Penny Lane

Kips Bay, New York, NY NYC Property Investment Group
LIHC Investment Group

Property Detail

Penny Lane was an unconventional purchase for NYC Property Investment Group. To satisfy seller objectives, we were asked to purchase 50% of the partners in a limited partnership that owned 59 unsold co-op units in the Kips Bay neighborhood. The partners had been in disagreement on the future of the unsold units and had been involved in litigation for some time.

NYC Property Investment Group purchased the interest of partners holding a 50% interest in the property, and then settled with the remaining partner to dissolve the partnership and split the remaining unsold units. NYC Property Investment Group then invested substantial funds to extensively renovate the co-op units for rental to a new generation of young, professional tenants.

PENNY LANE

Kips Bay, New York, NY
NYC Property Investment Group

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LIHC Investment Group