United Management, Certes buy “dangerous” Camden Hotel

Property on West 95th Street to cease operating as single-room-occupancy facility

New York /
Aug.August 19, 2014 12:00 PM

The single-room-occupancy Camden Hotel, which the 24th Precinct on the Upper West Side once ranked as the area’s second most dangerous building, has changed hands for $15 million.

United Management Corp. and Certes Partners acquired the six-story, 25,000-square-foot site at 206 West 95th Street from restaurant owner Steve Tzolis. The new landlords plan to cease operating the property as an SRO hotel, but have not announced its alternative use.

“We’re trying to see if the existing bones of the building are useful,” Sunder Jambunathan of Certes told the New York Observer. “The site has 36,000 square feet of buildable square feet.”

No brokers were involved. Jambunathan and his partners dealt directly with Tzolis, who owns Periyali and Il Cantinori, according to the Observer.

Regarding the property’s one-time designation as dangerous, Elan Hakimian of Certes said, “We tend to focus less on the building and more on the neighborhood. The neighborhood is much more improved and we look to improve the site significantly.”

In June, Certes acquired a historic parish house from the Madison Avenue Baptist Church at 30 East 31st Street, as The Real Deal reported at the time. [NYO]Mark Maurer


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