Steven Hornstock and Richard Halpern
Venture Will Integrate Leasing and Management of 425 Madison Ave. and 6 East 45th St.
ABS Partners Real Estate, a leading New York City-based real estate firm, and Richard Halpern of Silk & Halpern Realty, announced their affiliation, which will integrate the leasing and management of 425 Madison Avenue and 6 East 45th Street into the well-regarded ABS platform of real estate services and technology. This will provide Halpern with a more comprehensive base of operations.The venture will maintain offices at ABS’ headquarters, 200 Park Avenue South, and Mr. Halpern will continue to oversee the leasing and management of both properties.
425 Madison Avenue is a 20-story, 108,000-square-foot office and retail building located on the southeast corner of 49th Street and Madison Avenue, while 6 East 45th Street is a 19-story, 80,000-square-foot office and retail building located between Madison and Fifth Avenues.
Earlier this year, ABS helped to organize a triple net lease transaction from a syndication created by Silk & Halpern. Built in 1937 and situated at the southeast corner of 57th Street and Lexington Avenue, the 20-story building at 695 Lexington Avenue boasts 100,400 rentable square feet of space and is ideally suited for financial services, gallery and corporate office use.
“We are thrilled that Richard and his organization will be relocating to our office,” said Steven Hornstock, founder and co-managing partner at ABS. “Weare sure to benefit from his decades of experience and knowledge, and we are delighted to have an affiliation with his real estate company, which has operated successfully in New York City for more than 75 years.”
“After working with the ABS principals on the 695 Lexington Avenue transaction, we developed a strong working relationship,” added Mr. Halpern, “Steven and Gregg Schenker, who serves as president and co-managing partner of ABS, have done an excellent job of identifying, acquiring and improving the tenancy of similar properties. Aligning my portfolio with theirs felt like a logical next step.”
About ABS Partners Real Estate
ABS Partners Real Estate is a leading New York City based real estate firm dedicated to building lasting real estate and professional partnerships. Our team maintains a focus in two areas: providing services which add value in leasing, investment sales, property management, construction management and advisory; and organizing opportunities for our clients to participate in the ownership of real estate.
About Richard T. Halpern
Richard T. Halpern brings a vision, strategic focus, and mature judgment gained during a successful real estate career, to generate sustained positive results. Leasing commercial office space, managing buildings, and dealing with several different partnership groups as a managing partner, Richard's almost 50 years of experience has enabled him to significantly impact profitability for organizations for which he has served as a strategic partner.
In 1967, at the age of 19, Richard became one of the youngest real estate salesmen in New York City. He became a broker at age 22, joining the family held real estate business Silk & Halpern Realty Association, Inc. in 1974. Richard went on to become a managing partner of Silk & Halpern in 1981 and at the same time became an exclusive tenant representative for Tower Records with a territory including all the states east of the Mississippi River and South America. Also, he is the sole proprietor of Richard T. Halpern, Inc., a national retail leasing company.