Manhattan’s largest privately-owned apartment complex has attracted numerous investors and buyers. Now, a building developer and boutique investment bank is planning to buy the property and offer the tenants to become owner of their units.

Condo Recovery LLC, specifically created to purchase distressed properties and included investment bank Westwood Capital, plan to purchase the 80 acre-spread of 56 buildings with 11,227 units on Manhattan’s East Side. They also intend to offer the tenants to buy their units.

Condo Recovery partner Gerald Guterman said, “We believe 8,500 to 9,500 of units will buy if we have priced it correctly and provide the proper financing.”

Guterman, who has 43 years in the business to his name and owned and managed 60,000 apartments, plan to price the apartments at $290 per square foot – or equivalent of the monthly rent. Condo Recovery also guarantees a mortgage of 85% of the cost. The market rate in Manhattan is $775/square foot.

With Condo Recovery’s plan, bondholders would be repaid $3 billion mortgage over 18 to 24 months. Though the principal will be covered in the plan, the $700 million in accumulated interest and fees that are owed the bondholders will not. The company will have $3 billion and profits from the co-op.