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FiDi Follies: 25 Broad Street Condo Plan Dissolved

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Late Friday afternoon, when most people had already ditched their cubicles for Happy Hour, developer Swig Equities issued this press release about the condo conversion of 25 Broad Street, now known as The Exchange:

The Exchange at 25 Broad Street, a 346 unit Landmark luxury condominium project in the heart of New York City’s FiDi (Financial District) neighborhood, announced that the original condominium plan previously filed with the Office of the New York State Attorney General has been withdrawn and will be replaced with a newly revised condominium plan. The new filing, which has already been pre-reviewed by the New York Attorney General’s Office, describes and further discloses the deconstruction of the southern wing of 25 Broad Street, the removal of which will vastly improve light and air for the residences at 25 Broad Street and further enhance the value and living environment of the remaining 306 apartments. This new filing coincides with the completion of all interior construction with respect to the renovation of the apartments and amenity spaces in anticipation of the commencement of unit closings (scheduled for July 2008).

There have been a slew of rumors circulating lately about the de-landmarked and eternally delayed 25 Broad (see the first comment), and the dissolution of the original offering plan (without much of an explanation as to why) will only lead to more of them. Luckily for us, we heard form a prospective buyer who dropped by the sales office this weekend to get some answers.
Here's what our tipster reported:

I was told that they could show me units, but that since there is currently no offering plan, they could not discuss pricing. In fact, I was told that all of the units are being re-priced as part of the new offering plan (I was told they are planning to increase the prices across the board - which I find hard given market conditions). The building rep was not forthcoming with any specifics on why the offering plan had been dissolved. She actually seemed quite confused about it. She did say that buyers for at least 15% of the units that were under contract intended to re-sign the new offering plan (though I'm not sure how they would know unless they have already disclosed the offering plan to those buyers).

Which means that buyers who have been waiting to close on the former rental building are now free to walk away from their contracts? Very saucy! We'd love to hear from 25 Broad Street buyers to clear up this matter, so don't be shy about dropping us a line.
· LPC Strips 25 Broad, Not Sold on 443 Greenwich [Curbed]
· 25 Broad Streeters Kindly Shown the Door [Curbed]
· The Exchange [25broad.com]

25 Broad Street

25 Broad Street, New York, NY 10005 Visit Website