ELIE RIEDER, FOUNDER OF CASTLE LANTERRA PROPERTIES SELLS 177-UNIT STATEN ISLAND APARTMENT COMPLEX FOR RECORD $17.9 MILLION
$2 Million Capital Improvement Program Results in Successful Turnaround
STATEN ISLAND, N.Y., April 8, 2015 – Elie Rieder, founder of Castle Lanterra Properties (CLP), a privately-held New York based real estate firm, has sold Trantor Place Apartments, a 177-unit multi-family property in Staten Island, New York. Rieder and a group of investors originally acquired the 16-building complex in 2011 for $11 million as a value-add investment. The property sold for $17.9 million following a major capital improvement turnaround program. Parkway Realty Group, a Brooklyn-based investment group, is the new owner.
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,” said Rieder who has been involved in excess of $500 million in real estate transactions over the past 4 years. “The Trantor Place investment resulted in a significant and meaningful return during the period of ownership,” he added.
Founded by Rieder in 2009, 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, the 80-unit 222 Saratoga in Baltimore, Maryland, and most recently, the 452-unit Stonegate Apartments in Austin, Texas. 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