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NEW YORK CITY-At 37th Street and Third Avenue near the Midtown Tunnel a 30-story building is being put up that will open late next year as ExecuStay corporate apartments. The corporate housing services division of Washington, DC-based Marriott International will lease 130 studios and one-bedroom apartments from the building owner, Pine-Equity NY Inc., for 15 years. Twenty-two bedroom condominiums will be put on the market.

Gary Abrahams, president and CEO, notes that this project is the first residential community constructed specifically for ExecuStay and is part of its plan to consolidate its operations in centralized markets. This strategy is also being carried out in high-demand areas such as Chicago, Philadelphia and the Washington, DC area, and may be extended to other locales as opportunities arise.

Co-founded in 1986 by Abrahams and acquired in 1999 by Marriott, the firm offers 7,500 furnished apartments in 200 cities in the US, Canada and the UK to business travelers who need a place to stay for 30 days or more.

Pine-Equity is a multinational real estate holding, development and leasing company with offices here and in Israel. It has a portfolio that includes 800 New York City properties, 500 of which are under long-term leases to ExecuStay.

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