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56 occupied units sold at Westchester co-ops.

Mark Zborovsky and Company, Inc. closed a sale of a block of 56 tenant-occupied sponsor units at Fleetwood Park Cooperative Corporation, located in Fleetwood area of Westchester, reports Mark Zborovsky, president of the firm, specializing in analysis, appraisals and sales of large blocks of sponsor units in New York.

The property, which consists of five six-story buildings, contains 478 residential apartments and is 87 percent sold. It has been extensively renovated, boasts new roof, new windows, sidewalks, etc., and is in excellent physical condition. The building has a reserve fund of $1.7 million.

Though the apartments are occupied by rent stabilized and rent controlled tenants, the cash flow for this block is positive due to a low underlying mortgage on the property.

According to Mark Zborovsky the vacant market value of the block is $4 million.

The seller of this block was the sponsor of the conversion, Prudent Fleetwood Corp., a California based company. The purchaser was one of Mark Zborovsky's clients.

Both the buyer and the seller in the transaction were represented by Mark Zborovsky and Company, Inc.
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Title Annotation:Mark Zborovsky and Company Inc. sells units at Fleetwood Park Cooperative Corp., apartment buildings in Westchester County, New York
Publication:Real Estate Weekly
Date:Jul 28, 1993
Previous Article:Publicly-traded manager enters New York area.
Next Article:Architect completes design for 'Communicare' facility.

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