Related to take over Rector Square for $83M

TRD New York /
Jan.January 13, 2011 03:40 PM
Rector Place and Yair Levy

The Related Companies will take over the unsold units and commercial space at Yair Levy’s Rector Square condominium for $82.8 million next week, sources told Crain’s. Anglo Irish Bank, the project’s largest lender, took control of the property for the same price at a foreclosure auction in November in which Anglo, owed around $135 million, was the only bidder. Related has been widely expected to eventually take the reins as the company has been managing the Battery Park City property, at 225 Rector Place, under a receiver since last year. Sources said that Related has already expressed its intent to become the project’s sponsor to the New York state attorney general’s office, and will officially apply once the deal is done. As the new sponsor, the company would make a call as to whether to finish converting the tower to condos, or to rent out the 232 unsold units. [Crain’s]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Stephen Ross, chairman of Related Companies (Getty)

Stephen Ross to retailers: Brace yourself for bankruptcies

Stephen Ross to retailers: Brace yourself for bankruptcies
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
Douglas Eisenberg, Stephen Ross, Isaac Kassirer and Charles Kushner (Credit: Kushner by Sasha Maslov, Ross by Sean Zanni/Patrick McMullan via Getty Images)

Rent strike targets landlords who can “take the hit”

Rent strike targets landlords who can “take the hit”
A photo illustration of Stephen Ross and Time Warner Center (Credit: Joel Auerbach/Getty Images, Wikimedia Commons)

Related plans Time Warner Center revamp

Related plans Time Warner Center revamp
Related CEO Jeff Blau (Photo by Arturo Holmes/Getty Images)

Jeff Blau predicts “wave of defaults” on commercial and hotel loans

Jeff Blau predicts “wave of defaults” on commercial and hotel loans
The Saudis have made a major bet on Related

The Saudis have made a major bet on Related

The Saudis have made a major bet on Related
Equinox Executive Chairman & Managing Partner Harvey Spevak, Related Companies CEO Jeff Blau and Equinox at Hudson Yards (Credit: Spevak by Jamie McCarthy/Getty Images for Gabrielle's Angel Foundation, Blau by Craig Barritt/Getty Images for Related-Oxford, Matthew Peyton/Getty Images for Equinox)

Equinox isn’t paying rent at multiple NYC locations

Equinox isn’t paying rent at multiple NYC locations
arrow_forward_ios

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

Loading...