The Insignia Financial Group Inc. and the Witkoff Group acquired the residential portion...
By Adam Kramer
The Fresh Meadows apartment complex is on the sales block again and the owners are hoping to get $330 million for the large residential property, Newsday reported.
The Insignia Financial Group Inc. and the Witkoff Group acquired the residential portion of the 146-acre complex in 1997 while Federal Realty Investment Trust obtained 426,331 square feet of retail and commercial space located within 13 buildings.
In 1997 the whole property, which had been owned by the John D. and Catherine T. McArthur Foundation in Chicago, sold for $215 million. Newsday reported that the Witkoff Group and its partners purchased the residential section for $165 million.
Witkoff has been quoted as saying his group has not decided whether to sell the complex or convert it into co-ops. According to published reports, the apartments in the complex rent for up to $2,000 a month for a three-bedroom. Newsday reported that rents are about half of the market rate because of rent stabilization.
The complexs 146-acre residential area is made up of 3,285 apartments within 140 row houses, low-rise and high-rise buildings.
©2001 Community News Group
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