Alan P. Miller has been involved in New York City real estate for 32 years. Prior to joining ALDO Advisors LLC, a boutique Real Estate Investment & Advisory firm based in Soho, he was Managing Partner with 5Points Group LLC. Mr. Miller was a partner at Eastern Consolidated where he worked for more than 14 years & The Carlton Group, Ltd., a national real estate advisory firm. Previous to that, he joined Stonehenge Partners, Inc. where he assisted the managing partner in the analysis of potential purchases of investment property in Manhattan. Mr. Miller began his career with a 10 year tenure at Lee Odell Real Estate, Inc., specializing in selling investment real estate throughout New York City and the Tri-State area.
Mr. Miller’s professional accomplishments are well known throughout the real estate industry, and span a career of success in the sale of development sites, hotels, residential conversions, commercial loft buildings, retail properties, parking facilities, outdoor signage, Transferable Development Rights, 421-a Tax Certificates as well as Inclusionary Bonus Air Rights.
Some of his notable transactions include the 99-year net lease of a 591-room hotel development that is now a Radisson Hotel in Herald Square; a long term net lease of a 220-room property, now known as the Ameritania Hotel, on Broadway next to the Ed Sullivan theatre; the sale of a site in Times Square which was transformed into a 225-room luxury hotel called The Muse; the sale of the Sahara Hotel, a corner development site on Third Avenue and East 14th Street which was developed into a New York University dormitory. In 2010 Mr. Miller facilitated the sale of nearly 600,000 square feet of commercial space to Savanna Fund in its purchases of both 386 Park Avenue South and 5 Hanover Square, NYC.
2010 was as active as any year since Mr. Miller first entered the New York City real estate industry in 1985. Recapitalizing several deals for lending institutions and private owners made this an interesting period in that part of the real estate cycle. The 2nd half of 2010 was very busy for Mr. Miller as he exclusively handled the disposition of several assets for both privately and institutionally owned Manhattan real estate. At the end of the 3rd quarter he advised Savanna Partners in its purchase of a distressed note from Capital One Bank for $51,500,000, on the 340,000 square foot Class A office building located at 5 Hanover Square in the Financial District. In December, he closed on the sale of Stonehenge Partners’ 401 West 56th Street for $38,000,000, a 95 unit corner elevatored rental building with 2 restaurants and a garage. His final sale was for The Salvation Army, where he brought in a French restaurateur/hotelier to purchase the Army’s vacant corner Bowery building on East 3rd Street in its first U.S. acquisition.
2012 proved to be an incredibly upbeat year for Mr. Miller as he closed on a $24,000,000 West Side land parcel which became a 105,000sf ground-up project for luxury residential condominium homes and sold a Tribeca development for $65,000,000 to Taconic Investment Partners where they are finishing final sales of the luxury residential condominium development. Mr. Miller represented a Chicago bank in its note disposition of a stalled residential condominium in Soho which was the last project designed by world famous architect Philip Johnson of Johnson Ritchie Architects.
A flurry of year-end 2012 activity fueled by the pending Capital Gains Increase and Obama tax led to December closings for Mr. Miller on a $47,000,000 Upper West Side corner apartment building held by the same owners for 70 years; a Tribeca block-front and future conversion of a mixed-use property for $56,000,000 and the acquisition financing of an entire block comprising 2 acres in Prime North Williamsburg, Brooklyn for commercial development to be called The Generator Building.
In the most recent several years property sales have included a 10 story building on red-hot Bowery which is being converted into a 14 story Ace Hotel; the sale of a commercial loft building for not for profit Xavier Association for the Blind on East 23rd Street; the sale of a West 58th Street parcel which has been developed into a Marriott Fairfield Suites Hotel; an East Village development site on Avenue D which had been occupied by a Rite Aid Pharmacy for 25 years and will soon be home to a brand new 80/20 rental project; a residential development site in West Chelsea’s Highline District where high-end luxury apartments are to be erected; the disposition of a retail leasehold interest in a Soho space formerly occupied by The Kardashian Sisters store Dash Boutique.
In the past several years recent Kings County deals have included advising on the disposition of a 3 acre printing facility in East Williamsburg/Bushwick neighborhood occupied by the owners for 30 years; a couple of Greenpoint projects including a corner development site where a boutique ground-up rental apartment building is under construction on a 99 year ground lease; and land acquisition financing for a Crown Heights residential condo building which is now topping off construction.
In addition, Mr. Miller has been involved in Debt & Equity placements valued at more than $300,000,000 in the past 36 months.
Mr. Miller is a member of The Real Estate Board of New York, YM/WREA, International Council of Shopping Centers (ICSC), the Urban Land Institute (ULI), YMBA as well as on the advisory board for the real estate division of the FIDF.
Mr. Miller has been a frequent speaker on various real estate panels. His profound understanding of the market, the players, and the cyclical nature of real estate, having witnessed its ups and downs for more than three decades, give him an edge in today’s highly competitive investment sales marketplace. Mr. Miller graduated from the University of Massachusetts at Amherst in 1984 with a B.A. in Economics and resides with his wife and two children in Times Square, New York City.