Work progressing on recession-stalled Beltway project
Las Vegas Sun | Vegas Inc
Buying an abandoned real estate project — and there were plenty to choose from in Las Vegas — can seem like a steal, since owners usually sell cheap to get back any money they can from the failed venture.
The trade-off for buyers? It can be a years-long, hair-pulling process to untangle a property’s legal woes, close the sale and prepare to finish construction.
Investors Benjy Garfinkle, Ofir Hagay and Michael Werner know this all too well. Through their company WGH Partners, they bought and finished a mothballed Las Vegas office complex and are wrapping up work at a once-busted condo project.
They also are completing the former ManhattanWest, the stylish retail, office and residential complex that sat unfinished for years at Russell Road and the 215 Beltway, one of the most visible casualties of the building bust.