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]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Garret Lepaw and Corcoran's Pam Liebman (Photo via Jonathan Grassi/Corcoran)
Douglas Elliman exec returns to Corcoran after 7 years
Douglas Elliman exec returns to Corcoran after 7 years
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
Smaller retailers are snapping up Manhattan’s empty storefronts for shorter, cheaper leases (iStock)
Small retailers slip into city’s empty storefronts on the cheap
Small retailers slip into city’s empty storefronts on the cheap
Corcoran CEO Pam Liebman, Douglas Elliman Executive Chairman Howard Lorber and Compass CEO Robert Reffkin. (Unsplash, Corcoran, Compass, Douglas Elliman)
Which resi brokerages grew and shrunk during the pandemic
Which resi brokerages grew and shrunk during the pandemic
Real estate at risk: Industry vulnerable to data breaches
Real estate at risk: Industry vulnerable to data breaches
Real estate at risk: Industry vulnerable to data breaches
arrow_forward_ios

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

Loading...