After feud, Apthorp prices to fall

TRD New York /
Jun.June 08, 2009 08:47 AM

The feud between the Apthorp’s owners, Africa Israel Investments and Mann Realty Associates, has ended, and the building’s brokers are focused on selling the units. Howard Lorber, chairman of Prudential Douglas Elliman, said that prices will soon fall further at the Apthorp because sponsors have to sign up a number of buyers before September, the deadline set in the offering plan. Lorber said Elliman has eight to 10 deals in the works, including one potential buyer who reportedly offered less than $1,500 a square foot for a unit, a price so low the sponsors would have to go back to their lenders for approval. Asking prices at the condo building, located at 390 West End Avenue, have fallen to an average of $1,950 a square foot from $2,400 to $3,000. Some celebrities have reportedly been looking at the building, including actors Alec Baldwin, Sarah Jessica Parker and husband Matthew Broderick, and music executive Tommy Mottola. [NYT] and [Crain’s]


Related Articles

arrow_forward_ios
From left: Milos Raonic, Venus Williams, Serena Williams and Novak Djokovic (Credit: Getty Images)

Luxury real estate anyone? US Open stars and their palatial pads

Luxury real estate anyone? US Open stars and their palatial pads
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Lena Dunham and 60 Broadway (Credit: Getty Images)

Lena Dunham’s “massive real estate mistake”

Lena Dunham’s “massive real estate mistake”
Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave
Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss
“The Great One” lists Thousand Oaks mansion

“The Great One” lists Thousand Oaks mansion

“The Great One” lists Thousand Oaks mansion
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Russell Weiner with 12520 Seminole Beach Road and 12395 Banyan Road (Redfin)

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M
arrow_forward_ios

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

Loading...