The Real Deal

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Apthorp partners come to terms

New York real estate investor Maurice Mann and Israeli billionaire Lev Leviev reached an agreement on Friday under which Mann will retain his stake in the landmark Apthorp at Broadway and West 79th Street, but will be replaced as manager of the condo conversion, according to sources with knowledge of the agreement. Mann, who led the record $426 million acquisition of Apthorp, filed suit in December against Anglo Irish Bank and Apollo Real Estate, the project's senior and mezzanine lenders after the lenders declared the loan out of balance and demanded $22.7 million in direct payments to prevent the loan from going into default. Leviev later filed for an injunction against Mann, claiming the dispute should be resolved by a rabbinical arbitration court, called the Beth Din of America. Leviev claims that Mann mismanaged the conversion and successfully sought to replace Mann Realty with the Feil Organization, a 50-year-old development and management company, to assume day-to-day management of the Apthorp.
Click below to listen in as reporter David Jones gives the back story on the contentious Apthorp condo conversion.