OVERVIEW
Abstract Development Group specializes in ground-up development, redevelopment, and the creation of real estate assets that are made to last for generations.
Founded in 2020 by Jason Algaze, Dan Rudofsky, Barry Rudofsky, and Scott Silverman, we are a full-service development company that spans the Northeast, Southeast and Mountain West.
We are an affiliate of the Bronstein family, now in its third generation. With a billion dollar plus, long-term portfolio of mixed-use and residential assets in the New York area, ADG and its affiliates leverage the Bronstein acumen and extensive network to execute on the entire development life cycle, from land use and acquisitions, design and construction management to asset and property management.
With a collaborative approach, we continue to be committed to seeking out new opportunities with our partners where we excel at combining our resources and industry knowledge to successfully deliver each new project.
Visit Bronstein Properties
Investment Strategy
We seek to capitalize on markets with anticipated outsized growth and associated risk-adjusted returns. Based on demographic trends, we are confident in the continued strength of multifamily in emerging business friendly markets. We are equally entrepreneurial and opportunistic and are ready to dive into new mixed-use projects requiring ground up development or significant upgrades, particularly those with a residential component, are always in our sights.
OVERVIEW
Abstract Development Group specializes in ground-up development, redevelopment, and the creation of real estate assets that are made to last for generations.
Founded in 2020 by Jason Algaze, Dan Rudofsky, Barry Rudofsky, and Scott Silverman, we are a full-service development company that spans the Northeast, Southeast and Mountain West.
We are an affiliate of the Bronstein family, now in its third generation. With a billion dollar plus, long-term portfolio of mixed-use and residential assets in the New York area, ADG and its affiliates leverage the Bronstein acumen and extensive network to execute on the entire development life cycle, from land use and acquisitions, design and construction management to asset and property management.
With a collaborative approach, we continue to be committed to seeking out new opportunities with our partners where we excel at combining our resources and industry knowledge to successfully deliver each new project.
Visit Bronstein Properties
Investment Strategy
We seek to capitalize on markets with anticipated outsized growth and associated risk-adjusted returns. Based on demographic trends, we are confident in the continued strength of multifamily in emerging business friendly markets. We are equally entrepreneurial and opportunistic and are ready to dive into new mixed-use projects requiring ground up development or significant upgrades, particularly those with a residential component, are always in our sights.
CAPABILITIES
Our team’s strengths reflect a breadth and depth of experience that underpins success.
Our areas of expertise include:
Development Process
Acquisitions & Assemblages
Financial Structuring
Financial Analysis
Capital Markets
Investment Evaluation
Design Process
Zoning & Entitlements
Construction & Consultant Coordination
Marketing & Leasing
Public-Private
Relationships
CAPABILITIES
Our team reflects a breadth and depth of experience that underpins our success. Our areas of expertise include:
Development Process
Acquisitions & Assemblages
Financial Structuring
Financial Analysis
Capital Markets
Investment Evaluation
Design Process
Zoning & Entitlements
Construction & Consultant Coordination
Marketing & Leasing
Public-Private
Relationships
CAPABILITIES
Our team’s strengths reflect a breadth and depth of experience that underpins success.
Our areas of expertise include:
Development Process
Acquisitions & Assemblages
Financial Structuring
Financial Analysis
Capital Markets
Investment Evaluation
Design Process
Zoning & Entitlements
Construction & Consultant Coordination
Marketing & Leasing
Public-Private
Relationships
SUCCESS STORIES
The value we bring to any deal is evidenced in several past success stories.
Three Times a Charm
South Florida Three-Building Portfolio
Over a period of six years, Jason Algaze successfully created more than $200 million worth of value through the development process. He raised equity, managed debt and was actively engaged in all daily pre-development aspects for three south Florida luxury condominium projects, one of which included a retail component. Together, the projects encompassed 850,000 square feet and almost 400 units with a sellout value of $738 million. This success was achieved by laying a strong early foundation – undertaking a thorough financial analysis, appropriately structuring both debt and equity for each of the properties, closing financing and applying project level and asset management skills.
Long-Term Thinking and Roll-Your-Sleeves-Up Moxie
Brooklyn Rezoning and Master Plan
Mixed-use Multifamily and Retail Project
Recognizing the long-term needs of New York City, our team members were able to be involved in the acquisition of several sites in a historically industrial neighborhood in Brooklyn that was undergoing a significant 82-block mixed-use rezoning. This zoning change was extremely important to both the city and its landowners, as it would guide more than 700 new units that consisted of a significant amount of new affordable housing units to be built in the area.
As a participant, our team members had worked alongside the local municipality as a partner, allowing us to have an active voice in the the step-by-step creation of this new rezoning framework. Leveraging our deep understanding of the public and private partnership with local governments in their processes helped create the greatest benefit and value for subject sites and its future development.
One Plus One Equals Three
Central Park South Condominium
Over the course of nearly eight years, Jason was deeply engaged in the complex assemblage of one of New York’s most opulent properties. The resulting structure artfully transforms an existing landmark structure into “old New York” residences and blends it in to a new glass 1,000 square foot + residential tower that reaches into the sky. This project with its 80 ultra-luxury condominiums over a massive retail podium have helped to reshape the Central Park skyline.
This was a complex project to design, build and capitalize. It required New York City Landmarks approval, as well as significant innovations in construction methods and design to make it feasible to build as it would become an extremely tall tower situated on a small lot in a busy area of Manhattan. With a total capitalization in excess of $1 billion, it required a capital structure that included a variety of institutions providing a mixture of both equity and debt. The estimated $1.7 billion sellout will ultimately create a net profit of over $700 million, much of which was predicted on the economic creativity Jason provided early on in the venture.
Creating Value from the Ground Up
Long Island City Mixed-Use Luxury Apartmnets and Retail
From the early stages of development through to refinancing and, ultimately, disposition, Jason created value for this $220 million project in the burgeoning Queens neighborhood. He was intimately involved in all facets of development from initial acquisition, project design, managing the raise and full capital stack completion throughout the construction financing. Additionally, this project was utilized to create an in-house construction team to self-perform the project. This required building out a staff for a construction division at the company, as well as hands on supervision, including responsibility for all subcontractors involved in erecting this nearly 400-unit luxury multifamily building with complementary retail space. He was able to overcome several financial challenges through the process, which led the project to stabilization and a disposition valued at over $300 million.
Expediting an Assemblage and Maximizing Profits
Queens Mixed-Use Land Assemblage for the Development of Apartments, Retail, and Office
With the clock ticking, Jason moved expeditiously to assemble land and air rights to break ground on a landmark property, and an adjacent site owned by a municipal entity prior to the expiration of a significant tax incentive program. With just 16 days to complete the transaction, Jason structured a unique deal to purchase air rights, create a combined developable site and conceive a public park to meet a community benefit requirement. The over 800,000 buildable square foot site could be zoned for up to 800 residential units – among the tallest buildings in the neighborhood. The quick work on the $170 million acquisition and project resulted in a sale to a major New York City developer and a win-win-win for the seller, the buyer and the community alike.
SUCCESS STORIES
The value we bring to any deal is evidenced in several past success stories.
Three Times a Charm
South Florida Three-Building Portfolio
Long-Term Thinking and
Roll-Your-Sleeves-Up Moxie
Long-Term Thinking and
Roll-Your-Sleeves-Up Moxie
Brooklyn Rezoning and Master Plan
Mixed-use Multifamily and Retail Project
One Plus One Equals Three
Central Park South Condominium
Creating Value from the Ground Up
Long Island City Mixed-Use Luxury
Apartments and Retail
Long Island City Mixed-Use Luxury Apartments and Retail
Expediting an Assemblage and Maximizing Profits
Expediting an Assemblage and
Maximizing Profits
Queens Mixed-Use Land Assemblage
For the Development of Apartments, Retail and Office
Queens Mixed-Use Land Assemblage
For the Development of Apartments, Retail and Office
PROJECT SELECTS
PROJECT SELECTS
One Burton
South Salt Lake City, UT
Ballpark District
Salt Lake City, UT
PROJECT SELECTS
One Burton
South Salt Lake City, UT
Ballpark District
Salt Lake City, UT
One Burton
Salt Lake City, UT
Following a deep dive into the fundamentals of the market, we are developing a $70M, 180-unit ground-up multifamily project in the Downtown district of South Salt Lake – creating the intersection between Downtown Salt Lake City, Silicon Slopes, Sugar House and Park City. In keeping with our investment strategy, we are attracted to the burgeoning urban scene that is courting an engaged tech employee base. We anticipate outsized risk-adjusted returns compared to Downtown projects.
A Mid-Century Modern design aesthetic with strong geometric lines creates the building’s exterior, artfully complementing and contrasting with its Rocky Mountain backdrop. A distinctive porte cochere entrance sets a welcoming tone and for the many distinguishing features and amenities of this lifestyle-focused project. A mix of studio to 2BR units are designed to attract an upscale Gen Z audience with completion expected in Q4 2024.
Ballpark District
Salt Lake City, UT
As Native New Yorkers, we understand the value of transportation. Located in the Ballpark District of Salt Lake City, our new development will be located adjacent to entrance and exit ramps of I-15 as well as caddy-corner to the Trax stop. The city’s new Ballpark District Master Plan has engendered significant interest in this neighborhood and our property is ideally located to capitalize on this transformation. Our site, centrally located to many Valley amenities, is also proximate to some of the neighborhood’s funkiest breweries and restaurants.
Our design embraces the authentic industrial vibe of the area’s manufacturing history by reviving the tired existing greenery and expanding it along the façade. Additionally, the façade recaptures a two-story parking structure and repurposes it into a unique piece of art which then climbs upward to meet dark blue brick. The brick has been selected to change color depending upon the angle of the sun – creating a dynamic kaleidoscope of color, pattern and form as a distinguishing feature of the property. Comprised of studio and 1BR units to attract a younger a demographic, the building is expected to debut in Q3 2025.
One Burton
South Salt Lake City, UT
Following a deep dive into the fundamentals of the market, we are developing a $70M, 180-unit ground-up multifamily project in the Downtown district of South Salt Lake – creating the intersection between Downtown Salt Lake City, Silicon Slopes, Sugar House and Park City. In keeping with our investment strategy, we are attracted to the burgeoning urban scene that is courting an engaged tech employee base. We anticipate outsized risk-adjusted returns compared to Downtown projects.
A Mid-Century Modern design aesthetic with strong geometric lines creates the building’s exterior, artfully complementing and contrasting with its Rocky Mountain backdrop. A distinctive porte cochere entrance sets a welcoming tone and for the many distinguishing features and amenities of this lifestyle-focused project. A mix of studio to 2BR units are designed to attract an upscale Gen Z audience with completion expected in Q4 2024.
Ballpark District
Salt Lake City, UT
As Native New Yorkers, we understand the value of transportation. Located in the Ballpark District of Salt Lake City, our new development will be located adjacent to entrance and exit ramps of I-15 as well as caddy-corner to the Trax stop. The city’s new Ballpark District Master Plan has engendered significant interest in this neighborhood and our property is ideally located to capitalize on this transformation. Our site, centrally located to many Valley amenities, is also proximate to some of the neighborhood’s funkiest breweries and restaurants.
Our design embraces the authentic industrial vibe of the area’s manufacturing history by reviving the tired existing greenery and expanding it along the façade. Additionally, the façade recaptures a two-story parking structure and repurposes it into a unique piece of art which then climbs upward to meet dark blue brick. The brick has been selected to change color depending upon the angle of the sun – creating a dynamic kaleidoscope of color, pattern and form as a distinguishing feature of the property. Comprised of studio and 1BR units to attract a younger a demographic, the building is expected to debut in Q3 2025.
Team
Jason Algaze
Partner
Daniel Rudofsky
Partner
Scott Silverman
Partner
Barry Rudofsky
Partner
Peter Schack, CPA
Chief Financial Officer
Brian Kreizel
Director of Operations
Teddy Tanenbaum
Financial Analyst
Team
Team
Jason Algaze
Partner
Daniel Rudofsky
Partner
Scott Silverman
Partner
Barry Rudofsky
Partner
Peter Schack, CPA
Chief Financial Officer
Brian Kreizel
Director of Operations
Teddy Tanenbaum
Financial Analyst
Press
Construction Begins at One Burton Mixed-Use Development
South Salt Lake’s First “Downtown” Building
Transformation of Downtown South Salt Lake Begins with Launch of One Burton
Multi-Family Housing at One Burton Breaks Ground, Ushering in New District in Downtown South Salt Lake
Building For The Future Of Downtown South Salt Lake
Developers Revise Design for New Building in Ballpark, Adding Retail and Street Engagement
press
Construction Begins at One Burton Mixed-Use Development
South Salt Lake’s First “Downtown” Building
Transformation of Downtown South Salt Lake Begins with Launch of One Burton
Multi-Family Housing at One Burton Breaks Ground, Ushering in New District In Downtown South Salt Lake
Building For The Future Of Downtown South Salt Lake
Developers Revise Design for New Building in Ballpark, Adding Retail and Street Engagement