Carlton completes bulk co-op sale.
The portfolio of residences at 1060 Park Avenue, an elegant 14-story, prewar building, have a current vacant market value in excess of $5 million.
Carlton Marketing, which was appointed exclusive sales and marketing agent for the portfolio in June, completed the complex assignment in just three months.
"This transaction shows the immediate impact of a comprehensive bulk sale program," said Birbach. "By tapping into our extensive list of investors, we were able to market and sell the entire portfolio of residences quickly and for an excellent return. This sale immediately stabilized the cooperative building. Not having to worry about maintenance shortfalls and a mortgage in arrears relieved an immense burden for the co-op board, and ensures their economic health for years to come."
In recent months, Carlton also completed bulk sale and re-offer assignments totalling more than $2 million for such properties as 345 East 56th Street and 320 West 76th Street, both luxury doorman buildings in Manhattan.
In the case of 1060 Park Avenue, Carlton was called in by CrossLand Federal Savings to handle the disposition of unsold shares for a sponsor in default. The bulk investor, who will cover the ongoing maintenance shortfall on the occupied apartments, will eventually more than recoup his $1.15 million investment through the sale of all the residences - which boast a current vacant value of more than $5 million.
"Owner corporations and banks have come to realize that a smart solution to selling unsold shares in vacant and occupied residences is to employ professional marketers who understand the business of selling cooperative housing," Birbach said. "At the same time, the bulk investor can take advantage of a unique opportunity for a tremendous return on an investment."
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|Title Annotation:||Carlton Property Auction|
|Publication:||Real Estate Weekly|
|Date:||Apr 6, 1994|
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