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Real Estate Weekly
New York’s biggest bulk sale ever closes
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.”

Mark Zborovsky LLC handles $35m sale
July 2013—According to broker Mark Zborovsky of Mark Zborovsky LLC, the firm has arranged one of the largest (by the number of units) bulk sales of 663 unsold sponsor units in Lafayette Morrison Co-op Corp. Zborovsky represented the seller and the buyer of the block in the transaction. The property is located between Morrison and Boynton Aves., Lafayette and Story Aves.
The block with a vacant market value of $114 million was purchased in an all cash transaction for a price of $35 million, 30% of the block's vacant market value. Together with the sponsor units, the buyer has acquired the Co-op's parking lot with 700 parking spaces, and the air rights for 500,000 s/f.
The seller of the asset was an affiliate of AREA Property Partners, the original sponsor of the conversion, and the buyer was an active purchaser of Sponsor Unit Blocks in New York, and one of Mark Zborovsky investment clients.
Zborovsky said, “The market of sponsor unit blocks is very active. The broker has just put under contract another large block, this time in Manhattan, on the Westside — 86 unsold sponsor units with a vacant market value of $74 million.”
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New York Real Estate Journal Network:
Zborovsky sells 15 Cryder Point sponser units for $2 Million
March  2013 — A block of 15 rent regulated sponsor units in Cryder Point Co-op Corp., located in Whitestone has been sold. Despite some cash shortfall, the block was sold for $2 million. The seller of the block was a large, New York-based, international hedge fund, and the purchaser was an active buyer and owner of 2,000 sponsor units in the borough. Mark Zborovsky of Mark Zborovsky LLC exclusively represented the seller and the buyer.
Zborovsky said, "The market of sponsor unit block sales in New York is very active." He has put under a firm contract a record-size block of sponsor units in New York, which is also to close soon. Zborovsky said that he is going to the market with another incredible, and large block of sponsor units in Manhattan - in a few weeks.

Real Estate Weekly
Mark Zborovsky closes on two sets of Brooklyn sponsor apartments
April 19, 2011 — Brokerage Mark Zborovsky & Co, Inc. has closed on two sales of unsold residential sponsor units in Brooklyn.
An 86-unit block in the Clinton Hill Co-op Corporation, a 1,213-unit property that is one of the largest in the borough, sold for around $7 million. The price was around 30% of its vacant market value, which is approximately $28 million. The 86 units, which are rent-stabilized, have an annual cash shortfall of roughly $80,000, because the below-market rents do not cover maintenance charges. A separate entity, Time Equities, Inc. also owns around 250 units in the development.
Mark Zborovsky of Mark Zborovsky & Co, Inc. represented both the seller and the buyer, a local investor experienced in similar blocks of apartments.
He said one of the partners that owned the block had recently passed away, prompting the other owner the sell the property.
“I could tell the potential buyer, ‘There will definitely be a deal,’” said Zborovsky. He attributed the discount to the fact that the rents were lower than market rate.
Zborovsky also represented the buyer and seller in the sale of 57 sponsor condo units at 225–255 Parkway, which closed at under $11 million, around 35% of the vacant market value. Across the street from the Brooklyn museum, the pre-war building has an Art-Deco façade and a total of 146 units. The 57 units, which are rent-regulated, have a positive cash flow of $135,000 per year.
Zborovsky compared the property to Manhattan’s Plaza Hotel, praising its location and design. He said around 40 prospective buyers bid for the building, with a local investor ultimately closing on the deal.
Known as the “King of Blocks,” Zborovsky exclusively markets blocks of unsold residential sponsor condo and co-op units, both rent-regulated and market rate. He said that business has remained brisk, and because buyers generally do all-cash deals, a lack of financing has not deterred trades.
“My market has never actually been affected by this financial crisis that much,” he said.
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Commercial Real Estate News
Friday, April 09, 2010 — A bulk sale of 65 rent stabilized unsold sponsor units and the commercial space in the Avonova Condominium were sold for an all cash price of under $50 million. The building at 219 West 81st Street is a recently completely and beautifully renovated, pre-war property. The block had a positive cash flow of $100,000.
The sale is one of the largest sponsor unit bulk sales in New York in the last few years. Mark Zborovsky, the King of Blocks, represented both the seller and the buyer in this transaction.
This is the 4th bulk sale Mark Zborovsky has closed on this year. According to Zborovsky the pace of bulk sales, which was slow in the first half of 2008, has significantly accelerated in the last six to eight months.
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Commercial Real Estate News
Friday, February 05, 2010 — Two bulk sales of Sponsor Units have closed.
The first one consisting of 72 Rent Stabilized and Free Market Unsold Sponsor Units in Howard Beach, Queens, was sold by an institutional investor to a local investor for a an all cash price of approximately $4.5 million. The excellent location, excellent physical and financial condition of the property as well as the presence of eight free market units in this package contributed to a very strong purchase price.
The second sale was a block of 72 Rent Stabilized co-op and condominium apartments in the Sheepshead Bay and Gravesend areas of Brooklyn. Despite the RS status of the apartments the block has a $66,000 per year positive cash flow, and was sold for an all cash price of $3 million. Both the seller and the buyer of the block are individual investors who are already large owners of sponsor co-ops and condominiums in New York.
And another sale of a large 69 Unsold Sponsor Condo Unit block on Upper Westside has just been signed under contract for a price of under $30 Million
According to Mark Zborovsky of Mark Zborovsky and Co. who exclusively marketed all these units and unsold shares, block sales in New York not only remained stable in 2009, but has somewhat accelerated in the last few months.
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Commercial Real Estate News
Thursday, June 18, 2009 — Despite the difficult market conditions, Mark Zborovsky & Co has just closed two bulk sales of Unsold Sponsor Unit blocks.
The first one was a block of 13 Rent Stabilized Sponsor Units in The Danielle, an 80-unit nine-story Pre-War co-op located at 140 West 71st Street. The block had a cash shortfall of $32,000 a year, and was sold for under $2 million (all cash), or approximately 30% of its Vacant Market Value.
The second transaction was a bulk sale of 56 Rent Stabilized and Free Market Unsold Sponsor Units in Silver Towers, a luxury 27-story co-op on Queens Boulevard in Kew Gardens. Because 44 out of 56 apartments were already de-regulated Free Market units, the block had a considerable positive cash flow of $400,000 a year, and was sold for a price of under $8 million (all cash).
As is typical, Zborovsky, the King of Blocks, represented both the seller and the buyer in both transactions.
Zborovsky says that though the overall residential market in New York has changed, the market for block sales of Unsold Sponsor Shares is still very active. His company has just put under contract a small but very expensive Sponsor Unit block in Manhattan, and is currently marketing a large Sponsor Unit block in Queens and three, Sponsor Unit blocks in Manhattan.
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Commercial Real Estate News
Wednesday, October 22, 2008 — A block of 16 Unsold Sponsor Units in the Greystone Condominium at 127 West 82nd Street has been sold to a local investor. The property is a lovely, ten-story pre-war building located just two blocks off Central Park and in the heart of Upper West Side.
Despite the fact that these apartments are occupied by rent stabilized tenants paying well under market rents and therefore are losing approximately $80,000 per year, The King Of Blocks, Mark Zborovsky, president of Mark Zborovsky & Co. was been able to find buyer who paid just under $6 million
Interestingly, Zborovsky says that the market for unsold sponsor unit blocks is still very active. Because the purchases of rent regulated sponsor unit blocks have always been difficult to finance, the current lack of general financing has not yet affected this segment of New York real estate.
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Commercial Real Estate News
Wednesday, November 14, 2007 — Mark Zborovsky & Co has just quietly closed a bulk sale of 29 rent stablized unsold sponsor units in the co-op at 200 West 79th Street for appproximately $11 million. With the vacant market value of the block at $21 million, the sale price is equivalent to 50 percent of that number, the highest percentage ever achieved in a bulk sale of sponsor units in New York. According to Mark Zborovsky the high price of the block was fully justified by the inherent value of the property. Both the seller and the buyer in this off-market transaction were exclusively represented by the man known as the King of Blocks. This sale is the 14th bulk sale of sponsor units in New York arranged by Mark Zborovsky & Co, Inc this year.
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Commercial Real Estate News
Wednesday, October 17, 2007 — Fifteen Unsold Sponsor Units in 45-53 Cabrini Boulevard in Washington Heights were sold for under $3 million which is approximately 38 percent of the block’s vacant market value. Mark Zborovsky, the “King of Blocks,” was the broker. He says the building is in excellent condition, in an excellent location, and with beautiful views of Hudson River and George Washington Bridge. While 14 apartments are occupied by rent stabilized tenants, one unit is huge and vacant. This bulk sale is the 13th closed by Zborovsky & Co. this year.
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