The Real Deal New York

Setai Wall Street returns to market with new sales team, price cut

July 19, 2011 04:59PM

After taking a hiatus late last year, sales at the Setai Wall Street condominium are resuming with a 16 percent price cut and a new marketing team, Synergy New York. Crain’s reported the 159-unit condo conversion is about 60 percent sold, but the developer, Zamir Equities, agreed to lower the price to $750,000 for one-bedrooms, $930,000 for two-bedrooms and $1.2 million for penthouses “to match today’s prices.”

Setai Wall Street was at the center of financial problems last year, as Zamir defaulted on its $147 million loan, and the lender, Irish Anglo Bank, sold it to HFZ Capital Group and Acro Group for $80 million earlier this year. That was worth 65 percent of the project. During that time the attorney general’s office halted closings to investigate the financing situation, even though occupancies had already began at the building. Now that the project appears to be financially stable, Synergy expects it to sell well. “With the lack of inventory in the Financial District and the Sept. 11 memorial opening, more people will realize this neighborhood is one of the most up and coming areas in the city,” said Elie Pariente, a principal at the firm. [Crain's]

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