The Real Deal New York

Anglo to auction off Rector Square Nov. 17

September 30, 2010 02:00PM
By David Jones

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Rector Square and Yair Levy

Anglo Irish Bank is scheduled to auction off Rector Square, the converted condominium building by developer Yair Levy, Nov. 17, after a state Supreme Court judge approved a final judgment last Thursday. Anglo Irish foreclosed on the Battery Park City building at 225 Rector Place after Levy defaulted on more than $117 million in loans in 2009. The building has operated under a receiver since March 2009, and industry experts expect the remaining units to go for up to $400 a square foot.

“There has been substantial interest from prospective purchasers, especially larger organizations or funds that have the wherewithal to purchase the entire block of 232 units and the parking garage and commercial component,” said Herrick Feinstein attorney Chris Sullivan, who represented Ango Irish in the foreclosure proceeding. “The units will be sold as a single block.”

He added that all parties “are on the same page” and want to see the units sold “for the maximum price possible.”

“The unit owners of 225 Rector Place are glad to see their nightmare will soon be coming to an end,” said attorney Marc Held, who represented about 46 unit owners at Rector Square.

He added that the unit owners would like to see the building restored in compliance with the original offering plan and that the reserve fund and working capital funds will be restored. Levy was sued by state Attorney General Andrew Cuomo for allegedly spending money from the Rector Square reserve fund, which is designed as a safe haven for major capital improvements and other emergency repairs at the condo.

The building has rented out dozens of units since the receiver took over, under the management of Related, which originally owned the property before selling it to Levy. The firm is expected to be one of the bidders.

Levy was not immediately available for comment.

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