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Metropolitan Magazine  | Developer Spotlight: Michael Paul Enterprises, LLC

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Metropolitan Magazine  | Developer Spotlight: Michael Paul Enterprises, LLC

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Upper East Side developers honored | Real Estate Weekly

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Upper East Side developers honored | Real Estate Weekly

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Richard Steinberg of Warburg Realty and AVENUE magazine hosted a cocktail party at the Doubles Club on Fifth Avenue in honor of Michael D'Alessio and Yvonne Schettino of Michael Paul Enterprises, LLC, the developers and owners of the new boutique condominium building 230 East 63rd Street. Feng Shui master to the stars Carole Shashona was a special guest at the event, where she gave a blessing. 230 East 63rd Street is comprised of six residences priced from $3.1 million. Steinberg is the exclusive sales and marketing agent on the project. Upcoming anticipated projects from Michael Paul Enterprises, LLC include 225 East 81st Street and 554 East 82nd Street.

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Upper East Side developers honored | Real Estate Weekly

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imagebrowser id=257] Richard Steinberg of Warburg Realty and AVENUE magazine hosted a cocktail party at the Doubles Club on Fifth Avenue in honor of Michael D'Alessio and Yvonne Schettino of Michael Paul Enterprises, LLC, the developers and owners of the new boutique condominium building 230 East 63rd Street.

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COMMERCIAL REAL ESTATE; Retail Ventures Are Rising in East Bronx - The New York Times

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COMMERCIAL REAL ESTATE; Retail Ventures Are Rising in East Bronx - The New York Times

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The mall will be on three levels, with three levels of parking for about 3,200 cars -- the first multilevel parking at Bay Plaza. The architect is Marc Weissman Associates, of Manhattan.

But it is not only at the level of the regional mall that store development is under way. The Bronx is fertile territory for small locally based ''spot'' builders of both residential and commercial projects, and they are coming forward in strength of late with the help of city tax abatements for new construction. Depending on the location of sites outside Manhattan, the abatements last for 15 or 25 years, phasing out in the later years.

One reason ''the area is popping is the need for medical space,'' said Joseph Deglomini, the principal in Tower Realty, in Morris Park, who specializes in building clinics and doctors' offices. Tower Realty's latest project is a 33,000-square-foot building under construction at Williamsbridge and Eastchester Roads.

Another reason is the activity of a single builder, Michael P. D'Alessio. He is a 34-year-old native of Pelham Bay who has been doing building alterations and new construction for the last 11 years, and in the last six years has been buying and developing commercial or mixed commercial and residential sites on a speculative basis, largely in Throgs Neck and Pelham Bay. Seven sites are in construction, under development or recently completed on East Tremont Avenue alone.

Mr. D'Alessio is president of Empire Management Group, with offices in a three-story building he built in 1996 on East Tremont Avenue across the street from St. Raymond's Cemetery. His brother, Ronald, heads the Aragon Realty Group, which handles leasing and sales.

A typical D'Alessio project, on which leasing was completed two months ago, is the one-story, 7,800-square-foot building with three stores at 3130-3140 East Tremont Avenue, at Coddington Avenue, in Pelham Bay. Two months ago, the Hudson Valley Bank arrived as the third and final tenant. Other tenants are the Sylvan Learning Center and the Golden Care Medical Center.

Mr. D'Alessio estimated that he had 15 sites in various stages of construction, mainly in the Bronx and Westchester. Some have commercial space on the ground floor and apartments above, with two-bedroom apartments renting for $900 to $1,000 a month and three-bedrooms as high as $1,500 a month. Kenneth Koons of the Bronx is the architect for most of the projects.

''I'm a spec builder,'' Mr. D'Alessio said. He acquires sites in mixed low-density commercial and residential zones, often buying out a homeowner. He then demolishes obsolete buildings and puts up a commercial structure to be divided to suit the tenant. ''In the last three years, the market has been strong,'' he said.

Perhaps strong enough, Throgs Neck residents hope, for Gabriel Scavello to succeed in one of the more ambitious local projects, the resurrection as a commercial building of the former Interboro Theater at 3462 East Tremont Avenue near Bruckner Boulevard, which United Artists closed four years ago and put up for sale. It sat empty and deteriorating for years until Mr. Scavello, the owner of an I.G.A. supermarket in Hartsdale, N.Y., bought it last year.

Gradually he is rehabilitating it, saving its decorative stone. He expects it to be ready for occupancy in six to eight months, perhaps with a restaurant in the 10,000-square-foot first floor.

None of the current projects will bring the Bronx close to the normal nationwide ratio of commercial space to population, said Robert B. Pauls, head of a Manhattan-based real estate consulting concern bearing his name. ''Normally, you would expect about 30 to 35 square feet per capita of commercial space of all types,'' Mr. Pauls said. He estimated that the Bronx, with a population of 1.2 million and an average income of roughly $15,000 per person, has about 10 million square feet, or eight square feet per capita.

''That's about half the space it should have, taking into consideration the modest average income in the borough,'' he said. The result is that many people do much of their major shopping elsewhere, often in Westchester, New Jersey or Manhattan, Mr. Pauls said.

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COMMERCIAL REAL ESTATE; Retail Ventures Are Rising in East Bronx

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Healthy commercial leasing market in East Bronx is giving rise to new development ventures for large stores that draw customers from wide area and neighborhood stores that offer convenience shopping; Bay Plaza, area's largest shopping center, has been under development since 1988; almost a million square feet of space has

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Full House in Bridgehampton | Features - Design Insight from the Editors of Luxe Interiors + Design

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Full House in Bridgehampton | Features - Design Insight from the Editors of Luxe Interiors + Design

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A city couple's spacious country escape provides space for the whole family, along with room to grow.