When last we left the saga of the Apthorp, the Upper West Side landmark undergoing a contentious rental-to-condo conversion, the feuding co-owners had been given an extension by one of their lenders to settle their differences in Jewish rabbinical court. No, really! Anyway, The Real Deal now reports that it may not come to that. Maurice Mann, president of Mann Realty Associates, has agreed to resign as managing partner of the building and will be replaced by an executive at the Feil Organization, a developer and management firm. Mann had been warring in court with Israeli billionaire Lev Leviev (they bought the 163-unit building for $426 million in 2006) over the management and direction of the Apthorp conversion. According to a TRD source, it is believed that Apollo Real Estate Advisors will give the new team "an opportunity to take the project in the right direction" before pursuing any foreclosure on the property, but Mann's resignation is contingent on certain conditions?conditions that have yet to be worked out between Mann and Leviev. Uh oh, better get the rabbi on the line.
· Mann to step down at Apthorp [Real Deal]
· The Apthorp [Official Site]
· Apthorp coverage [Curbed]