Zborovsky of Mark Zborovsky & Co. closes $7.5 million sale of 86 rent stabilized unsold sponsor units

Mark Zborovsky & Co., Inc. has closed on a second large block of unsold sponsor units this year. This time it is a block of 86 rent stabilized unsold sponsor units, worth $28 million. The block is part of the 1,213-unit Clinton Hill Co-Op Corp., one of the largest residential properties in the area which was converted into a co-op in 1984 by a co-op converter Francys Greenburger. The 86-unit block had an annual cash shortfall of $80,000, and was sold for under $7.5 million, 30% under its vacant market value. Mark Zborovsky exclusively represented both the seller and the buyer of thee block. The other block that Zborovsky closed on this year was a block of 57 unsold sponsor condominium units in 225-255 Eastern Pwy., across the street from the Brooklyn Museum. The block was a part of the two pre-war condo properties, with Art-Deco facades, lobbies, that housed 146 large apartments. Though all of the apartments in the block were rent regulated, the block had a positive cash flow of $135,000 per year. The units were sold for a price of under $11 million, or under 35% of their vacant market value. As always, Zborovsky "King of blocks" exclusively represented both the seller and the buyer.