Press Releases

Andrew “Avi” Greenbaum OWNER/PRINCIPAL

Andrew “Avi” Greenbaum is the CEO of Triple Double Real Estate and is a twenty-year veteran in the real estate industry.  In the late 1990’s, Andrew was an independent director for Northstar, the owners of Ian Schrager hotels and Morgan’s hotel Group.  Under the Hudson Capital umbrella, he teamed with Morgan’s and Crescent Heights to work on the Miami Mondrian hotel and condominiums.  He followed up these hospitality projects by purchasing three small motels in Lake Worth, Florida and converting them all to workforce housing.  The Eastgate motel, in Kissimmee, FL followed, with a 402-unit conversion from motel to workforce housing.  Mr. Greenbaum then purchased and renovated the famed Sunday House hotel, in Delray Beach, FL, a boutique hotel, wedding venue and botanic garden directly in the heart of downtown Delray.  Mr. Greenbaum, recognizing the largest housing problem in America is the workforce housing shortage, followed up with the purchase of 210 units in San Antonio to serve this purpose.  Andrew increased his San Antonio portfolio, purchasing the 113-unit Red Roof Inn for conversion.  Not looking to slow down, Andrew is already under contract for the 400-unit Banyan Hotel, Orlando, FL, which he plans on converting to workforce housing, while building relevant street front retail.

Andrew and team bring forth the strategies they have employed over nearly two decades of development and management.  Specializing in medical and commercial office, as well as hotel to residential conversion projects, Andrew and his team have been adding value to projects through multiple avenues, including adaptive re-use, lease-up and renovation. Andrew has managed, bought and built over 4,000 residential units and over 9 million square feet of commercial space. Andrew brings his vision and expertise on acquisition, management, development, corporate operations and finance.

Prior to Triple Double and Hudson Holdings, Andrew was a Founder and Principal of the Miami based company, Hudson Capital. Hudson Capital was a mixed-use developer encompassing residential and commercial rental properties, ground up construction and condominium conversions. Hudson Capital developed over $1 billion of commercial property. At Hudson Capital, Andrew focused on acquisitions, finance and operational functions. He worked closely with institutions, brokers and individual property owners in search of value-add propositions. Andrew also served as a Principal and Director of Washington Mortgage, a mortgage banking joint venture with Wells Fargo.

Andrew has held NASD Series 7, 63 and 55 licenses. With these licenses and utilizing his customized strategies, he traded various financial products, commodities and derivatives. In 2000, Andrew founded Spectrum Capital Partners LLC, a trading firm specializing in proprietary trading of stocks, futures and other financial products. He expanded the business to 200 employees and in 2002 merged the company with his former employer, a NYSE firm, before selling his share in 2003.

In 1998, Andrew co-founded Foundation Source, a financial service software firm that has become the largest administrator of private charitable foundations in the United States. Clients include JP Morgan, Morgan Stanley, Northern Trust, TD Ameritrade, UBS and Wilmington Trust. Beginning with $20 million in venture capital, Foundation Source currently has over $10 billion in assets under administration. Foundation Source sold for over $110 Million Dollars. Andrew holds a BA from Yeshiva University and a JD from Brooklyn Law School.

A sampling of Mr. Greenbaum’s current and past projects:

• Midtown Delray, acquired for $22,000,000 in Delray Beach, FL, Sold for $40,000,000.
• Windy Hill Medical Office, 90,000 square feet adjacent to Wellstar Windy Hill Hospital, acquired for $15,870,000 in Marietta, GA, sold for $21.8MM.
• Timber Ridge Medical Office, 50,000 square feet adjacent to WellstarDouglasville Hospital, in Douglasville, GA. Acquired for $6.4MM, sold for $10.8MM in 30 months.
• San Antonio Qubed, acquired 210-unit hotel and currently redeveloping into workforce housing, in San Antonio, TX.
• San Antonio Red Roof Inn acquired 113 unit motel and converting to workforce housing. Paid $4.1MM.
• Norcross/Peachtree Corners, Closing on a 88,000 square foot portfolio of two buildings, for $8,200,000 in Peachtree Corners/Norcross, GA.

• Coral Springs Towers, a pair of mixed office towers in downtown Coral Springs, FL. Property is 75,000 square feet, with excess land for development and 30,000 feet of current vacancy.  Paid $10.5MM.
• Miami Towers, a pair of buildings totaling 312,000 square feet, in downtown Miami, purchased for $56MM, all in for $86MM.
• Roswell, GA, purchased 90,000 square feet of flex office space for $10.9MM.

• North Miami Beach Medical Office, acquired for $1,000,000 in North Miami Beach, FL, sold for $1.65MM, 8 months later.
• Tamarac Medical Arts Building, acquired for $6,400,000 in Tamarac, FL, and sold for $10.2MM in 24 months.
• Tamarac 7710 Medical building acquired for $2,800,000, LOI’s to sell for $6.7MM within 24 months.
• Andre Way Industrial, acquired for $4,000,000 in Delray Beach, FL, Sold for $6.4MM in 18 months.
• Statler Garage Building, acquired from lender for $2,400,000, prior sale was $6,300,000 in Cleveland, OH and appraisal at $6,000,000.
• Eastgate Hotel and extended stay rental acquired 402 units for $6,300,000 in Kissimmee, FL for conversion to micro unit and extended stay rental. Current value over $20MM.
• Banyan Hotel, purchasing a 400 unit motel for conversion to workforce housing, in Orlando, FL, for $23MM.
• Lake Worth portfolio. Acquired about 120 units of motel properties and converted them to residential micro units, with a master lease to Goodwill.  Sold for 100% return on equity in less than 2 years.
• West Palm Beach Medical office, acquired 50,000feet for $5,200,000, already appraised at $6,200,000 within 6 months. Occupancy increased from 50% at acquisition to 75% within 8 months.
• Riviera Beach Office, acquired 50,000 feet for $5,000,000, already appraised above $7,000,000.
• Boynton Beach Medical office, acquired 40,000 feet, 50% vacant for $6,400,000. Sold for$11MM, in 11 months.
• Gadsden Medical office, acquired120,000 for $5,500,000, already appraised at $8,500,000. We immediately stabilized the building by extending the majority of the leases and solidifying the hospital tenant for the long term.REIT who sold to us was all in above $20MM.
• Hillsboro Medical office, acquired 41,000 feet adjacent to Century Village, for $6,600,000, already appraised above $9,000,000. Occupancy increased from 75% at acquisition to 95% within 2 months.
• Huntington Bank Building, acquired for $20,000,000 in Cleveland, OH, sold for $40,000,000 in 24 months. Over 1.4MM square feet of office and retail.
• Republic Bank Building, acquired for $3,200,000 in Louisville, KY, Sold for nearly $4MM, with a $1MM additionalsale of an easement.
• Gulfstream Hotel, acquired for $7,400,000 in Lake Worth, FL, Sold for $10.6MM.
• Linton Office Building, acquired for $7,300,000 in Delray Beach, FL, Sold for $10MM.
• Wells Fargo Tower 150,000 square feet office tower acquired for $34,000,000 in Miami, FL., Sold as office Condominium’s for more than $45,000,000.
• Itopia 384-unit apartment complex acquired for $35,000,000 in St.Petersburg, FL. Sold out as Condo for more than $53,000,000.
• Key Royal 284-unit condominium complex acquired for $30,000,000 in Naples. Sold out as Condo for more than $36,000,000.
• Milano 200-unit condominium complex acquired for $19,500,000 in West Palm Beach. Sold out as Condo for more than $26,000,000.
• Hawthorn Estates Apartments 396-unit apartment complex acquired for $28,000,000 in Schaumburg, IL. Sold for more than $32,000,000.