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Archstone-Smith Eyes Nine-Building Chelsea Multifamily Portfolio

NEW YORK CITY-Several local REITs including Englewood, CO-based Archstone-Smith are among those circling the 99-unit residential offering, says a close source. With an asking price of $14 million, the Eric Margules-owned portfolio has received nearly 25 bids since hitting the market two weeks ago.

By Michael Gilliard | Updated on October 04, 2002

NEW YORK CITY-The collection of 99 residential units scattered over nine buildings in Chelsea between 327 and 442 W. 22nd St. is attracting interest from several local REITs including Englewood, CO-based Archstone-Smith Trust, a source close to the deal tells GlobeSt.com. Following a $3.5-million, two-year renovation, the portfolio hit the market with a $14 million price tag and has seen nearly 25 bids in just two weeks.

Eric Margules’ Chelsea LLC purchased the units in 2000 for $9 million from infamous owners Thomas Iveli and Bob Sigmund of Baychester Shopping Centers Inc., who were found guilty of multiple counts of tenant harassment in a three-year lawsuit that dragged on until October 2001. The two were subsequently barred from owning property in New York City following the case, originally filed by the New York State Division of Housing and Community Renewal in 1998.

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