The Real Deal New York

Posts Tagged ‘114 west 86th street’

  • Manhattan-based real estate owner Robert Gilardian won a 16-story Upper West Side apartment building tied up in an epic decade-long dispute, with a $20.1 million bid made in a bankruptcy auction in Los Angeles yesterday afternoon.

    Gilardian offered the highest price for 114 West 86th Street, beating out three other approved bidders who participated in the live auction in U.S. Bankruptcy Court in Los Angeles, said Lipa Lieberman, a director at Eastern Consolidated, who was present at the sale.

    The property sold for a gross rent multiple of about 20, and a price per square foot of about $400, Lieberman said. He said interest had been high since the news broke of the auction on The Real Deal website.

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    From left: David Schechtman, Lipa Lieberman, Asher Bernstein and 114 West 86th Street (building photo: PropertyShark)

    A 16-story Upper West Side apartment building mired in a dispute between a woman and her aging stepfather that bounced among New York, Florida and California courts, is scheduled to be sold at auction in May, with bids starting at nearly $18 million, federal bankruptcy records show.

    The woman, Claudia Raffone, who lives in Beverly Hills, Calif., and the stepfather, Henry Douglas Campbell, of Manhattan, have battled each other since at least 2003 over the 49-unit building at 114 West 86th Street, located between Columbus and Amsterdam avenues.

    But on Wednesday, the ownership dispute moved closer to resolution, when a federal bankruptcy judge in California set a May 4 date to sell the property at auction, bankruptcy records show.

    The first official bid that sets a lowest price, known as the stalking-horse bid, was entered by Midtown-based Bernstein Real Estate, at $17.95 million, bankruptcy court records show. The sale is being handled by Lipa Lieberman and David Schechtman, brokers with investment sales firm Eastern Consolidated. … [more]