Stephen Siegel, chairperson of CB Richard Ellis, has purchased a $1.75 million, two-bedroom apartment at the Fairchild, the 21-unit Tribeca condominium development at 55 Vestry Street, according to the Observer. The building, which has attracted the attention of various high-profile figures — including actor James Gandolfini, an investor, and actress Jessica Alba, who reportedly toured the building — is being marketed by Prudential Douglas Elliman. Siegel used Elliman broker Oren Alexander in the deal. Siegel told the Observer that he toured the apartment with a family member who “did an exhaustive search and knows about every finish and quality (or lack of it) at every apartment he looked at.” However, it was not immediately clear who would be residing in the home. Siegel told The Real Deal several years ago that he lived in a Park Avenue townhouse.

Developer Gerard Longo, president of both Madison Estates and Properties and United Financial Services, is seeing improvements in Manhattan’s residential market, the developer told CNBC’s “Squawkbox.” His North Tribeca development at 55 Vestry Street, the Fairchild, is experiencing a sales uptick, especially from international purchasers who are taking advantage of the weak dollar, he said. These purchasers have an easy time buying at the upscale 21-unit former manufacturing spot, where prices average between $2.5 million and $3 million, because many are paying in cash. But domestic purchasers, even those who can’t foot the bill in cash-only deals, are getting back into the market as well. “It’s not just one silver lining,” Longo said. Financing is available to those willing to make a higher down payment of roughly 25 to 35 percent, he estimated.

Rolan Shnayder of Home Owners Mortgage, which has been lending in a number of new condo buildings that are less than half sold

From the October issue: New condos — the black sheep of the real estate industry for much of 2009 — are finally beginning to move again as construction progresses and developers find ways to circumvent stiff presale requirements for mortgages. For example, the Tempo condominium in Gramercy, which sat virtually buyerless for months after it went on sale in September 2008, sold 10 units this summer. In Lower Manhattan, District on Fulton Street sold 10 units in August alone. The Fairchild at 55 Vestry Street in Tribeca, which had sold only one unit in April and none in February or March, put five units in contract in August and even saw a bidding war, the developer said. “Deals are getting done at new developments,” said Stephen McArdle, the principal of brokerage Urban Marketing, which is handling sales at District. “We’re seeing activity. Six months ago you weren’t seeing anything. The fact that the bottleneck is open is very encouraging.”