Troubled W’burg development, the Modern, sells for $3.3M

TRD NEW YORK /
May.May 11, 2011 02:15 PM
Robert Scarano and renderings of the Modern at 205 North 7th Street

The slick residential building known as the Modern, originally designed by
controversial architect Robert Scarano and located at 205 North 7th Street in
Williamsburg sold Monday for $2.9 million to a group of investors.

The buying entity called North 7 Acquisition LLC paid $2.35 million for the
note held by Hudson Valley Bank, that had a $3.3 million face value, and paid
$575,000 for the property, Jonathan Wachtel, managing member of the seller
Lucky Boy Development, said. There was no broker on the deal.

Brooklyn-based Lucky Boy developed the four-story building but ran into trouble
as the economy soured. The seven-unit condominium building is about 65
percent completed and should be finished in early 2012, Wachtel said.

Catherine Wachtel, an associate broker with the Corcoran Group, will be the
exclusive marketing agent when sales begin, which is expected in late 2011.

The building had a troubled past while Scarano was the architect. In 2007
the DOB slammed the project for allegedly violating construction codes and
hit it with a stop work order that year claiming poor excavation work.

Now, the building has another stop work order, issued in November 2010, but the
violation is expected to be cleared once new permits are issued, Wachtel said.


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