A 51-unit apartment building at 250 S. Central Ave., in Hartsdale has been sold for $29.2 million.
Known as Glasshouse 250, the five-story building was constructed in 2018. The seller was ABT Realty LLC of Scarsdale. The buyer was Allied Glasshouse LLC, which has its address in Forest Hills, Queens, in care of Muss Development LLC. Muss”™ principal is Jason Muss.
According to documents on file with the Westchester County Clerk, financing for the transaction included assumption of an existing mortgage of about $20 million.
A real estate listing offering the building for sale showed that the property included 24 one-bedroom and 27 two-bedroom units. The building”™s amenities were said to include two theater rooms, a fitness center, a party room, stainless steel appliances and storage units. There were parking spaces for 95 vehicles. The listing said the average rent was $4,147 with a price per square foot of $46. The building”™s website shows that furnished apartments are available for short or long-term lease.
The building is set back from Central Avenue on 2.3 acres.
Muss Development traces its history back to the early 1900s when it completed its first project, building 350 beach houses in Gravesend and Bensonhurst in Brooklyn. In the late 1920s, it built a 3,000-home community in Bayside, Queens.
Other highlights for the company include constructing the 11 building, 1,200-unit Northridge Co-ops in Jackson Heights in the late 1940s. The company branched out into shopping centers, hotels and office space. In 1981, it completed Woodbrooke, a 1,200-unit planned residential community on Staten Island. Another company highlight was 1998”™s Brooklyn Renaissance Plaza, a 1.5 million-square-foot mixed-use hotel and office complex.
Muss Development calculates that it has built more than 15 million square feet of commercial, residential, industrial and retail space in New York City”™s five boroughs, including the 14-acre Sky View Center & Sky View Parc in Flushing, Queens, with 1,200 apartments and 800,000 square feet of retail space.
This building was built as luxury housing, but has had a hard time attracting affluent tennants. It is off a rapidly changing commercial strip with a heavy influence of Yonkers and Bronx shoppers. Not very upscale to say the least. The area is in the poorly rated Woodlands School District. Our impression is some of the tenants may have gotten sweetheart deals to occupy as the high rents were not attracting tennants early on.
How much is it..how much is the apartment put my name in the waiting list……thanks