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Follow on Google News | Elie Rieder, Founder of Castle Lanterra Properties Sells Staten Island Apartments for Record $19.9M$2 Million Capital Improvement Program Results in Successful Turnaround
By: Castle Lanterra Properties Situated at 150, 165 and 220 Trantor Place in the northern section of Staten Island, the property includes 106 one-bedroom and 71 two-bedroom units. The neighborhood features multiple parks and a beach area with proximity to Route 440, the Bayonne Bridge, the Staten Island Expressway and the Goethals and Verrazano bridges. During the past several years, more than $2 million of upgrades were made at Trantor Place including new roofing and a full-window replacement program as well as updated energy-efficient lighting. The renovation also incorporated new landscaping, sidewalk repair, and entranceway upgrades as well as cosmetic work. As a result of the improvements, rental income also increased, and as part of the turnaround, the property qualified for NYC J-51 Exemption and Abatement tax credits, further contributing to the current increased value of the property. “The disposition of Trantor Place reflects our strategy to acquire undervalued assets and implement a planned recapitalization and repositioning,” Founded by Rieder in 2014, CLP has acquired $290 million of assets including over 1,900 residential units in the last 12 months. This includes the firm’s 2015 purchases of the 608-unit Watergate Village in Annapolis and the 80-unit 222 Saratoga in Baltimore, Maryland. The firm is focused on the acquisition of value-add multi-family assets for turnaround opportunities and has established a stable portfolio. The company acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. End
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