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Turtle Bay Crane Collapse Building Passes the Hat

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Nearly 14 months after a 22-story crane came loose and collapsed at a condo building under construction at 303 East 51st Street?killing seven, damaging neighbors, and ultimately leading to turmoil and reform at the Buildings Department and later arrests, the planned 42-story building is now for sale. Or at least a stake in it is, reports the Observer. The paper got its hands on an offering memorandum for a $71.65 million mortgage on the site, held by Arbor Realty Trust (which foreclosed on the property), and writes, "Arbor is apparently seeking to sell to some poor (yet wealthy) sucker a note secured by the once promising development project gone to seed." Does the frozen-in-time incomplete shell?last seen getting some rotting balconies hacked off?make for a good investment? Depends on who your folks are, a real estate executive tells the Observer's Dana Rubinstein: "This is a fucking waste of time, unless you’re one of these old-line families that has weathered numerous downturns."
· Deadly Crane Crash Site Can Be Yours Now! [NYO]
· 303 East 51st Street coverage [Curbed]