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Partnership buys block of 38 sponsor units.

Mark Zborovsky, Inc. has closed a sale of a block of 38 sponsor apartments occupied by rent-controlled and rent- stabilized tenants in Centre Court Condominium in Jackson Heights, Queens, reports Mark Zborovsky, president of the firm, specializing in analysis, appraisals and sales of large blocks of sponsor units in New York.

The six-story mix-use building has 87 residential and 11 commercial units, has been extensively renovated and is in an excellent condition.

Due to the condominium status of the property, the block has a substantial positive cash flow of more than $140 per unit per month.

According to Mark Zborovsky, the vacant market value of the block is $2.4 million.

The seller of the block was the sponsor of the conversion, partnership of New York and South American investors. The Purchaser was a local investor, one of the 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:sponsor apartments occupied by rent-controlled/stabilized tenants in New York, New York
Publication:Real Estate Weekly
Date:Apr 21, 1993
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