Orloff Property Management
Orloff Property Management – A 90-unit apartment building in Edgewater sold for $13.3 million, while a 70-unit tower in Old Town hit the market for $21 million.
The coronavirus has sidelined many real estate agents, but it hasn’t stopped the business of converting apartments into condos.
Orloff Property Management
In Edgewater, local landlord Becovic Management Group paid $13.3 million for Shore Manor, a 90-unit condominium building at 5858 N. Sheridan Road, according to CBRE, the brokerage that handled the sale. In Old Town, LaSalle Towers, a 70-unit condo tower at 1211 N. LaSalle St., sold for $21 million.
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Condo deconversions — in which a single investor buys all the units in a condo building and turns them into rentals — has been a popular trend in Chicago over the past few years amid a strong condo market and a lethargic condo market. Condo owners can often get more money by selling in bulk to a developer than they would by selling their units individually, and condo values have been high enough that developers can charge a higher price and still come out ahead.
Still, deals are complicated because they can require the consent of dozens or even hundreds of condo owners in a building, and not everyone wants to sell. The city tightened deconversion last fall, passing an ordinance requiring that 85 percent of property owners vote to approve bulk sales of apartments, up from the 75 percent required by state law.
But the sale of 5858 N. Sheridan received enough support in a February vote to pass the highest threshold, allowing Bekovich to own the property. One reason: Another investor, Clifford Orloff, owner of Orloff Property Management of Sacramento, Calif., purchased at least 65 units in the building between July 2018 and October 2019, according to Cook County property records. With so much voting power in the hands of a single owner, achieving 85 percent was much easier than it would have been if ownership of the building had been more fragmented.
Beckovich’s president, Sal Beckovich, did not return a phone call. Bekovic owns about 1,800 apartments in Chicago, mostly in Edgewater, Uptown and Rogers Park.
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CBRE brokers Sam Hadaddin and Justin Ross brokered the Shore Manor sale. Built in 1955 and remodeled in 1977, the 12-story building is a 188-unit former condo building at 5815 N. Sheridan Road that sold in 2018 for $27 million, another deconversion brokered by CBRE.
While the city’s new ordinance has made it harder to close condo deals, the coronavirus pandemic has not had a noticeable impact on the conversion market, said Andy Friedman, a broker at the Chicago-based Kiser Group.
“I don’t think Covid has changed that, at least not yet,” said Friedman, who is marketing LaSalle Towers. “I’m sure there will be an effect.”
The pandemic has decimated hotels and retail outlets, and real estate investment activity has slumped amid what could be the worst recession since the Great Depression. So far, however, the North Side housing market, a hot spot for deconversion, has held up well against unemployment. Lease collections fell, but not as much as many had feared.
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Deconversion activity will also depend on the direction of the condo market, which could suffer during a prolonged recession.
LaSalle Towers, built in 1929 as a hotel, was later converted to apartments and then in 2006 to condos. Many downtown residents recognize the 19-story building for the large trompe l’oeil murals on three of its sides.
The property’s $21 million asking price represents a 25 to 30 percent premium over what the building’s condos would fetch if they were sold individually, Friedman said. The building has been sold as a conversion to developers since 2017, with the last deal falling apart last fall, he said. Neck has been marketing the property for about four weeks.
“Our response to this property has been quite surprising, and we already have several legitimate offers,” Friedman said. Welcome to one of the most well maintained, historic, single family homes in the Van Cortlandt Village neighborhood of Kingsbridge, Bronx. Now available for rent. Enjoy living just down the street from the incredible Van Cortlandt Park. This three bedroom, two bath home has been lovingly maintained and updated for modern living since it was built in 1920. Outstanding features include beautiful pre-war details, large walk-in kitchen with updated appliances, fully fenced landscaped yard. Brand new yard, private driveway and generously proportioned rooms. Ideally located near Riverdale’s prestigious Hillside Schools (Horace Mann, Fieldstone School, and Riverdale Country School), Bronx Science, Manhattan College, Lehman College, and Fordham University – this home represents a great opportunity for those joining the community for the 2022 – 2023 school year. The home is just 3 blocks from the 1 train on 238th Street and 2 blocks from the BxM3 express bus stop. Sorry, no pets. Available furnished or??????????????????????????????????????? without harm.
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3805 Orloff Ave is a townhouse located in Bronx County and ZIP code 10463. This area is served by Nyc Geog District #10 – Bronx Attendance Area.
Filled with parks and similar green space and around the reservoir, Jerome Park has some of the best scenery in the Bronx. Jerome Park is surrounded by popular parks, including Van Cortlandt Park and the New York Botanical Garden. Jerome Park is Lehman College’s school of continuing and professional education and is located near Fordham University, making it a great choice for students, faculty and staff who want easy commutes to campus. Conveniently, Jerome Park has several bus stops and subway stations so residents can travel throughout New York City. Like many rentals in New York City, Jerome Park is expensive, but there are options that are more affordable than other neighborhoods. Jerome Park is also known to be slightly higher than other typical New York City rentals.
3805 Orloff Ave is 15 minutes or 0.8 miles from Manhattan College. It is also near Lehman College and Monroe College, Bronx campus.
School data provided by GreatSchools The GreatSchools Rating helps parents compare schools across the state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 to 10 (below average) and may include test scores, college readiness, academic progress, advanced courses, equity, discipline, and attendance data. We also encourage parents to visit schools, review other information about school operations and programs, and consider family needs as part of the school selection process.
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Transportation options available in Riverdale include 238 Street, which is located 0.3 miles from 3805 Orloff Ave. 3805 Orloff Ave is close to La Guardia, which is 12.4 miles or 20 minutes away, and Westchester County, which is 24.6 miles or 32 minutes away.
You can find places to ride your bike in the area, but you’ll probably want your car for most errands.
3805 Orloff Ave has 1 shopping center within 0.3 miles, which is about a 5 minute drive. Miles and minutes will be for the most distant property.
3805 Orloff Ave has 5 parks within 2.1 miles, including Van Cortlandt Park, St. James Park and Williamsbridge Oval.
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Walk Score® measures the walkability of any address. Transit Score® measures access to public transportation. Bike Score® measures the bikeability of any address. We are a family owned business and only manage properties in which we have a majority. My wife and I take personal pride in the functionality of our office and apartment home communities. We feel strongly that every resident should enjoy peace and quiet and a clean place to live. When a vacancy occurs, we look for new residents whose behavior reflects a shared value for a harmonious and peaceful environment, cleanliness and respect for the property of others. If these ideals resonate with your housing or job search, we encourage you to visit us in one of the communities listed below.
Orloff Property Management was founded in 2000 with one mission: to acquire, develop and manage multifamily properties to create the communities we are proud to call home.
Riverfront Gardens and Villas, a luxury community of 143 apartments on the banks of the Sacramento River minutes from the Capitol. Featuring unusually large 1 and 2 bedroom apartments, beautifully renovated and attractively priced, all with private balconies or patios, some with vaulted ceilings, some with fireplaces and in-unit washer/dryer or W/D hookups.
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