Rivkin Radler Closes $67 Million Real Estate Deal

Yaron Kornblum, a partner in the firm Real Estate, Zoning & Land Use practice group, closed a record breaking sales transaction on Manhattan’s Upper West Side.  The 70 unit, 108,000 square foot apartment building, owned by the Zauderer Family, sold for $67,000,000.  The building, built in 1913, was self-managed by the matriarch of the family for decades until her passing in November 2013.  It is one of the few remaining rentals in the neighborhood.  Mr. Kornblum closed the deal, on behalf of the Seller, on May 8, 2014 with the assistance of John Panagopoulos, an associate in the Real Estate group.  The closing occurred over the course of several days and involved a 1031 tax free exchange, J51 real estate tax abatements, rent control and rent stabilization issues and various other sophisticated real estate issues. Partner Erez Glambosky handled the complex landlord/tenant aspect of the transaction.  The building was purchased as a joint venture by Thor Equities and Rockwood Capital.  Steven Vegh of Westwood Realty Associates LLC was the broker.