THE BEAUMONT, 730 Riverside Drive, New York, NY
Type of Property: Rental Apartment House
Reason for Contacting Citadel Realty Services:
The building was part of a $1.1 billion portfolio purchased by an investment bank. The investment bank hired us to manage the building and to develop a course of action to increase the property’s value. At the time of purchase, 35 of the 65 units were vacant, and the investment bank was only interested in fixing the building for sale, without renting the vacant units.
Thinking outside the box, we contacted with the New York State Governor’s Office of Motion Picture & Television Development with the idea of leasing out parts of the building for a filming location.
The End Result
The Netflix hit series “Orange is the New Black” leased all 35 vacant units for its use in the filming of the show’s first season. Substantial income was generated by this arrangement, which was used to renovate the property for sale. Due to our efforts, the building sold for a very high price. Interesting note – the film crew hired the existing tenants to assist with production. A win-win all around.
Turnaround Time: 2 years.