REIT sells off another of Green's former properties

Madison complex latest of imprisoned property magnate's former complexes to change hands

BRT Realty, the New York-based REIT sitting atop the real estate holdings of one-time business partner, convicted felon and current comatose paraplegic Steven Green, has sold off another of the disgraced investors' properties. The Lamplighter Apartments in Madison were recently picked up by a buyer for $1.9 million.

The Prince & Martin Group purchased the 88-unit community for a figure that comes to $21,000 per unit – less than a third of many similar area transactions in recent years. The structure at 300 Kate St. was built in 1969 and has 12 buildings and 99,796 square feet of rentable space. William Kirkland of the Kirkland Co. brokered the deal for the New York firm.

BRT came into possession of Green's properties after the investor failed to pay $36 million in loans made through previous business transactions. In May of 2007, Green pled guilty to charges of tax evasion and fraud. He was sentenced to 33 years in jail, but Green was struck by a car in Manhattan shorty after his sentencing. He has yet to report to prison due to his physical condition.

In December, BRT was close to selling off six of Green's complexes in a series of transactions. None of the purchasers closed on the deals. At the time, the New York-based Embassy Group was under contract to purchase the Lamplighter along with another Madison property, the Archwood, for $7.35 million. That deal fell through for no specific reason, Embassy principal Mark Wagner told at the time.

Another of Green's old properties, the Arbors at Southern Hills, was sold by BRT to Freeman Webb for almost $4 million, a considerable drop off from its listed price of $9.3 million.