Stalled High Line condo back on track

TRD NEW YORK /
Dec.December 17, 2010 04:14 PM

A team of investors led by Todd Lippiatt of Aristone Realty Capital has come to the rescue at 245 10th Avenue, the 11-story condominium near the High Line that had been facing a foreclosure action and several lawsuits. According to the Wall Street Journal, the investors have bought out the debt holders at the property, including Citigroup and Hudson Realty Capital, which had filed to foreclose on their $43.3 million mortgage last March. Now, with the foreclosure action withdrawn, and the lawsuits, filed by contractors over allegedly unpaid work, settled, the project is on schedule to debut in the spring. The 18-unit building, which was 95 percent complete when construction stalled last year, will be marketed by Prudential Douglas Elliman’s Leonard Steinberg. Developer David Grasso, who is still involved with the project, had been asking an average of $1,467 per square foot there when the market went south in 2008. At one point, 10 units were in contract, but buyers were offered refunds on their deposits because of the construction delays. [WSJ]


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