KIPS BAY — New York investor Barry Rudofsky will pay $15 million for 89 rent-stabilized apartments in Kips Bay that he plans to turn into co-ops, The Real Deal reported.
Rudofsky, a managing member of the Queens-based Bronstein Properties, purchased the properties at a foreclosure auction last week.
The deal includes 29 apartments at 201 E. 25th Street and 60 units at 200 E. 27th Street. Both buildings are located one block apart along Third Avenue.
The $15 million price tag breaks down to a per-unit cost of about $170,000. The apartments are currently rent-stabilized, but Rudofsky said they will be sold as co-op units as soon as they become available.
Judging from other listings in the area, Rudofsky's firm should be able to recoup at least double what it paid for each unit. According to Trulia.com, one-bedroom apartments in the neighborhood start at around $350,000.
In June, Rudofsky's firm purchased a 52-unit building at 414 W. 44th Street for $12.9 million. And in December, the company bought a 21-unit apartment building at 73 Thompson St. in SoHo for $4.5 million.
Rudosfky said the company owns and manages about 5,500 apartments in the New York area.
