Jones Lang LaSalle

223 Residential Co-op Units Sell for $17M
By Eric Peterson
Last updated: February 27, 2006 02:48pm
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EAST WINDSOR, NJ-A total of 223 residential units have been sold as co-ops for a price tag of $16.5 million, or about $74,000 a unit. The sold units represent just under half of the total unit count of the 470-apartment Orchards garden complex here. The property in located in the Princeton corridor.

According to Robert Ploshnick, a managing director of Gebroe-Hammer Associates, the transaction was arranged by the Livingston-based firm's executive vice president Joel Schwartz and senior vice president Joseph Brecher. "Financing for the sale was complex and required hands-on attention to detail," Ploshnick says.

According to Ploshnick, the sale was structured as an "all-cash deal in which the buyer invested equity over and above the underlying co-op mortgage," with Gebroe-Hammer selling shares of co-op stock as opposed to selling the property as conventional real estate. Gebroe-Hammer had the listing as an exclusive.

Attorney Mark Mandell of Lake Success, NY represented the sellers, who were not identified. The buyers, who were similarly not identified, were represented by attorney Sander Strulowitz of New York City.

The overall complex of consists of 30 buildings, and its 470 units are currently 95% occupied. Upgrades of a number of the units' interiors are in the works, according to Ploshnick.