Joseph Sitt’s Thor Equities now has full control of a $25 million commercial condominium at 88 Greenwich Street, after purchasing the remaining 50 percent stake in the property from Andrew Heiberger’s Buttonwood Development for about $12.5 million. Heiberger and Sitt are partners in Town Residential. [more]
Posts Tagged ‘88 greenwich street’
The high-end residential condominium building 88 Greenwich Street in Lower Manhattan, which was badly damaged from flooding caused by Hurricane Sandy, and the target of a $35 million lawsuit, expects to reopen next week, the building’s manager said in a statement last night.
88 Greenwich, also known as the Greenwich Club Residences, is managed by Cooper Square Realty, and had its basement flooded by 3 million square feet of salt water. The city’s Department of Buildings gave the building, at the corner of Rector Street, approval for reoccupancy after declaring the structure “unsound” shortly after the storm hit, the management’s statement said. [more]
Residents of two luxury buildings in Lower Manhattan, who were displaced by Hurricane Sandy, are lawyering-up and seeking damages. Residents of 88 Greenwich Street filed a $35 million suit against the condo board and property manager, alleging that building management took no precautions against flooding, Law360 reported. The tower was declared uninhabitable.
Also, residents of 2 Gold Street — who already released an open letter claiming negligence in their building — are suing the developer, owner and manager of their building, TF Cornerstone. [more]
Hurricane Sandy has left many mortgage lenders concerned over storm-related damage to properties currently on the market or newly under contract. As a result, some lenders have issued a new requirement mandating that all properties be re-inspected prior to closing, Brick Underground reported.
If any damage is found, some lenders are requiring the seller to repair it. Already, some brokers have expressed concern that this will cause buyers to pull out of their contracts with their deposits in hand. [more]
Cignature Realty Associates has closed a $3.75 million multi-family building deal at 329 West 13th Street in the Meatpacking District. Meanwhile, the Greenwich Club Residences, a condominium conversion project at 88
Greenwich Street and Rector Street, has released the 70 remaining units
on floors three through five while floors one and two contain retail. Prices at the 452-unit converted office building start at $399,000 for studios and $599,000 for one-bedrooms. Sales in the building started in early 2007 and the development is currently 80 percent closed. TRD Click here for more. … [more]