Within week after its $41M purchase, 34 Leonard Street rents one third of units

One of apartments snapped up is a $45,000 four-bedroom penthouse

TRD New York /
Sep.September 23, 2010 03:15 PM

After closing on a 16-unit, foreclosed condominium building at 34 Leonard Street a week ago, new owner Queenwood 34 LLC says it’s already leased out five of its units, including a $45,000-per-month, four-bedroom penthouse unit.

The building closed for $40.8 million, public records show, and a representative for the owners said it was bought directly from lender iStar.

Cara Stone, the owner’s representative heading up leasing at the Tribeca building, which also includes 4,500 square feet of ground floor retail space, said that Epic began marketing the rentable units immediately after closing the deal. The aforementioned penthouse unit is the priciest in the building, while the least expensive apartment, a one-bedroom unit, goes for $9,500 per month.

“Word got out right before we closed [and] I started contacting people as soon as we closed,” Stone said.

Although developer R Square Real Estate Partners struggled to sell the building in the wake of the financial downturn, Stone said she’s confident that the building will find more success as a rental.

“I don’t think that there’s anything on the market for rent that’s the same caliber,” Stone said.

All listings are open and are being marketed by the owners.


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