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Rector Square HellWire

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The latest in the case of troubled condo conversion 225 Rector Place, now called Rector Square: The Battery Park City Broadsheet reports (in a story not yet online) that a Friday meeting organized by State Assembly Speaker Sheldon Silver helped calm the waters. Anglo-Irish, the bank foreclosing on the YL Real Estate project, has paid the developer's rent arrears to the Battery Park City Authority, and for the time being has agreed to pay the building's management expenses, meaning heat and hot water won't be shut off. This week, a judge overseeing the foreclosure proceedings will appoint a receiver to manage the building. "Neither the developer, Mr. Levy, nor his sales and management agent, Shvo Realty, attended the meeting," the Broadsheet notes. [BPC Broadsheet]

225 Rector Place

225 Rector Place, New York, NY 10006