Plaza Construction seeks to foreclose on Eichner’s Flatiron units

Contractor claims developer refuses to pay his $14M tab

TRD New York /
Jun.June 22, 2020 11:15 AM
Plaza Construction’s Richard Wood and Ian Bruce Eichner with 45 East 22nd Street (Courtesy StreetEasy, Plaza Construction)

Plaza Construction’s Richard Wood and Ian Bruce Eichner with 45 East 22nd Street (Courtesy StreetEasy, Plaza Construction)

The contractor that oversaw construction of one of Manhattan’s tallest condo towers claims the developer refuses to pay his $14 million bill. And now the firm wants to force an auction for some of the building’s units in order to get paid.

Plaza Construction, the general contractor on Ian Bruce Eichner’s Flatiron District condo development, filed a lawsuit Friday seeking to foreclose on a $14.4 million mechanic’s lien the company placed on the building at 45 East 22nd Street two years ago.

The complaint filed in Manhattan Supreme Court lists 24 condo units Plaza wants “sold at public auction” in order to recoup its losses — including the tower’s full-floor 60th floor condo, which is listed on StreetEasy with an asking price of $15.4 million.

It’s not clear how Plaza chose the 24 units listed in the complaint. According to the development’s most recent amendment to its condo offering plan on file with the state Attorney General’s Office, there were only 14 unsold units left as of January.

Representatives for Plaza and Eichner’s Continuum Company did not respond to requests for comment.

Plaza’s move to foreclose is the latest hitch at the 83-unit luxury project, where Eichner has struggled to sell pricey apartments since the once red-hot market turned south.

Eichner’s joint-venture partners, Fortress Investment Group and Dune Real Estate Partners, struggled with the developer for control of the tower in 2018 after he missed a milestone to put $500 million worth of sales under contract.

Eichner settled the dispute by securing a $167.5 million condo inventory loan from Madison Realty Capital, and bought a $20 million condo for himself on the 61st floor.

The project currently has a projected sellout of $612.25 million.

Contact Rich Bockmann at [email protected] or 908-415-5229.


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