L&L Holding Company, LLC, one of New York City’s preeminent commercial real estate developers, owners and managers, announced a series of new hires to bolster its development and construction team for the historic redevelopment of 1568 Broadway in Times Square.
The company has appointed Robert Israel as Senior Vice President,Domenick DiNizo as Project Manager and Elena Zaika as Project Controller, effective immediately. In these newly-created positions, Israel will oversee all aspects of the construction for the $2 billion redevelopment project,working in concert with David Seth Orowitz, Senior Vice President of Development, who oversees the entire business plan for the project. DiNizo will manage construction operations, while Zaika will be responsible for day-to-day accounting and reporting for the development.
The announcement comes several weeks after L&L Holding became an equity partner and developer in the project. L&L, along with its partners Maefield Development, Fortress and the Nederlander Organization, is currently in the planning and pre-construction phase of the redevelopment process, which promises to transform the current building into a premiere cultural, entertainment, retail and hospitality destination.
The most intricate part of the project involves the landmarked Palace Theatre interior, which will be restored to its original 1913 grandeur and lifted 29 feet. The theatre, which is owned and operated by the Nederlander Organization, will also benefit from renovations and expansion of its lobby, backstage operations and other public facilities.
The development plan also includes construction of a brand new 700-room luxury hotel where the DoubleTree now stands, and more than 100,000 square feet of destination retail, restaurants, bars and entertainment spread across 12 floors at the base of the tower. The development team also will install a state-of-the-art, 17,000 square foot LED sign that will wrap around the building and further enliven the iconic Times Square district.
“At L&L Holding Company, we are experts at complex construction projects and historic builds,” said David Levinson, Chairman and CEO of L&L Holding Company. “We are proud to welcome Robert, Domenick and Elena to our company as we embark on the transformation of 1568 Broadway into the newest and most exciting destination in Times Square.”
Israel, reporting to Levinson and President & Chief Investment Officer Robert Lapidus, comes to L&L with more than two decades of experience in the real estate and construction industries. Throughout his career, Israel has either led or directed more than $2 billion of project development services, and his diverse project background includes both ground up and gut renovation projects.
Immediately prior to L&L, Israel ran Solid Development Inc, a subcontracting firm he founded and owned. From 2013 to 2015, Israel served as Project Director for RFR Holding, where he led all aspects of the historic conversion of five former warehouse buildings into one million square feet of retail and office space known as Dumbo Heights in Brooklyn. A graduate of Roanoke College, Israel also spent seven years at CBRE, where he acted as Alliance Director, Northeast Region for Global Corporate Services, and also as project director for a 500,000 square foot phase of a 1.5 million square foot campus development in Bangalore India.
DiNizo joins L&L reporting to Israel and Orowitz. Previously, he served at Suffolk Construction Company as Project Manager on the development of Hudson Exchange, a new 35-story, 500,000 square-foot residential tower on the Jersey City waterfront. Before that, he worked for the Kushner Companies/RFR Realty as Project Manager for Dumbo Heights in Brooklyn. A graduate of the University of Virginia, he has also worked as a Superintendent for Skanska USA on phase I of the transformation of Moynihan Station.
Zaika joins L&L with more than two decades of experience in the commercial real estate industry. Prior to L&L, she served as Construction and Development Controller at RFR Realty LLC, where she oversaw all finance, accounting and reporting activities for various projects at the company. Before that, she was Portfolio Controller for the Kaufman Organization, where she led and implemented all accounting policies for firm. A graduate of Phoenix University with a Bachelor’s Degree in Accounting, she has also held positions with Sentinel Real Estate Corp., Dermer Management Inc. and Rose Associates.
In addition to 1568 Broadway, L&L is widely known for its ability to find and execute Manhattan’s most high-profile and complex commercial development projects, including the new 425 Park Avenue, which will be the first full-block office development to rise on the famed boulevard in half a century; the re-massing and redevelopment of 390 Madison Avenue, an 850,000 square-foot office tower near Grand Central Station; and the retail repositioning of the landmarked lobby space at 195 Broadway, which is now home to Nobu Downtown.
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