Catching up on Carriage City Plaza

As many as 85 to 90 percent of the 160 rental units in Sky View at Carriage City Plaza are typically occupied, according to Joe LoMonaco, manager of 80 E. Milton Ave., LLC., which acquired the property last fall when it had the loan assigned to it during the foreclosure process.

The 16-story downtown development had been planned as 222 condominium units, a centerpiece to the city’s redevelopment before it went into foreclosure nearly two years ago after only about 62 units (28 percent) sold as condos. 80 E. Milton Ave acquired the remaining 160 unsold units — including 13 that were planned as two- and three-bedroom units on the penthouse level but never constructed — as well as the space occupied by Hotel Indigo (the first three floors) and ground-floor retail space.

During a telephone interview last month, LoMonaco said they’re considering a fitness center for Carriage City residents on the top floor since the hotel gym is relatively small, but there’s also a need for studio and one-bedroom apartments which potentially could be filled with that space. LoMonaco also serves as president of the homeowners association while New York City-based Spandrel Property Services was hired in December 2010 as property manager. Asked about the potential for a rooftop bar as originally planned, LoMonaco said that is on hold, though it was always meant for residents and hotel guests.

Most rentals at Sky View are on 12- to 15-month leases, LoMonaco said, with some short-term corporate rentals and long-term stays. Asked whether the building has any Section 8 housing, he said they do not, however, they would not be allowed to discriminate though it’s unlikely that Section 8 tenants could afford the monthly rents of almost $1,600 given their subsidies.

Of  the 222 units at Carriage City Plaza, about 62 were sold as condos as construction was completed in 2008. Approximately 72 units were leased by Carriage City Properties before the property went into foreclosure in 2010.

LoMonaco emphasized that the property is not — nor ever was — bank-owned. 80 E. Milton Ave., LLC is a subsidiary of a pension fund (LongView ULTRA Construction Loan Investment Fund), of which Amalgamated Bank is a trustee and was the original lender for the project.

Coming in a blog post later this week, a look at the where Carriage City Plaza’s retail stands.

4 thoughts on “Catching up on Carriage City Plaza”

  1. Several years ago, I looked at the units contemplating a purchase, way before all the troubles began. The lack of decent closet space was a huge issue in the 1BR apartments, and at that time the 2BR's were way overpriced. The closet space was a serious issue, as there were 2 of us that were going to be living there. I can see where poor storage and pricing scared off a lot of potential purchasers. If it weren't for that, we actually liked the building a lot.I had been living in NYC, in a condo downtown and even that had better closet space – which isn't saying very much.

  2. I also looked at a unit there and was not impressed with what I would be getting for the price. Just 1-2 blocks away you can rent an entire house with 2-3 bedrooms for that price.

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