Rockledge Properties is the premier owner-managed provider of apartment rentals, enjoying a decade of success acquiring, managing, and renovating strategically located rental properties.
In 2000, Peter Hauspurg and Jerry Edelman were asked by New York City’s Housing Preservation Department to submit an application for the Third Party Transfer Program.
TPT is a program established by the City to liquidate properties which the City had acquired through property tax delinquency or enforcement of the safe and adequate housing requirements. The application was approved and the buildings were acquired in December 2001. These buildings include 39 residential units, all of which needed gut rehabilitation. In exchange for a long term affordable rent agreement, the TPT program provided low interest financing and a 20-year New York City 421-a real estate tax abatement. The two buildings were successfully renovated in their entirety pursuant to a plan which was designed and executed by Manhattan Valley Construction.
|Date Purchased:||N/A||Date Sold:||N/A||Total Investment:||IRR:||Type:||Residential||Gross SF:||28536||Lot SF:||Stories:||Units:||38 Units||Built:||1900|