An international investor from China paid $2.9 million for 19 unsold units in Ossining”™s Orchid Condominium building in a bulk real estate owned or REO sale, said John Barrett, head of investment sales at Admiral Real Estate Services Corp. in Bronxville.
The sale price amounted to approximately $125 per square foot for 17 residential condos and two ground-floor commercial units in the redeveloped building at 73 Spring St. The remaining nine units in the luxury property were sold at auction in 2010 by the original developer, Lionheart Enterprises Ltd. The recent seller was nonprofit lender Community Preservation Corp.
Barrett in a press release said the property had been neglected until Community Preservation Corp. took the deed from the developer in 2012 and chose Barhite & Holzinger Inc., the Bronxville-based property management company, as managing agent. “Barhite stabilized the asset and strengthened the condo association, so that the remaining 19 units were marketable and attracted significant interest,” Barrett said.
The Admiral broker said the REO property drew “significant interest” from potential buyers from Westchester and the entire metropolitan area.
“The ultimate buyer was originally looking to invest in Manhattan but found cap rates there to be too low,” he said.
“As the condominium market in Ossining gets more robust, there is significant upside for the buyer if he opts to sell the units on an individual basis,” Barrett said.
