December 31, 2007 - Tracy Oats Communications logo

December 31, 2007
The El-Ad Group is among the world’s most significant
real estate companies specializing in the acquisition,
conversion, historic rehabilitation and new construction
of high-end, luxury and ultra-luxury commercial and
residential properties.
El-Ad’s affiliated companies develop and own real property
assets in select cities in the U.S., Canada and The Far East.
Contents
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Corporate Structure
7
Portfolio Overview
50
Portfolio Summary
51
Corporate Structure
53
Financial Statements
Corporate Structure Overview
The El-Ad Group – comprised of El-Ad Properties, El-Ad National Properties, El-Ad Group Canada, El-Ad Los Angeles, El-Ad
Las Vegas and El-Ad Singapore – has become one of the most significant players in the luxury commercial and residential real estate
markets in the world. El-Ad’s talent for targeting geographic areas with strong growth potential, identifying properties with strong
conversion potential and acquiring and upgrading them to a higher use while quickly and efficiently bringing them to market is
unparalleled. A recent independent analysis of the performance of residential real estate firms showed that El-Ad Properties achieved
one of the highest rankings in return on equity as well as profit margins for new construction products and residential conversions.
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EL-AD PROPERTIES
El-Ad Properties is one of the largest developers of ultra-luxury
properties in New York with a portfolio valued at more than
several billion dollars. The company’s varied developments
ref lect its approach of restoring value to landmark properties,
as well as building new properties in neighborhoods with strong
growth potential. El-Ad’s headline-generating acquisition in
2004 of The Plaza Hotel, New York City’s most coveted address,
for $675 million made real estate history; but El-Ad’s New York
strategy is deeper and wider than seizing once-in-a-lifetime
opportunities.
El-Ad continually succeeds at identifying historic, classically
designed, or architecturally significant buildings in high-value
and emerging neighborhoods and renovating them with great
attention to the preservation of historic interior and exterior
features. To capture the ultra-luxury market, El-Ad incorporates
luxury features and amenities such as spacious contemporary
layouts with sophisticated finishes and exquisitely designed
interior public spaces. El-Ad also seeks new construction
opportunities in prime locations citywide and engages top-tier
architectural firms to design strikingly beautiful buildings
that meet the standards of luxury buyers: premiere features,
finishes, personal services, fully integrated state-of-the-art
entertainment, security and lifestyle technology.
The dedication of El-Ad’s intellectual and financial resources
extends to its intense focus on and investment in aggressive,
exceptionally well-timed and well-executed sales and marketing
strategies. Immediately following every acquisition, El-Ad
Properties begins implementing a sophisticated sales and
marketing launch plan within an environment designed to
draw optimum purchaser interest in the shortest time span.
This process creates highly attractive returns on investment
a nd t remendou s c or porate g row t h. E l-Ad ’s proper t ie s
characteristically achieve the highest values per square foot in
their area and outstanding returns for investors. El-Ad’s most
impressive New York area sales achievements include: The Plaza
Hotel and Residences, The Link (310 West 52nd Street), 21
Astor Place, The O’Neill (655 Sixth Avenue), and 225 Fifth
Avenue (known as the Gift Building).
EL-AD NATIONAL PROPERTIES
Established in 2004 as part of a vast corporate expansion
program, the mission of El-Ad was to enter southeastern
markets, particularly Florida. El-Ad is committed to creating
residential properties that combine the f inest elements of
exceptional construction with technolog y. The company’s
in-house team specializes in all aspects of real estate development:
acquisition, finance, management, marketing and sales, and
legal conversion. El-Ad maximizes efficiency with targeted
outsourcing. This allows for maintaining the lowest overhead,
while producing the highest possible profit margins. Working
in collaboration with the most qualified builders, designers,
sales and marketing professionals, we are able to transform
residential properties into luxury condominium communities
with carefully selected amenities, and to offer savvy homebuyers
a lifestyle that sets the highest standards of quality and value.
In less than one year the company became a major presence
in Florida with a spectacular portfolio consisting of over
4,000 units and a market value of over $1 billion. Since then,
while maintaining our highly established growth path in
condominium conversions, El-Ad began developing diversified
residential projects that include new construction, condo-hotels,
mixed-use commercial as well as various income-producing
properties. El-Ad will continue to emphasize diversification as
well as expanding and adjusting its real estate activities based
upon market trends. Our underlying philosophy is to realize
long-term growth in order to establish a strong and permanent
presence in the Florida real estate market. Maintaining El-Ad’s
reputation for excellence is our highest priority; if a project does
not meet this standard we will not consider it.
EL-AD GROUP CANADA
El-Ad Canada is the largest private real estate company in Canada.
As a growth enterprise investing in high-quality residential and
commercial real estate, our holdings are primarily located in
the key Canadian markets of greater Montreal, Toronto and
Ottawa. Strategic asset management includes the development
and intensification of acquired properties and conversion of
existing rental apartment buildings to condominiums. El-Ad
Canada’s strategy is to identify and acquire undervalued real
estate assets, maximize operating revenues and portfolio-wide
occupancy, and to seek development opportunities on properties
ranging in size from 50,000 square feet up to one million
square feet.
El-Ad Canada’s portfolio comprises approximately 16,000 rental
apartments in Toronto and Montreal as well as 6.5 million
square feet of commercial buildings and strip malls. El-Ad
Canada is currently in the process of developing 4,600 new
residential units in prime locations and will continue to focus
on converting and developing high-end properties utilizing
marketplace knowledge, f lexible design, high-quality materials
and leading-edge techniques to become one of Canada’s finest
developers.
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Miki Naftali
President and CEO, El-Ad Group
On behalf of the El-Ad Group I am pleased to offer a review of recent
progress and future plans related to our global portfolio of exceptional
properties. El-Ad’s strategic, financial and operational strengths, as well
as the robust revenue stream generated by our portfolio, have allowed us
to advance with confidence and success within an economic climate that
has slowed the growth of some of our competitors.
El-Ad continues to pursue strategic acquisitions in all asset categories
in a variety of top-tier cities around the world. Our dedication to
outperforming our competitors drives our decision-making process from
property selection to development planning to execution of the most
sophisticated marketing operations in the industry. In 2007 we made
impressive strides in the development of luxury residential properties
in North America and Asia.
In New York City, The Plaza Hotel and Residences opened in early
2008 and will host a grand opening celebration in May 2008. The
Edwardian Room and Oak Room are in the final stages of restoration;
The Palm Court’s restoration is complete and it is now fully operational.
We achieved record-breaking sales of the new Plaza Residences, which
almost sold out and already have new owners in residence. The pied-aterres are approximately 30% sold out and retail space on the concourse
level is approximately 80% leased and is expected to open by the third
quarter of 2008, in time for the holiday season.
El-Ad’s renovation of The Plaza, in the hundreds of millions of dollars, is
the ultimate example of our talent for identifying and confidently taking
steps that will maximize the value of unique assets that the marketplace
has overlooked or been unable to leverage to their true potential. The
Plaza is the most resonant luxury hotel brand in the world. El-Ad’s
marketing group is now in the process of expanding the brand in select
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cities across the globe, beginning with Las Vegas. Other cities under
consideration in the US include San Francisco, Los Angeles, Washington,
D.C. and Boston. Worldwide we are evaluating London, Paris, Rome,
Barcelona, Moscow, Hong Kong, Tokyo and Shanghai.
El-Ad’s vast operations in Canada remain focused on the aggressively
targeted acquisition of income-producing properties and the development
of condominiums. El-Ad Canada has amassed a portfolio of approximately
12,000 residential rental units, 4,000 senior residence units and
approximately 6.5 million square feet of office, industrial and retail
properties in and around Toronto and Montreal. After leveraging assets
to their maximum income potential we determine whether retaining or
selling the property will generate optimal returns. When properties are
sold, the profits are reinvested in the Canadian market. In 2007 we
secured final approval for new development of 4,600 units at Nordelec
which is located near Montreal ’s historic district, at the renowned
Olympic Village and at Parkway Forest, in Toronto. All are currently in
the final design stages of pre-development. The development in Nordelec
will also include a commercial component.
El-Ad National Properties, based out of Florida, is El-Ad’s investment
arm responsible for the acquisition of income-producing residential
properties in the mid-Atlantic, Southeastern and Midwestern markets.
El-Ad has unique management and investment skills and the ability to
analyze markets, select the most valuable properties, maximize their
profitability and then determine the optimal next step, whether that
means holding the asset, selling it at a premium or converting it to
condominiums. In 2007, El-Ad National acquired approximately 4,100
residential units in Florida, Texas, Georgia, North and South Carolina
and Indiana. In 2008 El-Ad National is seeking additional properties
in prime locations.
El-Ad made headlines in 2007 with two major acquisitions in the United
States.
Seizing a once-in-a-lifetime opportunity, in May 2007 El-Ad executed
a contract to purchase The Frontier in Las Vegas. Ideally situated on Las
Vegas’ famed “strip”, this 16-million-square-foot property, on which ElAd secured all necessary building entitlements in March 2008, will be
completely redeveloped as a Plaza brand ultra-luxury hotel-resort-casino.
The vision for the first phase in the global expansion of The Plaza brand
is the creation of an extraordinary multi-use property that will redefine
expectations of a luxury lifestyle and entertainment destination. The Plaza
Las Vegas will offer approximately 2,700 luxury hotel keys; 700 luxury
residences; a 40,000-square-foot spa and health club; 150,000 square
feet of casino space; 350,000 square feet of convention space; 330,000
square feet of luxury retail space; 115,000 square feet of restaurant and
bar space; and a 40,000-square-foot theatre. A 4-million-square-foot
second phase of The Plaza Las Vegas that will expand the residential and
hotel components is already in the planning stages.
In another move to capture a uniquely valuable and prestigious real
estate opportunity, in 2007 El-Ad purchased a fully entitled property
that will be the last high rise to be built on the exclusive Wilshire corridor
between Beverly Hills and West Hollywood in Los Angeles. El-Ad is now
collaborating with Fendi Casa to develop an ultra-luxury high rise called
The Carlyle, that will offer an extraordinary package of lifestyle services
and amenities.
To tap into the strong demand for luxury properties in Asia El-Ad has
begun to develop two properties on prime parcels in Singapore.
were selected over six competitor bids by the government of Singapore to
develop a mixed-use luxury residential, hotel, retail and office property
located at the crossroads of two vibrant districts within the city centre. The
design merit and environmentally responsible features of our proposal were
key to our success. El-Ad and its partners acquired the property in 2007
for approximately $1.2 billion USD and plans to invest approximately
an additional $1 billion USD in the development.
El-Ad is in a second joint venture with City Developments Limited to develop
The Futura, an ultra-luxury residential high rise with approximately
85 units in two 36-story towers. The Futura is located in an exclusive
residential section of Singapore that is easily accessible to the Orchard
Road luxury-shopping district as well as other prestigious residences
including The Four Seasons Park and the St Regis Residences.
I am proud to be in a position to lead the El-Ad Group’s expansion in
select markets worldwide and drive impressive returns for our investors.
I invite you to gain a deeper understanding of El-Ad’s mission, strategies
and achievements in the executive report that follows.
Sincerely,
Miki Naftali
President & CEO
March 31, 2008
In a joint venture El-Ad, City Developments Limited and Dubai’s World
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Ronel Ben-Dov
CFO and Executive Vice President, El-Ad Group
I am pleased to present to you a summary of the financial position, financial
performance and cash flows of EL-AD Group, LTD. (the “Company” or “Group”)
relating to the past three years ending December 31, 2007.
OVERVIEW. The Company is a focused, multi-disciplined real estate group
that acquires and develops properties fully realizing their unique development
and income-producing potential. The Company is diversified both in its real
estate activities (income-producing assets, commercial centers, office buildings,
residential, hotels and developments) and its geographic locations (i.e. the U.S.,
Canada and Asia). These factors help reduce the Company’s reliance on a specific
factor in the real estate market.
By the end of 2007 the Company substantially completed the development of
projects which started construction in the last three years. Therefore, the current
softening in the market has had relatively little negative effect on the Company’s
financial situation. In fact, the Group is well-positioned after the completion of
most of its development projects in NY and the closing of approximately 45% of
the residential condo units in the Plaza.
IFRS. The financial statements of the Company were prepared in accordance
with International Financial Reporting Standards (IFRS). According to these
standards, income-producing assets were revaluated according to their fair values
which have been calculated by independent registered appraisers. A deferred tax
liability was recorded and calculated based on the difference between the fair
value of the asset and their respective cost. Development assets were not revaluated
and are reflected according to their historical cost. We believe that the IFRS
presentation provides the most appropriate and accurate view of the financial
position and performance of the Company.
FINANCIAL POSITION. The Company’s equity balance sharply increased
during the last three years from approximately $374 million, as of December 31,
2005, to approximately $964 million as of December 31, 2007. The increase is
primarily attributed to the appreciation in value, mainly in Canada and New
York, of the Company’s income-producing portfolio and the successful conversion
and development of projects located in New York and Florida. The total equity
balance does not reflect the value of land parcels that were purchased as part of
the rental portfolio in Canada and of which the Company intends to construct
approximately 8,500 units. These land parcels are included in the financial
statements with an insignificant historical basis.
The financial position of the Company, as of December 31, 2007, was influenced
by the completion of the Grand Madison project located at 225 5th Avenue, the
Link project located at 310 West 52nd Street, the O’Neil Building located at
5
655 6th Avenue and from the closing of approximately 45% of the residential
condo units in the Plaza. In addition, the financial position was effected by
new acquisitions made through unconsolidated joint ventures in Las Vegas
and Singapore and the purchase of approximately 4,100 new units in Florida,
Texas, Georgia, North Carolina, South Carolina and Indiana (the “Landmark
Portfolio”).
FINANCIAL PERFORMANCE. Rental Property – the revenues from
rental properties during 2007 were approximately $375 million compared to
approximately $332 million and $288 million in 2006 and 2005, respectively.
Overall, the increase over the years relates primarily to the acquisition of new assets
and the realignment of conversion projects to rental properties due to changes in
the market conditions.
Real Estate Held For Sale – the revenues from the sale of real estate under
development and conversion projects in 2007 were approximately $1,363 million
compared to approximately $404 million and $527 million in 2006 and 2005,
respectively. During 2007 most of the revenue relates to the completion of projects
primarily located in New York. The gross margin from operations of the real estate
under development and conversion projects amounted to approximately $339
million in 2007 compared to approximately $95 million and $155 million in
2006 and 2005, respectively.
The Company recorded loss from revaluation of investment properties in 2007 of
approximately $30 million compared to a gain of approximately $291 million
and $218 million in 2006 and 2005, respectively. The loss was mainly due to
higher market cap-rates that were used by the end of 2007. The above-mentioned
amounts do not include revaluation of assets under construction which amounts
to approximately ($62) million and $221 million net of tax in 2007 and 2006,
respectively, which were recorded directly through the equity. These amounts will
be realized in the income statement upon completion of theses projects.
CASH FLOWS. The cash flow from operation activities during 2007 amounted
to $904 million comparing to negative cash flow of $278 million in 2006 and
positive $4 million in 2005. The sharp increase in cash flow from operation
activities during 2007 is due to the completion and sale of projects as mentioned
above.
In addition, the cash flow statement reflects that the Company invested the main
cash from operating in investments through JV ($631 million) mainly in Las
Vegas and Singapore and acquisitions of investment properties ($374 million)
primarily the Landmark Portfolio.
Most of the development projects in NY were completed in 2007. The leading
project that is in its final stages is the Plaza. The Group is expecting additional
receipts of $781 million in 2008 from the closings of the Plaza residential condo
units. The Plaza retail collection will start operating by the third quarter of 2008.
Additionally, two more Plaza components which are included in the investment
in JV will be completed during 2008. The hotel started operating as a soft opening
on March 1, 2008. Since that date more and more rooms started operation and
the pied-a-terres (condo-hotel), which the total expected proceeds is approximately
$400 million (from this $150 million under contract), will be closed/operated as
hotel rooms during 2008.
PROJECTS IN INITIAL PHASES. The following is a list of projects that the
Company has in the pipeline:
EXPOSURE TO THE CAPITAL MARKET. In 2005, a subsidiary of the
Company located in Canada issued bonds to institutions totaling approximately
$420 million in Canadian dollars based on structure tied to the Canadian
residential assets. During 2007, the Company and its subsidiaries engaged in the
following activities:
- One Madison (Madison Square Park) – a joint venture project which is
proposed to develop a 54-story structure through the existing 17-story structure.
- The Company obtained an AA rating (Israeli scale) for unsecured bonds in
the amount of $650 million, raised $135 million as stated below and replaced
the Canadian residential assets as the collateral of the Canadian bonds with a
guarantee of the Company.
- The Company issued bonds denominated in Israeli Shekel through a private
placement. The bonds were issued in Israel with an AA rating which was provided
by Maalot, an Israeli Standard & Poors affiliate (“Maalot”). At the issuance date,
the bonds’ face value is approximately $135 million. The bonds will be repaid
between 2008 and 2014 with interest to be paid semi-annually at an annual rate
of 5.9%, plus the Israeli CPI.
- A subsidiary of the Company issued bonds denominated in Israeli Shekel based
on a structure of El Ad National Properties, LLC’s assets located in Florida,
Georgia, Maryland, Massachusetts, and Illinois. The bonds were issued in Israel
with an AA- rating which was provided by Maalot. At the issuance date, the
bonds’ face value is approximately $283 million. The bonds will be repaid
between 2011 and 2015 with interest to be paid annually at a rate of 5.2%,
plus Israeli CPI.
- El Ad IDB JV LP – the Company formed a joint venture with IDB Group
USA Investments, Inc. (in equal parts) to develop a mega-resort and condo under
the Plaza brand in Las Vegas. The total purchase price of the property, which the
joint venture intends to demolish, is approximately $1.2 billion.
- The Carlyle on Wilshire Boulevard, Los Angeles - a 24-story premier
condominium with 78 residences.
- Beach Road, Singapore – the Company with City Development Limited and
Dubai’s Istithmar (in equal parts). Two luxury towers with a mix of prime office
space, first-class hotel accommodations and ultra-luxury private residences, as well
as world-class retail, convention and hotel uses.
- The Futura, Singapore – the Company with City Development Limited (in
equal parts). The Futura will consist of two 36-story ultra-luxury high-rise
residential condominiums totaling approximately 254,000 square feet, with
approximately 100 units planned.
- Development in Canada – approximately 8,500 residential units located
mainly in Montreal and Toronto that are mainly based on increasing density of
existing income-producing assets.
- The Company plans to leverage the strength of the Plaza brand name and to
expand to other key cities around the world.
I would like to take this opportunity to thank the entire staff of the Company and
especially the finance team at EL-AD Group, LTD. for their tireless dedication
throughout the year.
Sincerely,
- A 50% joint venture of the Company raised $625 million from investment
banks relating to the acquisition of the Las Vegas project.
The trend of increasing activity with the capital market is expected to continue
and possibly increase.
Ronel Ben-Dov
March 31, 2008
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Portfolio Overview
El-Ad Group acquires, develops, sells and leases residential units and commercial space throughout the world. Photographs and
descriptions of select El-Ad properties in New York, Florida, Las Vegas, Los Angeles, Canada and Singapore are followed by a
comprehensive list of all portfolio holdings.
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MONTREAL
TORONTO
MASSACHUSET TS
MICHIGAN
NEW YORK
ILLINOIS
INDIANA
MARYL AND
L AS VEGAS
LOS ANGELES
NORTH CAROLINA
SOUTH CAROLINA
GEORGIA
TEX AS
FLORIDA
SINGAPORE
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The Plaza
The Plaza, New York City
One Central Park South
Hotel, Residential and Retail Collection
Historic Conversion
In 2004 El-Ad Properties acquired the iconic Plaza Hotel, a New York
historic landmark and one of the world’s most recognizable brands,
for $675 million. A carefully planned additional investment in the
hundreds of millions of dollars has restored The Plaza’s world-famous
interior venues, including The Terrace Room, The Edwardian
Room, The Oak Bar and The Palm Court to their original
splendor. Opened in early 2008, The Plaza features 180 private
condominiums accessible through the historic 1907 Central Park
South entrance, 152 hotel suites that are available for purchase
as hotel condominiums (Pied-a-Terre), 130 oversized hotel rooms
and 160,000 square feet of retail space that will house ultra-luxury
boutiques and high-profile restaurants in a Grand Concourse.
Exquisite finishes, unparalleled amenities, highly trained staff
and state-of-the-art technology make The Plaza the most exclusive
mixed-use property in the world. Already results of recordbreaking sales exceeding $6,300 per square foot for residences
and $4,300 per square foot for hotel condominiums have been
recorded. El-Ad plans to leverage the power of the brand and
open several more Plaza Hotel Condominiums in key global cities
including London, Paris, Rome, Singapore, Tokyo and Beijing
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The Plaza, Las Vegas
Las Vegas Boulevard South
Hotel, Casino, Retail, Residential, New Construction
El-Ad Las Vegas, LLC purchased the Frontier Hotel and Casino
in 2007 and plans to develop a luxury hotel-resort-casino on the
property under the exclusive Plaza brand. In two phases, The
Las Vegas Plaza will include approximately 2,700 luxury hotel
rooms and suites; 700 luxury residences; 150,000 square feet of
casino space; 350,000 square feet of convention space; 330,000
square feet of retail space; a 40,000-square-foot spa and health
club; a 40,000-square-foot theatre; and 115,000 square feet of
unique restaurants and bars. The second phase will include 4
million square feet of luxury residences.
The 34.5-acre property is strategically located on the Las Vegas
“strip” directly across from the Wynn Hotel and Casino, between
the Fashion Show Mall to the south and the proposed Echelon
development to the north. The viability of a Plaza-branded hotel
and casino is supported by a considerably strong demand for
high-end resorts on the strip.
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The Plaza, Las Vegas
Las Vegas Boulevard South
Hotel, Casino, Retail, Residential, New Construction
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Singapore
South Beach
Beach Road, Singapore
Mixed Use, New Construction
Located at the crossroads of two vibrant districts within the city
centre – Marina Centre and the Civic District – this site will
feature two luxury towers with a mix of prime office space, firstclass hotel accommodations and ultra-luxury private residences, as
well as world-class retail that will synergize with the surrounding
commercial, convention and hotel uses. Further, the site is
centrally located between the famous Raffles Hotel and the
Suntec Convention Center.
El-Ad and its partners, City Developments Limited, and Dubai’s
Istithmar, edged out six contenders for a mixed-use site at Beach
Road, Singapore with an aggressive bid that promises to add
more buzz to the Marina area. In addition to the $1.1 billion
that El-Ad and its partners paid for the land, we will be spending
somewhere in the neighborhood of $1 billion in construction.
This progressive development will stand out not only through its
design merit, but also through its eco-friendly features, setting
a new tone for the marina area.
With a sizeable 150,000 square meters of gross floor area, this
dynamic development will adopt an environmental design
approach and use green technology to create a distinctive, highquality development for the site. The Beach Road Project will
create a truly unique development and an exemplary showcase
of green architecture in Singapore.
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Futura
Leonie Hill Road, Singapore
Residential, New Construction
In a joint venture with City Developments Limited, El-Ad is
currently developing The Futura project in Singapore.
The Futura will consist of two 36-story ultra-luxury high-rise
residential condominiums totaling approximately 245,000
square feet, with approximately 100 units planned.
The Futura is situated at Leonie Hill Road, a quiet and exclusive
residential area in the prime residential district in Singapore.
Nearby residential developments include the Four Seasons Park
and the St. Regis Residences.
The site is also located on the periphery of the Orchard Road,
the Fifth Avenue of Singapore, with easy access to the Central
Business District as well as the major expressways.
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Los Angeles
The Carlyle
Wilshire Boulevard
Residential, New Construction
The Carlyle on Wilshire Boulevard in Los Angeles will be the last
high rise built in the world-famous Wilshire corridor between
Beverly Hills and Westwood Village. This enviable location,
which affords sweeping views of the Santa Monica Hills and the
Pacific Ocean, reflects El-Ad’s continuing strategy of selecting
the best sites in highly competitive markets for the highest-end
luxury development.
The Carlyle will be a 24-floor premier condominium with 78
residences plus 20 maid’s units targeted to home buyers who
appreciate and seek out the art of fine living.
The Carlyle will integrate classic Art Deco features with a
hierarchy of contemporary design elements. It will include
private elevator vestibules in every unit, stunning views, fitness
center, pool, and valet parking.
The Carlyle will bring distinction, variety and complexity to
the west Los Angeles skyline as the most remarkable high-rise
residence on the Wilshire corridor. Completion is scheduled
for spring 2009 .
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New York City
One Madison
Residential, New Construction
One Madison Avenue is a joint venture of El-Ad Group, SL
Green and Credit Suisse. It is the most dramatic residential
new construction project to date. Designed by world-renowned
architect Daniel Libeskind, this spectacular eco-friendly tower
is planned to top out at over 900 feet. Its proposed 54 stories
(approximately 480,000 square feet) will be constructed above
and through an existing 17-story structure. Slated for completion
in 2011, One Madison will transform the New York City skyline.
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The O’Neill Building
655 Sixth Avenue, Chelsea
Residential, Historic Conversion
In close cooperation with the Landmarks Preservation Commission
El-Ad has converted the 19th century O’Neill building, New York
City’s first department store, into luxury condominiums. The
former fashion emporium in the storied Ladies’ Mile shopping
district features two distinctive golden domes and a deeply
modeled white cast-iron facade. El-Ad’s restored O’Neill
building offers one-, two-, and three-bedroom apartments with
private dome spaces, elegant finishes and contemporary lifestyle
amenities and services.
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The Link
310 West 52nd Street
Residential, New Construction
The Link is a 44-story luxury residential property designed by
famed architect Costas Kondylis and Gal Nauer Architects. It
features unobstructed views of the Hudson River and integrated
state-of-the-art Cimax VertiLinc building integration/lifestyle
management systems. This urbane and sophisticated property is
located on the threshold between the emerging Clinton Historic
District and the established Upper West Side.
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The Grand Madison
225 Fifth Avenue, Madison Square Park
Residential, Historic Conversion
Built in 1906 and known as the “Gift Building”, The Grand
Madison formerly drew in luxury-goods buyers from around
the world who came to its showrooms to buy wholesale glass,
ceramic and silver gift ware. Its location on Fifth Avenue
overlooking Madison Square Park ’s beautifully landscaped
gardens and strolling paths is as compelling now as it was a
century ago. El-Ad has converted this property into luxury
condominiums with extraordinary views, white-glove services
and exceptional amenities.
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21 Astor
21 Astor Place, Greenwich Village
Residential, Historic Conversion
In 2003 El-Ad converted this 11-story, 1892 Romanesque Revivalstyle commercial building into 50 one-, two- and three-bedroom
apartments and duplexes that range in size from 1,100 to 3,600 square
feet. Architects H. Thomas O’Hara and Gal Nauer Architects worked
together to ensure that the conversion would preserve 21 Astor’s
historic details, including the original red-brick terra cotta façade and
arched windows, while creating contemporary layouts, features and
amenities that luxury condominium buyers demand. El-Ad sold all 50
units in less than four months.
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49 East 21st Street
49 East 21st Street, Gramercy
Residential, Historic Rehabilitation
In a neighborhood where pre-war condominiums were hard to
find, 49 East 21st Street, just off Gramercy Park, is a study in quiet
perfection.
Graciously proportioned rooms, many with retractable glass room
dividers, allowed buyers to customize units, affording alternative
spaces for home offices, media rooms and children’s bedrooms or
for creating grandly-scaled living spaces.
The apartments feature ceiling heights of 11-13 feet, oversized
windows and handsomely finished kitchens and bathrooms with
cognac oak flooring.
The attractively restored pre-war lobby, 24-hour doorman service
and individual storage units appeal to a blend of diverse residents.
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250 West Street
250 West Street, Tribeca
Residential, Historic Conversion
In the heart of Tribeca and directly adjacent to piers 25 and 26
on the Hudson River, 250 West Street will offer luxury loft-style
residences with direct private elevator access and on-site parking.
Residents will benefit from the evolving renovation of Hudson
River Park that will feature children’s playgrounds, golf, volleyball
and basketball courts along with spectacular water views.
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Florida
Arbor Lakes
Sanford, Florida
Residential, New Construction
Arbor Lakes is a low-rise apartment complex in the metropolitan
Orlando area of central Florida. It offers the beauty and tranquility
of suburban life with convenient access to business, upscale shops,
restaurants, entertainment and schools. Community amenities
include beautifully landscaped picnic and barbecue areas with
sparkling ponds and fountains that enhance the community’s
aesthetic appeal, with lighted tennis courts, fully equipped children’s
playgrounds and a car care pavilion. Apartment units feature ninefoot or vaulted ceilings with crown molding, contemporary whiteon-white kitchens with beautifully crafted raised-panel cabinetry
and an expansive entertainment bar with decorative countertop.
Attached and detached garages with automatic door openers are
available throughout the community.
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Colonnade Residences
Sunrise, Florida
Residential
This luxury low-rise gated condominium community features two
sparkling swimming pools, a lighted tennis court, clubhouse and
fitness center. Buyers can choose from six styles of one-, two- and
three-bedroom condominiums.
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Edgewater Lofts
Miami, Florida
Residential
El-Ad hired the internationally renowned Deborah Wecselman
Design f irm to create contemporar y classic interiors for
Edgewater’s fully furnished luxury studio, one-, and twobedroom condominiums. Overlooking the Atlantic Ocean
in the heart of South Beach, Miami, Florida, residences offer
efficient use of space, abundant storage, ample lounging areas,
tranquil bedrooms and lavish baths.
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Mizner on the Green
Boca Raton, Florida
Residential
This luxury gated condominium community is just steps from the
theater, movies, international restaurants, fine shops and boutiques
available in Mizner Park, the Royal Palm Plaza and downtown
Boca Raton. Mizner on the Green’s sophisticated urban lifestyle is
less than a half-mile from the Intracoastal Waterway and a leisurely
walk or bicycle ride to the beach. The neighboring Boca Raton
Resort and Club provides residents an opportunity to join “the
world’s most architecturally beautiful playground” including two
18-hole championship golf courses, 34 meticulously maintained
clay tennis courts, and the sun-kissed sands of the Boca Beach
Club.
Interior residential features of the one-, two- and three-bedroom
townhomes include oversized windows, nine-foot ceilings, private
balconies, spacious walk-in closets, designer wood cabinets in
the kitchen and bathrooms, granite countertops in the kitchen
and vanity tops in bathrooms and Italian porcelain tile flooring
in kitchen, bathrooms and foyer. Mizner offers luxury lifestyle
amenities including private one-, and two-car garages, a resort-style
heated swimming pool, an elegant clubhouse, luxurious tropical
landscaping and magnificent golf course views from select units.
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San Michele
Weston, Florida
Residential, New Construction
San Michele is set in a gated community in Weston, Florida near
Fort Lauderdale. The property offers multiple floor plan styles with
two, three and four bedrooms. Condominium features include
screened balconies, attached two-car garages, in-home intrusion
alarm systems, ceramic tile baths and ceiling fans. Residents
enjoy luxury property amenities including two pools (one heated),
tennis, basketball and hockey courts and tot lots.
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The Bellsouth Tower
Jacksonville, Florida
Commercial Offices
The Bellsouth Tower is a class-A 30-story high-rise office building in
the heart of downtown Jacksonville. Large and efficient floor plans
(approximately 33,000 square feet) offer commanding views of
Jacksonville and the St. Johns River. Amenities include restaurants,
retail, banking and an auditorium.
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Canada
Olympic Village
Montreal (central), QB
Residential, New Construction
An exciting new development of the Olympic Village will
highlight multiple condominium buildings in a quaint village
setting within close proximity to two subway lines and shopping
facilities. De Maissoneuve Park and the Botanical Gardens of
Montreal provide a beautiful backdrop to an active and vibrant
community.
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De Maisonneuve West
Montreal, Canada
Residential, New Construction
Currently under construction, Le 1200 De Maisonneuve West will
offer great views and large living quarters with top-quality finishes,
a fitness center and pool all in the heart of downtown Montreal.
This unique property puts high-end home buyers at the center of
a vibrant and culturally rich mix of bistros, boutiques, galleries,
museums, prestigious hotels and fine restaurants.
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Parkway Forest
Toronto, Canada
Residential, New Construction
El-Ad acquired the Parkway Forest Complex in 2004. Located at
the intersection of two major Toronto highways, the complex is
situated on 38 acres of land and currently consists of 1,553 rental
units. The City of Toronto approved El-Ad’s plans to build 2,314
new residential units in six condo towers, comprising 2.3M SF.
El-Ad will construct 332 rental replacement units in four buildings
in order to allow the condo development.
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Nordelec
Montreal, Canada
Mixed Use, New Construction
El-Ad acquired the Nordelec site in 2004. Located near Montreal’s
historic Lachine Canal and 2km from the business district, old
historic district and the Old Port of Montreal. The site includes the
Nordelec building (1,000,000-square-foot commercial complex)
and adjacent land to the east. Approved plans are in place to
construct condo buildings on the adjacent land and redevelop
the Nordelec building into a mixed-use complex. Construction
is expected to commence in Q2 2008 and will be completed in
phases over the next four years. Phase I includes the construction
of new parking and commercial space, as well as the addition of
232 new condo units to the existing building on Block A. Phase
II-V are comprised of four condo buildings developed above an
underground garage in Block-B.
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Additional Canada Residential
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Sherwood
Coronado
The Bellmar
Valencia Towers
Stonehill Towers
Castellena
Tour du Parc
Kingston Road
Chateau Beaurivage
Westmound Ground
Wesley Square
Northboro Heights
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Portfolio Summary
49
CALIFORNIA
RESIDENTIAL
The Carlyle
1119 South Robertson Boulevard
Los Angeles, CA
FLORIDA
Hills of Aberdeen
Valparaiso, IN
MARYLAND
RESIDENTIAL
Colonnade at Kentlands
Gaithersburg, MD
COMMERCIAL
Bellsouth Tower
301 West Bay Street
Jacksonville, FL
The Fitz
Rockville, MD
RESIDENTIAL
Gallery One
2670 East Sunrise Boulevard
Fort Lauderdale, FL
Arbor Lakes
100 Arbor Lakes Circle
Sanford, FL
RESIDENTIAL
Spicket Commons
Methuen, MA
Colonnade Residences
Sunrise, FL
Edgewater Lofts
331 Northeast 22 Street
Edgewater, FL
MASSACHUSETTS
MICHIGAN
RESIDENTIAL
Pavilion Court
Novi, MI
NEW YORK
TEXAS
RESIDENTIAL/
NEW ACQUISITION
Grand Seasons
North Dallas, TX
CANADA
RETAIL
Whitby Mall
Whitby, QC
Place Portobello
Montreal, QC
Place Longueuil
Montreal, QC
Bedford Mall
Bedford, NS
Carrefour Argenteuil
Montreal, QC
Carrefour Les Saules
Montreal, QC
Mizner on the Green
200 Southeast Mizner Boulevard
Boca Raton, FL
ALL RESIDENTIAL
The Plaza
One Central Park South
Manhattan, NY
Carrefour Pelletier
Montreal, QC
San Michele
1343 Street
Weston, FL
The Grand Madison
225 Fifth Avenue
Manhattan, NY
Place La Citiere
Montreal, QC
Tuscany Point
23126 Post Gardens Way
Boca Raton, FL
The O’Neill Building
655 Sixth Avenue
Manhattan, NY
NEW ACQUISITIONS
Promenade
Winter Garden, FL
The Link
310 West 52nd Street
Manhattan, NY
Pointe Sienna
Jackson, FL
21 Astor Place
Manhattan, NY
Place des Quatre Bourgeois (25%)
Montreal, QC
Tuscany Pointe
Tampa, FL
49 East 21st Street
Manhattan, NY
Bloor Bathurst
Toronto, ON
Melrose on the Bay
Largo, FL
250 West Street
Manhattan, NY
Park at Lake Magdalene
Tampa, FL
65 East 96th Street
Manhattan, NY
COMMERCIAL
Cite Quatre Saisons
Montreal QC
Reserve at Lake Pointe
St Petersburg, FL
160 West 86th Street
Manhattan, NY
GEORGIA
151 West 17th Street
Manhattan, NY
RESIDENTIAL
Enclave at Briarcliff
1100 Westchester Ridge
Atlanta, GA
Madison Square at Dunwoody
1850 Cotillion Drive
Dunwoody, GA
NEW ACQUISITION
Park at Northside
Macon, GA
Traditions at Augusta
Augusta, GA
224 West 18th Street
Manhattan, NY
426 West 58th Street
Manhattan, NY
NEW DEVELOPMENTS
One Madison
1 Madison Avenue
Manhattan, NY
NEVADA
Manchester at Wesleyan
Macon, GA
MIXED USE
The Plaza Las Vegas
3120 Las Vegas Boulevard South
Las Vegas, NV
Grove at Stonebrook
Norcross, GA
NORTH CAROLINA
ILLINOIS
RESIDENTIAL
Windsor Lakes
Woodridge, IL
INDIANA
RESIDENTIAL
Avalon at Northbrook
Fort Wayne, IN
RESIDENTIAL /
NEW ACQUISITION
Summerlin at Concorde
Concord, NC
SOUTH CAROLINA
RESIDENTIAL/NEW
ACQUISITION
Verandas on the Green
Aiken,SC
Galeries de la Chaudiere
Montreal, QC
Les Halles de L’Ille
Montreal, QC
Dun Dix
Mississauga, ON
Westmount Square
Montreal, QC
1500 Don Mills
Toronto, ON
2200 Walkley Rd
Ottawa, ON
2204 Walkley Rd
Ottawa, ON
Westmount Sq.
Montreal, QC
340 Laurier
Ottawa, ON
RESIDENTIAL
65, 32-50, 80 Forest Manor Road,
120,130 George Henry Boulevard
25, 100, 110, 125 Parkway Forest Drive
Toronto, CA
1, 35, 40 Fountainhead Road
470 Sentinel Road
Toronto, CA
75 Broadway Avenue
Toronto, CA
15 Dundonald Street
Toronto, CA
80 Wellesley Street East
Toronto, CA
155 Wellesley Street East
Toronto, CA
120 Maitland Street,
432, 438 Jarvis Street
Toronto, CA
120 Raglan Avenue
Toronto, CA
450 Winona Drive
Toronto, CA
1080 Kingston Road
Toronto, CA
1862 Bathurst Street
Toronto, CA
6020 Bathurst Street
Toronto, CA
6030 Bathurst Street
Toronto, CA
4190 Bathurst Street
Toronto, CA
5,15 Tangreen Court
Toronto, CA
75-89 Gosford Boulevard
Toronto, CA
200 Dufferin Street
Toronto, CA
270 Sheldon Avenue
Toronto, CA
125 Bramburgh Circle
Toronto, CA
20 Stonehill Court
Toronto, CA
1150 Kingston Road
Toronto, CA
1200 Kingston Road
Toronto, CA
2265 Victoria Park Avenue
Toronto, CA
5600 Sheppard Avenue East
Toronto, CA
1485 Williamsport Drive,
3480 Havenwood Drive
Mississauga, CA
1750 Bloor Street,
3315 Fieldgate Drive
Mississauga, CA
1867 Bloor Street
Mississauga, CA
201, 211, 219 Bell Street North
Ottawa, CA
2916-3504 Fairlea Crescent
Ottawa, CA
1300, 1310 Pinecrest Road
Ottawa, CA
140 Robinson Street
Hamilton, CA
204 Hespeler Road
Cambridge, CA
25 Rambler Drive
165 & 195 Kennedy Road South
Brampton, CA
SINGAPORE
MIXED USE
South Beach
Beach Road
RESIDENTIAL
Futura
Leonie Hill Road
321 Sherbourne Street
Toronto, CA
392 Sherbourne Street
Toronto, CA
50
Corporate Structure Details
51
El-Ad Group, Ltd
100%
95%
El-Ad Group
Hungary
Canadian Assets
El-Ad Singapore
Pte, Ltd
100%
El-Ad US
Holding, Inc.
Canadian Assets
100%
97.5%
El-Ad Candian
Properties, Inc.
El-Ad US 1, LLC
El-Ad Properties
LA, LLC
Canadian Assets
100%
El-Ad National
Properties, LLC
Properties in Florida,
Georgia, Michigan
and more
51%
El-Ad Properties
NY, LLC
NY Region
Assets
The Plaza, LLC
50%
768 Realty, LLC
The Plaza
Las Vegas Assets
The NY
Plaza Assets
group of assets
legal entity
not yet formed
52
77
78
El-Ad U.S. Holding Inc.
575 Madison Ave
22nd Floor
New York, NY 10022
212-213-8833 (p)
212-213-8831 (f )
El-Ad Properties NY, LLC
575 Madison Ave
23rd Floor
New York, NY 10022
212-807-6161 (p)
212-807-6662 (f )
El-Ad Group Canada, Inc
5001 Yonge Street, suite # 1405
Toronto, Ontario m2n 6p6
Canada
416-223-4403 (p)
416-223-0075 (f )
El-Ad National Properties
1301 International Parkway
Suite 200
Sunrise FL 33323
954-846-7800 (p)
954-846-7801 (f )
Creative Marketing by The 7th Art
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