Charles Kyriakoudes
and Michael Kerris formed Shore Front Developers LLC in 2002 to acquire
and develop a beachfront parcel located at 180 Beach 102nd Street, on
the strategic corner of Shore Front Parkway. The 21 unit Shore Front
Condominium was the first condominium in the Rockaways in many years,
and was the first community to offer high end finishes. The majority of
the homes were contracted for in a single weekend in the spring of
2004. Since then, the FrameWorks Group has periodically released and
sold individual units at higher prices. Three of the units were kept as
rentals.
The FrameWorks
Group was formed in 2003 by Charles Kyriakoudes and Michael Kerris as a
platform for additional real estate investment and development. Michael
Kerris, the Chief Financial Officer focuses primarily on financial and
operational issues while Charles Kyriakoudes, the Chief Executive
Officer, undertook the primarily lead on construction related issues.
In
2004, after more than a year of negotiations, the FrameWorks Group,
under the business name Shore Front Developers of Rockaway Park LLC,
acquired 168 Beach 101st Street, in Rockaway Park. This nearly square
block lot would be the future site of Belle Shores Condominium, a 66
unit luxury beachfront condominium development. In addition to
investing its own capital, the FrameWorks Group pooled the capital of
nine outside investors.
Phillip
Sansone joined the FrameWorks Group in 2004 as a Principal, and serves
at the company’s Vice President of Operations. A significant portion of
his time is spent selecting and working with the dozens of
subcontractors and vendors involved in the developments, and managing
the day to day construction management of the projects. Mr. Sansone
also supervised the opening of a Sales and Design Center dedicated to
providing the buyers at Belle Shores Condominium with a choice of
luxury finishes.
With an
opportunity to expand Belle Shores Condominium to 78 units, in 2005 the
FrameWorks Group acquired an additional neighboring beachfront lot. A
second private offering was conducted. Many of the initial limited
partners invested additional capital, as did nine new investors
including three homeowners from Shore Front Condominium.
That
same year, the FrameWorks Group made it a priority to improve the
management of its operations, financial controls, and use of technology
including an expanded website. The FrameWorks Group also changed its
accounting firm to Berdon LLP, which is the one of the largest real
estate accounting firms in the country. The FrameWorks Group continues
to strengthen and expand its team of architects, engineers,
construction companies, lawyers and lenders.
Recently,
the FrameWorks Group contracted to purchase five adjoining beachfront
parcels at Shore Front Parkway and Beach 94th Street—an extremely
visible half a square block site along the main thoroughfare into the
neighborhood. The FrameWorks Group plans to build a Manhattan-style 49
unit condominium with an all glass facade—another first for the
Rockaways. With many repeat investors and twelve additional new
partners, the FrameWorks Group continues to expand its financial
capabilities.
While the
FrameWorks Group has thus far concentrated its efforts on residential
condominium development in the Rockaways, this has been more by chance
than by design. While, the FrameWorks Group plans to continue to
develop premier residences at choice locations, the FrameWorks Group
has and continues to actively negotiate for the purchase of sites
throughout New York City and surrounding counties.
The FrameWorks Group is a member of the National Association of Home Builders, and the Long Island Board of Realtors.
