Published On: Wed, Mar 26th, 2014

Eliot Spitzer Selling 144 Apartments In New York May Be Worth $150 Million

SX00084_9  Eliot Spitzer former governor of New York BLOOMBERG

Eliot Spitzer / Getty
Ex Governor of New York ,  Eliot Spitzer, has placed 144 New York City apartments his family owns onto the market.
The apartments were developed originally by hi father, Bernard Spitzer, and are being listed for sale through Massey Knakal Realty Services, according to a report by Crain’s New York

They are located in a huge 57-story Manhattan condominium building apartment tower,  known as the Corinthian at 330 East 38th Street on the West Side that the elder Spitzer completed in 1987.

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the Corinthian/ Photo source  luxurynewyorkcondominium.com

It was such an enormous project, with 863 units in total, that either Bernard Spitzer couldn’t sell them all at the time in what had by then become a slowing housing market, so he decided to rent out the 144 units, which are non-contiguous, or it was a strategic policy decision to keep them for the long term.
The Corinthian condominiums - 330 E38th Street
The Corinthian condominiums – 330 E38th Street
Either way they have likely appreciated substantially since, and Eliot Spitzer is putting his mark on the family company today by releasing funds from such transactions to perhaps make way for a more active future development role. Depending on the size and condition of each unit, it would not be a stretch for the whole portfolio to potentially be worth somewhere close to US$150 million.
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Entrance – 330 E38th Street
The portfolio could be held by a purchaser for rental income, with uncontrolled rents in all of them or be broken up, refurbished and sold again as individual condominium units.

Just in December Spitzer purchased a major development site in the new Hudson Yards neighbourhood,  located at 511 West 35th Street, for US$88 million. The property,  suitable for a mixed-use development with office, hotel, and residential components,  was apparently also brokered by Massey Knakal.

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The pool / Photo source s3.amazonaws  com

Jeffrey Moerdler, a lawyer with Mintz Levin, who handles the legal work for many of Spitzer’s real estate deals in New York spoke to Crain’s saying, “Eliot is very sensitive to the fact that the family has extracted as much value as it can from some of the assets it owns, ” adding, “He’s trying to monetize those buildings and reinvest in assets that have the opportunity to generate new value.”
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