Tag Archives: 225 rector place

225 Rector Place

Rector Square Condos Auctioned Off

Real Estate, , , , ,
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

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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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