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Espais Promocions Immobiliàries (Espais), one of Spain’s most respected and celebrated property developers, is continuing to expand internationally by developing new projects in Florida and pursuing the acquisition of several properties in the New York market. In addition to working with Spanish banks in South Florida to successfully develop REOs or bank-owned properties, Espais is investing in several distressed Manhattan projects and bringing its successful hotel division to the New York City market.
Based in Barcelona, Espais opened its North American headquarters in New York City in 2006. Since then, the company has successfully completed its first U.S. project, Twenty9th Park Madison, a 34-story condominium of 142 upscale residences. The development is one of New York City’s top-selling condominiums of 2009 and was named the Best High-Rise in New York by the esteemed Americas Property Awards, which promote an international standard of excellence in the real estate industry. Despite the challenging market, Espais also paid off the $114-million loan that funded the construction of the condominium ahead of schedule in summer 2009.
Following the success of Twenty9th Park Madison, Espais is expanding its real estate portfolio and is in the process of acquiring properties in New York’s Midtown, West Chelsea and Upper East Side neighborhoods. The company plans to identify and invest in additional distressed assets in the New York City market through its newly formed joint venture with one of Manhattan’s top mortgage brokers.
In the hospitality sector, Espais is bringing its successful hotel division, AlmaHotels, to New York City. Currently the division includes seven hotels being developed in Spain as well as Berlin’s Hotel Schlosshotel, an opulent mansion built in 1914 and converted into a luxury hotel with guestrooms designed by Karl Lagerfeld. Additionally, Espais is representing a major Spanish hotel brand, which now has properties in New York’s Times Square, Miami and Spain, to aid in its expansion to other areas of New York City.
Spearheading Espais’ U.S operations is Andres Hogg, an Argentinean-born architect who developed his own successful architecture, construction and development firm in Buenos Aires before coming to the United States and joining the firm.
“While we are cautious with our new ventures, Espais is well-positioned to take advantage of this unique market and further develop our U.S. portfolio,” Hogg says. “We look forward to aligning with new partners such as Spanish financial institutions, banks and companies, and to pursuing exciting opportunities in both the residential and hospitality markets.”
Founded as a construction company in 1922, Espais now has a land allocation of more than 16 million square feet and is a major player in large-scale development not only in Spain but in international markets, such as France, Poland and Moscow. Espais’ international activity began in 2006 and its current international portfolio includes more than 15 commercial and residential projects totaling approximately 1 million square feet.
Espais Promocions Immobiliàries is a globally renowned developer based in Barcelona, Spain. Espais has grown into one of Spain’s most respected and celebrated international developers. For Espais, a great investment is any action that strengthens the company, fills it with solid value and allows it to grow, expand and establish ties with other companies. More information on Espais Promocions Immobiliàries can be found at www.espais.es.