Eden Boca Raton Condo Owners Satisfied With Ceebraid-Signal Buy-Back of Residences

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 15, 2010 -- BOCA RATON, FL (March 11, 2010) – New York-based attorney Rick Sulzman purchased a pre-construction condominium several years ago at Ceebraid-Signal Corporation’s Eden in downtown Boca Raton, Fla. and dreamed of vacationing in sunny South Florida. Unfortunately, the development of Eden coincided with a massive economic downturn and real estate market crash, and Eden has yet to be completed.

“We were all victims of unfortunate market circumstances that were beyond our control,” Sulzman said. “But, in the end, Ceebraid did the right thing and took care of us.”

Last week, Ceebraid reached agreement with 25 of the remaining 27 Eden residents to buy back their condominiums at the original purchase price, figures that are substantially higher than current appraised value. Ceebraid also completed the sale of Eden to Urdang Capital Management and Priderock Capital Partners, which plans to convert the project into luxury apartment rentals.

“We’re disappointed that market conditions prevented us from ultimately delivering on our vision, but we’re proud that we’ve given our residents the next best thing – their money back,” said Adam Schlesinger, president of Ceebraid-Signal.

Leon Struck, an Eden resident involved in the buy-back, echoed Sulzman’s comments.

“Adam took care of us in the end, for which we are very grateful,” Struck said.

Founded more than 50 years ago, Ceebraid-Signal specializes in multi-family real estate and hospitality management, as well as the redevelopment of residential properties into luxury communities through marketing, rehabilitative and repositioning practices. The company has repositioned more than 25,000 residential units throughout the Northeastern and Southeastern United States.

Ceebraid-Signal’s projects include the Brazilian Court Hotel, Omphoy Beach Resort and Il Lugano in Palm Beach, Fla., Bocair Condominiums in Boca Raton, Fla., Mayfair Hotel & Spa in Coconut Grove, Fla., Rockledge – A Residential Resort in Marietta, Ga., and numerous apartment and condominium developments in New York and Connecticut. The company has offices in West Palm Beach, Fla., Freeport, NY and Stamford, Conn.

Debby Hofmann said she originally purchased a condominium at Eden because of Ceebraid’s excellent reputation. Despite the circumstances, Hofmann says her opinions of the developer have not changed.

“The company has a long, successful history in South Florida,” said Hofmann, broker/owner of Hofmann Homes Realty. “They’ve made good on their promises and I would certainly buy from them again.”

For more information, visit www.ceebraidsignal.com.