Rubin Schron to buy NYC’s Monterey for $250M
According to Bloomberg News, Rubin Schron is in contract to acquire the Monterey, a 521-unit property on East 96th Street, for about $250 million from the Related Cos. Bloomberg says this is according to two people who asked not to be named because the transaction is private. It would be the largest sale of a Manhattan multifamily building this year, according to data from Real Capital Analytics Inc.
Joanna Rose, a spokeswoman for New York-based Related, declined to comment on the transaction. Schron didn’t respond to a voice mail left at his New York office yesterday. A security guard who answered the telephone said Cammeby’s was closed for the Passover holiday.
The Monterey, completed in 1992, is a so-called 80/20 building, in which 80 percent of the apartments are rented at market rate and the others are reserved for tenants who earn no more than 50 percent of the area’s median income, according to the New York City Department of Housing Preservation and Development.
Market-rate apartments advertised for rent at the Monterey range from $2,795 for a studio to $5,900 for a two-bedroom unit. The 32-story tower includes such amenities as a pool, landscaped rooftop and fitness center, according its website.
The Real Deal reported last December that Schron, an Orthodox Jew, may be the next New York City real estate mogul to crack Forbes’ list of the 400 richest Americans, thanks in part to recent deals for the Woolworth Building at 233 Broadway and a shopping center near Coney Island.