A property in Murray Hill was just grabbed up by Ruby Schron’s Cammeby’s International. The 55-unit at 15 East 36th Street is the latest property added to their booming portfolio of multi-family buildings.
The price of the property is just a number when it comes to the business savvy, real estate mogul who paid $33 million, which translates into $755 per square foot, for the 43, 580-square-foot building. Its profit will be greater…
The property is in close proximity of 30 Park Avenue, a 241-unit rental building of which Schron reportedly owns a large portion of.
Financial District-based Cammeby’s is known for their real estate profits. They own about $13 billion in real estate properties in the U.S with New York City apartment buildings among their most owned properties.
Brokers Peter Von Der Ahe and David Lloyd of Marcus & Millichap made the sale on behalf of the seller, a private investor from Maryland. He had owned the building since the 1970’s.
“Schron swooped in at the end after another buyer backed out, ” Koicim told TRD. “The fact that this sold for a sub-3 percent cap means the market is still very strong for value-add buildings.”
The building holds 34 market-rate units and 21 rent-stabilized units. The average rental rate for an apartment in the building is close to $1, 800 a month.
Cammeby’s International Group is a real estate investment company that was founded in the late 1960’s by real estate mogul Rubin Schron. The firm has made huge growth from owning a single apartment building on Delancey Street to managing more than $13 billion in assets, mainly housing in Brooklyn, Staten Island, and Queens but throughout the U.S as well.
The firm’s most well-known properties are the Woolworth Building, which Cammeby’s bought in the late 90’s for about $140 million and the Monterey apartments in 2013 for $250 million. In 2003 Cammeby’s also made a bid to purchase the Empire State Building but didn’t win. They have been part of some of the huge redevelopments in Coney Island in 2015 and have plans to to develop the tallest tower in Southern Brooklyn. The firm’s high profile deals have often made headlines across the country.