STATEN ISLAND, N.Y. — Despite deteriorated conditions and years of mounting tenant-reported violations, the eight-building Park Hill Apartments complex fetched a pretty penny for its previous owner.
Sales records from the Richmond County Clerk show that the Park Hill Apartments’ new ownership group, led by the Arker Companies, paid more than $364 million to purchase the properties from the previous owner, DelShah Capital.
The change in ownership was first reported in December, when the Arker Companies announced that the new ownership group, which also includes L+M Development Partners and LIHC Investment Group, would perform a massive $165 million renovation of the Park Hill Apartments over the next two years…