The Milan Condo on 23rd Street in Chelsea is going to need a new name. Joining
the ranks of New York City’s many “nondos,” the 42-unit conversion will
remain a rental building rather than going condominium as planned. The
Milan, which hit the market in June of 2008, failed to sell enough
units in time for its condo offering plan to be declared effective,
according to Douglas Wagner, president of Benjamin James Real Estate,
the exclusive marketing and sales agent at the building. Instead, the
now-vacant units will be leased out, said Wagner, whose company has
already started marketing rentals there. [more]