Schron sells former Mitchell-Lama Harlem complex for $33M

TRD New York /
Nov.November 08, 2011 02:56 PM
alternate
text
From left: Rubin Schron of Cammeby’s International Group, Rosewood Realty Group President Aaron Jungreis, 410 St. Nicholas Avenue and 2450 Frederick Douglass Boulevard (building credits: PropertyShark)

Real estate investor Israel Weinberger purchased the nearly 40-year-old Lionel
Hampton Houses in Harlem for $32.5 million from Rubin Schron’s Cammeby’s
International Group.

The former Mitchell-Lama apartment buildings, with a total of 355 units, are
located at 2450 Frederick Douglass Boulevard between 131st and 132nd streets
and 410 St. Nicholas Avenue, between 130th and 131st streets.

The sale went into contract in May and closed Oct. 5, city property records
published Oct. 31 show. Cammeby’s and Weinberger did not respond to
requests for comment.

The sale was brokered by Aaron Jungreis, president of Rosewood Realty Group,
for a price of about $91,550 per unit.

“There is a lot of upside. Harlem is definitely coming back,” Jungreis said.

The property was taken out of the state’s affordable housing Mitchell-Lama by
2007.

Weinberger owns additional rental apartments through his Coltown Properties,
including 100 units in five attached Harlem apartment buildings at 609-619 West
135th Street.

Schron sold a headline-grabbing, $940 million package of former Mitchell-Lama buildings to New Jersey-based Urban American in May 2007.

The housing project was opened in 1973, named after the jazz legend Lionel
Hampton. A real estate investor as well, Hampton put in a 5 percent equity
investment through his Lionel Hampton Development Group to finance the
construction of the $13 million, low- and moderate-income apartment project.
The other 95 percent was funded through a mortgage provided by the New York
State Urban Development Corporation.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s secures $58M loan for 9-story LES resi building

Cammeby’s secures $58M loan for 9-story LES resi building
Placeholder image

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower

Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower
Parkoff Organization's Adam Parkoff and Robert Trump with 8700 25th Avenue in Brooklyn (Google Maps, Getty)

Parkoff picks up portfolio previously owned by Donald Trump’s brother

Parkoff picks up portfolio previously owned by Donald Trump’s brother
29 Beekman Street (Credit: StreetEasy; Google Maps)

Midtown East mansion with ties to shah of Iran gets another steep price chop

Midtown East mansion with ties to shah of Iran gets another steep price chop
From left: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Stung by NY rent laws, Rosewood Realty is going nationwide
2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments
Assembly Housing Committee Chairman Steven Cymbrowitz and Assembly Speaker Carl Heastie (Credit: Getty Images, Google Maps)

Corruption, unit loss in Mitchell-Lama targeted by Assembly

Corruption, unit loss in Mitchell-Lama targeted by Assembly
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...