THE VILLA AT THE WOODS

Peekskill, New York

Description

•A 175-unit residential and 1 commercial unit condominium building conveniently located close to public transport in Northern Westchester County.

•It was partially renovated before being foreclosed.

IMPROVEMENTS •NAPG completed property renovations from 1993-1996, including most residential units. •Amenities included a fitness center (within the condominium unit), a children's playroom, outdoor pool, tennis, paddle and a live-in superintendent and porter.

RESULTS

•By 2003/2004, the condominium market was healthy again in Westchester County.

•Balancing the pros and cons of restarting the condominium sales program, concluded that the bulk sale of the units and the long-term capital gain it would generate would net more than the sale of individual units via a condominium sell-out and profits taxed as ordinary income. 

SUMMARY STATISTICS

YEAR PURCHASED: 1993

PURCHASE PRICE: $5,300,000

YEAR SOLD: 2004

SALE PRICE: $17,500,000