Tag Archives: 225 rector place

225 Rector Place

Rector Square Condos Auctioned Off

225 Rector Place
Yair Levy couldn't save his condo conversion at 225 Rector Place.

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?

225 Rector Place

Developer Allegedly Plunders BPC Building’s Reserve Fund

225 Rector Place
Yair Levy accused of raiding the coffers of 225 Rector Place.

Andrew M. Cuomo, the New York attorney general, has a beef with real estate developer Yair Levy. The reason for that aforementioned beef: Levy allegedly purloined $7.4 million from the reserve fund of a luxury building he was developing in Battery Park City.

According to The New York Times, Cuomo filed a lawsuit in State Supreme Court on Wednesday, accusing Levy of leaving the 304-unit luxury building at 225 Rector Place, with a measly $70 in its reserve fund, probably not quite enough to cover the “capital repairs, replacements and improvements necessary for the health and safety of the residents” for which the fund was intended.

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