominiums, Rosen Partners also develops and owns seniors housing, hotels, shopping centers and office buildings.
The company’s expertise in all aspects of development, from acquisition to construction and full-scale renovations, and its hands-on value-added approach to development, gives it an edge in the market, Rosen suggests. “We understand what it takes to complete a project from start to finish,” he says. In addition, it has an entrepreneurial style of operation and an ability to move quickly‑ valuable traits in the marketplace.
Rosen Partner’s more than 30-year history in the market‑it started as a singlefamily builder in New Jersey‑presents another hard-to-beat competitive advantage. Deep, longstanding relationships with banks, as well as the real estate and brokerage community, also facilitate its activities in the market in obtaining a consistent deal flow.
Rosen says the company currently has plans on the drawing boards to build apartment complexes in the tri-state area. And, it will continue to invest in markets and products that will meet market demand. “If we adhere to a strategy of pursuing unique products and locations, both condominiums and apartments will work for us,” he says.