Properties

Royal Arms is a garden style housing community, comprised of 129 units set on 6.59 acres of prime land. The property consists of 12 two-story buildings containing 111,568 RSF, with an average unit size of approximately 876 SF. The property is located at 2811 Custer Parkway across from Canyon Creek Country Club in the highly desirable and centrally located city of Richardson, a northern suburb of Dallas, Texas. The city of Richardson was recently ranked 2nd in Texas of Best Places to Raise Kids by Business Week. The property benefits from being in the Exemplary Rated Plano Independent School District. A bus stop is located at the corner of the property for service to and from the middle and high schools. Parking is asphalt-paved with 274 open spaces. The property has two swimming pools, a newly renovated large clubhouse and fitness center, and four clothes-care centers. Royal Arms is a rare Class C property in a Class A location.

235 East 4th Street is a corner 6-story walkup with 30 apartments and two stores located in the East Village section of Manhattan. The property was purchased in 1999 and sold in 2007. The property’s rent roll was increased from $460,000 at acquisition to $1,020,000 (an increase of 122% at the time of sale). Virtually all vacant units were converted to two-bedroom apartments. Allowable rent increases attributable to capital improvements made, but not applied for by the prior owner, were subsequently applied for and granted. Two of the store leases were bought out, resulting in the conversion of the four original stores into two stores subsequently rented to two upscale restaurants. Space on the roof of the building, not previously considered rentable, was leased to house certain communication equipment at an annual rent of $24,000.

Located in the Murray Hill/Kips Bay section of Manhattan, the property consists of two 6-story walk-up buildings with 50 apartments. The acquisition was structured as a net lease with the option to purchase the property at the end of ten years for $3,550,000. The property was purchased in 1997 and sold in 2005 to one of the principals comprising the managing member based upon a sale price of $8,200,000. The property’s rent roll was increased from $480,000 at acquisition to $800,000 (an increase of 67% at the time of sale).

402 East 12th Street is a 6-story walkup with 16 apartments located in the East Village section of Manhattan. At the time of acquisition in 1994, the property was over 90% vacant and dilapidated. The property was subsequently completely gut renovated and sold in 2014. Two of the vacant stores were converted to apartments. The properties rent roll was increased from $0 at acquisition to over $400,000 at the time of sale.

Purchased in 1995, 364 West 51st Street is a 5-story pre-war walk-up apartment building with 16 apartments located in the Clinton section of Manhattan between 8th and 9th Avenues. The property was in foreclosure and 90% vacant at time of acquisition. Subsequently completely gut renovated, it re-rented at much higher market rents.

26 Van Dam Street is a 5-story walk-up apartment building with a 21 apartments located in the SOHO section of Manhattan. The property was in foreclosure. We created two duplexes and vacated other units which were renovated and re-rent at much higher market rents. 

154 East 7th Street is a prime 5-story walk-up apartment building with 11 apartments located in the East Village section of Manhattan. The building is located at the entrance to Tompkins Square Park. The property was in foreclosure, and more than 50% of the tenancy was occupied by illegal tenants who were friends and family of the owner and received fictitious leases at below market rents. Subsequently many apartments were vacated, gut renovated, and re-rented at much higher market rents.

244 10th Avenue is a 5-story walkup with eight apartments and one store located in the Chelsea section of Manhattan. The property is across the street from the Chelsea Highline and in close proximity to the new Hudson Yards redevelopment project. Purchased in 1995, the property was dilapidated and partially vacant. The property was subsequently gut renovated and sold in 2015. The property’s rent roll was increased from $105,000 at acquisition to over $300,000 at the time of sale (an increase of 186%). The total post acquisition and construction cost at the time of sale was approximately $550,000. The property was sold for $6,350,000, and no broker was involved.

210 Avenue B is a 4-story walk-up apartment building with 10 apartments located in the East Village section of Manhattan. The property was in foreclosure and was a completely burned out building at the time of acquisition. It was subsequently completely gut renovated and re-rented at much higher market rents. The existing two stores were converted into residential units.

110-112 St. Marks Place is a 6-story walkup with 22 apartments and 2 stores located in
the East Village section of Manhattan. The property was in foreclosure. At the time of
acquisition in 1993, the property was partially vacant and dilapidated. Subsequently,
many apartments were vacated, gut renovated, and re-rented at much higher market rents.
The property’s rent roll was increased from $105,000 at acquisition to over $1,000,000 at the time of sale

31 East 1st Street is a 5-story walkup with 21 apartments located in lower Manhattan. Purchased in 1995, the property was well maintained with few vacancies. The property contained inherent value that was overlooked by the prior owner. The legal rents for many of the apartments were much higher than the rents being charged. As many leases expired and the market improved, the apartments were renovated and re-rented at much higher rents. The rent roll was increased by approximately 335% at the time of sale.