The Real Deal New York

Yeshiva University sells 10 buildings for $72.5 million 

All told, properties feature 404 apartments and 378,000 square feet in Washington Heights

May 30, 2014 05:15PM
By Claire Moses

From left: Ruby Schron, 480 West 187th Street and the Yeshiva University logo

From left: Ruby Schron, 480 West 187th Street and the Yeshiva University logo

Yeshiva University has closed on the sale of ten apartment buildings on its Wilf Campus, a broker from Massey Knakal Real Estate Services confirmed on Friday afternoon.

All ten Washington Heights buildings, or a total of 404 apartments and 378,000 square feet, were sold to Cammeby’s International, which is owned by developer Ruby Schron for a total of $72.5 million, a spokeswoman for Cammeby’s confirmed. The sale of the ten buildings closed on May 21.

Bob Knakal and Rob Shapiro from Massey Knakal Real Estate Services were the brokers on the deal.

The transaction follows the announcement of the sale of the buildings in March.

City records have not yet been updated to reflect the sale of the ten individual buildings on Friday afternoon. Only three were listed as sold, according to property records.

One building at 90 Laurel Hill Terrace was unloaded for almost $16 million and that a 61-unit apartment building at 475 West 186th Street was sold for $13.8 million. The Real Deal reported on those closings on Thursday. Friday’s records indicate that the 1939-built six-story property at 480 West 178th Street went for $13.8 million.

Schron also purchased properties at 487 West 182nd Street, 501 West 184th Street, 551 and 521 West 185th Street, 403 and 407 Audubon Avenue and 556 West 185th Street.

The university is still recovering from losing $100 million in Bernie Madoff’s Ponzi scheme. Madoff also served as a member of the university’s Board of Trustees. According to Bloomberg, the school generated annual deficits of $107.5 million in 2010, $46.7 million in 2011 and $105.9 million in 2012.

“Cammeby’s International owns a number of residential properties in New York City and has a long history of first-rate management of these properties,” a spokeswoman said on behalf of Schron. “Cammeby’s will maintain the 10 recently purchased buildings as apartment buildings and will complete some renovations to the properties, with the intention of owning them for the long term.”

A Yeshiva University spokesman did not provide comment on the transaction.

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