NY Attorney General certifies Manhattan House conversion plan

TRD New York /
Aug.August 27, 2008 05:27 PM

 
New York Attorney General Andrew Cuomo’s office has declared effective the plan to convert Manhattan House into condominiums, three years after the building sold for $623 million, according to officials from the tenants’ association and developer.

Tenants said they were notified on Aug. 26 that Cuomo’s office had accepted the plan earlier in the month, and that the first closings were scheduled to begin sometime between late September to early October. 

O’Connor Capital Partners previously met a deadline set by HSH Nordbank to sell at least 15 percent of the available apartments by June 1, or face delays in closing the apartments. Sources said the last official update in June showed that about 110 apartments had been sold.

Streeteasy.com reports the building has 50 units on sale at an average price of $1,624 per square foot, ranging from $722,000 to $6 million.

The declaration represents a significant victory for developer Jeremiah O’Connor, who engineered the $1.1 billion conversion plan that would make Manhattan House one the biggest condo conversions in U.S. history.

Manhattan House officials were not immediately available for comment. Tenant association officials said they were waiting to get additional written confirmation on the plan before commenting.

O’Connor survived a brutal legal fight against N. Richard Kalikow, who partnered with him on the 2006 acquisition from New York Life Insurance Co. He also endured a lengthy set of legal challenges by the Manhattan House Tenants Organization, which fought against the conversion on several fronts, including over whether market rate tenants could be evicted.

O’Connor hired a team led by Prudential Douglas Elliman superbroker Dolly Lenz to market the 583-unit property at 200 East 66th Street, taking out a $750 million loan from HS Nordbank in 2007 to help finance the conversion. Nordbank, like a number of commercial foreign banks, has since shut down much of its major commercial lending in New York.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
445 Fifth Avenue and Harbor Group's Jordan Slone (Google Maps)

Harbor Group sued after defaulting on $40M loan at Midtown retail space

Harbor Group sued after defaulting on $40M loan at Midtown retail space
Top developers on their reasons for doubling down in South Florida market

Top developers on their reasons for doubling down in South Florida market

Top developers on their reasons for doubling down in South Florida market
Governor Andrew Cuomo (Getty; Pixabay)

Landlords, tenants react to Cuomo’s latest eviction ban

Landlords, tenants react to Cuomo’s latest eviction ban
Retail bankruptcies are on pace to surpass those filed in 2010, while store closings have already passed those from 2019, according to a report (Getty)

Retail bankruptcies on pace to rival 2010: report

Retail bankruptcies on pace to rival 2010: report
(Getty)

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...