By Holly Dutton
In one of the largest bulk sales in Manhattan, veteran broker Mark Zborovsky has sold 86 condo units at 230 Riverside Drive for under $28 million.
“This was a lot of fun,” said Zborovsky. “It was a big building, pre-war, Upper West Side, instead of something like in the Bronx.”
The seller, Izak Senbahar’s Alexico Group according to public records, decided to sell based on the high activity in the marketplace, said Zborovsky.
The Olnick Organization, a privately-owned real estate firm, was the buyer.
“They are familiar with this kind of product,” said Zborovsky. “For them it was pro-active because it was a large amount and they could add a large amount to their portfolio.”
The bulk of units sparked a great deal of interest among buyers, according to Zborovsky, given the prime Riverside Park location, the pre-war condo status of the building, as opposed to co-op. “The marketing was reasonably straight-forward and simple,ˮ said Zborovsky. “Everyone who came was interested and in the end it was negotiating the best price.”
The building was purchased ten years ago as a rental property and then converted to condos. Of the 261 units in the 19-story building, 160 were sold and the 86 left over are still occupied by rent-stabilized tenants.
“The good thing about a stabilized block of apartments is that the portfolio will always appreciate,” said Zborovsky. “ It’s a smart, safe investment.”