X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Praedium Group has been building a portfolio of residential units over the last three years that now totals 3,392 units. The total has risen with the latest acquisition of 627 units bought at $42,000 per unit for a total of $26.5 million.

The new acquisition includes unsold shares, representing 400 residential units, in the cooperative apartment complex Windsor Park Apartments in the Bayside section of Queens. Praedium also bought the fee interests in 227 unsold apartments in the condominium complex Garden Bay Manor in Astoria, Queens.

BellStell Windsor Park LLC and BellStell Garden Bay Manor LLC were the owners of the residential complexes. Under new owner Praedium, Broadway Management has been appointed asset manager and Myles Horn/ABC Realty as property manager.

“This acquisition offers substantial upside opportunity,” notes Jeffrey M. Granowitz, a principal of the Praedium Group. “The units were acquired at a significant discount off their average market value, and a significant portion are currently rented at rates well below market. In addition, individual units may be sold at full market value as they become vacant.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.