Four principals of Jericho-based Engel Burman have formed a new company.
Jan Burman, Steven Krieger, David Burman and Jon Weiss launched B2K Development, releasing a statement that called the new company “a strategic move” that allows the partners to expand their resources to invest in emerging real estate opportunities in Florida and Virginia.
“With several thousand new multifamily units being planned among multiple properties in Virginia and Florida it became obvious that we needed to create a new multi-state brand name and identity that would allow us to more effectively engage this expanding footprint,” Jan Burman, chairman of the new company, said in the statement.
Not listed as part of the new firm is Engel Burman principal Scott Burman, who declined comment about not being included in the new venture.
Company executives called the formation of the new firm a “natural evolution of Engel Burman,” one of the most prolific and successful developers of multifamily communities and assisted living facilities in the area. Engel Burman has delivered thousands of condo residences through its Seasons brand and hundreds of rental apartments with its Sutton Landing developments. The company is also behind the development of nearly two dozen Bristal Assisted Living communities.
Currently, the company is in the midst of construction of a 438-unit condo/rental complex on the long-vacant property known as the Superblock in Long Beach.
Company president Steven Krieger reminded that while B2K will be conducting business in other states it will still have a significant Long Island presence.
“Long Island is our home and the very foundation of our development success,” Krieger said in the statement. “Our professional reputations were created here and there remain significant opportunities for our partnership. This move also provides us with far more flexibility to identify and build in areas of the country where there is exponential growth.”
B2K is expected to announce a series of new development projects on Long Island in the coming months.
“Our team has demonstrated that community engagement, genuine compromise, and a commitment to construction excellence can convert an empty and economically barren piece of property into a residential project of enormous value to the city,” company principal David Burman, who heads up the firm’s development activities, said in the statement. “We seek to replicate that success in other parts of the country through B2K Development.”
B2K principal Jon Weiss said the company has projects on the drawing board in Florida where several thousand real estate lots are under contract or with letters of intent.
“In Richmond, Virginia some 2,000 units are in contract and in the midst of an approval process,” Weiss said in the statement. “These properties alone represent a billion-dollar investment and this reflects just a portion of our development activity.”
Jan Burman said that there is a current need for the construction of an additional 4.3 million units of multifamily residences and some 40 percent of those dwellings will probably be built in three states including Florida and Virginia.
“In addition, over the years the B2K partners have owned millions of square feet of industrial and office buildings in Richmond, Virginia and southeastern Florida making them familiar with both markets,” Burman said in the statement. “As a result, B2K comes to the market with vast experience in construction, public policy that governs development, and community affairs that often directs public policy. We have the means, skill, and resources to realize our potential to become a significant national company. B2K reflects that intent.”
