New York owner earns $ 53 million on Manhattan residential portfolio
An owner who loves to play hardball recently took home a big paycheck.
Ron Shoshany this month sold three downtown apartment buildings that are 87,508 square feet for a combined $ 53.5 million, according to real estate records and brokerage firm Cignature Realty.
The buildings include a 65,448 square foot property in Washington Heights, an Upper East property covering 13,900 square feet and an 8,160 square foot building on the Upper West Side.
Lazer Sternhell and Peter Vanderpool negotiated the sale.
After purchasing the buildings in the 1990s and early 2000s, Shoshany rented apartments on the upper east and west sides across Sirkin Realty. He angered the neighbors by listing the units on Airbnb, turning one of the buildings into an illegal hotel, and assigning cheesy names like “Razzmatazz”, “Skyfall” and “Authenticity” to his rental units.
In Washington Heights, where he acquired the largest building in his wife Barbara Sheril’s family portfolio, he once shocked a commercial tenant by renting a storefront at Starbucks in the same building as the tenant’s independent. Coffee.
“Isn’t that the very essence of America? Shoshany responded when asked by The New York Times to rent to a corporate chain that would siphon income from an existing tenant. The cafe, named Jou Jou Cafe, remains in the building, as does Starbucks.
Cignature declined a request for comment. Sirkin Realty did not return a request for comment. Shoshany could not be reached.
The sale of the three buildings came as New York’s multi-family market once again became the most expensive in the United States. A Zumper report released earlier this month showed that Gotham’s rents rose 32% from the same period last year, putting the city ahead of San Francisco as the most expensive city.