Developer buys in own Manhattan Condos

Alexander Edelstein bought a two-bedroom, two bath condo at 32 Serene Ave. in Enterprise from Gemstone Development for $300,000 on May 23.

The 1,237 square foot Unit #401 is in the Manhattan Condos.

Edelstein is the founder and managing partner of Gemstone Development, which developed the Manhattan Condos.

Prior to forming Gemstone Development, he created two Gemstone venture funds, which invest in technology companies. The current portfolio includes Google, Tellme Networks and He held executive roles at Cloudmark and Inktomi and also worked at Netscape, where he managed the early versions of Netscape Navigator.

Before that, he worked at Microsoft, playing a key design role in the Microsoft Exchange email system and what ultimately would become Microsoft Outlook.

He holds a B.A. from Harvard University and an M.B.A. from the University of California-Berkeley.

The Manhattan Condos, completed in 2006, consists of 44 mid-rise buildings featuring a total of 700 units.

Condo sales in Enterprise dropped 35 percent in 2007 versus sales in 2006. The median sales price increased from $227,000 to $273,000.

Address: 32 Serene Avenue, Unit: 401
Buyer(s): Alexander Edelstein
Seller(s): Gemstone Lvs Llc
Sale date: May. 23, 2008