East River Partners in the Wall Street Journal
It’s not exactly money lenders in the temple, but a century-old East Village synagogue is being restored to its original glory thanks to a deal to let a developer build luxury condos on the upper floors.
Excerpt from New York Daily News article by Katherine Clarke on January 22, 2015
Q. Let’s talk about some of your projects, starting with two condominium buildings you’re working on in Fort Greene, Brooklyn.
A. They have the same developer, East River Partners, but they’re two very different buildings. One faces South Portland Street, the other is South Oxford. We’re just outside the brownstone historic district. There’s a 60-foot-deep garden that connects the rear of the two.
We have one building conceived to look like a large single residence with a mansard, and inside there are seven apartments. It’s a Federal style. Then, on the other side of South Portland Street, we adopted a different style: It’s designed more like a Parisian 1920s modern stucco building. It’s a more austere front and more modern in its styling and detailing. There are 16 units total.
New York Times
By far, the hardest part of our job is creating the product; the easier part is selling it. There’s no question that there’s an extraordinary amount of demand for these brownstones and virtually no competition when we bring them to market.
The New York Times by Vivian Marino on October 8, 2013
Brooklyn has a new high-tech arena, a new NBA basketball team and a popular three-star Michelin restaurant. Now it has a private equity fund dedicated to investing in the borough’s residential property. Manhattan-based developers East River Partners are raising a $25 million fund to target Brooklyn townhouses and midrise buildings, which it will gut renovate to convert these rental buildings into condos. So far the fund has raised about $10 million from wealthy individuals and acquired three buildings in Park Slope and Carroll Gardens for about $12 million. That includes about $7.8 million in debt. Each property will have five to 10 units with asking prices ranging from $800,000 to $1.8 million for two to three bedrooms. “It’s great time for people to buy in Brooklyn because rents are so strong right now and interest rates are low,” says Jody Kriss, one of East River’s co-founders.
Excerpt from The Wall Street Journal by Craig Karmin on October 15, 2012
ERP Principal, Joe Cohen, is interviewed by Michael Stoler on his television show, The Stoler Report: https://youtu.be/OwjoQsEUj5w. The episode, entitled “Developer’s Forum: Residential Development in the Region,” consists of an interview with Cohen, Doug Steiner (Steiner Equities), Mitchell Rutter (Essex Capital Partners), and Lester Petracca (Triangle Equities).
Stoler Report on Tuesday, April 14, 2015
“It’s the only neighborhood left that’s quintessentially downtown,” says one of the project’s developers, Jody Kriss, of East River Partners, “and provides good value.
Excerpt from New York Post article by Zachary Kussin on October 29, 2015
We currently have several residential condo conversions and rental projects under way in Brooklyn and Manhattan. We recently raised a discretionary fund – ERP Fund I – and are aggressively looking for $5-$50MM residential projects in NYC where we can rehab existing properties or develop ground-up.
Excerpt from New York Real Estate Journal on November 27, 2012
If you’re looking for a very boutique downtown condominium – we’re talking just three units – look no further than 415 E. Sixth St., a five-story project that begins sales later this fall.
Excerpt from New York Post on October 8, 2015
Closings started for the sold-out condominiums at a Park Slope conversion that Manhattan-based developer East River Partners gutted and renovated in 2012. The two and three bedroom condos at 371 Sixth Avenue were designed to lure Brooklyn families and went on the market in 2013.
The Real Deal on February 12, 2014
The availability of capital and who is providing it were the hot topics on REFI TV’s first-ever video roundtable. Co-hosted by Samantha Rowan, managing editor, and Billy Procida of Procida Funding & Advisors, guests Jody Kriss of East River Partners and Jim Wacht of Lee & Associates talked about the availability of capital for middle market transactions in New York, the emerging neighborhoods are in the city and if the city’s multifamily markets are overheated.
Real Estate Financial Intelligence by Samantha Rowan on February 4, 2014
East River Partners is laying down new-development tracks at a block-through compound just outside the historic district in Fort Greene. The developer, known for its conversions of Brooklyn brownstones, is planning two adjacent four-story buildings at 171 South Portland Avenue and 164 South Oxford Street.
Buzzbuzzhome.com by Joyce Chen on January 30, 2014
…the new owner is the developer East River Partners, known for turning brownstones into apartment buildings…the company has shown evidence elsewhere of good taste, and of respect for neighborhood aesthetic mores. That the two adjacent buildings planned for construction will be only four stories—and 50 feet tall—containing just seven units each, also bodes well for this brownstone and tree-lined Brooklyn street.
Observer.com by Chris Pomorski on 1/31 5:53PM
Developer East River Partners, which specializes in converting townhouses in Brooklyn, is dabbling in new development with plans for two neighboring four-story residential properties in Fort Greene, Brooklyn.
Buzzbuzzhome.com by Mark Maurer on January 31, 2014
Joe Cohen and Jody Kriss did just fine with their first discretionary fund, raising $20M through accredited investors and co-investment. With that, they were able to do five acquisitions and then rehab or build boutique, high-quality, family-friendly condos…
Bisnow.com on January 28, 2014
The same people who converted 397 First Street in Park Slope into a condo—now sold out—have sent along a peek at their next project, another townhouse-to-condo transformation. That’s the exterior, above. This building has fewer offerings than its predecessor, with just four full-floor units, all two-bedrooms, two with outdoor space. (Too bad for the residents of the second and third floors.) Prices will range from $1.05 million to $1.8 million. Seems not too bad, though it’s hard to tell without floorplans.
Curbed.com by Sara Polsky on April 23, 2013
In 2010 Jody Kriss and his partner Joseph Cohen made a bold decision to be bullish on the condo market. It was a decision that has paid off. Together they started East River Partners, a New York based company that acquires and develops residential properties. To help finance the projects ERP set up a fully discretionary fund ERP Fund I.
Excerpt from Mann Report on April 1, 2013
After years of failed development proposals by a tiny East 6th Street synagogue, its congregation has finally brokered a million-dollar lease deal to keep it afloat. The Congregation Adas Le Israel Anshei Meseritz has signed over the rights to its second floor to East River Partners LLC.
DNAinfo.com by Serena Solomon on January 29, 2013
Signage is up at 364 Union Street, a brownstone conversion project in Carroll Gardens. Sales will launch this spring, and the website is now up. There will be five condo units — four three-bedroom units and one garden duplex, with prices ranging from $1.15 to $1.6 million. Sales will launch this spring, and the website is now up. Over the fall a story came out about these developers, East River Partners, who buy up multi-families in Park Slope and Carroll Gardens and renovate them as small condo developments. So far they’ve had lots of success, with their units going at ask or above.
Brownstoner.com by Emily on January 9, 2013
People understand that with low interest rates and the way rents have gone up to extraordinary levels, it makes more sense to be a buyer than a renter right now,” said Joseph Cohen, a principal at East River Partners, which a few weeks ago began converting two small rental buildings in Brooklyn’s Carroll Gardens and Park Slope into condos.
Excerpt from Crain’s New York Business by Daniel Geiger on December 9, 2012
The residential market in New York City is facing extremely limited inventory with a citywide shortage that now exceeds 550,000 housing units. Despite the strong interest from buyers and renters, and interest rates that are at all-time lows, investors and builders in NYC simply cannot keep up with demand. For East River Partners LLC, this is an exciting time to be a real estate developer.
Excerpt from New York Real Estate Journal on November 27, 2012
A fledgling investment shop is expected to close this month on $10 million of initial equity for its debut property fund. East River Partners of New York has set a $25 million overall goal for the multi-family vehicle, called ERP Fund 1. With leverage, the vehicle would have some $100 million of buying power. East River could boost that capacity by teaming up on transactions with partners.
REAlert.com on October 10, 2012
Today The Real Deal has a story about East River Partners, a development firm buying up and gut-renovating multi-families in Park Slope and Carroll Gardens to turn them into condos. According to TRD, “The company is in the process of transforming the buildings into 900- to 2,000-square-foot, two- and three-bedroom condominiums — units designed to lure Brooklyn’s Bugaboo stroller-pushing set.” The firm was responsible for converting 397 First Street, between Sixth and Seventh avenues, shown in the photo above. Four of the seven units are now in contract. They are also taking on projects at 371 Sixth Avenue and 364 Union Street. And they’re in contract to buy 432 10th Street. As for their success sales-wise, Joseph Cohen, one of the company partners said, “So far, all of the units we’ve sold have been at or over the asking price.”
Brownstoner.com on October 2, 2012
In Park Slope and Carroll Gardens, the Manhattan-based developer East River Partners is currently buying up and gut-renovating non-rent regulated multi-family buildings throughout the area. In the past year and a half, the firm has scooped up three multi-family buildings in Park Slope and one in Carroll Gardens. The company is in the process of transforming the buildings into 900- to 2,000-square-foot, two and three bedroom condominiums — units designed to lure Brooklyn’s Bugaboo stroller-pushing set.
“Rents are so strong in Brooklyn now — and interest rates so low — that the monthly cost for our buyers of owning a home can be roughly half the cost or renting once they take into effect the deduction of interest from their taxes,” East Rivers Partners principal Jody Kriss said, explaining why the firm is intent on buying up and converting Brooklyn buildings.
Excerpt from TheRealDeal.com by Christopher Cameron on October 1, 2012
If you want PS 321, it doesn’t get more point-blank range than this bow-front 8-Family on the same block between 6th & 7th Avenue as everyone’s favorite Park Slope school. Picked up last April, the condos in this building should be finished this month and coming to market soon. Originals like stained-glass windows and mantles were retained where appropriate…
BK to the Fullest on June 7, 2012
Over at 397 First Street in Park Slope, an eight-unit brownstone is well into the process of becoming an eight-unit condo. Developers East River Partners sent along some construction-in-progress shots of the building, which will include seven two-bedrooms and one duplex. Prices for the apartments, which are right across from P.S. 321, will range from $800,000 to $1.3 million, and a few of the brownstone’s original details, including stained glass windows and granite mantles, remain.
The developers tell us they held a “design charette” with 15 area families to find out how to make the building as family-friendly as possible. What they came up with: tubs in the second bathrooms, to bathe small children, and non-toxic paint. The building also has a bike/stroller room, which seems to pretty well cover the neighborhood demographics.
Excerpt from Curbed.com by Sara Polsky on May 11, 2012
In a couple of weeks, a converted Park Slope building at 397 First Street, close to the corner of Sixth Avenue, will launch condo sales. While the building is still very much under gut renovation, it will have eight units: Seven two-bedrooms and one garden duplex. The asking prices will range from $829,000 to $1,279,000.
Brownstoner on January 9, 2013
Boutique residential developer East River Partners principal Joe Cohen tells us Brooklyn is the next frontier for family living. A condo owner might pay $4,200 annually in taxes in Park Slope, compared to $20k for a similarly valued home in Westchester. The schools in Brooklyn are top-notch, too, he says. It’s just that supply of two to three-bedroom condos hasn’t caught up. East River is developing eight condos at 1st Street and 6th Avenue across from PS 321 (sales will start in spring).
At East River’s forum on condos, Brooklyn resident Sarah Mencher and others had some low-cost, family friendly suggestions for East River’s JR Benton and architect Len Herczeg, including ditching some luxury ideas: Don’t extend wood floors from the rest of the apartment to the kitchen; it’s easier to wipe spilled milk from stone. Deep bathtubs are a no-go, too. Other worthy add-ons: extra insulation in common walls (neighbors and crying babies don’t mix), rounded counters and handles, and a ground-floor parking lot for strollers.
Excerpt from Bisnow.com by Amanda Metcalf on November 28, 2011