Elie Rieder, Founder of Castle Lanterra Properties Sells 177-Unit Staten Island Apartment Complex for Record $17.9 Million

Staten Island, NY, March 20, 2015 (Newswire.com) - Elie Rieder, founder of Castle Lanterra Properties (CLP), a privately-held real estate firm based in Suffern, New York, has sold Trantor Place Apartments, a 177-unit multi-family property in Staten Island, New York. Rieder and a group of investors originally acquired the 16-building complex in 2011 for $11 million as a value-add investment.  The property sold for $17.9 million following a major capital improvement turnaround program. Parkway Realty Group of New York is the new owner.

Situated at 150, 165 and 220 Trantor Place in the northern section of Staten Island, the property includes 106 one-bedroom and 71 two-bedroom units. The neighborhood features multiple parks and a beach area with proximity to Route 440, the Bayonne Bridge, the Staten Island Expressway and the Goethals and Verrazano bridges.

"The disposition of Trantor Place reflects our strategy to acquire undervalued assets and implement a planned recapitalization and repositioning."

Elie Rieder, Castle Lanterra Properties

During the past several years, more than $2 million of upgrades were made at Trantor Place including new roofing and a full-window replacement program as well as updated energy-efficient lighting. The renovation also incorporated new landscaping, sidewalk repair, and entranceway upgrades as well as cosmetic work. As a result of the improvements, rental income also increased, and as part of the turnaround, the property qualified for NYC J-51 Exemption and Abatement tax credits, further contributing to the current increased value of the property.

“The disposition of Trantor Place reflects our strategy to acquire undervalued assets and implement a planned recapitalization and repositioning,” said Rieder who has been involved in excess of $500 million in real estate transactions over the past 4 years. “The Trantor Place investment resulted in a significant and meaningful return during the period of ownership,” he added.

Founded by Rieder in 2014, CLP has acquired $290 million of assets including over 1,900 residential units in the last 12 months. This includes the firm’s 2015 purchases of the 608-unit Watergate Village in Annapolis and the 80-unit 222 Saratoga in Baltimore, Maryland. The firm is focused on the acquisition of value-add multi-family assets for turnaround opportunities and has established a stable portfolio. The company acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors

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