The
America
300 East 85th Street
New York, NY
THE STORY:
Turned a distressed property into a 200-unit, full-service "Condop" in a great location the heart of the Upper East Side.
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200 RESIDENCES
36 STORIES
BUILT 1986
KEY DETAILS
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Total Cost: $60 Million
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Total Gross Sq Ft: 228,000
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USES:​
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215,000 sq. ft. of luxury “Condop” apartments
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5,000 sq. ft. retail
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8,000 sq. ft parking below grade
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AMENITIES:
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Plaza at building entrance
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Health club, indoor pool
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Parking garage
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Near shopping, restaurants, gourmet supermarkets and the 2nd Ave Subway
PROJECT CHALLENGE
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Market research indicated that the size of the down payment was an issue for condominium buyers in that area.
OUR SOLUTION
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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.
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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%.
