Singer sells stalled Chinatown site for $16.5M

TRD New York /
Jul.July 16, 2010 06:30 PM
Baruch Singer and 86 Canal Street (building photo source: PropertyShark)

Manhattan-based landlord Baruch Singer sold a stalled development site
in Chinatown for $16.5 million in late June after failing to convert
the property into a 16-story residential building, according to newly released documents.

Singer
sold the site at 86 Canal Street on June 24 to Elmhurst, Queens-based
Wing Fung Realty Group, led by investor Andy Chau, who told The Real Deal that he plans to develop the site into a 30-unit condominium.

Singer
originally acquired the site for $20.5 million in 2007, tearing down a
five-story building in favor of a planned 79,000-square-foot apartment
building with office, retail and community space. Singer previously
told The Real Deal that he lost financing late in the process and filed plans in November 2009 to build a 100-space parking lot.

Department
of Buildings records show a partial stop work order at the site dating
back to March, for operating without a permit. A 2009 lawsuit was filed
in New York State Supreme Court by Wallingford, Conn.-based
Infra-Metals for unpaid construction liens at the site. The suit has
not yet been resolved and the lien has not been released, lawyers for
Infra Metals said.

Singer was not immediately available for comment.

 

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