The 32-unit, luxury Atelier Suites in downtown White Plains have been sold in a short sale for $11.65 million.
The units in the Ritz-Carlton, Westchester, had been mortgaged for $28.25 million through Key Bank National Association, according to Westchester County land records.
A deed was signed May 17 by Fairfield, Conn.-based real estate developer Louis L. Ceruzzi, Louis R. Cappelli”™s partner in Renaissance Office Partners L.L.C., the seller.
The buyer, S3 Global Multi-Strategy RTZ L.L.C. is managed by international investment firm NuVerse Advisors L.L.C., which operates offices in New York City and in Switzerland.
A real estate listing on the Westchester-Putnam Multiple Listing Service this past winter advertised the Atelier Suites at $19 million, about half off the condo-op price package listed at $38 million.
NuVerse Chairman Elias Saal said in a statement, “The timing and the value of this property represent an outstanding opportunity for our investors.”
The acquired units are available for lease and comprise 34,500 square feet on the seventh to 10th floors of Tower 1 at The Residences at The Ritz-Carlton.
“We bought the portfolio and we are making them available for executive, short-term stay,” said Ariel Salama, a partner at NuVerse Advisors. “There”™s no plan to sell them right now. We have commissioned Houlihan Lawrence as the exclusive listing broker to reintroduce those units to the business community, to the ”˜snowbird”™ and to the country club community in Westchester and Fairfield counties.”
There are eight different fully furnished models that range in price from $4,500 to $6,000 per month, Salama said.
There are currently 10 units left out of the acquired 32, Salama said.
“What we have right now is a mixture of people who are commuting to Manhattan, two that are doing work on their houses in Westchester County and one couple that is going through the snow-birding process for the summer and they want to be close to family,” Salama said.
There are approximately 180 units in Tower 1 and Tower 2 at Renaissance Square.
“It is to my understanding, and again that is not a fact, but that Tower 1 is more or less sold, so I don”™t think there”™s anything except the regular buy and sell,” Salama said of the remaining units in The Residences.
In a statement released to the Business Journal, Cappelli said, “NuVerse Advisors brings broad access to international markets to the Residences at The Ritz-Carlton, Westchester. This is a tremendous advantage in marketing the Atelier Suites, which are a specialized residential product. As the economy continues to recover from the unprecedented recession, the value of these beautifully appointed suites will be realized. NuVerse brings the expertise and market experience to achieve the full potential for these unique properties.”
Though Salama declined comment on the price of the short sale, he noted what attracted NuVerse to the property in the first place.
“It”™s a very good product,” he said. “I think there”™s nothing like that in the greater neighborhood and that”™s what we liked. It fits a style of what we”™re looking for.”
Of the underlying cause of the short sale, Salama said, “it is really not for us to speculate.”
“We have an excellent relationship (with Cappelli) and it was a very professional transition.”
NuVerse Advisors was founded in 2001 by senior executives of the old Republic National Bank of New York.
Republic New York Corp., its parent company, was sold to HSBC Holdings for $10 billion in 2000.
The HSBC Group now maintains a minority investment in the company.
Reporter John Golden contributed to this report.
