Ran across a report that Realty company Massey Knakal sold a six-story, 39 co-op unit building on 3260 Netherland Ave. for $2.65 million. Cash.
I’m trying to think what project it is … anyone know? The place has 24 1 bd; 11 2 bd and 4 studio apartments. A new rental, perhaps?
It is a Co-op building that has been undersold for many years making it very difficult for any owners to get bank funding for their buyers. The owner occupancy is about 29%. Whoever bought the unsold shares will be the new sponsor of the building, and will have to sell units immediately to bring it up to a minimum of 51% Owner occupancy or face potential lawsuits. I wish them luck.