Steve Croman sold four Hell’s Kitchen buildings with 80 units for $20 million to nonprofit Services for the Underserved. The sale, which closed on June 26, 2024, provides Croman with a profit despite buying the properties for $23 million in 2013. The buildings, mostly rent-stabilized, sold for $504 per square foot, significantly higher than the average for similar properties. Services for the Underserved plans to convert the units to affordable housing using CityFHEPS vouchers. Croman faced issues with vacancies and tenant complaints, which contributed to the decision to sell.
Steve Croman
