Jon Hendel
Creating Value through Prudent Opportunism
Jon Hendel
Creating Value through Prudent Opportunism
Asset Management | Skills and Experience
Construction:
Residential: Owned PE Builders, general contracting company. Experience building gas stations, single-family homes, and apartment buildings from the ground up.
Office Buildings: Completed millions of dollars of tenant improvements and capital improvements in office buildings.
Leasing & Property Management:
Managed office buildings, apartments, and retail properties in the New York Tri-State area. NYS Licensed Real Estate Broker: #31HE0804758
Repositioning:
Currently converting single-tenant retail building to multi-tenant to meet the market. Rebuilding structure to demise premises with multiple entrances and individual mechanical, including HVAC, bathroom, and electric. Renovating site to accommodate more parking.
Previously repositioned residential real estate project at Purchase Estates from builder focus to customer focus by adding new architecture style and custom building.
Repositioned office buildings to upgrade target market.
Development:
Murray Park, Long Island City, NY
Conversion from warehouse industrial use to multi-family.
Story:
In 2005, Jon identified Long Island City as an up and coming neighborhood for investment. He acquired 11-25 45th Avenue, a 12,500 SF site with an industrial building and tenant in place. After the tenant lease had expired in December 2007, Jon preserved value through the Great Recession by demolishing the existing warehouse and starting piles for a new apartment building. This action preserved a 15-year tax abatement under the 421A program. He then found a new equity partner and builder coming out of the Great Recession to complete the project and ultimately triple his equity.
Purchase Estates, Purchase, NY
Created a general contracting company to build high-end houses and capture building and marketing profit and increase land value by diversifying the supply of new homes with an architecturally distinct product.
Story: Highly successful 200-acre woodland development of single-family luxury homes alongside a Jack Nicklaus signature golf course. Strategically repositioned the project to double the value of the land and brand it as the highest quality residential development in Westchester County.
Background: GreenStamp America acquired the 200-acre site that was to be named Purchase Estates in 1989. In 1999, TerraMax became managing partner and assumed full strategic, marketing, and operational responsibilities.
Between 1995 and 1999, only eight homes were completed, and another 9 lots were sold to local builders. Prior to Terramax involvement, no unified brand vision had been created and the development languished.TerraMax very quickly accelerated market activity and enhanced property value by creating and implementing integrated development and marketing plans. For the first time, Purchase Estates had a sharply focused brand identity and marketing strategy, a program for generating consumer awareness, and the high caliber construction and sales teams needed to execute its well-defined objectives.
The strategy was to develop an exclusive community adjacent to a Jack Nicklaus designed Golf Course of exquisitely landscaped mansion-scale properties with 5-10,000 sf living spaces for the luminaries of finance, fashion, media and entertainment who commute to New York City.
Within a short period, TerraMax built and sold 30 homes maximizing return on investment, and accelerated development by selling the remaining lots to select builders who were obligated to meet its high standards for quality and luxury.
The homes built and sold by Terramax delivered architectural distinction, construction excellence, and estate luxury and sold for more than $100 million dollars. Purchase Estates had been repositioned as Westchester’s preeminent new high-end development. The project had earned the kind of high profile reputation that drives consumer demand.
Hendels, Inc. Gasoline Company, New London, CT
Transformed family-owned business
Story:
Real Estate: Created development program to acquire sites, renovate sites to expand uses and add value. Hired civil engineers, architects to design sites. Located key contractors and subcontractors to build sites on time and under budget.
Business: Created new culture, hired and fired employees, expanded the brand, doubled store sales, attracted Co-brand Dunkin Donuts, used operating cash flow to pay for expansion.
In Progress Investment Opportunity:
Residential Development in Southeastern Connecticut: Currently in permitting for 285 unit multi-family development. Completed two zone changes to permit use and expand building size. Now moving towards wetlands approval and site plan approval.
