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Real Estate Developer Family Launches Luxury Brooklyn Condo

WHITESTONE, Queens, N.Y., June 17, 2015 (GLOBE NEWSWIRE) -- The Bondee Group, the Queens-based family-owned real estate developer, is gearing up for the June 18 grand-opening of Forty2East, a luxury 53-unit condominium in the Williamsburg section of Brooklyn.

The property – with its brick facade, contemporary design, and a balanced mixture of studios, one and two bedroom units – is a family affair, the developers say.

"We build as if we were going to own and maintain the property or live in it ourselves. We only install quality components and create functional and efficient space," said Ron Bonelli, managing partner of The Bondee Group.

At this vertically integrated firm, every member company gets involved in transforming a residential property into a home. The company is comprised of Ranshaw Fuel, Plumbing and Heating; Cristom Construction Services, a commercial general contracting company; and Bondee Properties, a real estate development company.

Started by Rudolph Bonelli in the 1960s, Ron's 85-year-old father, the company's leadership consists of Ron's brother, Rick Bonelli, the technical expert and Ranshaw's manager, and brother-in-law Tom DeVito, who manages Cristom and oversees all of the real estate properties.

Back in 2008, the company delved into multi-family real estate development as a logical way to expand its base commercial real estate business.

"Real estate has always stood the test of time, if you hold and manage the right properties for the long term," Ron said.

Their first large-scale multi-family effort was a project in Astoria, Queens. The "Arista 35," a five-story building of condominiums, was built from the ground up. Located on 35th Street off Astoria Boulevard, the 22-unit condo complex includes underground parking and a commercial store now occupied by an ophthalmologist. The project was in the early stages of construction when the recession began in 2008. Despite the economic downturn the company forged ahead and began successfully selling the condos by early 2010.

During 2010, condo prices remained much lower than they were before the recession started. Still, the firm was willing to go forward prudently. "We accepted market pricing at the time for what it was. Developers do not set prices, the market does," Ron said. "If you do not accept this premise, you will never be successful in real estate development or in any business, for that matter. We sold all of these units two years later. And we did it at the worst possible time in real estate since the 1930's depression. The business ethics and values we stood for kept us focused on completing this the right way despite the fact it was not the financial success we planned or expected. To this day, the firm is still involved, managing the property for the owners and advising the condominium's board of directors.

"People saw the quality of the workmanship and the attention to detail that went into this building," Tom said.

"That's something my dad always cared about — what was behind the walls," Ron added. "We took his focus on quality and added attractive design features that were pleasing to today's buyer. These factors went a long way in helping us sell these units during a very difficult period in real estate development."

The company insists its workers pay attention to the things people won't see. That means making sure the electrical work, HVAC equipment and plumbing is installed properly and can be maintained easily in the future.

Those same principals apply at Forty2East, on a larger scale allowing for more opportunities to create a grander design.

"We added amenities like rear and rooftop recreation and barbecue areas, an in-house gym and a first floor lounge area. It also has underground parking, bike racks and apartment storage space," Ron said. "With Forty2East, we set out to create a building that provides a true high end experience and offers everything one could ask for.

"We gain the trust of our customers by actually giving them value and not just saying it," Tom said. "We build things to last, as if we were living there, which drives our effort to deliver the very best product possible."

ABOUT THE BONDEE GROUP

The Bondee Group, based in Whitestone, NY, comprises Bondee Properties, Cristom Construction and Ranshaw Fuel, Plumbing and Heating. With more than 50 years of experience in all major facets of construction and maintenance, the Bondee Group values quality and integrity above all else. The family company, spanning three generations, is set apart by consistently high standards, skilled workmanship and exceptional customer service.

ABOUT BONDEE PROPERTIES

Bondee Properties, a growing privately held real estate development company focusing on commercial, retail and multi-family properties, is a division of the Bondee Group, based in Whitestone, NY. With a presence in Astoria, other parts of Queens and now Williamsburg, NY, Bondee Properties is making its mark on the region. Among the diverse mix of properties Bondee has developed include "Arista 35," a five-story luxury condominium building in Astoria, NY and "Northside Plaza", a thriving community retail center located in College Point.

For more information, please visit: www.bondeeproperties.com

ABOUT CRISTOM CONSTRUCTION

Established in 1997 by Tom DeVito, Cristom Construction specializes in general contracting for new multi-family, retail and commercial construction as well as renovations and maintenance for its commercial customers. Cristom Construction acts as the general contractor on all Bondee Properties projects. For more information, please visit: www.cristomconstruction.com

Testimonials available upon request.

Hi-res images available upon request.

CONTACT: Media contact: Kerry Gillick-Goldberg 516.455.3179

Source:Bondee Properties