Levy named one of most troubled developers

December 07, 2009 11:01AM

Developer Yair Levy is facing a bevy of fiscal nightmares, including a $100 million suit from 45 apartment owners at a Battery Park City condo conversion filed last month, making him one of the most troubled developers in New York City. While once considered the “condo king” of the city, Levy’s YL Real Estate Developers has come unraveled by poor project choices, according to a Crain’s profile, including Rector Square and Park Columbus. But while some of Levy’s developments, including the foreclosed condo conversion project Sheffield57, have proven irksome for Levy, he contends that many others face similar woes. “Everybody is in trouble,” Levy said, attributing his problems to “too many condo projects at the same time when the market collapsed.”

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