Trevor Davis’ 1055 Park Avenue nearly all sold out

New York /
Jun.June 01, 2011 12:00 PM

Five glass-walled condominium units at 1055 Park Avenue and 87th Street have sold despite a long and difficult struggle by developer Trevor Davis, the Wall Street Journal reported. The buyers all closed this past Friday upon orders from a bankruptcy judge, as the building worked out a foreclosure threat. The final, and sixth, apartment will close in the next couple of weeks for more than $5 million, court records reveal.

The condo units, in a narrow 12-story glass tower designed by Kohn Pederson Fox Associates, were not well received by neighbors. Davis bought the site in 2005 and struggled to complete it, eventually filing for bankruptcy in December of last year. The bankruptcy court dictated that all five condos be sold on the same day, providing the $18.2 million needed to pay off the first mortgage.

As The Real Deal previously reported, the sale should help resolve legal battles between Davis and his lenders following the bankruptcy, who were about to foreclose on the troubled condo in late December.

The first buyer to sign a contract in the building paid $3.8 million for a two-bedroom duplex originally listed for $9.3 million. The contract was signed by the Pervian buyer in December but was delayed because of the bankruptcy proceedings. At least four of the apartments were purchased by foreign buyers.

“My buyer saw it very much as a downtown feel, uptown,” said Tristan Harper, the Prudential Douglas Elliman broker who represented the buyer.

“I am very happy that we basically sold the building out in this market,” Davis said, but, “we would have liked to have done better financially” [WSJ]


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