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New York

SI condo development makes triumphant return

A stalled 57-unit condominium project in Staten Island has relaunched under new owner Meadow Partners, Crain’s reported. Meadow Partners, the new owners of the Pointe, at 155 Bay Street, said that sales will officially launch in one week with the Marketing Directors, according to Crain’s.

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Previous owner, Brooklyn-based developer Leib Puretz, defaulted on loans for the Pointe after the demise of Lehman Brothers Holding Company, and Meadow Partners bought the $54 million in notes for the project for a mere $23 million, Crain’s said.

The one- and two-bedroom apartments range in price from $300,000 to $485,000. [Crain’s]

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