More than a twelve years ago, developers Eric Cohen and Doug Eisner came adjacent to buying a failed existent property task from Las Vegas’ bubble days: ManhattanWest.
Another radical yet bought the complex, renamed it, finished operation and sold it disconnected successful pieces. But now, Cohen and Eisner person travel backmost and picked up a information of the southwest vale property.
Their firm, The Calida Group, precocious purchased the archetypal 2 flat buildings astatine The Gramercy, arsenic the analyzable connected Russell Road conscionable westbound of the 215 Beltway has agelong been known.
The $48.45 cardinal merchantability by Lyon Living closed successful April, spot records show.
The Gramercy is seen connected Wednesday, May 6, 2026, successful Las Vegas. (Madeline Carter/Las Vegas-Review-Journal) @madelinepcarter
“This is the miss that got away, and we ever wanted her back,” said Eisner, co-founder of Calida.
The acquisition marks a full-circle infinitesimal for Calida, which paid supra past year’s marketplace mean for apartments successful a mixed-use analyzable that was erstwhile a disposable casualty of Las Vegas’ brutal existent property crash.
Lyon precocious sold a abstracted flat gathering that it developed astatine The Gramercy, besides astatine a premium value.
And some deals travel arsenic lodging landlords progressively connection concessions to onshore tenants successful Southern Nevada, including astatine The Gramercy.
‘We yet got there’
Las Vegas-based Calida, launched by Cohen and Eisner, is 1 of the biggest flat developers successful Southern Nevada.
At The Gramercy, it acquired 2 four-story buildings with 160 units total, on with underground parking, a uncommon amenity successful town.
From left, Doug Eisner and Eric Cohen founded The Calida Group, 1 of the biggest flat developers successful Southern Nevada. (The Calida Group)
Residents besides are a abbreviated locomotion from the commercialized tenants successful The Gramercy, including Pinches Tacos, Hedary’s Mediterranean edifice and Bikini Fitness.
All told, Calida paid astir $302,800 per portion for the flat buildings present called Ely astatine The Gramercy.
Last year, passim Southern Nevada, the highest mean income terms per portion for immoderate 4th was astir $246,300, according to brokerage steadfast Colliers.
Eisner said that the buildings person large apartments, wide hallways and precocious ceilings — and that his squad estimated it would outgo much than $500,000 per portion to conception the aforesaid buildings today.
Pinches Tacos is seen underneath flat units astatine the Gramercy, a mixed-use analyzable successful the southwest Las Vegas Valley is seen connected Thursday, Aug. 20, 2020. (Elizabeth Brumley/Las Vegas Review-Journal)
A spokesperson for Lyon said successful a connection that the steadfast “regularly evaluates its portfolio based connected semipermanent concern objectives, marketplace conditions, and opportunities to redeploy capital,” and that its caller income astatine The Gramercy were “part of that ongoing portfolio absorption strategy.”
Across the Las Vegas Valley, landlords person been offering months of escaped rent oregon different perks to motion tenants pursuing a surge successful flat operation successful caller years.
Among the properties with concessions, Ely astatine The Gramercy is offering 8 weeks escaped rent to would-be tenants, portion the different flat gathering astatine The Gramercy — The Ellison — is offering the same, arsenic seen connected their websites.
The Ellison, a caller flat analyzable astatine The Gramercy mixed-use center, is seen, connected Friday, Feb. 21, 2025, successful Las Vegas. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Eisner noted that his radical conscionable closed its acquisition and said the buildings were 84 percent occupied astatine the clip of sale. He besides noted that Calida is trying to onshore much tenants amid accrued contention for renters successful the southwest valley.
Plus, helium confirmed that Calida was nether declaration years agone with the erstwhile WGH Partners to bargain the then-unfinished ManhattanWest.
“We’re precise blessed we yet got there,” helium said.
‘Nobody wanted to interaction it’
Calida and WGH were successful the process of buying the full dispersed for $20 million. But arsenic Eisner described it, the firms had antithetic visions for what they wanted to bash with the tract and parted ways.
WGH yet teamed with The Krausz Companies to bargain the tract for $20 cardinal successful 2013.
Las Vegas existent property capitalist Ofir Hagay, a erstwhile spouse with WGH, confirmed that Calida had teamed with his aged radical to bargain the once-blighted complex, saying Cohen and Eisner “were believers from the get-go.”
The stalled ManhattanWest task successful the southwest Las Vegas Valley is seen connected April 10, 2009. (Las Vegas Review-Journal file)
Hagay, laminitis of Moonwater Capital, besides agreed that the stalled task looked similar a scary place.
“Nobody wanted to interaction it,” helium said.
ManhattanWest developer Alex Edelstein acceptable retired to physique condos, restaurants, offices and a hotel, each dispersed among 20 acres. He broke crushed successful outpouring 2007, but the system soon cratered, and Edelstein stopped operation by precocious 2008.
All told, ManhattanWest was 1 of galore unfinished projects to litter Southern Nevada aft the frenzied existent property marketplace flamed out.
The unfinished condo operation astatine the stalled ManhattanWest analyzable successful the southwest Las Vegas Valley is seen connected April 10, 2009. The condo gathering was imploded respective years aboriginal by caller owners. (Las Vegas Review-Journal file)
Its unfinished buildings sat down barbed wire-topped fencing, with its nine-story condo operation lone partially covered by bluish solid panels, letting passersby spot done its exposed floors.
New direction
Edelstein sold the analyzable to Krausz and WGH aft spending a reported $170 million connected it. The caller owners changed the name, completed the flat buildings and office-and-retail buildings, and imploded the condo tower.
They yet sold The Gramercy successful chunks for much than $100 cardinal combined, with Lyon Living buying the flat buildings, vacant onshore and parking tons for astir $46 cardinal successful 2018.
The Gramercy, a mixed-use analyzable successful the southwest Las Vegas Valley is seen connected Thursday, Aug. 20, 2020. (Elizabeth Brumley/Las Vegas Review-Journal)
In 2021, Lyon and the LandSpire Group broke crushed connected a caller flat gathering connected the erstwhile condo tower’s footprint and immoderate adjacent acreage.
The developers opened the 294-unit upscale complex, The Ellison, successful 2024, and sold it successful April for $103 cardinal to existent property concern steadfast The Bascom Group.
That income terms amounted to much than $350,000 per unit.
Bascom vice president Tom Gilfillan said successful an email that the building’s occupancy complaint was 74 percent astatine the clip of sale.
He besides said successful a quality merchandise that opportunities similar The Ellison “do not travel astir often,” adding it was a new, institutional-quality spot acquired astatine a worth that was “significantly below” what it would outgo to physique today.
“We are excited to get to work,” helium said.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342.
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