Tower block in the Queens borough of New York comprising 400 residential apartments. Many of the apartments benefitted from a statuary upper limit on the rent being charged and the manager proved over an 18 month period that in many instances this ‘cap’ was misjudged. Once the court agreed, the apartment was refurbished and let at market rates which were 3x the previous rent. The asset was sold 18 months from purchase.
Categories: INTERNATIONAL PROPERTIES