The 400 leasehold apartment units up for sale at the downtown Executive Centre are no longer being marketed because there are more buyers than units, according to a broker.
apartments sell out
Sales already have started closing and contracts for all the apartments should be signed by the end of the year, said Frank Leslie, president of residential broker ERA Concepts Unlimited, which is selling the units.
The units are being sold by the property's lender, Citibank N.A., which took possession of them earlier this year in a deal that paid $500,000 to the bankruptcy estate of former owner Sukamto Sia.
Leslie said one investor from New York is in line to buy 20 units after finding them advertised on http://www.ExecutiveCentre.com.
The one-bedroom and studio apartments went on the market Nov. 27, priced from $37,800 to $94,000 with varying monthly ground rents.
Sizes range from 450 to 1,944 square feet.
Many buyers are paying less than they would have spent to rent the rooms, said Clifford Laughton, a Nevada investor who recently completed his purchase of a separate group of units at the 41-story Centre.
Laughton successfully bid $4 million for 31 residential and two commercial units in a foreclosure auction earlier this year.
His new holdings also include the penthouse that formerly served as the Hawaii headquarters of Sia, who faces trial next year on federal charges of money laundering and bankruptcy fraud.