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 project’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 building’s tenants are suing Levy for $100 million.
Do you think this building is better served as a rental space for residents?
I think it is better served as a rental space for residents…that will be the best use of it…
Its great to know the original developer Related Properties purchase the building.
This is a class organization whom will bring the building back to a solid property in the community.
Making it a condominium is the correct way to go.
Good luck and much success to Related Properties with the project.