6-12-26-34 West 132nd Street, NYC (2007)
6 west 132nd Street 12 West 132nd Street 34 West 132nd Street 26 West 132nd Street
Torresco Realty was engaged as one of many brokers attempting to sell this “assignment of contract” transaction on behalf of the contract vendee. The four building portfolio acted as an “inclusionary site” under an agreement the primary owner/developer accepted in concert with new construction at another location. The West 132nd Street portfolio was therefore rent stabilized and income capped until 2019 under an HPD Regulatory Agreement. Torresco successfully located a seasoned investor with extensive background in rent regulated housing, tabled a simultaneous contract/closing in concert with the primary contractual obligation and closed the deal.
Torresco Realty LLC was the sole broker in the “assignment’ contract of sale.