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November 3, 2009
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BERNSTEIN BACK
TO ITS ROOTS
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| Congrats to our sponsor Lerner for tapping Cushman & Wakefield to market most of its office portfolio. Leading the team will be Brian Tucker who joined from Diamond Properties, which had done the leasing for 30 years; Jeff Diamond is off to do other things. |
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| Back in the early 70s, The Bernstein Companies were known for upscale condo conversions like the Colonnade, The Cathedral, Claridge House at 25th and K, Boston House near Brookings, and the Carlyle on Columbia Pike. Then it got out of that business for 30 years. Now it’s back, in what some are calling a revolutionary and promising new niche: smaller, starter condos in Southwest DC. |
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We snapped this yesterday of Bernstein COO Marc Duber, right, with deal partner Brian Barlia of Peak Companies and condo sales king David Mayhood in front of their Waterfront Tower at 3rd and M, SW. Five years ago after Bressler & Reiner gave a “notice to demolish” to tenants of the building, which allowed them the right to buy, they searched for a developer and hired Bernstein. A year and a half ago, they moved to an adjoining twin rental as Bernstein gutted and renovated all 123 units, adding amenities like open kitchens, hardwood floors, and even $2 million of all new windows. Torti Gallas has been the architect and Abdo the general contractor.
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Oh, and it’s originally an I.M. Pei buidling from the 60s (the extent of our research was this big picture book). The buildings are each 88k SF and eventually Bernstein wants to add two similar ones on what are now the buildings’ parking lots. It believes that SW, though transitional, will soon become a vibrant neighborhood with its huge new Arena Stage, broad new 4th Street bisecting the a soon-to-be-completed Waterfront office development leased by city agencies, 55k SF Safeway, and centrally located Metro stop.
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With units (like this Linowes decorated studio, in which Bernstein VP Greg Rooney pretends to be at home) priced as low as $200,000, 3% down required for income-qualified FHA loans, and $8,000 first time homebuyer’s tax credit, effective down payments required are near zero. We were blown away by the huge basement laundry room because: 1) you can check online to see which washers and dryers are available; 2) no kidding, the machines will text you when your laundry is done (or if they’re just lonely?); and 3) they added a big fitness center next to it to use while you wait.
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Marc says big lobbies are out, so instead they created a smaller and high style “Delanoish” one with community rooms for coffee and breakfast on weekends. Outside, a broad green expanse, loggia, and pergola. (We don’t quite understand those words, let alone know how to spell them, but the point is they’re fancy.) Marc says they were emboldened to create this product because in 1976 they were told they were crazy to try to sell 330 studios at Claridge House for $29k each—and they sold within 60 days.
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| Gaming Glory |
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Banished to the basement every time you want to play Rock Band to find your inner star? Fraser Forbes just repped Penn National Gaming to develop a $97.5M Hollywood-themed gaming space. CEO Rich Samit (here with colleagues Steve Efantis and Seth Potack) tells us Penn was selected by the Maryland Video Lottery Location Commission for the project, located on roughly 36 acres in Perryville, MD (which Steve is pointing to). It might be a drive away, but we’re pretty sure we know a few gamers who would make the trip for 75k SF of space dedicated to games, gambling, food and drink.
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| Countdown to Fight Night |
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Just 48 more hours to one of the great cultural rituals of local Washington business: the 20th annual Fight Night. No, it’s not just men who flock (see our photographic evidence above from last year—former Discovery Enterprises chief Michela English and Crystal City BID ubiqui-prez Angie Fox join then Deputy Mayor Neil Albert), but, okay, it is several thousand of ‘em. But in tuxes for a great cause: Fight For Children, a non-profit that since 1990 has raised $82 million to promote quality education for low-income children in DC. As usual, Hilton Washington’s the place, tix are $1,000 and up. Boxing legends (Joe Frazier, Sugar Ray Leonard, Jake LaMotta, Gerry Cooney, Ken Norton, etc.) join local business stars. This year's entertainment: Joan Jett and The Blackhearts and Patti Austin. Oh, and as always, the Redskins Cheerleaders.
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| Special Notice to All Bisnow Readers |
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| Fight Night founder Joe Robert and Park at 14th owner Marc Barnes invite all Bisnow readers to their invitation-only Pre-Fight Night party (ie, the night before Fight Night), tomorrow, Wednesday, Nov. 4 at the Park at Fourteenth, 920 14 St, NW. Free food and open bar between 8-9pm. This event is free but you must register: Click here! |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. Copyright 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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