Joseph Beninati

Joseph P. Beninati (born February 23, 1964) is an American entrepreneur, real estate developer, and private equity investor. He lives in Greenwich, Connecticut. He is managing member of Bauhouse Group, a New York City real estate development and investment firm.

Early life

Beninati was born into an Italian-American family in the Bronx, New York.[1] His father worked at the Saturday Evening Post before opening his own photo processing lab. Beninati was a foot messenger in Manhattan while a teenager for his father’s photography business.[2] He was a football player who graduated Choate Rosemary Hall and earned his B.A. at Middlebury College in Vermont in 1987, where he was a political science major.[3][4][5]

Early career

Upon graduating from college, Beninati began his career on Wall Street as an investment banker for Dean Witter Reynolds.[1] In 1990, Beninati began an investment banking boutique called Beninati & Wood, Inc.[6] His firm advised a New York financier on the restructuring of C3, Inc. and the acquisition of Telos Corporation (both defense industry contractors). Beninati began as an investment banker to C3 until February 1992, when he became an employee upon the merger of C3 and Telos. He became chief financial officer in May 1992.[3][6][7] Beninati became the chairman of Telos from 1994-1995. Telos was awarded a $1 billion contract with the U.S. Army during his tenure. Other Telos clients included the Department of Defense and the National Security Agency.[8][9]

Beninati resigned from Telos to form Antares.[6]

Greenwich Technology Partners

In 1996, Beninati, along with longtime friend and fellow Choate alumnus, Jim Cabrera, founded Antares Investment Partners.[10] A substantial part of the early business was devoted to private equity. In 1997, Antares made a founding investment in a network engineering company called Greenwich Technology Partners.[11][12] Beninati served as the chairman and CEO for six years with clients such as JP Morgan, Dow Jones, ESPN, and Credit Suisse, and investors such as Juniper Networks and Chase Capital Partners.[13][14]

In 2002, the company was named the 9th fastest growing company by Inc. Magazine.[12] In 2002, Beninati resigned as CEO and Greenwich Technology Partners was sold in 2003.[10]

Antares Investment Partners

Beninati and Antares began focusing on real estate development in 2002.[15] By 2006, the firm’s real estate portfolio value was $4.5 billion. The firm owned or co-owned properties located in Fairfield County, Connecticut and Westchester County, New York with Goldman-Sachs & Co., hedge funds, investment bankers, and other institutional investors.[1][16]

In 2002, Antares purchased Pickwick Plaza, in Greenwich, CT, for $120 million. At the time, this was the highest price ever paid for a suburban office building, and all of the leases were up for renewal[17] Antares renovated the commercial building, and rented it to hedge funds and other finance firms. They sold it in 2007 for $235 million, about twice the purchase price.[1]

In 2004, Antares purchased and began operating the Delamar Hotel on the Long Island Sound in Greenwich, Connecticut. The hotel was listed as one of the 80 best small hotels in the world by Conde Nast in 2003[18]

Antares also developed and built country estates in Greenwich, which they called Antares Mansions. One home, called Two Fountains, sold in 2007 for $11 million.[19] The other became the Lake Carrington site and sold for $13.75 million.[1][3] A third, Stone Chase, won a HOBI award in 2007 for "best spec home over $9 million."[20]

In 2007, the firm purchased the US Tobacco building in Greenwich, CT, for $130 million, and undertook a $70 million renovation of the structure with architectural firm Perkins Eastman.[21][22][23] Antares won a TOBY award for this building.[24]

For the Harbor Point development project on the Stamford, Connecticut waterfront, Antares bought 82 acres of land for $171 million with a $3.5 billion redevelopment plan to create a master-planned community with five distinct neighborhoods. Lubert Adler was an investor in the project.[10] In 2008 Beninati introduced BLT, a development firm, to this project and to Lubert Adler. BLT went on to lead all of the vertical development of Harbor Point.[25][26]

Bauhouse Group

Beninati is the founder and Chairman of Bauhouse Group, a New York City real estate development and investment firm founded in 2012. Bauhouse is named after the Bauhaus style, an architectural movement in Europe prior to World War II.[2]

In March 2015, Bauhouse Group announced an assemblage on 58th Street off of Sutton Place. The firm plans to raise four buildings and build a 95-unit, 269,000 square-foot condo building designed by architect Norman Foster.[27]

During the fall 2013, Beninati began an assemblage at 515 West 29th Street, the only property bordered by the High Line Park on two sides.[28] The firm purchased the commercial building on the property for $24.4 million and purchased another $6 million in air rights.[29] In March 2014, the firm completed the 43,000 square foot assemblage on the property.[30] The property is approved for residences and ground-floor retail.[31]

The project at 515 W. 29th St, named 515 Highline has secured a $35 Million construction.[32] The Corcoran Group has been named the sales agent for the property.[33] Soo Chan, founder of Singapore-based architecture design firm, SCDA is the designer of the building, which has an art wall on the eastern facade.[2] The curtain wall is being manufactured in Italy.[34] The 12-unit condo building opens for sales in 2015, with prices between $4.5 and $6 million for three-bedrooms at about $2,500 per square foot. There will also be larger penthouse units and duplex units over $20 mm.[2][35]

Controversies

In 2007, Antares was sued for rent hikes in their condominiums, Greenwich Oaks and Greenwich Place. Antares obtained the buildings for $223 million, a Connecticut real estate record at the time.[1][36]

In December 2007, a construction company called William Paul Inc. sued Antares. The owner said that Antares did not pay him the full profit share and management fees that he was entitled to. The suit was dropped and no payments were made to the plaintiff.[37][38]

In 2008, three investors in Antares Mansions sued for repayment of the $4.5 million invested in the project. The suit was settled.[3]

Philanthropy

Beninati donates to Choate Rosemary Hall and the Beninati Family Scholarship is awarded each year.[39] In 2007, Beninati and Cabrera were given the Man of the Year award by March of Dimes Connecticut Chapter.[40] Antares co-founder Jim Cabrera is chairman of the board of the YMCA in Greenwich.[41] In addition, Antares contributed the land for the construction of the Waterside School in Stamford, Connecticut.[42]

In 2009, Beninati founded the All American Athletic Foundation, a sponsor organization for student athletes.[43]

Honors and Awards

Beninati was given an Entrepreneur Award by the Harvard Business School Club, New York Chapter[5] and was named an Entrepreneur of the Year by Ernst & Young during his time at Greenwich Technology Partners.[8] Inc. Magazine named Beninati and Antares in their 30 Under 30.

Antares was awarded Deal of the Year for its purchase of 100 West Putnam in Greenwich, Connecticut and the redesign of that building earned it a BOMA building award.

Beninati was a member and board member of Young Presidents' Organization- Fairchester Chapter.[44]

Family

Joe Beninati met his wife at Choate and they married in 1990.[45] They reside in Greenwich, Connecticut with their three sons.[44]

References

  1. 1 2 3 4 5 6 Dugan, Ianthe Jeanne. "Greenwich Builder Bets Hedge Funds Will Pay For Excess." The Wall Street Journal.
  2. 1 2 3 4 Marino, Vivian. "A Conversation with Joseph P. Beninati." The New York Times. May 12, 2015
  3. 1 2 3 4 Paumgarten, Nick. "A Greenwich of the Mind." The New Yorker. Aug. 25, 2008
  4. ↑ Dalena, Doug. "Antares has a plan - and pecunious players." Stamford Advocate. April 8, 2007
  5. 1 2 Harvard Business School Club of New York. America's Entrepreneur Award. Biography. Sept. 19, 2002
  6. 1 2 3 "Telos Corp. 10k Accounting Changes." 1996. Accessed Mar. 25, 2013
  7. ↑ "New Battles Brew for Control of C3." The Washington Post. Apr. 27, 1993
  8. 1 2 Real Estate Private Equity Summit 2008. "Speakers." Accessed Mar. 25, 2013
  9. ↑ "Telos Company Overview website page." Accessed Mar. 26, 2013
  10. 1 2 3 Prevost, Lisa. "Thinking Bold in Stamford." The New York Times. Oct. 15, 2006
  11. ↑ Cirillo, Rich. "Q&A with Joseph Beninati." CRN. Mar. 31, 2000
  12. 1 2 Buchanana, Leigh. "Welcome Back, Dan Estes and Peggy Nordeen." Inc. Magazine. Oct. 15, 2003
  13. ↑ NASDAQ. "Greenwich Technology Partners INC IPO." Accessed Mar. 25, 2013
  14. ↑ Securities and Exchange Commission. Form S-1 for Greenwich Technology Partners.
  15. ↑ Katz, Ruth J. "Masterpiece Mansions." The Modern Estate.
  16. ↑ Brenner, Elsa. "In the Region/Westchester; From Orchard to Gated Community." The New York Times. June 27, 2004
  17. ↑ Corkery, Michael. "Greenwich Developers Try Mega Manions--on Spec." The Wall Street Journal. Jan. 17, 2007
  18. ↑ "Hannah Real Estate Investors." Accessed Mar. 25, 2013
  19. ↑ "Attention Home Buyers: Mansions on the Cheap." CNBC. Oct. 3, 2007
  20. ↑ "2007 HOBI Award Winners." Accessed Mar. 26, 2013
  21. ↑ "Cover Story." New York Construction. February 2008
  22. ↑ Sadovi, Maura Webber. "Deal of the Week: Torchlight Doubles Down in Greenwich." The Wall Street Journal. July 10, 2012
  23. ↑ Antares Investment Partners "Antares Investment Partners today announced it has completely leased its signature development project at One Hundred West Putnam Avenue in Greenwich, Connecticut." Mar. 24, 2008
  24. ↑ NEREJ website. "Southern Connecticut BOMA President's Message." Accessed Mar. 26, 2013
  25. ↑ Bosak, Chris. "BLT takes over Harbor Point." The Hour Online. Sept. 2, 2008
  26. ↑ Perez, Magdalene. "Developers: Harbor Point on Course." Stamford Advocate. Sept. 10, 2008
  27. ↑ Anuta, Joe. “Coming soon to the far East side: 200k-square-foot condo building.” Crain’s New York Business. March 27, 2015.
  28. ↑ Real Estate Business Now. "How to Make Money in New York City: Part I." Apr. 1, 2014
  29. ↑ Strickland, Julie. "Bauhouse to convert High Line commercial building to condos" The Real Deal. Mar. 26, 2014
  30. ↑ "$100M High Line apartment property on drawing board" Real Estate Weekly. Apr. 2, 2014
  31. ↑ Anuta, Joe. "High Line commercial property to go residential." Crain's New York Business. Mar. 26, 2014
  32. ↑
  33. ↑
  34. ↑
  35. ↑ Higgins, Michelle. “Year of the Condo in New York City.” The New York Times. Jan. 2, 2015.
  36. ↑ "Looking to grow: Antares considers space in Stamford and Greenwich." Cable Spotlight. Jan. 23, 2007
  37. ↑ Kim, Elizabeth. "Antares comes to Stamford." Stamford Advocate. Sept. 1, 2009
  38. ↑ Prevost, Lisa. "A Misstep in Mansions." The New York Times. Aug. 3, 2008
  39. ↑ "Choate Rosemary Hall: Scholarship."
  40. ↑ Healy, Peter. "Antares' co-founders honored by March of Dimes for significant contributions to community." Stamford Advocate. Dec. 17, 2007
  41. ↑ Vigdor, Neil. "YMCA restructures debt, renovation resumes." Stamford Advocate. Apr. 13, 2012
  42. ↑ Antares. "Antares Investment Partners donate South End site to Stamford's Waterside School." May 2, 2008
  43. ↑ "Trouble for Valentine over kids' team." Fox Sports. Mar. 25, 2012
  44. 1 2 Antares website. "Joseph P. Beninati." Accessed Mar. 25, 2013
  45. ↑ The Evening News. July 15, 1990
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