225 Rector now half in contract, penthouses hit the market

November 14, 2012 12:00PM

The once-troubled condominium project at 225 Rector Place is now almost 50 percent sold, developer Related Companies said today. Related began a fresh round of marketing the apartments this past May, after buying the building out of foreclosure for $82.8 million the previous summer.

The 181 units at the development range from studios to three-bedroom apartments, priced between $500,000 and almost $2.8 million. Related also today listed a dozen penthouses on the top two floors of the 24-story building, which range in size from 1,024-square-foot one-bedrooms to 1,963-square-foot three-bedrooms, the company said.

About 25 percent of the units were already in contract by May, and prices then were slightly lower. (For example, a studio was listed at $495,000.)

“Reaching this milestone, in just five months, signals that the marketplace has clearly responded to the inspired design and value proposition at 225 Rector Place,” said Sherry Tobak, senior vice president for Related Sales and the building’s director of sales.

After taking possession of the building, Related hired Irish designer Clodagh to refurbish the interiors and common spaces. The building’s amenities include a 40-foot swimming pool, fitness center, yoga studio, children’s playroom, rooftop terrace and bike storage

The longtime rental building was originally converted to condos by developer Yair Levy, and sales first started in 2007. However, Levy was forced to shutter the sales office and stop construction in 2009, and defaulted on the construction loan.

A New York State judge later ordered Levy to pay back $7.4 million that he allegedly “raided” from the reserve fund at 225 Rector Place and banned him from selling condos and co-ops, as The Real Deal reported.—Leigh Kamping-Carder