103 condo units purchased by Far East investor group.Douglas Elliman has announced that 103 condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units in The Grand Chelsea apartment building, located at 270 West 17th Street have been purchased by a Far Eastern investment group. The transaction, the largest bulk sale of its kind, closed on March 30th for a total of $8 million. Douglas Elliman secured the buyer. The Sunshine Group represented the seller who is a major financial institution. The building is located on the southeast corner of 8th Avenue and 17th, Street in the heart of Chelsea, a neighborhood which is enjoying a substantial rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. . Within close proximity to The Grand Chelsea is the retail landmark Barney's., and the area is well served by popular restaurants such as Le Mardi, Rogers and Barbero, Lola and the Old Homestead Homestead. 1 City (1990 pop. 26,866), Dade co., SE Fla.; inc. 1913. A large Miami suburb with a growing Hispanic population, Homestead is a trade center for the redland district, known for its many varieties of citrus and other fruits and vegetables. . The Grand Chelsea was built in the late 1980's by developer Philip Pilevsky. The building stands 21 stories high, containing 156 units in addition to the retail condominium located on the ground floor. As a result of the real estate downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. only 53 units were sold at the completion of construction. The remaining 103 units were leased to provide cash flow, showing a yield in excess of 10 percent based on current rental value rental value n. the amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the . Andrew Gerringer, vice president of Douglas Elliman who introduced the investment group to the property. |
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