A rendering of the Printing House
The Printing House’s 64 condominium units will finally come on the market in February 2013, Curbed reported. Development of the West Village property at 421 Hudson Street had been slowed by a lawsuit from a rival bidder.
The new owners of the building, led by Belvedere Capital and Angelo Gordon & Co., have since settled litigation with the rival bidder, Taconic Investment Property, as The Real Deal previously reported. [more]
A group including Belvedere Capital Real Estate Partners and Angelo Gordon & Co. has agreed to pay approximately $70 million for the 105 rental units at the Printing House at 421 Hudson Street and plans to convert them into condominiums, the Wall Street Journal reported. The West Village apartment building is already part-condo; seller Mountbatten Equities converted some of the units from commercial space three decades ago. The remaining units will now be vacated and renovated, with some possibly being combined. As The Real Deal reported in April, the sale of the unsold Printing House units has been the subject of controversy for months. Taconic Investment Partners, which had at one time agreed to pay $77.25 million for the rental units, is suing Mountbatten for using the company as a “stalking-horse bidder” in an attempt to find a more lucrative deal…. [more]
[Updated at 5:05 p.m. with information on who the developers were in talks with] Taconic Investment Partners has filed a $4.38 million lawsuit against the developers of the West Village’s Printing House condominium, alleging they were used as a “stalking-horse bidder” on a deal to buy 104 unsold units, when the true intent was to find a more lucrative deal.
Taconic, in a suit filed in Manhattan Supreme Court April 18, alleges that the developers, Mountbatten Equities, led by investors Winthrop Chamberlin and Barnet Liberman, offered the units at 421 Hudson Street for $77 million, but allegedly moved on to another bidder, after several weeks of negotiations.
“During the negotiations, defendants and Mountbatten’s exclusive agent represented to Taconic that all material terms had been agreed to and Mountbatten was committed to consummating a deal with plaintiffs,” wrote Taconic’s attorney, Janice Mac Avoy of Fried Frank, who alleged in court papers that Taconic was preparing to close the deal. “In fact,” she wrote, “defendants did not have any intention of selling the condominium units to plaintiff.”… [more]
Equinox is replacing the Printing House Fitness & Squash Club, the upscale gym touted for its rooftop pool and celebrity clients, atop the prewar 421 Hudson Street condominium that shares its name.
An Equinox spokesperson confirmed to The Real Deal that the chain, which is owned by the Related Companies, has signed an agreement to take over the 30,000-square-foot space from the boutique sports club and expects to complete the transaction by the year’s end.
The terms of the deal were not immediately available, but Equinox said it is a long-term direct lease with the landlord, Mountbatten Equities. … [more]
Though Us Weekly first reported that golfer Tiger Woods had moved into an apartment downtown — the Printing House condo at 421 Hudson Street, according to Curbed and the Daily News — real estate insiders say it’s either wishful thinking or a stunt pulled by a landlord to promote his building. “No way Tiger would live there,” a broker told The Post. If it really was Tiger who had been seen moving boxes into the building — a run-down 1980s conversion with leaky ceilings — maybe he was helping out a girlfriend, brokers told the Post. “If he does live there, it means his wife took every penny he has and he’s at the end of his rope,” another broker said. Non-real estate sources are also skeptical that Tiger actually lives there, noting that he has always tried to avoid the city by staying on his yacht. [Post]
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