Gut Rehab in the Bronx

Recognizing intrinsic value in the property and its location, Galil purchased a run-down building in the Fordham Fulton area of the Bronx. With 102 residential units and a commercial store, the building had serious potential to ease the neighborhood’s housing shortage.

Galil put $ millions into a gut rehab of the building, renovating virtually every part of the structure and its units. As soon as it was completed, the building was successfully leased to a firm that operates the property in conjunction with the City of New York to provide interim housing for those in need.

Affordable Housing in Queens

A multi building apartment complex located on the water in the Far Rockaway section of Queens containing 915 apartments and retail stores was purchased in 2006. Galil has improved this building to its current state.

In conjunction with the City of New York Galil was pleased to be able to enter into an agreement with NYC to allow for the entire building to serve as affordable housing for the residents. With much hard work and perseverance the complex is in excellent shape and serves the tenants well.

A Financial Save

Sparing a Default in the Bronx

A portfolio of 50 rundown buildings all across the Bronx were in danger of default by their owner, sending them back to the lender and an uncertain future. Substantially vacant, each building needed a lot of “tlc.”

Galil purchased the properties as a portfolio and restructured the terms of the debt with the existing lenders without reducing the principal balance. Over a period of 12-24 months, Galil rehabbed each building and leased out all the units. The properties have since been recapitalized and the original lender has been paid off without loss.

Harlem Renaissance

Working with Tenants and Politicians

The financial fund that had owned and operated a project of approximately 600 units in Harlem was no longer operational. Now the buildings were literally falling apart and both the tenants and local politicians were pushing for a sale.

Galil came in and purchased the buildings, working together with several tenant groups and the politicians to identify needs, refurbish the buildings, and lease vacancies at affordable rates. Galil went further, re-landscaping and installing lighting for the whole area, making the project a boon to the entire community.

Out From Bankruptcy

New Lease on Life in East Harlem

A portfolio of buildings located all across East Harlem, containing approximately 1,200 units, was already in the bankruptcy process when Galil looked into its potential. Where others saw urban decay, Galil saw opportunity.

Galil bought the portfolio and worked with the lenders to bring it out of receivership. After just one year of ownership, Galil had replaced boilers, roofs and facades and turned the entire portfolio around. The existing tenants are thrilled, and nearly all the vacancies have been filled.