Prices slashed at William Beaver House

TRD 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
Blackstone's president Jonathan Gray and CEO Stephen Schwarzman (Credit: Gray via Drew Angerer/Getty Images; Schwarzman via Himanshu Bhatt/NurPhoto via Getty Images)

Blackstone: “We don’t need financing to get things done”

Blackstone: “We don’t need financing to get things done”
Blackstone’s Jonathan Gray and Starwood Capital Group’s Barry Sternlicht (Credit: Gray by  Drew Angerer/Getty Images; Sternlicht by Cindy Ord/Getty Images for 1 Hotels)

Blackstone, Starwood pick up stakes in Extended Stay America

Blackstone, Starwood pick up stakes in Extended Stay America
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

These were the top outer borough loans last month
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)

Brookfield, Blackstone consider One Liberty Plaza sale

Brookfield, Blackstone consider One Liberty Plaza sale
From left: Alex Sapir, Tamir Sapir, Zina Sapir and Rotem Rosen (Credit: Getty Images)

Alex Sapir moves to dismiss Rotem Rosen’s $100M lawsuit

Alex Sapir moves to dismiss Rotem Rosen’s $100M lawsuit
Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

City lets Salmar bring office tenants to Brooklyn industrial property
arrow_forward_ios

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

Loading...