Casa bellas condominium is a luxury rental apartment building for rent in the boroughs Manhattan and Queens.
It was built in 1891 and houses about 300 people.
Its current owners, a group of Italian-American real estate investors, are seeking to sell the property, which is listed on New York’s Stock Exchange.
“We’re going to sell it, we think it’s very desirable, we believe it’s one of the top 20 buildings in Manhattan,” said owner Mark G. Kresseman.
“But at the same time, we’re also going to have to sell a lot of other things that we have.
We’re not selling the entire property.
We want to have a good balance of all of those things.”
Gressemen said his family is in talks with the New Jersey Department of Financial Services about selling the property.
They plan to sell off the property’s building and lease it out to someone else.
Gressemans family is part of a growing group of wealthy New Yorkers who have recently bought up property to rent.
They are not necessarily wealthy, but they can afford to purchase properties that are being built by developers with large financial stakes.
For example, some of the biggest condo buyers are from New Jersey, such as the billionaire James T. Gritz, who purchased a condo building in Jersey City, and who is trying to buy a condominium in New York.
Other New Yorkers are buying properties for personal use.
“I am the first real estate investor that is not a billionaire,” said Gresseinman.
In the past decade, a number of developers and investors have acquired luxury apartments for rent, but the prices are typically far less than the market value of the apartment.
“For most of the buildings that I own, the market is higher than what I would want to pay, but I have to pay the market rate,” said Kressemens family.
“So, we would pay, say, $10,000 per square foot, $12,000 a square foot.”
The condo market is changing in many ways.
According to a survey by the New Property Report, the condo market has been declining since 2009.
In that same period, the median price of a home in the state increased by 6.3 percent, while the median prices of luxury apartment buildings decreased by 4.3 and 2.9 percent respectively.
This year, the National Association of Realtors is forecasting that the median condo market price will drop to $350,000 this year, down from $500,000 last year.
“The fact that we’re seeing so many people who are renting out their apartment units is very concerning,” said Paul Zillner, president of the Realtor Council of New York City.
“It’s not just about people who want to rent their apartment in their living room.
It’s about people wanting to rent in their condo.”
Zillners report predicts that as many as 10,000 new condo units will be built in New Jersey in the next decade, and that this will be the largest market in the country.
The developers and owners of Casa Bella Condominiums are trying to find new ways to capitalize on this changing market.
“If we don’t do something, the next 10, 15, 20 years, there’s going to be a huge drop in the value of all the properties in New New York,” said Zillers father, Paul.
Casa and his family believe they have a chance to compete with developers who are looking to develop luxury apartment complexes for rent.
Grosman and his father were among the first developers in the city to develop the Casa building.
In 1891, Casa was built on the site of a former grain elevator.
It is one of only two buildings in the neighborhood to be built with the help of the New England Exposition.
Casas original plans were to use the site to construct a warehouse, but it was rejected by the city, which was interested in developing a new warehouse.
In 1904, Casas plans were changed.
Instead, the developer decided to build the building on the land of the former New York & Boston Railroad.
The city approved the plan.
The first Casa condominium came on the market in 1905.
Today, it is one to watch.