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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 good (maybe?) news for a pair of buildings that just can't stay out of the spotlight?Battery Park City's Rector Square (above), and the Financial District's 20 Pine. The latest:

1) 20 Pine - The Collection: With homeowners revolting, sales anemic and construction halted, developer Lev Leviev has wrested control of the building from frienemy Shaya Boymelgreen (the developers' partnership ended a while ago, but 20 Pine remained a joint project). According to Leviev's Africa Israel USA, a fresh injection of capital will mean completed amenities by June 1, and a renewed commitment to sales and management. Says the tenants' lawyer: "I hope for the best, but I expect the worst." Why? Leviev's done such a bang-up job with the Apthorp, the MetLife Clock Tower and the old New York Times building. Oh God. [Real Deal]

2) Rector Square: At Battery Park City's 225 Rector Place, a court-ordered receiver has taken control of the management of the building, which was abandoned by developer Yair Levy halfway through its renovation. The savior's initial reaction: "I was really shocked to learn that they don't have an intercom. Even in tenement buildings you have intercoms." But tenants are hopeful: "You can feel it in the building — just that something is going to change." [Downtown Express]
· Today in Dysfunctional Lower Manhattan Condo Conversions [Curbed]

225 Rector Place

225 Rector Place, New York, NY 10006