SOURCE: Fortis Property Group

Fortis Property Group

October 29, 2012 12:03 ET

Fortis Expanding Manhattan and Brooklyn Residential Condo Portfolio

BROOKLYN, NY--(Marketwire - Oct 29, 2012) - Fortis Property Group, LLC, a real estate company headquartered in Brooklyn, NY, announced that it has added to its prestigious group of high-end, multi-family residential condominium buildings by recently acquiring and arranging financing for condominium developments in Brooklyn, NY and Manhattan.

According to Fortis' Chairman, Louis Kestenbaum, Fortis recently completed the acquisition of a property at 30 Henry Street in Brooklyn Heights. Fortis has demolished the 6,300 square foot building at that site and will build a five-story, five-unit, upscale residential condominium in this highly desirable area.

Fortis also announced that it has successfully arranged for $6 million in construction financing to transform the vacant, five-story industrial loft at139 North 10th Street in Williamsburg, Brooklyn into high-end residential condominiums. The property will include loft apartments, studios and one-to-three bedroom units.

Mr. Kestenbaum also announced that Fortis has acquired six parcels on the far west side of Manhattan. The property will be the site of a 101,000 square foot high-end residential condominium, approximately 12 blocks from the site of another upscale Fortis condominium property, The Hudson.

Mr. Kestenbaum says that these developments reflect Fortis' opportunistic condominium strategy. "We consistently target areas providing substantial appeal to buyers and that deliver consistent opportunity for significant growth," Mr. Kestenbaum stated.

Fortis owns, operates, invests in and develops real estate including Class A commercial office space, industrial real estate and residential multi-family properties. More information about Fortis Property Group, Chairman Louis Kestenbaum, and President Joel Kestenbaum can be found at