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New York Real Estate Journal Network:

Mark Zborovsky LLC handles $35m sale

July 2013—According to broker Mark Zborovsky of Mark Zborovsky LLC, the firm has arranged one of the largest (by the number of units) bulk sales of 663 unsold sponsor units in Lafayette Morrison Co-op Corp. Zborovsky represented the seller and the buyer of the block in the transaction. The property is located between Morrison and Boynton Aves., Lafayette and Story Aves.

The block with a vacant market value of $114 million was purchased in an all cash transaction for a price of $35 million, 30% of the block's vacant market value. Together with the sponsor units, the buyer has acquired the Co-op's parking lot with 700 parking spaces, and the air rights for 500,000 s/f.

The seller of the asset was an affiliate of AREA Property Partners, the original sponsor of the conversion, and the buyer was an active purchaser of Sponsor Unit Blocks in New York, and one of Mark Zborovsky investment clients.

Zborovsky said, “The market of sponsor unit blocks is very active. The broker has just put under contract another large block, this time in Manhattan, on the Westside — 86 unsold sponsor units with a vacant market value of $74 million.”

See more at: http://nyrej.com/63972#sthash.PHiV9dDa.dpuf

Real Estate Weekly:

Mark Zborovsky closes on two sets of Brooklyn sponsor apartments

By ROLAND LI

April 19, 2011 — Brokerage Mark Zborovsky & Co, Inc. has closed on two sales of unsold residential sponsor units in Brooklyn.

An 86-unit block in the Clinton Hill Co-op Corporation, a 1,213-unit property that is one of the largest in the borough, sold for around $7 million. The price was around 30% of its vacant market value, which is approximately $28 million. The 86 units, which are rent-stabilized, have an annual cash shortfall of roughly $80,000, because the below-market rents do not cover maintenance charges. A separate entity, Time Equities, Inc. also owns around 250 units in the development.

Mark Zborovsky of Mark Zborovsky & Co, Inc. represented both the seller and the buyer, a local investor experienced in similar blocks of apartments.

He said one of the partners that owned the block had recently passed away, prompting the other owner the sell the property.

“I could tell the potential buyer, ‘There will definitely be a deal,’” said Zborovsky. He attributed the discount to the fact that the rents were lower than market rate.

Zborovsky also represented the buyer and seller in the sale of 57 sponsor condo units at 225–255 Parkway, which closed at under $11 million, around 35% of the vacant market value. Across the street from the Brooklyn museum, the pre-war building has an Art-Deco façade and a total of 146 units. The 57 units, which are rent-regulated, have a positive cash flow of $135,000 per year.

Zborovsky compared the property to Manhattan’s Plaza Hotel, praising its location and design. He said around 40 prospective buyers bid for the building, with a local investor ultimately closing on the deal.

Known as the “King of Blocks,” Zborovsky exclusively markets blocks of unsold residential sponsor condo and co-op units, both rent-regulated and market rate. He said that business has remained brisk, and because buyers generally do all-cash deals, a lack of financing has not deterred trades.

“My market has never actually been affected by this financial crisis that much,” he said.

http://www.rew-online.com/2011/04/19/mark-zborovsky-closes-on-two-sets-of-brooklyn-sponsor-apartments/

Commercial Real Estate News

SPONSOR UNITS SELL

By LOIS WEISS

Friday, February 05, 2010 — Two bulk sales of Sponsor Units have closed.

The first one consisting of 72 Rent Stabilized and Free Market Unsold Sponsor Units in Howard Beach, Queens, was sold by an institutional investor to a local investor for a an all cash price of approximately $4.5 million. The excellent location, excellent physical and financial condition of the property as well as the presence of eight free market units in this package contributed to a very strong purchase price.

The second sale was a block of 72 Rent Stabilized co-op and condominium apartments in the Sheepshead Bay and Gravesend areas of Brooklyn. Despite the RS status of the apartments the block has a $66,000 per year positive cash flow, and was sold for an all cash price of $3 million. Both the seller and the buyer of the block are individual investors who are already large owners of sponsor co-ops and condominiums in New York.

And another sale of a large 69 Unsold Sponsor Condo Unit block on Upper Westside has just been signed under contract for a price of under $30 Million

According to Mark Zborovsky of Mark Zborovsky and Co. who exclusively marketed all these units and unsold shares, block sales in New York not only remained stable in 2009, but has somewhat accelerated in the last few months.

Commercial Real Estate News

UNSOLD UNITS SELL

By LOIS WEISS

Wednesday, October 22, 2008 — A block of 16 Unsold Sponsor Units in the Greystone Condominium at 127 West 82nd Street has been sold to a local investor. The property is a lovely, ten-story pre-war building located just two blocks off Central Park and in the heart of Upper West Side.

Despite the fact that these apartments are occupied by rent stabilized tenants paying well under market rents and therefore are losing approximately $80,000 per year, The King Of Blocks, Mark Zborovsky, president of Mark Zborovsky & Co. was been able to find buyer who paid just under $6 million

Interestingly, Zborovsky says that the market for unsold sponsor unit blocks is still very active. Because the purchases of rent regulated sponsor unit blocks have always been difficult to finance, the current lack of general financing has not yet affected this segment of New York real estate.

Commercial Real Estate News

MORE SPONSOR UNITS SOLD

By LOIS WEISS

Wednesday, April 11, 2007 — Apollo Real Estate Partners and Barrow Street Capital have purchased 52 Unsold Sponsor units in The Riviera at 790 Riverside Drive. The magnificent, turn-of-the-century luxury co-op in Washington Heights has a 24-hour doorman. Though the all-rent stabilized block has a loss of $170,000 per year, the buyers paid almost $19 million for it. The King Of Blocks Mark Zborovsky of Mark Zborovsky & Co. was the sole broker in this transaction as well as in the previous sale of this property to the current owner.

Last month Apollo and Barrow paid $40 million for 265 Sponsor Units in Riverdale from RFR Holding through Zborovsky.

Commercial Real Estate News

SKYVIEW BLOCK SOLD

By LOIS WEISS

Wednesday, March 07, 2007—A large block of unsold sponsor units in The Skyview On The Hudson was just sold by Michael Fuchs and Aby Rosen of RFR Holding, who themselves bought the original 400 unit block from Itshak Tchuva of Elad Properties for much less six years ago.

The co-op is a magnificent property which is comprised of three, twenty-two story buildings with 1,304 apartments and is the largest co-op corporation in Riverdale. The sold block consists of 261 Sponsor Co-ops and was the largest Rent Stabilized Unit block on the market in the last several years. And the ratio of the sales price—under $40 million—to the Vacant Market Value of $100 million, was also one of the highest on the market.

The buyer of the block was a partnership of one of a client of Mark Zborovsky with Apollo Real Estate and Barrow Street Capital. The King of Blocks, Mark Zborovsky represented both the seller and the buyer in this as well as in the previous transaction.

Commercial Real Estate News

BLOCK KING SALE

BY LOIS WEISS

Wednesday, February 07, 2007 — A block of 61 unsold shares in Hudson Manor Terrace cooperative in Riverdale was just sold for $9 million, less than half its market value of $20 million. The 214-apartment complex was recently renovated and includes a pool, garages, landscaped courtyard, and terraces with views of the Hudson River.

The purchaser was a joint venture of two investment clients of block marketer, Mark Zborovsky. The King of Blocks represented both the sellers and the buyers in this deal.

Commercial Real Estate News

SPONSOR UNITS SOLD

By Lois Weiss

Wednesday, February 08, 2006—A block of 57 sponsor co-op units at 315-321 East 12th Street was sold for less than $20 million. “It was one of the best deals of this type around,” says the King of Blocks, Mark Zborovsky, who represented the buyer. "The East Village location is excellent, the cash flow is $600,000 year and 35 out of 57 units are already deregulated." The vacant market value of the block was close to $30M.

Commercial Real Estate News

EAST VILLAGE BLOCK SOLD

By Lois Weiss

Monday, June 06, 2005—Mark Zborovsky of Mark Zborovsky & Co. closed on a bulk sale of 20 sponsor co-ops in 99 East 4th Street for about $5 million or 30 percent of the vacant market value of $16.5 million. The 20 unit was loosing about $40,000 a year. Zborovsky, the King of Blocks, represented both the seller and the buyer in this transaction.

Commercial Real Estate News

KING OF BLOCKS SELLS UNITS

By LOIS WEISS

Monday, April 18, 2005—A block of 27 rent stabilized sponsor units in the Greystone at 127 West 82nd Street and The William at 243 West 98th Street have been sold by an affiliate of Argent Ventures. The King of Blocks, Mark Zborovsky handled the sales assignment for the two beautiful pre-War Upper Westside condominium buildings.

The two blocks sold for under $8 M to one of Zborovsky's investment clients. The buildings are part of the large portfolio of sponsor co-ops and condominiums which Argent Ventures bought from ELAD GROUP last year. The King of Blocks was the broker in that transaction also.

Commercial Real Estate News

KING OF BLOCKS SELLS SHERWOOD

By LOIS WEISS

February 16, 2005—The King of Blocks, Mark Zborovsky closed on an under $5 million, bulk sale of 50 sponsor co-ops on Austin Street in Rego Park. The Vacant Market Value of the block that included 18 Free Market Units was under $9 million. This negotiation, he said, required unusually protracted, extremely difficult, sometimes very emotional, personal and unorthodox negotiations with the mainly Russian Board of Directors. The conversations were held by phone and in person, in a formal setting and in a coffee shop, in English and in Russian...

In the end, everyone was happy, says Zborovsky: the sponsor, Arnold Sollar of Delta Management a builder and converter of many properties who sold it for a good price, the Co-op Corporation that reconciled its relationship with Solar, the Buyer, an active purchaser of unsold shares who made a very good purchase, and Zborovsky who spent 14 months to bring this deal to a fruition.

Cityfeet New York Newsblast

QUEENS BLOCK SOLD BY KING OF BLOCKS

By Lois Weiss

August 25, 2004—Another large block of unsold sponsor units in Queens was sold through the King of Blocks, Mark Zborovsky.

The block is comprised of 56 Unsold Sponsor Units in a large Condo-up of 529 apartments in Rego Park. The complex consists of 9 six-story buildings, which include garages and professional units. The cash flow on the block was a good positive $130,000 a year, while the vacant market value is $10 million. Zborovsky represented the block’s Seller and the Buyer, who are both large owners of and active investors in the unsold unit market. Mark Zborovsky says that Queens’ market is currently one of the hottest in the city. Coops sell between 35% and 40% of their vacant value, while condominiums sell for 40%-45%.