In the News

Everything you ever wanted to know about sponsor apartments but were afraid to ask

September 25th, 2012 by Tracy Kaler

If you’re new to New York real estate and you’ve come across the term “sponsor listing” while scanning the ads, you may be wondering what it means. If you already know, you’re probably wondering how to find one. Here’s a guide to the ins and outs of sponsor apartments and what’s involved in buying one: What is a sponsor unit? A sponsor apartment is a unit owned by the original owner or corporation responsible for turning a building from a rental into a co-op. Many rental apartment buildings in New York City were converted to co-ops in the 1980s. At the time of conversion, existing tenants (renters) had the option to purchase their unit or continue renting. Since then, as those dwellers have moved on, their apartments have often been listed on the market by the building’s original sponsors, who still own the apartments. What are the advantages of buying a sponsor apartment? Skipping the dreaded co-op board approval process is the biggest advantage of buying a sponsor unit. It doesn’t matter how much money you make, how long you’ve been at your job or what you do for a living. Basically, so long as you can pay for the apartment, it’s yours. Depending on the individual sponsor, the financial requirements may not be as stringent as in a non-sponsor apartment. Buyers may have the option of bypassing typical building rules like the required amount for down payment. If the sponsor is okay with less money down and the financing is still approved, you may be required to put down 20 percent rather than the standard 25 or 30 percent likely in most co-ops. While finding a co-op in Manhattan that accepts less than 20 percent down is nearly impossible, it may not be with a sponsor apartment. Depending on the sponsor, you may have the option if you can secure the bank loan with just 10 percent down. “This will only apply to conforming loans, not jumbo or interest only loans,” says Sunny Hong, a mortgage banker at Bank of America. Hong confirms that even though your sponsor may not require cash left after closing, banks will still require reserves. The minimum banks require on a conforming loan ($625,500 or lower) for a sponsor apartment or a regular co-op purchase is two months mortgage and maintenance in the bank (still far less than the 1 to 3 years most co-ops want to see). Jumbo loans (or those exceeding $625,500) require 6-12 months reserves. A sponsor who owns a handful of apartments and is not involved in the operation of the building will be more lenient typically. Sponsors who still sit on the building’s board of directors may require more cash left after the finalized purchase. In addition to jumping through fewer financial hoops, “the buying process is also quicker in a sponsor sale, since you don’t have to wait for a board review and interview,” points out real estate broker Edward Liao of Halstead. And that’s not all. Beyond avoiding the board interview, the attraction to the sponsor apartments can be physical: They are frequently in original condition with prewar details like dentil moldings and herringbone floors. Though it may be partially obscured behind years of slapdash paint jobs applied every time the apartment was re-rented, this level of architectural detail isn’t usually found in apartments that have been bought and sold over the years. (But be forewarned: Many times these apartments have more than just “character,” and may require massive renovations. More on that later.) Another advantage of buying a sponsor unit: They may come equipped with a washer/dryer (added by the sponsor if renovated), or you maybe able to add one. This is an envied perk among New York apartment owners. Closing attorney Karen Sonn of Sonn Associates suggests checking with your co-op board and managing agent as to whether you are the last owner entitled to the perk. Sometimes, “you may not be able to sell it that way,” she says. Robert Grant of Midboro Management confirms, “The only way any [future] buyer is eligible for grandfathered perks is if they buy as an investor with assigned rights as a holder of unsold shares. As soon as they occupy the apartment, such rights cease, if they ever existed.” Who can/should buy sponsor apartments? Anyone with good credit who can obtain financing, the specified down payment, and enough reserve funds required by the bank and sponsor (as mentioned above) can purchase a sponsor unit. Sponsor sales can therefore be good options for the self-employed, unemployed, and those with extenuating circumstances who might not otherwise pass a board interview. Do sponsor apartments cost the same as a regular co-op? What’s the cost difference between a renovated sponsor apartment vs. an unrenovated one? “With all else being equal, sponsor units can be more expensive than non-sponsor units,” says Sofia Song, Vice President of research for Streeteasy.com. “If you purchase from a sponsor, you would have to pay the transfer tax, as well as possibly paying more for the ease of not having to go through the board process.” Real estate appraiser Jonathan Miller of Miller Samuel says “while there is no hard and fast rule, we do see sponsor units going for more than resales — assuming both can be delivered vacant. The premium could reflect their renovated condition but another significant factor is the lack of board approval needed by the purchaser, a common attribute of a sponsor sale.” How much more might you expect to pay? “Two similar renovated apartments or two similar non-renovated apartments with sponsor ownership being the only difference might see a 5% or even 10% premium on the sponsor unit,” says Miller. “But it’s not a hard and fast rule since we can see sponsor units sell for less. In that case, the sponsor unit is far more derelict in condition than a typical unrenovated non-sponsor apartment.” What are the disadvantages of buying a sponsor apartment? One of the biggest negatives of purchasing a sponsor unit is higher closing costs. “This is mainly because New York City and New York State have transfer taxes that will be paid by a purchaser instead of the seller when buying from a sponsor,” says Halstead’s Liao. “This could add 1.825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1.425% if it’s under $500,000. Most sponsors will not negotiate on this since there is enough of an incentive for a buyer to buy without board approval.” Will sponsor apartments be renovated? “Some units are sold ‘as is’ and some are sold ‘renovated’,” says Sonn. “The buyer must be clear as to exactly what the renovation will be. Will the sponsor replace all the electrical and plumbing (to the branch lines) or will it be a cosmetic job? Ask questions before signing on the dotted line.” Note that there is frequently a difference between a renovation you would do yourself and many “sponsor renovations” you may encounter. Many sponsors emphasize surface appeal over longevity, and many buyers find themselves re-renovating within a couple of years. If you want a high-quality renovation, it may be best to buy an unrenovated apartment with good bones and hire the pros to work with you in creating the home of your dreams. Keep in mind that it’s not uncommon to find sponsor units that require somewhere around 20 percent of the selling price in renovation work (and this may be on the low side). Given the high price of renovating in NYC, if you buy an apartment for $500k, you can expect to spend about $100k renovating it to your liking (and specific tastes/needs). Another common malady: Many of the prewar co-ops with sponsor units have the original plaster walls, which can be in crumbling condition with lead-based paint containing asbestos. That has to either be removed or covered up. This is not a clean or easy job, and requires specialists. Are there any possible legal problems? Sponsor apartments were rentals before they’re offered up for sale, so according to real estate attorney Jerome Strelov, you’ll need to “be sure the lease was terminated properly and that the tenant has vacated the property or was properly evicted. You don’t want a family member claiming that he or she was living with the previous tenant and improperly evicted or that the apartment was vacated while they were on vacation. It can be a bit tricky because rent-controlled apartments have no leases.” Where should I search for a sponsor unit and how long will it take me to find one? Sponsor units are all over the city, with “a majority in prewar buildings on the Upper East Side and Upper West Side of Manhattan,” says Song. Depending on your needs and the inventory available, prepare to shop for 6 to 12 months for a sponsor-owned apartment. These units are few and far between, and some Manhattan homebuyers who want to avoid board approval are always on the hunt. Streeteasy.com is a good place to start, where you can easily search for apartments offered directly by the sponsor: Click on Advanced Search on the left side of the Home page (in Sales). Under Available Criteria on the right side, click Description Includes. A box will pop up in the lower left corner, type in keywords: “sponsor” and “no board approval”. Hit Search. Sponsor apartments should come up in this search. The filters may bring up some condops, but pay attention to co-ops only. Also, be sure to let your broker know you are mainly interested in sponsor apartments. Any other tips for sponsor-unit seekers? Before you seriously consider buying a sponsor apartment, think through every last detail and discuss it with your broker. Here are four of our best tips for co-op seekers: Due diligence is key. Find out as much about the building, the previous tenant and the sponsor as you can. Your broker can assist you with getting this information. Ask how many units the sponsor owns in the building and how many apartments are owner-occupied. The more owned apartments in the building, the easier it should be to secure financing, and the more your apartment will hold its value or increase later on. Banks are more likely to look at the building as a sound investment if most units are not rentals. Remember, even though you purchase a sponsor unit, read the fine print and ask questions of your sponsor. You may still have to abide by the rules of the actual building. Does the sponsor run the building? Although the sponsor may not have “control” as defined by the offering plan, there are buildings where the sponsor has a huge vested interest and is still involved. Some buildings actually benefit from the expertise and relationships that the original sponsor or successor sponsor has established, bypassing a management company and getting answers from an individual instead. Inspections are important for “as is” apartments so you know the overall condition of the apartment before buying, and what is involved in the renovation. They can also be useful for the “renovated” units to help you determine the quality of the redo. Keep in mind; although you’ve purchased a sponsor unit, you may be required to get all renovation plans approved by the co-op board, the building architect and the management company before you start the project.

Jerome Strelov, Esq., on air rights and wrongs

September 19th, 2012 by Tracy Kaler, Brick Underground 

Problem-solving New York City real estate attorney Jerry Strelov is the subject of our Real.Est. List Spotlight this week. In addition to knowing his way around air rights, Strelov specializes in high-end rentals and co-op and condo purchases; he loves to negotiate and review leases and contracts as much as he enjoys sleuthing for information some might prefer remain hidden during due diligence. Air-rights-wise, says Strelov, there are a few key points to keep in mind: “Air rights are complex creatures, but in their simplest form they are the rights to erect a building up to a certain height,” says Strelov, who sits on the Co-op and Condo Law Committee of the NYC Bar Association. “Buildings that are lower than their maximum allowed height can sell their air rights to neighboring buildings.” The sky may or may not be the limit when it comes pricing air rights: “It really depends on the bargaining power of the parties,” says Strelov. “A good place to start is the square foot selling price in the particular neighborhood–i.e., what the developer can get–then subtract building costs and work from there.” Before you sign on the dotted line to buy that apartment with the great view of the Hudson, think about whether your neighbors on the west can build upwards enough to block your view. Warning: This can get expensive. “It would involve verifying the view that one wants preserved and then checking the land records for the properties that are ‘in the way,'” says Strelov. “I would probably consult with an architect or zoning expert.” Things like air shafts and stairwells might not be considered in figuring the amount of air rights a building can use. The available rights need to be figured by an architect familiar with the rules. Air rights last longer than most marriages. Once in, you cannot get out. A sale (or purchase) is basically a perpetual deal that cannot be undone without both sides agreeing. So think before you leap.

Why isn’t your building going solar? Blame the expediters 

December 6th, 2011 by Teri Karush Rogers 

Though somewhat discombobulated by the acronyms and energy politics soaring around the Cleantech Corridor solar energy panel we attended last night, BrickUnderground managed to latch on to two related tidbits. Two years ago, near the beginning of his solar energy education, Mayor Bloomberg himself apparently had no idea what an expediter was (if you don’t either, read our own Expediters: A profession built on a Kafka-esque nightmare). More importantly, the cost of expediters–along with the other expensive red tape involved in obtaining Department of Buildings approval–has prompted one prominent solar energy installer, Quixotic Systems Inc., to steer clear of NYC residential buildings altogether, said the company’s founder, Richard Klein. To be fair, there are a few more reasons why more NYC apartment buildings aren’t flaunting solar panels yet, or even contemplating it. The learning curve is steep, operating budgets are already under siege and the payoff in energy savings isn’t immediate enough to offset the installation. “Hopefully, newly proposed legislation will make solar energy more feasible for developers and owners in New York,” says  real estate attorney Jerome Strelov of Frankfurt Kurnit Klein & Selz, which has been a supporter of Cleantech Corridor since the firm’s Jerry Spiegel helped found the not-for-profit two years ago.

Does rent-to-own make sense in NYC?

November 19th, 2011 by Teri Karush Rogers

Test driving isn’t just for cars. Occasionally, condos and even co-ops come with a rent-to-own option, in which some or all of your rent over a certain period of time (commonly 6-12 months) is applied toward a pre-determined purchase price. Whether these arrangements make sense for buyers is a matter of debate, and circumstance. “It’s an interesting option for buyers in markets where it is cheaper to own than to rent,” says Noah Rosenblatt, the founder of the Manhattan real estate analytics firm UrbanDigs.com. “Manhattan and, I would expect, Brooklyn, are two markets that do not fit into this class.” On the other hand, if you believe real estate prices have bottomed out, rent-to-own allows you to lock in tomorrow’s gain at today’s price. “It’s very specific to an individual buyer’s needs, wants, and financial situation,” says Rosenblatt. “A buyer with a stable job in a rising wage environment who is 1-2 years away from being able to comfortable afford to purchase might find this a very attractive option.” If you need to build up your credit history to bolster your mortgage application, rent-to-own can help. In newer condo developments, which can suffer from crippling construction defects, it’s also a good way to kick the tires on the quality of construction. Here are some things to keep in mind if you have the option of test-driving your next place: • Rents are often higher than market to compensate for the “luxury” of having the option to buy. • If you’re planning to get a mortgage, you will only be allowed to apply the portion of the rent that is above market-rate rent (as determined by an appraisal) toward the down payment, says Manhattan real estate lawyer Jerome Strelov. The remainder of the rent can be applied to closing costs and the purchase price. • Rent-to-own options are usually offered on a property that’s taking too long to sell and/or by developers anxious to move lots of condos. A wallflower apartment (or building) might be overpriced or undesirable in some other way, so due diligence is key. • Get a lawyer to make sure that you have a valid, binding contract to purchase and to negotiate fair terms. Also, advises Manhattan real estate attorney Jeffrey Reich, “Consider negotiating the right to have the contract recorded, if it’s a condo, or to file a UCC financing statement, in the case of a co-op, so the owner doesn’t sell the apartment out from under you.” • Most lenders will let you apply rent toward the purchase price or closing costs, but not the down payment. • Terms vary greatly. Be wary of contracts that obligate you to buy. You may also find that you, rather than your landlord, are obligated to pay for repairs and upkeep. • Rent-to-own options are more common in condos than co-ops, but if you’re considering a co-op, get the approval of the board, so you don’t find your application rejected after a year of rent payments. All that said, rent-to-own apartments are fairly scarce in NYC at the moment. “I haven’t been involved in one in a couple of years,” says Melissa Cohn, the president of Manhattan Mortgage, one the city’s biggest mortgage brokers. She attributes some of that to the fact that “getting rent to qualify as part of the down payment is so difficult to do.” A recent search of StreetEasy.com (go to ‘Advanced Search,’ choose ‘Description includes’ and type ‘rent-to-own’) turned up two uptown condos advertising rent-to-own options, while a search of NYTimes.com real estate listings produced four, including two at notoriously troubled downtown condo buildings. 

Does rent-to-own make sense in NYC?

November 17th, 2011by Teri Karush Rogers

Test driving isn’t just for cars. Occasionally, condos and even co-ops come with a rent-to-own option, in which some or all of your rent over a certain period of time (commonly 6-12 months) is applied toward a pre-negotiated purchase price. Whether these arrangements make sense for buyers is a matter of debate, and circumstance. “It’s an interesting option for buyers in markets where it is cheaper to own than to rent,” says Noah Rosenblatt, the founder of the Manhattan real estate analytics firm UrbanDigs.com. “Manhattan and, I would expect, Brooklyn, are two markets that do not fit into this class.” But if you believe real estate prices have bottomed out, rent-to-own allows you to lock in tomorrow’s gain at today’s prices. “It’s very specific to an individual buyer’s needs, wants, and financial situation,” says Rosenblatt. “A buyer with a stable job in a rising wage environment who is 1-2 years away from being able to comfortable afford to purchase might find this a very attractive option.” If you need to build up your credit history to bolster your mortgage application, rent-to-own can help. In newer condo developments, which can suffer from crippling construction defects, it’s also a good way to kick the tires on the quality of construction. Here are some things to keep in mind if you have the option of test-driving your next place: Rents are often higher than market to compensate for the “luxury” of having the option to buy. If you’re planning to get a mortgage, you will only be allowed to apply the portion of the rent that is above market-rate rent (as determined by an appraisal) toward the down payment, says Manhattan real estate lawyer Jerome Strelov. The remainder of the rent can be applied to closing costs and the purchase price. Rent-to-own options are usually offered on a property that’s taking too long to sell and/or by developers anxious to move lots of condos. A wallflower apartment (or building) might be overpriced or undesirable in some other way, so due diligence is key. Get a lawyer to make sure that you have a valid, binding contract to purchase and to help you negotiate fair terms. Also, advises Manhattan real estate attorney Jeffrey Reich, “Consider negotiating the right to have the contract recorded, if it’s a condo, or to file a UCC financing statement, in the case of a co-op, so the owner doesn’t sell the apartment out from under you.” Most lenders will let you apply rent toward the purchase price or closing costs, but not the down payment. Terms vary greatly. Be wary of contracts that obligate you to buy. You may also find that you, rather than your landlord, are obligated to pay for repairs and upkeep. Rent-to-own options are more common in condos than co-ops, but if you’re considering a co-op, get the approval the board, so you don’t find your application rejected after a year of rent payments. All that said, rent-to-own apartments are fairly scarce in NYC at the moment. “I haven’t been involved in one in a couple of years,” says Melissa Cohn, the president of Manhattan Mortgage, one the city’s biggest mortgage brokers. She attributes some of that to the fact that “getting rent to qualify as part of the down payment is so difficult to do.” All that said, rent-to-own apartments are scarce, at least at the moment. A recent search of StreetEasy.com (to do your own, go to ‘Advanced Search,’ choose ‘Description includes’ and type ‘rent-to-own’) turned up two uptown condos with rent-to-own options. A search of NYTimes.com real estate listings produced four, including, two at notoriously troubled downtown condo buildings. 

Does rent-to-own make sense in NYC?

November 17th, 2011 by Teri Karush Rogers, BrickUnderground

Test driving isn’t just for cars. Occasionally, condos and even co-ops come with a rent-to-own option, in which some or all of your rent over a certain period of time (commonly 6-12 months) is applied toward a pre-negotiated purchase price. Whether these arrangements make sense for buyers is a matter of debate, and circumstance. “It’s an interesting option for buyers in markets where it is cheaper to own than to rent,” says Noah Rosenblatt, the founder of the Manhattan real estate analytics firm UrbanDigs.com. “Manhattan and, I would expect, Brooklyn, are two markets that do not fit into this class.” But if you believe real estate prices have bottomed out, rent-to-own allows you to lock in tomorrow’s gain at today’s prices. “It’s very specific to an individual buyer’s needs, wants, and financial situation,” says Rosenblatt. “A buyer with a stable job in a rising wage environment who is 1-2 years away from being able to comfortable afford to purchase might find this a very attractive option.” If you need to build up your credit history to bolster your mortgage application, rent-to-own can help. In newer condo developments, which can suffer from crippling construction defects, it’s also a good way to kick the tires on the quality of construction. Here are some things to keep in mind if you have the option of test-driving your next place: Rents are often higher than market to compensate for the “luxury” of having the option to buy. If you’re planning to get a mortgage, you will only be allowed to apply the portion of the rent that is above market-rate rent (as determined by an appraisal) toward the down payment, says Manhattan real estate lawyer Jerome Strelov. The remainder of the rent can be applied to closing costs and the purchase price. Rent-to-own options are usually offered on a property that’s taking too long to sell and/or by developers anxious to move lots of condos. A wallflower apartment (or building) might be overpriced or undesirable in some other way, so due diligence is key. Get a lawyer to make sure that you have a valid, binding contract to purchase and to help you negotiate fair terms. Also, advises Manhattan real estate attorney Jeffrey Reich, “Consider negotiating the right to have the contract recorded, if it’s a condo, or to file a UCC financing statement, in the case of a co-op, so the owner doesn’t sell the apartment out from under you.” Most lenders will let you apply rent toward the purchase price or closing costs, but not the down payment. Terms vary greatly. Be wary of contracts that obligate you to buy. You may also find that you, rather than your landlord, are obligated to pay for repairs and upkeep. Rent-to-own options are more common in condos than co-ops, but if you’re considering a co-op, get the approval the board, so you don’t find your application rejected after a year of rent payments. All that said, rent-to-own apartments are fairly scarce in NYC at the moment. “I haven’t been involved in one in a couple of years,” says Melissa Cohn, the president of Manhattan Mortgage, one the city’s biggest mortgage brokers. She attributes some of that to the fact that “getting rent to qualify as part of the down payment is so difficult to do.” All that said, rent-to-own apartments are scarce, at least at the moment. A recent search of StreetEasy.com (to do your own, go to ‘Advanced Search,’ choose ‘Description includes’ and type ‘rent-to-own’) turned up two uptown condos with rent-to-own options. A search of NYTimes.com real estate listings produced four, including, two at notoriously troubled downtown condo buildings. Read more: Does rent-to-own make sense in NYC?

Chelsea rental tower fetches $138m in off-market deal

September 7th, 2011 by Real Estate Weekly

A 210-unit rental apartment building in Chelsea has just traded for $138 million. In an off market deal by Eastern Consolidated that closed in less than 60 days, 120 West 21st Street, aka 21 Chelsea, was sold by the Caiola family, of B and L Management, and Steve Rosenthal, of JR Equities. The buyer was UDR, Inc., a Colorado-based multifamily REIT, also procured by Eastern. “The sellers’ philosophy is and always has been to retain ownership of its properties for the long-term,” said Aliza Avital, a director at Eastern who exclusively handled the deal. “I felt confident that if I could find the right buyer at the right sales price, they would acquiesce. “Without fanfare, without any marketing, I literally made one phone call to Harry Alcock at UDR, piquing his interest. The numbers were crunched, UDR conducted a walk-through of every single unit, terms were agreed upon and the deal was transacted totally off the radar screen.” The 16-story apartment build fetched record pricing, according to Avital, who said the new owner plans a number of upgrades and enhancements to 21 Chelsea, renovating common areas and some apartments in order to increase rental rates over time. Built in 2001, the 175,000 s/f property is situated between Avenue of the Americas and Seventh Avenue. The building has 500 s/f of street level retail space and a mix of studios and one- two- and three-bedroom apartments, three elevators, video security, and indoor parking for 75 cars and a rooftop deck. All of the units are pre-wired for multiple phone lines, high-speed cable/Internet access and individually controlled heating and air conditioning. Attorneys in the transaction were: Jerome Strelov Esq., law offices of Jerome J. Strelov, for the sellers; and Guy W. McPherson, Esq. of Morrison Foerster for the buyer. COPYRIGHT 2011 Hagedorn Publication COPYRIGHT 2011 Gale, Cengage Learning

Radical thought of the day: Accounting firms, not co-op boards, should snoop through your finances

April 26th, 2011 by Teri Karush Rogers

Opening your financial kimono to prospective or current neighbors is an unpleasant rite attached to buying or refinancing in a co-op. Moreover, points out Manhattan real estate lawyer Jerome Strelov in a recent post on his newish blog, TalkNewYorkCityRealEstate.com, a lot of board members don’t really know how to evaluate a financial statement. His solution: Outsource review of financial statements to an independent accounting firm familiar with the co-op’s requirements. The buyer or refinancer would pay for the review, the accounting firm would destroy all copies afterward, and most importantly, says Strelov, “shareholders need not worry that the neighbor who smirks while saying ‘Good Morning’ in the elevator knows their entire FINANCIAL life. They need not worry that the psychopathic board member may have retained copies of their most sensitive materials or that some person with absolutely no knowledge of reading financial materials holds all the cards in determining whether he or she is qualified to buy their dream home. In short, one’s neighbors will not see the results of this financial colonoscopy.” A solution like this is especially called for in refinancing situations, he says, “especially one that takes out more money. In these situations, embarrassing and or sensitive information need not be circulated among one’s neighbors.” While board members “would have some of their power diminished and would have to satisfy their curiosity fetishes elsewhere,” notes Strelov, “…[j]ust think of how many prospective buyers would not shy away from co-ops and what that increased demand would do for co-op prices.”

Developer has luxury condo plans for $17m Clinton site

March 8th, 2006 by Real Estate Weekly

A former 10,000 s/f parking lot on Tenth Avenue at West 44th Street (602-612 Tenth Avenue), with available air rights from adjacent properties totaling 54,700 buildable square feet, has just traded for $17 million. Eastern Consolidated’s Aliza Avital, associate broker, represented the seller, Alfred Caiola, of B & L Management, in the transaction, while Eastern’s Marcia Rose Yawitz, senior director, procured the purchaser, a Great Neck Long Island development company. “This is a stellar site that fetched an excellent market price in the burgeoning Clinton neighborhood of Manhattan,” said Ms. Yawitz. “Known formerly as Hell’s Kitchen, Clinton is becoming a sought-after West side residential enclave, south of Lincoln Center, close to trendy Ninth Avenue, which is dotted with a plethora of ethnic restaurants and boutiques. The walk-up tenements are rapidly being replaced by luxury properties, such as the nine-story, 58-unit condominium my client intends to build on this site.” Amenities at the new condo will include: 24-hour doorman and concierge; computerized keyless access control; video surveillance system; fitness center; landscaped outdoor space; private rooftop cabanas; bike and private storage in basement; custom imported hardwood cabinets; Miele appliances, and Kohler kitchen andbath fixtures. According to Ms. Avital, “After a long-term hold, my client was ready to take advantage of market fundamentals in selling this site, as development extends westward towards the Hudson.” Attorneys in the transaction were Jerome J. Strelov, Esq, who acted for the seller, and Lance Spodek, Esq. who represented the buyer. COPYRIGHT 2006 Hagedorn Publication COPYRIGHT 2008 Gale, Cengage Learning