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Today in Dysfunctional Lower Manhattan Condo Conversions

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The end of the week, a joyous occasion for so many, brings more bad news for a pair of buildings that just can't stay out of the spotlight?Battery Park City's Rector Square, and the Financial District's 20 Pine, sweet sweet 20 Pine. The latest:

1) Rector Square: According to The Real Deal, 50 buyers in the going-broke building have hired representation and filed complaints with the attorney general against the developer. They say units are being rented out as Marriott ExecuStay hotel rooms (a violation of zoning rules and the condo's offering plan), and 10 apartments were sold as dorms to an Italian university for around $3.3 million. [Real Deal]

2) 20 Pine - The Collection: Cityfile has a copy of the latest lawsuit filed by a disgruntled buyer at the former Chase Manhattan headquarters. A Massachusetts woman who paid $925,000 for an apartment in 2006 is demanding her deposit be returned. Work on the forever-delayed amenities was recently suspended. [Cityfile]

All is quiet out of 25 Broad and the W Hotel & Residences, though there's still time.
· Rector Square coverage [Curbed]
· 20 Pine coverage [Curbed]

225 Rector Place

225 Rector Place, New York, NY 10006