225 Rector Place | The Real Deal New York

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225 Rector Place

225 Rector Place
New York, NY 10280
(212) 801-1000
Website
Sales, Leasing/Rental
225 Rector Place
225 Rector Place is a 24-story, 286-unit residential condominium building in Battery Park City, at the southwestern tip of Manhattan. Related Companies, the privately-held, New York City-based developer and landlord that owns and manages $20 billion worth of real estate across the country, erected it in 1985, sold it to YL Real Estate Developers in 2005, and bought it back in 2011. Related originally built the tower, then called Parc Place, as a rental property. Gruzen Samton Steinglass, now Gruzen Samton LLP, designed the building. Related sold it in 2005 for $165 million as part of a portfolio transaction that also included Columbus Green at 101 West 87th Street. Yair Levy, of YL Real Estate Developers, renamed it Rector Square and began converting the building to condos, but the developer defaulted on the mortgage loan. Anglo Irish Bank foreclosed on the property in November 2010, then sold it to Related for $82.8 million in 2011. Richard J. DeMarco of Montroy Andersen Design Group Inc. is the architect for the conversion. Irish interiors firm Clodagh designed the buildings interiors and lobby. Amenities include a pool, rooftop terrace, gym, and childrens playroom. Twenty percent of units are available for moderate-income tenants, in exchange for tax breaks for the building owner. It has a limestone base and a red brick faade. -MK
  • Year Built 1985
  • file ag plans 09/04/2015
  • residential units 286
  • commercial units 0
  • square feet 287,819
225-Rector-Place-1 feature
12/30/15
Though he probably didn’t author the listing for his Battery Park City condominium unit, the language describing Augusten Burroughs’ home includes poetic descriptors such as “condolicious.”...
114 Closing se FINAL.indd
07/21/14
From the July issue: Yair Levy is an investor and developer who rose to real estate prominence through several high-profile residential condo conversions during the...
From left:
03/26/14
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...
511-541 West 25th Street
02/19/14
The Related Companies is switching gears, opting to sell a Far West Side property. The company had been snapping up properties and building new buildings...
From left: Sky View Parc in Flushing and 250 West Street in Tribeca
01/17/14
Sky View Parc in Flushing was the best-selling building of 2013, with 165 units sold during that year at a median price of $677,136, according...
Rector
01/12/14
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...
10/04/13
“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...
225 Rector Place
04/03/13
225 Rector Place Related’s 225 Rector Place now 70 percent sold. Fannie, Freddie profits reignite housing market debate. The townhouse that Madonna built. Upper West...
Brooklyn Army Terminal
01/30/13
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...
Rector Place and Yair Levy
01/18/13
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...
levy
12/24/12
Yair Levy The Dallas-based Lone Star Funds has filed suit against developer Yair Levy’s wife, Sosana, and his daughter Galit, alleging they failed to respond...
From left: A rendering of 225 Rector, Related chairman Stephen Ross
11/14/12
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...
From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place
08/17/12
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...
From left: Related Chairman Stephen Ross, 225 Rector Place and Yair Levy
05/04/12
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...
Stuart Saft
04/29/12
Greenberg Traurig has ended talks on a possible deal to rescue law firm Dewey & LeBoeuf as it faces a possible bankruptcy filing this coming...
From left: 511 West 25th Street, One Madison Park and 225 Rector Place
01/23/12
Related Companies has closed the distressed asset fund that purchased debt on Manhattan properties including One Madison Park and 225 Rector Place (also known as Rector...
Yair_Levy_elert.jpg
08/12/11
From left: Developr Yair Levy, Attorney General Eric Schneiderman and 225 Rector Place Developer Yair Levy has filed to overturn the $7.4 million judgment and a...
Unraveling_of_a_condo_king.jpg
06/29/11
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...
Unraveling_of_a_condo_king.jpg
05/26/11
From left: Yair Levy, Rector Square (source: PropertyShark) and Andrew Cuomo A state Supreme Court judge ruled that developer Yair Levy defrauded the Rector Square condominium in...
66605_Picture-2.jpg
01/21/11
From left: Rector Square, YL Real Estate Developers' Yair Levy and Justin Metz, a managing principal with Related Companies Related Cos. today closed the long-anticipated...
Unraveling_of_a_condo_king.jpg
01/13/11
Rector Place and Yair LevyThe Related Companies will take over the unsold units and commercial space at Yair Levy's Rector Square condominium for $82.8 million...
Yair_Levy_elert.jpg
12/23/10
Rector Place and Yair LevyEmbattled developer Yair Levy and his son-in-law Daniel Deutsch are facing a $20 million lawsuit from unit owners at the Rector...
11/29/10
Lender Anglo Irish Bank will cease to exist within a few months' time, according to Ireland’s central bank. The bank’s “nameplate” will be removed in...
yair_levy_fb.jpg
11/17/10
Rector Square and Yair LevyAnglo Irish Bank acquired unsold shares of Rector Square, the troubled Battery Park City condominium, during a public auction at the...
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