The new acquisition includes unsold shares, representing 400 residential units, in the cooperative apartment complex Windsor Park Apartments in the Bayside section of Queens. Praedium also bought the fee interests in 227 unsold apartments in the condominium complex Garden Bay Manor in Astoria, Queens.
BellStell Windsor Park LLC and BellStell Garden Bay Manor LLC were the owners of the residential complexes. Under new owner Praedium, Broadway Management has been appointed asset manager and Myles Horn/ABC Realty as property manager.
"This acquisition offers substantial upside opportunity," notes Jeffrey M. Granowitz, a principal of the Praedium Group. "The units were acquired at a significant discount off their average market value, and a significant portion are currently rented at rates well below market. In addition, individual units may be sold at full market value as they become vacant."
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