Related to take over Rector Square for $83M

January 13, 2011 03:40PM

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]