Two New York City Residential Properties Marketed for Less
- Jan 13, 2012
A privately owned student housing facility in the Kensington neighborhood of Brooklyn, is being marketed for sale for $8.3 million by TerraCRG Commercial Realty Group. Better known as University Place, the 51,000-square-foot building was acquired in 2010 by Park Avenue Funding, a private lending trust, and is currently being managed by Campus Advantage Inc. The facility’s previous owner, White Acre Equities, had purchased the site for $12 million in 2007.
As reported by Crain’s New York Business, the owner spent 18 months and over $500,000 in renovating and upgrading the residence hall. The facility at 385 McDonald Ave. includes 64 housing units totaling 128 beds and 14,000 square feet of community space. The 2,500 square feet of community amenities include a student lounge with a large-screen TV, a pool table and communal kitchen, 24/7 security and building concierge, elevator and on-site parking. With rents ranging from $1,175 to $1,350 a month, the building is almost fully occupied and generates average monthly revenue of $120,000.
Also in this week’s residential news, The Wall Street Journal reports that the Marquand, a century-old building at 11 E. 68th St. at Madison Avenue, was sold for $170 to a joint venture of Vornado Realty Trust and HFZ Capital Group. The transaction was quite a loss for the seller, ABRO Management, who purchased the property for $191.8 million in August 2008.
The 12-story apartment building will be split in half and the space will be used for commercial and residential purposes. Vornado Realty Trust will occupy 5,000 square feet of prime retail space on Madison Avenue, and HFZ Capital Group plans to convert the 41 rental apartments into condominiums.
Photo courtesy of Roomster.com