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15-story apartment house sold.

Eastern Consolidated Properties, Inc. announces the sale of 205 West 88th Street, a 116 unit, 15-story apartment building, between Broadway and Amsterdam Avenues.

The property was purchased in 1987 by a New York City co-op Converter for $4.25 million. His plans to convert the building to cooperative ownership never materialized. A group of limited partners took control of the property but were not prepared to infuse the additional capital required to renovate the building.

After an agreement between the lender and borrower to sell the property under a consentual foreclosure sale unraveled, Eastern Consolidated Properties, Inc. took control of the deal by signing a non-conttingent contract with 205 West 88th Street Associates, the deed holders, and M & R Realty Company, the buyer, to sell the deed and close a sale within two weeks. Eastern then went back to the lender, East New York Savings Bank and signed an agreement to purchase their mortgage on an all cash basis with a 24 hour closing. The lender was paid their principal balance plus all outstanding arrears.

Brian Ezratty, senior vice president at Eastern represented the purchaser, an investor of the firm. Eastern's team of Ezratty, Jeffrey Troy and Senior Vice President Deborah Gutoff also represented the sellers of the property.

The building currently has 23 vacant apartments and the new owners are planning a major renovation which will commence immediately.
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Title Annotation:205 West 88th St., New York, New York
Publication:Real Estate Weekly
Date:Feb 17, 1993
Words:229
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