Condo at Davis’ 1055 Park in contract for less than lender minimum

January 31, 2011 09:56AM

The first of Trevor Davis’ five glassy condominiums at 1055 Park Avenue has gone into contract for under $4 million, or less than half of its original, $9.3 million asking price, according to the Wall Street Journal. That works out to less than $1,850 per square foot, which brokers consider to be a distressed price for that East 87th Street location. The price is also $1 million less than the minimum sales price set by lenders in mortgage documents signed last year. Davis, who filed for bankruptcy protection last month and is facing a foreclosure suit at his own 5,623-square-foot apartment at the Empire, has been struggling financially with the project for years. Construction stalled for 10 months in 2009 after a lender cut off funding amid a dispute, and was restarted after Davis put in $4 million of his personal funds and obtained a second, $6 million loan. Meanwhile, Davis said “the building has momentum,” with several other offers now on the table for its duplex and triplex units. [WSJ]