Closings begin at Union Square’s 123 3rd Ave.

It seems the tides have turned for Andrew Bradfield’s development firm Orange Management. After defaulting on a $19 million mortgage last year on a troubled 12-story building at 22 Renwick Street, between Spring and Canal streets, it’s finally scored a win with 123 Third Avenue.

Closings are underway at the Third Avenue condominium at 14th Street, after more than 90 percent of the 47 condominium units went into contract since September 2010.

“Sales and construction at 123 Third Avenue have progressed with remarkable speed,” said Elaine Diratz, managing director for Corcoran Sunshine Marketing Group, the exclusive agent for the building. “Buyers have been particularly responsive to this development.”

In fact, the only units remaining in the building are four penthouses, according to Streeteasy.com, ranging in price from $3.6 million for a 2,027-square-foot two-bedroom duplex to $4.525 million for a 2,334-square-foot three-bedroom unit.

All penthouses have set-back terraces, four exposures and floor-to-ceiling windows. TRD