Corcoran Sunshine succeeds Elliman’s Dolly Lenz in handling sales at the UWS condo

From left: Dolly Lenz, Lev Leviev, the Apthorp and Kelly Kennedy Mack

It’s been nearly a month since Dolly Lenz, Prudential Douglas Elliman power broker and one of New York real estate’s most polarizing figures, left her exclusive sales role at the Apthorp, but the newly appointed sales team has yet to officially take the helm. Meanwhile, the rental-turned-condominium, where the sponsors’ controversial efforts to sell off multi-million dollar units at the legendary address has be [more]

Corcoran Sunshine succeeds Elliman’s Dolly Lenz in handling sales at the UWS condo

From left: Dolly Lenz, Lev Leviev, the Apthorp and Kelly Kennedy Mack

It’s been nearly a month since Dolly Lenz, Prudential Douglas Elliman power broker and one of New York real estate’s most polarizing figures, left her exclusive sales role at the Apthorp, but the newly appointed sales team has yet to officially take the helm. Meanwhile, the rental-turned-condominium, where the sponsors’ controversial efforts to sell off multi-million dollar units at the legendary address has be [more]

The seven floors up for grabs at the old New York Times headquarters at 229 West 43rd Street are expected to draw about a dozen bids by today’s submission deadline, which was extended by a week due to increased interest, Crain’s reported. The plan to convert the space into a 400-room hotel will be part of an ongoing effort to transform the former office building into a mixed-used property that will include condos, restaurants and stores. More than 70 hotel operators had previously expressed interest in operating the Times Square property, according to Richard Marin, chairman and CEO of building owner Africa Israel Investments USA. Experts say the location would be ideal for anything except a super-luxury or down-market operator. According to Jon Fox, a hotel consultant at PKF Consulting, Africa Israel wouldn’t want a limited-service or budget hotel since that would be incompatible with its own plans to develop high-end condos at the top of the building. Africa Israel bought the 79,000-square-foot, 15-floor building for $525 million in 2007 and tried unsuccessfully to attract office tenants to the building before opting to reposition it. More than 60 percent of the lower levels has already been leased out to retailers. [Crain's]

[more]

Lev Leviev’s Africa Israel Investments is trying to restructure 21 billion shekels, or $5.5 billion, worth of debt. The company has paid off 3.3 billion shekels of loans since the beginning of 2008, but it still has 7.5 billion shekels of debt left to pay off, it said. Leviev told Bloomberg the company’s biggest mistake was its U.S. investments, which include the former New York Times building, purchased for $525 million in 2007. The company’s stocks dropped in response to the restructuring announcement.

The Apthorp’s condo conversion deadline is looming with project owners Africa Israel Investments and Mann Realty Associates needing to move 25 units at the building, at 2201 Broadway between 78th and 79th streets, by Sept. 15. According to a source, around 22 units are in contract, double the number reported to have been sold. But the building has been relying heavily on a media blitz including a major price slashing as reports of stars like Bruce Willis and Alec Baldwin looking at the building have emerged. Africa Israel and Mann Realty called in star agent Dolly Lenz, a vice chairman at Prudential Douglas Elliman, to handle sales in late July.