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"Archstone is a highly sophisticated and very well thought-of manager of apartment assets," said Craig Leupold, the president of Green Street Advisors, a research firm.
That it was completed in the face of widespread market turmoil and uncertainty appears to be a vote of confidence in the eventual return of liquidity to real estate capital markets, and in the present and long-term value of high-quality apartment assets in top U.S. regional markets, where Archstone has most of its properties.
Similar(58)
But real estate agents say that 740 Park Avenue, one of the city's perennial Top 10 properties, has an unwritten rule: the co-op board wants the buyer to show at least 10 times the cost of the apartment in assets.
Often, they are looking for twice the value of the apartment in liquid assets.
Many co-ops require buyers to have at least twice the price of an apartment in liquid assets, which rules out many potential buyers.
The Ritz Tower, a prewar co-op at the corner of East 57th Street and Park Avenue, now requires three times the apartment cost in assets.
U.S. authorities are still assessing the full extent of the losses; Madoff is currently under house arrest in his Manhattan apartment and his assets have been frozen.
Kroll helped find and seize their assets — apartments on Park Avenue, a mansion in Belgravia, a jet on the tarmac in Berlin.
Imagine listing your leased automobile or rented apartment as an asset on a bank loan application.
Faced with real deadlines, Tammaro evidently decided that he had two remaining assets: his apartment and his wits.
Both women had considerable assets, including apartments and investments.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com