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Mets Buy Devonshire House, Condo Plan Confirmed!

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The Post's indefatigable Steve Cuozzo is on the Devonshire House beat today, closing the loop on the Central Village's Emery Roth-designed rental building that suddenly (and dramatically!) opened when the building was put on the market over the summer. Previously, we had said that a partnership of buyers had purchased the building?on East 10th Street at the corner of University Place?and planned on taking it condo. It turns out that the partnership had an agreement in place, but the $123 million bid fell apart because of that whole credit crunch thing. In swooped Mets owner Fred Wilpon's Sterling American Properties, which sealed the deal on the 131-unit building for a bargain cost of $110 million. Many of the building's units are rent-stabilized, which may have factored into the final price. The good news for Wilpon is that he'll save some skrilla on the marketing expenses when the condos hit the market. With a classy name like Devonshire House, why pay some knuckleheads to come up with something like YVES?
· Credit Crisis No Barrier to Village Bldg. Sale [NYP]
· Devonshire House Will Give This Condo Thing a Whirl [Curbed]
· CurbedWire: D-Day for the Dev [Curbed]

The Devonshire

28 east 10th street, New York, New York