Block of units sold at Park Sutton co-op

Real Estate Weekly, Jan 20, 1993

Mark Zborovsky and Company, Inc. has closed a sale of a block of unsold sponsor apartments in Park Sutton cooperatives corporation at 440 East 62nd Street, reports Mark Zborovsky, president of the firm, specializing in analysis, appraisals and sales of large blocks of Sponsor Units in New York.

The package consists of 28 sponsor units occupied by rent-stabilized and rent-controlled tenants in a luxury 24-hour door an cooperative in the exclusive area of the Manhattan's Upper East Side.

The 19-story plus penthouse building has 143 apartments, parking garage, has been recently renovated and is in an excellent condition.

Due to the co-op's low underlying mortgage of less than $23,000 per unit, this block of sponsor units has no negative cash flow.

According to Mark Zborovsky, the vacant market value of the block is $3.3 million.;

The co-op is one of the only three in New York deferred eviction plans, which provides for eviction of most tenants by the year 2003.

The seller of the block was Francis Greenburger of The Time Equities, Inc. Marine Midland Bank that held a loan on the shares had to restructure the debt in order to allow the sale of the units.

The purchaser was a group of Canadian investors led by a New York investor, one of the Mark Zborovsky Company's clients.

Both the buyer and the seller in the transaction were represented by Mark Zborovsky and Company, Inc.

The sale was the ninth bulk-sale of sponsor units in New York that the company arranged in the last 15 months.