Washington Heights, NY – A real estate insider confirmed on Friday that Yeshiva University has closed on a deal to sell 10 buildings on its Wilf Campus in Washington Heights to Cammedy’s International for a total of $72.5M.
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THEREALDEAL.com (http://bit.ly/1kYJJ9I) reports that the total square footage of the buildings checks in at around 378,000 square feet covered in 404 apartments.
A spokesman for Cammeby’s International, which is owned by developer Ruby Schron, confirmed the closing of the deal that was initially announced in March.
“Cammeby’s International owns a number of residential properties in New York City and has a long history of first-rate management of these properties,” a spokeswoman for Schron said. “Cammeby’s will maintain the 10 recently purchased buildings as apartment buildings and will complete some renovations to the properties, with the intention of owning them for the long term.”
Insiders said the sale by Yeshiva U is part on its continued attempt to make up for the $100M loss the school took in the Bernie Madoff scandal.
Sad!
good deal for him since YU originally bought them for $120 million
“Insiders said the sale by Yeshiva U is part on its continued attempt to make up for the $100M loss the school took in the Bernie Madoff scandal.”
I sincerely hope that they were joking. YU’s endowment lost over $700 million and only $100 million was Madoff. And YU is losing tens of millions of dollars annually.
Ah mirrer helft YU.
That seems like a steal.
Do Not Worry For YU.
Watch How Ruby Schron Will Make Up The SweatHeart Deal By Giving a Huge Donation To YU, Which Will Give Him A Hefty Charity Tax Deduction
at $180,000 per apartment it doesnt sound like a cheap deal at all. If it’s true that YU paid $120MM for them they over-paid.