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Zborovsky sells blocks of unsold sponsor units.

Mark Zborovsky and Company, Inc. has closed on two sales of a block of unsold sponsor apartments, reports Mark Zborovsky, president of the firm, specializing in analysis, appraisals and sales of large blocks of sponsor units in New York.

The first package consists of 16 sponsor units occupied by rent stabilized and rent controlled tenants in Lenox Manor in Manhattan. The 16-story plus penthouse building housing the 164 unit luxury 24 hour doorman coop has commercial space and a two-level garage, has been recently renovated and is in an excellent condition.

Due to the co-op's very low underlying mortgage of less than $14,000 per unit, this block of sponsor units produces a positive cash flow of almost $200 per unit per month.

The seller of the block was Manhattan Savings Bank that took over the package from a defaulted sponsor, The purchaser was a group of investors led by Buaman, Zborovsky's client.

According to Mark Zborovsky the vacant market value of the package is approximately $3.6 million.

The second sale was a block of 24 occupied sponsor units 67 Road in Forest Hills, Oueens. The six-story 64-unit building was converted to condominium by converter Aaron Ziegelman and later was taken over by First New York Bank For Business.

There is a substantial positive cash flow of $140 per unit per month made this purchase an excellent investment opportunity for the buyer, Zborovsky's client.

According to Mark Zborovsky, the vacant market value of the block of apartments was $2.2 million.

Both buyers and sellers in both transactions were represented by Mark Zborovsky and Company, Inc.

The sales were the seventh and eighth bulk-sales of sponsor units in New York that the company arranged in the last 12 months.
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Title Annotation:Mark Zborovsky and Company Inc. sells apartment units in New York, New York
Publication:Real Estate Weekly
Date:Oct 28, 1992
Previous Article:Cooperative approach to service.
Next Article:ITT Flyght signs lease for 70,000 sf in CT.

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