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Lender Wants Refund on Battery Park City's Rector Square

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Did we say that Rector Square was Battery Park City's most dysfunctional building? Make that Downtown's most dysfunctional building, with a strong chance of taking the city-wide prize. Late Friday, The Real Deal reported that lender Anglo Irish Bank?the recently nationalized Irish moneypit that's also caught up in the Apthorp mess on the Upper West Side?is suing Rector Square developer Yair Levy and looking to foreclose on the project. According to the lawsuit, Levy owes $117 million and about $663,000 in accrued interest. The bank also says Levy has racked up over $285,000 in mechanic's liens and failed to pay over $630,000 to the Battery Park City Authority for the building's land lease?missing all but one monthly payment since July. There's plenty of other juicy tidbits (only 72 of 304 units sold!), but we're already long overdue for a Levy bucket-bashing so we'll cut it short.
· Anglo Irish files to foreclose on Rector Sq. [Real Deal]
· Meet Battery Park City's Most Dysfunctional Building [Curbed]

225 Rector Place

225 Rector Place, New York, NY 10006