Eric Margules' Chelsea LLC purchased the units in 2000 for $9 million from infamous owners Thomas Iveli and Bob Sigmund of Baychester Shopping Centers Inc., who were found guilty of multiple counts of tenant harassment in a three-year lawsuit that dragged on until October 2001. The two were subsequently barred from owning property in New York City following the case, originally filed by the New York State Division of Housing and Community Renewal in 1998.
"With an 8% projected return, this package is a must see," says Adelaide Polsinelli, senior executive broker at Manhattan-based Besen & Associates Inc., who is brokering for Margules and also represented both sides in the previous sale. While no one has yet come forward to meet the asking price, interest remains strong. "We are in talks with several viable purchasers, but the terms are not quite where we want it yet," she tells GlobeSt.com.
The brownstone buildings are located between Eighth, Ninth and Tenth Avenues at 327, 329, 331, 400, 402, 406, 410, 412 and 442 W. 22nd St. and are 100% occupied.
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