Will there ever be shalom on the Upper West Side? The controversial condo conversion of the classy old Apthorp?which has housed Nora Ephron, Conan O'Brien, Steve Kroft, and many other boldface names during its years as a rental building?is currently dealing with the two-headed beast of a softening luxury market and a bitter battle between the building's co-owners, Lev Leviev and Maurice Mann. Now, Apollo Real Estate Advisors, one of the project's lenders, is threatening to throw the Apthorp into default if Leviev and Mann can't work out their differences by Friday. Only...that's probably not going to happen without some sort of divine intervention. Crain's explains why:
Theodore Steingut, Mr. Mann’s lawyer, said the two sides are trying to resolve their differences but that an arbitration date hasn’t been set. He said that one problem is that the two parties agreed that arbitration would be heard by a Beth Din, a Jewish Rabbinical Court and that finding a suitable one has been a challenge. In last week’s ruling, the judge gave Mr. Mann until yesterday to find a suitable Beth Din.Plus, they'll also have to take time to make sure that any gelt that changes hands as a result of arbitration isn't actually made of chocolate.
· Time running out for famed apartment building [Crain's]
· Apthorp coverage [Curbed]