Rector Square, a failed Battery Park City condo conversion located at 225 Rector Place and spearheaded by real estate developer Yair Levy, was auctioned off in a bulk sale at a discounted price on Wednesday at the New York Supreme Court.
Anglo Irish, the projectâ€™s largest financial backer, foreclosed on the 304-unit property earlier this year and bought it back for $82.7 million; the bank was owed approximately $135 million. There were no other offers.
The bank may or may not hold onto the property. If a new owner comes in, they can continue to convert it into condos or maintain it as a rental space.
232 of the building’s 304 units were unsold; a 114-space parking garage and commercial office space also occupy the space. 45 of the buildingâ€™s tenants are suing Levy for $100 million.
Do you think this building is better served as a rental space for residents?
Some say, one man’s forfeiture may be another man’s fortune — or something like that.
On a completely unrelated search for Anne Hathaway’s jewels on auction, we inadvertently found plots of real estate in our area on the auction block as well.
Not one, but two condo apartments at 101 Warren Street are part of the U.S. Marshall’s auction of properties. The stated reason for both is “Forfeiture.” We can’t help but imagine that perhaps this might be related to our resident sexy Russian spy neighbor Anna Chapman. Or it could just be two separate instances of bad people buying great real estate and getting caught on the wrong side of the law.
The first listing is for Unit 1540 ID#: USM288946
A 2-bedroom, 2.5 bathroom apartment listed at $2.7 million dollars boasting 1,592 square feet.
The other listing is another 2-bedroom apartment with 3 bathrooms listed at $3.3 million dollars with nearly 2,114 square feet.
Being that the apartment building is relatively new, and there is only one unit left on the building’s official website, this could be a great steal it would be a crime to leave these apartments on the market.
To learn more about how you can bid on these apartments, check out the links below: