The Real Deal New York

Apthorp financial advisor DTZ Rockwood files for Ch. 11

June 02, 2009 11:48AM
By Adam Pincus

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Midtown-based real estate investment banking firm DTZ Rockwood, which provided advisory services for the purchase of the troubled Apthorp apartment building, filed for Chapter 11 bankruptcy protection yesterday in Manhattan federal court.

The firm claimed it owes between 50 and 99 creditors’ debts of $79 million and assets of $1.8 million, according to bankruptcy court filings entered yesterday.

DTZ Rockwood provided advisory services for Mann Realty Associates’ $426 million purchase of the 136-unit luxury rental building Apthorp, at 390 West End Avenue, in 2007. The building is now being converted to residential condominiums, and is beset by lawsuits.

In May, DTZ Holdings, a large global real estate firm based in London, sold its 50 percent interest in DTZ Rockwood back to the company for a nominal amount, DTZ Rockwood said in a statement May 18.

The largest claim by a creditor is $64.8 million owed to investor Steven Littman, but it is considered in dispute, the filing said.

A spokesperson for DTZ Rockwood did not immediately respond to a call for comment.

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