Philips International, Growing Trend in Boutique Hotel Development

In the late twentieth century, one of New York’s most famous cities, Long Beach, experienced a particularly difficult economic crisis. Far from what it is today, many of the buildings on Park Avenue were run down and quite a few entirely burnt out. Long Beach City Manager, Ed Eaton, attributes this decline to the state’s decision to move much of the psychiatric population into hotels around the Long Beach area. This led to a drop in home values, and with little support from the state or local government, Long Beach was poised for bankruptcy by the 1970’s. After realizing that something needed to be done, the City Council finally decided to handle substandard housing, put pressure on land and property owners to follow through on their taxes, and eventually tore down some of the more derelict buildings. The City Council worked for more than a decade on revitalizing the community before hiring Philips International to move forward with an urban renewal project. The fact that Philips International's push for boutique hotels catches developer's eyes was high on the City Council's list of priorities.

The City Council hired Philips International because of their reputation and track record of respecting the history of their developments.  The revitalization project was originally set to include a 150-room hotel, a catering hall with a guest capacity for nearly 500 individuals, a convention center, a boardwalk-level restaurant, numerous shops, an outdoor amphitheater for concerts, and an assisted living center for seniors. Despite a set back due to unexpected economic troubles the renovation for Long Beach is back on track as of 2014.

For Philips International, what it takes to rebuild New York's neighborhoods means first of all taking a step back and considering the people who influence the development of any city. In terms of layout, traffic design, building codes, and the establishment of public spaces, there potentially hundreds of individuals working at any moment to develop and redevelop the towns and cities in which we live. The sheer size of many of the cities in the United States means that property is constantly changing hands and being repurposed, torn down, or built up. In this landscape, property developers and managers play a key role in the preservation or redevelopment of major properties and holdings. In New York City, Philips International has been a leader in property development and management for more than thirty years. Under the guidance of founder, owner, and CEO Philip Pilevsky, the company has established itself with a reputation for honoring New York’s unique history while at the same time pushing the future of the real estate industry.

It is clear from his publication records that Pilevsky has a keen eye for history, something that has helped him respect the historical culture of the city in which he does most of his real estate development. This respect for history and culture has insured that each of his properties fits the cityscape of New York City, and reinforces the stated aim of PhilipPilevsky of supporting American culture through neighborhood revival.

Philips International, Taking On the Biggest Projects, In the Biggest Cities

The sign of ambition in the world of real estate is when a company strives to take on the biggest and most formidable projects, in the most illustrious places in the world. When it comes to real estate, fewer cities have more desired land spaces than in New York City, home of the skyscraper. There is so much potential in the most famous city in the world to develop, and so many buildings that are under utilized just waiting for revitalization. For this reason, the biggest and best real estate firms are constantly battling it out to find the best places on which they can make their mark and help make the most of the New York buildings.

For real estate giants Philips International, Pioneering Real Estate Solutions for Mutual Benefit has always been key in their work. They have built a portfolio over the last thirty years developing some of America's prime real estate. They pioneered the boutique hotel movement in the 1980s, utilizing some of New York's finest under-utilized buildings. They have a growing presence in the city, and their recent announcement to bid for one of the most iconic buildings in the world, The Empire State, reflected their ambition to continue their excellent work in the industry. 

The words city and skyscraper are almost always immediately followed with an image in our mind of the Empire State Building, such an iconic construction of human achievement it has become. However, for a long time, people have recognized that in fact it is severely under-utilized Whilst it is a thriving tourist destination, the space on the floors is perhaps not as used as it should be.

This has sparked a bidding war between some of America's hottest real estate companies, such as Philips International, led by the ambitious Philip Pilevsky.

One of the most recent reports suggest that the latest offer stands at $2.1 billion, and is led by Philip Pilevsky and a co-operative of partner investors. It is a hugely ambitious project, but offers the chance for Philips International to gain the recognition they deserve for their visionary projects in the world of real estate. One thing can be sure, whether this bid is successful or not, then you should keep your eyes peeled for the future projects of one of America's brightest and most experienced real estate developers. Find out more about them here through Michael Pilevsky, Support American Culture Through Neighborhood Revival.

Philips International, A More Intimate Accommodation

When it comes to vacations and travel, it is easy to feel homesick. Of course, the entire reason that people travel, apart from work, is to get away from their daily lives. However, whether you are traveling for business or pleasure, it is understandable that you might miss some of the personal creature comforts of home. Any hotel that strives to meet customer expectations with their accommodations must focus on going above and beyond to make their guests feel at home. While many people choose to stay in chain hotels because they know what to expect in terms of décor, amenities, and customer service, many other people are turning their attention to boutique hotels as a more intimate way to travel.

For Philips International, an eye for real estate investment is what let CEO and Founder, Philip Pilevsky, to create the boutique hotel design concept. But this understanding of the United States real estate market is something that was hard earned over decades in the industry. After graduating from Columbia University in New York City, Philip Pilevsky moved to Florida where he got into the real estate industry by “flipping” properties. Essentially, he was buying rundown or undervalued properties at a low price, fixing them up, and then reselling them to make a profit. While he found early success with this endeavor, he knew that this was far from what he wanted to be doing in real estate. With bigger dreams and ideas, he moved back to New York City to continue his real estate career in a larger market.

Philip Pilevsky took his career to the next level when he came up with the idea for designing boutique hotels. Boutique hotels are a style of hotel that came about as a result of a need in the market for more intimate and unique accommodations. The era of “chain” hotels died when boutique hotels came into the picture. Instead of guests knowing exactly what they would get with each stay, boutique hotels provide unique experiences every time. They keep their room numbers low so they can provide more intimate customer service and they spend a lot of time focusing on the décor and atmosphere of both the exterior and interior of the building.

For Philips International, the importance of relationships in real estate development starts with designing a building that will exceed their guests’ expectations. In order to make a lasting impression and relationship with their guests, boutique hotel owners like Philip Pilevsky take customer service as their top priority.

Philips International, Relationships In Real Estate Development

Above all else, the primary objective of a real estate investor and developer is to create beauty and improved functionality through each of their projects. Chairman and CEO of Philips International Philip Pilevsky, along with his sons Seth and Michael Pilevsky, has spent his career becoming one of the most notable real estate developers in New York City, with approximately 200 holdings across the United States. Pilevsky, who has earned recognition as a national figure in real estate, academia, and public policy, has dedicated himself to preserving the culture and aesthetic that has made New York such a hub of unique and innovative neighborhoods and architecture. Indeed, for Seth Pilevsky, relationships in real estate development have been a crucial factor in the company realizing a great many of its iconic buildings.

Known for taking undervalued properties and reinventing them, Philips International’s most recent New York project is a major overhaul of the mid-century Tribeca office block at 250 Church Street. Recently, the city’s Resources Administration/Department of Social Services (HRA/DSS) has moved out of the building to consolidate its offices inside 4 World Trade Center, leaving the building unoccupied and unused. In a supportive gesture of young entrepreneurship, Philip Pilevsky’s team is planning on transforming the full block-front property into a sleek, amenity-filled workhouse in the hopes of luring young techies and media companies.

In addition to the building’s repurposing, it will also be rebranded as 101 Franklin Street, a more alluring alternative to the outdated Church Street address. Philips International will be working with office-space experts Gensler New York to lead the repositioning. The project will begin by shedding the 15-story building’s beige exterior and replacing it with a dapper grey-brick skin. The windows will also be replaced, removing the double-hung windows and exchanging them for multi-pane, factory-sash-style windows that match the structure’s original design. Three double-height sections of the building will also be removed to provide outdoor terraces for tenants. For more information on this ongoing project, please see 'Philips International, The Importance Of Relationships In Real Estate Planning And The Statue of Liberty,' on philips-international.com)

Though construction permits have not been filed yet, the project has launched a leasing website with Newmark Grubb Knight Frank to market the office space. Outlook on the project’s completion is extremely positive, with Philip Pilevsky’s decades of experience in the real estate industry backing it. Philips International has remained consistently ahead of the curve and a bellwether for market trends, owning and developing an extremely diverse group of buildings that includes hotels, office centers, retail space, condominiums, and residential rental housing. The Tribeca project is sure to continue the company’s legacy as a leader in real estate growth across the country.