The Real Deal New York

Posts Tagged ‘225 rector place’

  • Cheapest Manhattan sales of the week

    March 26, 2014 08:00AM
    From left:

    From left: 502 Ninth Avenue, 199 Bowery and 736 West 186th Street

    The cheapest single-family deals in Manhattan this week were pricier than sales in previous weeks, starting with a Hudson Heights co-op that topped the inexpensive list at $330,000. [more]

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  • From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place

    Once a powerful developer, Yair Levy was given a lifetime ban from selling real estate securities following a theft scandal at 225 Rector Place. But now the defiant developer is fighting back despite a court decision that upheld his ban in 2012. [more]

  • 225 Rector Place

    225 Rector Place

    “Numbers to know” is a weekly web feature that catalogues the most notable, quirky and surprising real estate statistics. Long Island City’s new development rentals are nearly as expensive as Manhattan’s, after a very long road 225 Rector is nearing the sold out mark, and the government shutdown could impact construction workers. [more]

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  • Brooklyn Army Terminal

    East Harlem rezoning to increase commercial development, affordable housing. Chocolatier inks massive lease at Brooklyn Army Terminal in Sunset Park. Half of Battery Park City’s 225 Rector Place sold in seven months. South Street Seaport catering hall leaves brides jilted after Sandy. Read these stories and more after the jump.

  • 225 Rector Place and Yair Levy

    The wife and daughter of developer of Yair Levy have been ordered to appear in court Feb. 21 on possible contempt charges, after failing to comply with subpoenas related to allegations that Levy fraudulently transferred property to them. State Supreme Court Judge Joan Madden ordered Levy’s wife, Sosana, and daughter, Galit, to appear at a contempt hearing linked to a 2011 judgment for $11 million against the developer by Anglo Irish Bank, the lender at Levy’s failed Rector Square condominium at 225 Rector Place in Battery Park. (The Related Companies bought the debt at Rector Square and took over the project.) … [more]

  • From left: A rendering of 225 Rector, Related chairman Stephen Ross

    The once-troubled condominium project at 225 Rector Place is now almost 50 percent sold, developer Related Companies said today. Related began a fresh round of marketing the apartments this past May, after buying the building out of foreclosure for $82.8 million the previous summer.

    The 181 units at the development range from studios to three-bedroom apartments, priced between $500,000 and almost $2.8 million. Related also today listed a dozen penthouses on the top two floors of the 24-story building, which range in size from 1,024-square-foot one-bedrooms to 1,963-square-foot three-bedrooms, the company said. [more]

  • From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place

    New York Attorney General Eric Schneiderman won a major decision against developer Yair Levy, as a state Supreme Court judge upheld a 2011 decision that bans the developer from selling condos and co-ops statewide and requires him to pay $7.4 million for having raided the reserve fund at the Rector Square condominium.

    Levy had sought to dismiss a June 2011 ruling by Judge Joan Lobis. Levy was found to have spent millions from the 304-unit Battery Park City condo conversion’s fund on personal and family expenses.  [more]

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  • From left: Related Chairman Stephen Ross, 225 Rector Place and Yair Levy

    Swamped in controversy from lawsuits, fraud and foreclosure in recent years, the condominium at 225 Rector Place will re-enter the market later this month, the New York Times reported. Related Companies, which bought the building out of foreclosure for $82.8 million last summer, hired Irish designer Clodagh to refurbish the building interiors and common spaces. The 181 units it is bringing to the market range from a 576-square-foot studio asking $495,000 to a 1,963-square-foot three-bedroom listed for $2 million. [more]

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  • From left: Yair Levy, Rector Square and 620 Sixth Avenue

    Rector Square condominium this past Friday obtained a temporary restraining order on the $500 million sale of the Chelsea building home to Bed Bath & Beyond and other real estate assets connected to Yair Levy, in order to collect on a $7.4 million judgment against the embattled developer.

    The suit, filed Dec 16 in New York state Supreme Court, alleges the Levy sold off or illegally transferred his real estate holdings after a court found that he illegally raided the Battery Park building‘s reserve fund.

    In June, Attorney General Eric Schneiderman banned Levy from selling real estate in New York after a judge ruled that he illegally spent Rector Square reserve fund money on personal expenses. … [more]

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    From left: Yair Levy, Rector Square (source: PropertyShark) and Attorney General Eric Schneiderman

    A state Supreme Court judge has ordered developer Yair Levy to pay $7.4 million in restitution to the Rector Square condominium and permanently banned him from selling real estate in New York state.

    Judge Joan Lobis found last month that Levy defrauded the Battery Park City condo conversion, spending millions of dollars in reserve fund money on illegal personal and general business expenses, including charge card accounts, mobile phone bills and writing checks to family members.

    The judgment permanently bans Levy from selling condos or co-op projects in New York state, virtually ending a career lasting more than 30 years in the U.S. … [more]

  • alternate text
    From left: Rector Square, YL Real Estate Developers’ Yair Levy and Justin Metz, a managing principal with Related Companies

    [Updated: 11:53 a.m., Jan. 24, 2011] Related Cos. today closed the long-anticipated acquisition of Rector Square, the Battery Park City condominium that was foreclosed on by Anglo Irish Bank, for $82.8 million, The Real Deal has learned.
    Anglo Irish bought the unsold shares of the condo at a November auction of the 304-unit building at 225 Rector Place for the same amount of money, and sold the property to Related, which had been managing the property for nearly one-and-a-half years after the lender filed to foreclose on former developer Yair Levy.

    “Rector Square is an asset that we were very familiar with, having initially developed the property and later served as managing agent for the receiver,” said Justin Metz, managing principal at Related. “We look forward to bringing new resources to the development and maximizing value for both our partners and existing owners.” … [more]

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    Rector Place and Yair Levy

    The Related Companies will take over the unsold units and commercial space at Yair Levy’s Rector Square condominium for $82.8 million next week, sources told Crain’s. Anglo Irish Bank, the project’s largest lender, took control of the property for the same price at a foreclosure auction in November in which Anglo, owed around $135 million, was the only bidder. Related has been widely expected to eventually take the reins as the company has been managing the Battery Park City property, at 225 Rector Place, under a receiver since last year. … [more]

  • Panel, from left: Eric Anderson of Tamarkin Anderson, Tom Nolan of the Radco Companies, Eric Anton of Eastern Consolidated, Garrett Thelander of Anglo Irish Bank, Avi Banyasz of Westbrook Partners and moderator Robert Knakal of Massey Knakal Realty Services (credit: Marc Becker)

    After a couple of years of extending and pretending, Anglo Irish Bank is beginning to find that a … [more]

  • Anglo to auction off Rector Square Nov. 17

    September 30, 2010 02:00PM

    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 … [more]

  • Related is seen as the likely buyer of the discounted apartments

    Rector Square and Yair Levy

    Irish Bank plans to auction the unsold 230 apartments of Rector Square,
    the foreclosed Battery Park City condominium conversion, in a bulk sale
    in September, with s … [more]

  • AG hits Levy with fraud suit a

    June 09, 2010 02:17PM

    Rector Square and Yair Levy

    (Updated: 5:10 p.m. with comment from Yair Levy and YL Rector Street LLC)
    Attorney General Andrew Cuomo filed suit against embattled developer
    Yair Levy for $7.4 million, alleging he underfunded and illegally
    withdrew millions of dollars from the reserve fund at the Rector Square condominium in Battery Par … [more]

  • Former Anglo Irish chairman arrested

    March 19, 2010 11:55AM

    Sean FitzPatrick, former chairman of the Anglo Irish Bank, was arrested yesterday on charges of alleged financial fraud. FitzPatrick, one of Ireland’s most visible financial executives, has been accused of fiscal impropriety in the past. FitzPatrick left his post as Anglo Irish’s chairman in December 2008 amid allegations that he had concealed personal loans, valued at tens of millions of dollars, from shareholders. On this side of the Atlantic, Anglo Irish has made waves in the New York City real estate world. After buying big during the boom years, the bank saw its investments flounder in the financial downturn. In January 2009, the bank filed to foreclose on developer Yair Levy’s $165 million mortgage on Rector Square, a 304-unit residential development at 225 Rector Place in Battery Park City.

  • alternate textYair Levy and Park Columbus condominium at 101 West 87th Street on the corner of Columbus Avenue

    Garrison Special Opportunities Fund, a Manhattan-based hedge fund, alleges that developer Yair Levy threw his stalled Park Columbus condominium project at 101 West 87th Street into Chapter 11 the night before a scheduled Sept. 10 auction to foreclose on a defaulted $20 million mezzanine loan, according to a U.S. Bankruptcy Court filing obtained by The Real Deal. On Sept. 8, Levy filed to get a temporary restraining order in New York State Supreme Court blocking the foreclosure auction. Garrison officials allege in the filing that Levy failed to come up with a $20 million deposit the following day as demanded by Judge James Yates, in order to block the sale. After failing to produce the deposit, the filing alleges that Levy threw his YL West 87th Street Holdings entity into Chapter 11 bankruptcy, one night before the scheduled Sept. 10 auction. Garrison officials called the bankruptcy filing “a sham” and urged a U.S. Bankruptcy Court Judge to lift an automatic “stay,” allowing it to move forward with the foreclosure auction, which would effectively sell the stalled project to a new owner. … [more]

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    Yair Levy, 225 Rector Square

    Anglo Irish Bank filed a motion in New York State Supreme Court earlier this month to complete foreclosure proceedings against Rector Square developer Yair Levy and place the troubled Battery Park condominium conversion on the auction block for sale to a new investor. Anglo Irish originally filed suit in February alleging that Levy defaulted on a $165 million mortgage loan to convert the 304-unit rental building at 225 Rector Place, and failed to pay millions of dollars in contractor’s fees, common charges and PILOT payments to the Battery Park City Authority, which controls the ground lease under most, if not all, Battery Park buildings. Levy later tried to preempt the foreclosure suit by filing a countersuit in Nassau County, where he resides, alleging that Anglo Irish forced his property into default by holding up construction dollars. That case was later consolidated into the foreclosure suit filed by Anglo Irish.  More


  • Fox 5’s Christina Park talked to a couple living in YL Equities’ 225 Rector Place who is stuck in the unfinished condo. The couple put a down payment on the apartment, thinking they were getting a deal on buying a unit pre-construction, but YL defaulted on a $165 million loan in the middle of the condo’s construction, and now work has stopped. YL Equities allegedly refuses to return the down payment, and they say they are forced to live in unsafe conditions, and don’t know when the condo will be finished.