Investors & Developers Associates Inc. (“INDEVA”)
INDEVA is a New York corporation established in 1981 by Aaron Etra and associates. INDEVA
and its subsidiaries, principals, affiliates and correspondents are
engaged in real estate development, brokerage, management, marketing
and consultancy as well as project development, management and advisory
services in a wide-range of business, commerce and finance activities
for the private and public sectors.
The primary focus for the property development activities of INDEVA is
New York City, but the firm and its principals and associates have also
been involved in projects in Albany, New York, Philadelphia,
Pennsylvania, Charleston, South Carolina, Haywood County, North
Carolina, Franklin, Connecticut and Houston County, Georgia as well as
internationally. A brief description of INDEVA real estate activities and
background information on Mr. Etra follows.
own projects have involved equity investments by both individuals and
entities from throughout the U.S.A. and a number of other countries.
Typically, an INDEVA subsidiary or its principals have served
as General Partners of a limited partnership or as the officers and
directors of a corporation formed especially for the venture.
INDEVA's role as a merchant developer offers investors the opportunity to
participate in one or a series of its ventures.
also provides expertise to investors (both individual and
institutional), owners (both entities and individuals) and
organizations (in the private and public sectors) in locating,
acquiring, renovating, operating and marketing properties and
organizing and managing projects and ventures. These consulting
services are made available for individual transactions or as part of a
continuing relationship. INDEVA has been a pioneer in
developing novel approaches, structures and relationships to achieve
the best results from real estate and business opportunities.
has been actively involved in international technology transfer,
linking the expertise and related skills of the developers of processes
and other innovations with the resources of capital, management and
marketing. INDEVA brings its expertise as principals as well as
advisors to each project. Continuing activities involve U.S. and
European commercial and industrial interests married with technology
from the U.S. and Israel among other sources. INDEVA is also
engaged in satisfying the needs of emerging markets for appropriate
goods and services and has been particularly active in Israel and the
Palestinian areas, the Russian Republic of Tatarstan, Sharjah (U.A.E.),
Southeast Asia and Africa.
PRINCIPALS & ASSOCIATES
has been a practicing lawyer since 1966. His specialization is in the
establishment and representation of overseas interests in the United
States as well as international transactions. In addition to his prior
legal work in New York and London, Mr. Etra has served with the United
Nations in Geneva, Switzerland and has taught in New York and Africa.
He is a graduate of Yale University with a B.A. degree and of Columbia
University and New York University with a J.D. and LL.M. degree,
respectively. Mr. Etra is a shareholder, director and the President/CEO
of INDEVA. His business activities have ranged widely, serving
as a principal and/or advisor to industrial, commercial and financial
enterprises. Mr. Etra takes an active role in the New York
professional, civic, artistic and educational communities. He is a
member of the Real Estate Board of New York, the Association of the Bar
of the City of New York and their committees.
He serves as a director and officer of a number of philanthropic
organizations and business corporations in the U.S. and overseas and as
a representative of a Non-Governmental Organization at the U.N.
closely with associated persons and firms around the world and has
access to sources of services both local to a particular market and
from outside sources. Its activities have generated this cooperative
approach to project and asset management which combines international
and local expertise. Providing these managerial, consulting and
advisory services to projects as well as ventures of all kinds has been
undertaken in the U.S., Europe, Australia, the Middle East, Asia and
U.S. and CARIBBEAN
Upper West Associates Inc., 516-18 West 143rd Street,
New York, New York
- A 60,000 sq. ft. apartment building on the Upper West Side of Manhattan
containing 37 apartments. Purchased for $235,000 ($35,000 cash,
$200,000 purchase money mortgage).
The building was upgraded and rented as lower
income housing and was sold for $370,000.
775 Riverside Associates, Upper Drive Associates, New York, New York -
General partners in limited partnership owning two buildings which were
purchased comprising 135 apartments and a garage for 100 cars.
Acquisition cost of $880,000 ($625,000 cash, $255,000 First Mortgage).
Rent strike settled, renovation begun. The project was sold for
$1,487,500 (all cash).
Greenwich Development Associates, 500 Greenwich Street, New York, New York -
A 65,000 sq. ft. six story warehouse building was purchased for
conversion to commercial space. Property acquired for $2,350,000.
Equity of $2,250,000 committed and a $3,300,000 acquisition/renovation
loan obtained. Renovations completed and a condominium offering plan
implemented under which sales of commercial and retail space were made
at $125/$175 per sq. ft. (for a total realized value in excess of $9.5
1201-1211 Locust Street Associates,
Philadelphia, Pennsylvania -
Acquisition of six vacant row houses in Center City from the
Redevelopment Authority of Philadelphia for historic conversion to
commercial and residential use. Equity in the project was $492,000 and
renovation loan of $1.2 million. Redevelopment completed, a permanent
loan of $1.4 million obtained and leasing of apartments, office and
retail spaces undertaken.
Warehouse Square Associates, Greenwich-Laight-Vestry Streets,
New York, New York -
Found and negotiated the acquisition for $11 million of a seven
building parcel totaling 240,000 sq. ft. on a 33,000 sq. ft. plot
located in the Tribeca section of Manhattan just north of the World
Trade Center/World Financial Center. General Partners of a limited
partnership formed for the project through which $6,450,000 in equity
was raised. Project managers for the renovation or sale of several of
the buildings as residential units and for the leasing of the remaining
space for warehousing, commercial and retail use (with more than $24
million in recognized value).
The Chemist's Club, 52 East 41st Street, New York, New York -
Located and, together with a British hotel group, acquired for
$9,250,000 a 10 story building in the Grand Central District of
Manhattan. The property was to be totally renovated to include new
hotel rooms and meeting/eating facilities. The site was sold at a
profit of several million dollars to another hotel group after interior
demolition was undertaken and plans filed.
Greenwich Carriage House, Greenwich Street between Spring and Canal Streets, New York, New York -
A site was acquired at a cost of $1,575,000 for the construction of a
multi-level garage. Equity of $2 million was raised for the project and
the existing buildings were utilized for parking pending the issuance
of a permit for the construction of the permanent facility. This permit
was obtained, the first such grant in New York City for many years, and
INDEVA reviewed the options under which the permanent facility
would be operated and decided upon favorable sale for another
redevelopment opportunity at a value in excess of double the
Wellington Place, State Street, Albany, New York -
This project involved the acquisition and demolition of five existing
buildings on a site on the main commercial street of downtown Albany
and the construction of a major office and retail building. INDEVA
worked with local architects and advisors to develop a demolition and
construction program acceptable to the planning and historic bodies and
developed a pre-leasing program. The final Environmental Impact
Statement was accepted and approvals obtained from the Albany Historic
Resources Commission. Pre-leasing to the public and private sectors is
152-154 Franklin Street, New York, New York -
A seven story 33,000 sq. ft. building in the heart of a landmark
designated district of Tribeca was targeted for conversion to sixteen
condominium residential and commercial units. INDEVA developed
a unique approach which permitted investors to acquire ownership of the
unit of their choice at cost price and with their contributed equity
available for the purchase. The investor/owner would be in a position
to benefit from the use or rental of the units and from increases in
The Manhattan Club, New York, New York - The first timeshare project in New York City, located at 56th Street and Seventh Avenue. INDEVA
has been a primary sales and marketing representative locally and
internationally, including exclusive status in certain areas.
Willow Lake Plantation, Warner-Robins, Georgia- INDEVA
participated in formulating a Planned-Unit Development (P.U.D.) for a
3,000 acre agricultural property in Houston County that was acquired
for some $5 million. Land sales and the development of commercial and
residential properties have already created more than $10 million in
value with much acreage still available.
Sevensprings Centers, Haywood County, North Carolina- Mr. Etra
is co-founder of a first facility, sited on 40 acres in the foothills
of the Great Smoky Mountains, that will offer world-class programs and
Futerra, Franklin, Connecticut- INDEVA’s
principal is one of three partners in the creation of a permanent
international exhibition and accommodation project. The first phase is
under way with the acquisition of 200 acres (for a total of more than
$4 million) to be developed as recreational and hospitality
accommodation. Future phases will bring the total project to values in
excess of $1 billion.
West End Hills of St. Croix- An INDEVA affiliate
is the development manager of the first project, sited in the U.S.
Virgin Islands, to establish in the Caribbean a lifestyles of health
and sustainability (LOHAS) residential community anchored by a
spa/wellness program center.
Starwood Urban Investments LLC- INDEVA proposed
emerging areas within New York suitable for an acquisition program
directed toward commercial and retail redevelopment. Particular
properties were targeted and negotiations undertaken leading to
purchases (at levels of up to $100 million), renovation and lease-up.
The Trump Group, Miami, Florida- Continuing
assistance in acquisitions of commercial and retail properties in New
York City following the purchase of a significant commercial building
on Park Avenue South.
Charles Blaichman, New York, N.Y.- INDEVA is introducing properties and development opportunities to this active builder/developer.
involving acquiring or operating single properties as well as area-wide
development represent a continuing real estate interest and focus of INDEVA
and it colleagues within the U.S. as well as in Europe and Asia.
Project development and management activities have also ranged from
single purpose ventures to country-wide and regional efforts. Such
efforts have included introducing concepts new to the particular
marketplace (e.g. securitization, title insurance) as well as creating
or implanting new entities or joint ventures.
For further information, please contact Aaron Etra at INDEVA
at 445 Park Avenue-9
floor, ,New York City, 10022; tel. (212) 829-5565;
fax (212) 472-4469; cell phone (917) 856-3500, E-mail: email@example.com.