Zborovsky represents buyer and seller in $3.4 million sponsor block sales

A block of 8 RS unsold sponsor units in 61 Horatio St. Co-op Corp., and another block of nine RS and FM unsold sponsor units in 227 West 16th St. Corp have been sold to an investor, according to Mark Zborovsky, (www.markzborovsky.com) who acted as the broker both sales. The blocks were sold for a combined price of $3.4 million, which is equivalent to 38% of the assets' vacant market value. Considering that one of the two buildings was a walk-up, and that a majority of the RS tenants' rent was on average $230 per month, the achieved sale price, (equivalent to 38% of VMV of the blocks) is a record in the current market for sales of sponsor unit blocks in the area. The seller of the block was the original sponsor of the conversions, and the buyer was a local investor, and active purchaser of sponsor unit blocks in New York. Zborovsky represented both the seller and the buyer in this transaction.