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]

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