Following the breakup of developers Lev Leviev and Shaya Boymelgreen, it was decided that their luxury condo conversion of 20 Pine Street?the dominant symbol of the go-go Financial District residential boom (Armani! Shvookies! Glossy magazines! A 24-hour sales office to handle the crowds! )?would continue under 50/50 ownership. In hindsight, they both probably wish the other guy got stuck with it. Sales woes, customer complaints and lawsuits have been a recurring theme, but we never thought it would come to this: 20 Pine - The Collection is now 20 Pine - The Distress Sale. We've received the details of a bulk 20 Pine sale floated to investors by a group called Venture Capital Properties. The details: 80 unsold units for $63.7 million, or a jaw-droppingly low price of $652 per square-foot. Ouch. Like our daddies always told us: Debt is a scorned woman that must be satisfied.
From the materials:
This is a bulk sell of 80 unsold units at a luxury condominium building of 413 units. The owners started selling units last April. Thus far, they have sold 268 units and an additional 65 are under contract. The price is 51.5% of the current market value of the property of $123,764,000 ($1,266 P/SF). The current market value of the 80 units is based on historical sales prices and current listing prices for similar units in the building. The price of this property is the exact amount the developer owes the banks, and he will not sell it for less than the remaining debt.Now, we've had our things to say about 20 Pine - The Collection over the years, but this puppy is certainly worth more than $652 a foot, especially to those who can afford to sit on it while the world gets back on track. Now, if only we had $63,738,000 lying around...
· 20 Pine coverage [Curbed]
· 20 Pine [Official Site]