Published On: Sun, Sep 7th, 2014

Rubin Schron Grabs Controversial Multifamily Complex From Auction Block

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Rubin Schron, who made a failed $2 billion bid for the Empire State Building, secured $100 million in financing from Capital One to purchase a controversial Rachel Gardens Montville luxury apartment community in Pine Brook New Jersey from the auction block. The property was the subject of a long battle between Zygmunt Wilf, owner of the Minnesota Vikings and his former partners Ada Reichman and her brother Josef Halperin, who said they were cheated out of the property by Wilf.  At first, Wilf was awarded the property until a Superior Judge reversed the decision and ordered that the property be auctioned and divided between the parties.

The luxury apartments contain a shared tennis court, pool and barbecue area, with 32 3 story buildings containing 764 units. AIG and  Capital One provided Cammeby Capital with less than a 4% interest rate and interest only payments for the first six years. Cammeby is paying $136 million for the property.

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