While price cutting has become the norm for many need-to-sell condominium units as of late, one Upper East Side condo board refuses to relent. After Ponzi-schemer Edward Stein reportedly paid for a portion of his $1.6 million 170 East End Avenue apartment with illicitly earned funds, a court-appointed receiver put it on the market. But when a buyer put in a $1.3 million bid on the unit and the court gave its blessing to the offer, the building’s condo board was none too pleased. Rather than see one of its building’s apartments sold at under $1,000 per square foot, the condo board bought up the spot for the same price. Of course, it doesn’t hurt that the condo board’s president also happened to be the developer of the building. Orin Wilf, president of Skyline Properties, also purchased the Stein residence’s furnishings, according to Curbed, and has relisted the spot for $2.45 million.
170 East End Avenue board nixes sale
TRD New York /
Dec.December 21, 2009 04:32 PM