April 13, 2006
GREENWICH, CT – April 13, 2006 – Antares Investment Partners announced today that the company will voluntarily extend by approximately 30 days current residents' legal 90-day exclusive right, under Connecticut law, to purchase the unit which they occupy at Greenwich Place and Greenwich Oaks. The company began to notify tenants of the extension by letter today.
The letter will specify for tenants the individual purchase price for the unit which they currently rent, estimated common charges and taxes, and details on the interior and exterior renovations. The combined approximate 120-day period in which residents can purchase at the reduced tenant price began the day each resident received the Public Offering Statement and Conversion Notice Letter during the week of March 13, 2006. The letter essentially extends what was once a 90 day period to 120 days, which Antares offered to meet the tenants' desires.
“We want to provide our current residents with the information they need and a significant amount of time to make their individual determinations,” said Antares Managing Partner Joe Beninati. “The additional 30 days, coupled with the individual purchase price and information about the renovations, as well as access to model units which will be available for viewing soon, should give all residents sufficient clarity into their decision to purchase.”
In February 2006, Antares purchased the 266-unit Putnam Green I-III and the 130-unit Weaver's Hill now known as Greenwich Place and Greenwich Oaks respectively for $223 million for conversion into condominiums in what is believed to be the largest real estate acquisition in Connecticut history.
As a part of the conversion the properties will undergo a $150 million renovation that will completely transform the properties including new exteriors, roofs and windows, landscaping, health club, event rooms, exterior lighting as well as entryways, streetscapes and signage. The pools and pool houses will be improved and expanded. Interior improvements will include new kitchens, GE appliances, bathrooms, flooring, doors, Baldwin brushed nickel hardware, Waterworks fixtures and accessories, and Walker Zenger stone as well as, new hardwood flooring and doors, and extensive wall and molding treatments.
“Greenwich real estate has become among the most sought after in the world. Our research shows that Greenwich residential real estate has appreciated, on average, approximately 10% per year,” said Doug Stevens, CEO of the brokerage firm Greenwich Fine Properties. Mr. Stevens' firm will exclusively represent Antares on this project.
Headquartered in Greenwich, Connecticut, Antares is a leader in a full range of real estate assets, projects and services. The firm manages a multi-asset and multi-project real estate portfolio valued at approximately $4.5 billion and was founded by Joseph Beninati and James P. Cabrera in 1996. Using a vertically integrated business model, Antares develops, designs, entitles, builds, owns, sells and manages a broad range of ultra-luxury assets. Antares' capital partners are many of the world's leading financial firms, private equity funds, university and state endowments, and entrepreneurial investors.
Antares' projects and assets are primarily located in Fairfield and Westchester Counties. In Greenwich, Antares' Estate Division develops museum-quality residences on large, back-country properties. Its commercial and hospitality divisions own prominent assets such as Pickwick Plaza, considered the country's finest suburban office complex, and The Delamar Greenwich Harbor Hotel, a luxury waterfront hotel. In Westchester, Antares residential assets include CiderMill, an exclusive, gated community, and Armonk Square, essentially the “new town center” which will include luxury condominiums and retail shops, as well as serve the community of Armonk. In Stamford, Antares is leading a major revitalization of Stamford's South End with a waterfront land assemblage totaling 82 acres. This master-planned, city on the water is being designed and will be one of the largest and most exciting mixed-use developments in the United States.
Contact:
Annie Lazar/Julia Winkler
The Marino Organization
212 889 0808
annie@themarino.org
jjuliaw@themarino.org