300 East 85th Street
New York, NY
Turned a distressed property into a 200-unit, full-service "Condop" in a great location the heart of the Upper East Side.
Total Cost: $60 Million
Total Gross Sq Ft: 228,000
215,000 sq. ft. of luxury “Condop” apartments
5,000 sq. ft. retail
8,000 sq. ft parking below grade
Plaza at building entrance
Health club, indoor pool
Near shopping, restaurants, gourmet supermarkets and the 2nd Ave Subway
Market research indicated that the size of the down payment was an issue for condominium buyers in that area.
Utilized a “Condop” legal structure that created two separate condominiums and allowed the developer to structure two separate financing packages. The residential condominium was converted into a cooperative by placing a first mortgage on the building.
The resulting "Condop" had the financial advantage of a cooperative structure but functioned operationally in the same way as a condominium. This structure enabled the sponsor to offer lower unit costs to purchaser, allow the unit owner to deduct his mortgage interests of the building and unit, and also reduce the down payment by 25%.