Prices slashed at William Beaver House

New York /
Jan.January 07, 2011 09:26 AM
Developer Tamir Sapir and the William Beaver House

The distressed sale of the unsold apartments in William Beaver House — a 47-story Andre Balazs-designed condominium in the Financial District that was just bailed out by the CIM Group — has led to a sharp drop in asking prices and refunds for potential buyers, the Wall Street Journal reported. CIM took control of 209 unsold units at the William Street condo and has now filed an amendment to the offering plan cutting combined asking prices by $91.8 million. CIM also indicated they might rent out some or all of the units, as The Real Deal reported. The filing highlights how distress can sometimes lead to lower prices and the possibility of new opportunities for buyers. In this case, CIM purchased $66 million in debt at a discount from a fund controlled by the Blackstone Group. It then took title to the unsold units as part of a deal in which it helped bail out Tamir Sapir, developer of William Beaver House. Asking prices on many units are being cut by 21.5 percent, according to documents filed with the attorney general. [WSJ]


Related Articles

arrow_forward_ios
Columbia Property Trust CEO Nelson Mills and 799 Broadway (Columbia Property Trust, 799BroadwayNYC.com, iStock)
Columbia Property Trust lands $270M refi at 799 Broadway
Columbia Property Trust lands $270M refi at 799 Broadway
RXR’s Scott Rechler and 1330 Sixth Avenue (Getty, RXR)
RXR, Blackstone move to sell 1330 Sixth Avenue
RXR, Blackstone move to sell 1330 Sixth Avenue
Blackstone's Jonathan Gray (Blackstone, iStock)
Blackstone: Give me your tired, your poor REITs
Blackstone: Give me your tired, your poor REITs
Prologis CEO Hamid Moghadam (Prologis, iStock)
Industrial strength: Prologis’ run unmarred by Ukraine conflict
Industrial strength: Prologis’ run unmarred by Ukraine conflict
From left: Silverback Development managing principal Josh Schuster and Arch Companies managing partner Jeffrey Simpson (Google Maps, Arch Companies, Silverback Development, iStock)
Luxury lost: defect complaints rise in new residences
Luxury lost: defect complaints rise in new residences
Stephen Schwarzman, chairman, Blackstone, along with 345 Park Avenue (Getty Images, Rudin Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone again weighing Manhattan HQ move, expansion
Blackstone again weighing Manhattan HQ move, expansion
Stephen Schwarzman, chairman, Blackstone, in front of 1740 Broadway (Getty Images, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Rare flop for Blackstone: Firm hands over keys to 1740 Broadway
Rare flop for Blackstone: Firm hands over keys to 1740 Broadway
Brookfield Properties EVP Callie Haines (Brookfield Properties, iStock)
One Manhattan West to run on renewable energy
One Manhattan West to run on renewable energy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...