Hailey Development Group

Luxury housing continues to boom in New York City, as the wealthy of the world flock to Manhattan for — if you can believe it — high-end bargains. According to The New York Times, condos that sell for more than $15 million were up nearly 50 percent from 2009 to 2013, helped by the fact that New York — despite costly land, labor and materials — still produces cheaper real estate than many other global cities. And relative to the prices that places on Park Avenue and the like command, developers are reaping great margins nonetheless.

Hailey Development Group (HDG), a construction and development services firm in New York City, is one of the beneficiaries of this trend. The company currently has two million square feet of luxury residential development under construction. It serves projects as general contractor, construction manager, owner’s representative or joint-venture development partner.

New York City-Centric

HDG was started in 1998 by Richard Petrosa. According to the company, “The goal then and today is to push the quality, standards and expectations of building and development services for the real estate community in New York City to new levels. The HDG team is comprised of construction and real estate development professionals with proven track records exclusively in the New York City design, development and construction industry.”

Focusing on New York has produced useful expertise for navigating the challenges unique to the location, such as municipal standards and permit requirements. The city is generally considered one of the most challenging places in the world to build.

Broad Skills 

HDG’s professionals have backgrounds in general contracting, business administration, architecture, engineering, zoning, municipal and legal requirements.

HDG founder and CEO Petrosa has more than 20 years of experience in design/build, and in leading construction projects and teams. Company partner and Project Executive Midhat Serbagi has extensive experience representing building owners and developers in the planning and execution of development projects. Serbagi previously worked internally for developers managing construction.

HDG is also fairly unique in that it employs in-house foremen, supervisors and field labor who are “committed to self-performing and managing all of the general construction trades that drive the mechanical, electrical and infrastructure of a project to perfection,” according to the company. Its in-house trades team includes more than 100 carpentry, millwork, painting, stone, tile and other tradespeople and enables HDG to “micro-manage and control the entire field construction and execution process.”

Its preconstruction services include:

    • Strategic planning, project design and coordination 
    • Overall development scheduling
    • Architectural design and engineering support
    • Municipal and permitting support


Its project management services include:

    • Value-engineering and trade contract purchasing
    • Cost control and financial support
    • Project management and administrative support
    • Field supervision
    • Quality control
    • Punchlist and closeout


Some of the company’s recent projects include:

    • 150 East 72nd Street – HDG and Macklowe Properties are the construction managers on this 12-story Upper East Side renovation. The existing 30 units are being converted into luxury condos.
    • 737 Park Avenue – HDG and Macklowe Properties are also rehabbing this address into luxury condos with generous floor plans and beautiful views of Central Park.
    • 176-182 West 82nd Street – HDG and Naftali Group are the construction managers on this condominium conversion on the Upper West Side. Four landmark buildings are being combined into one with a penthouse addition. All units will have high-end finishes and modern amenities.
    • 22 Central Park South – HDG and El-AD Group are the construction managers on this property next to the Plaza Hotel. The existing wood frame is being substantially replaced with a new steel frame and concrete. Inside, the existing 21 residential units will be replaced by seven high-end condos, with one per floor.
    • 513-515 West 57th Street – HDG is providing owner’s representative and preconstruction services for this 33-story, mixed-use project, which will include television studios and residential and retail spaces.
    • 96 Rockwell Place – HDG helped convert this former 13-story piano factory into a contemporary loft building, with six floors added. The units have open floor plans with 10-foot ceilings.
    • 219 First Avenue – HDG participated in adding floors to this East Village building. Two-thirds of the original façade was left to help it blend into the neighborhood while window wall was added to the new floors above.
    • Rachael Ray – CBS – HDG built Ray’s first studio six years prior to creating this high-tech, 40,000-square-foot studio and editing facility.
    • Eue Screen Gems Studios – Five floors, totaling 100,000 square feet, in Midtown Manhattan were converted into studio, office and production space for broadcasting, commercial advertising and feature films with sound and screening rooms.

“Through decades of experience in all of the most complex and volatile manner of commercial, institutional and residential construction in New York City, HDG’s executive team developed systems for controlling every aspect of the process,” the company says. “From bid and award of all major contracts, through TCO, punchlist and closeout, HDG’s systematic processes provide the control necessary for success.” 

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