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As the Apthorp Turns: Somehow, We're Even More Baffled

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A timely tipster emails from The Apthorp on the Upper West Side: "Last year, [developer Lev] Leviev's company sent tenants a memo declaring that no building work was to be done on the Jewish holidays. This year on Rosh Hashana and again today, the demolition and work continues apace."

Think that's amusing? Well, it's not nearly as crazy as all the latest twists from everyone's favorite residential conversion. As revealed by The Real Deal, please select your favorite:

1) They might have sold the 25 units required to get the conversion officially approved, but they don't seem interested in selling more: "They were certainly not terribly interested in me," said a wealthy West Coast investor who contacted the Apthorp and said he was willing to buy an apartment for cash. "There was no attempt to? show me anything."

2) Remember that report from a few months back that current residents would get preferential pricing? We hadn't seen details until this sentence, which we request your help in parsing: "A five-bedroom, 4,300-square-foot apartment that is listed for $12.2 million for non-tenant buyers, is being offered in as-is condition for $10.9 million and for $4.95 million to tenant purchasers, according to the amendment." If that's the way we read it—that $12.2m is the renovated price; $10.9m the "as-is" price; and $4.95m the residents' price—well, Jesus, man, that is one hell of an excellent insider discount.

3) And the other investors in the place? They're as confused as the rest of us are: "'I personally have asked for—and I believe others have asked for—the financial information that would justify the capital calls,' said one Manhattan-based investor who asked not to be identified. 'I don't know how they're going to meet all their obligations under the condominium plan.'"

Just let it wash over you. There you go. Feels good, doesn't it?
· Leviev Under Fire By Apthorp Investors [The Real Deal]
· All Coverage of The Apthorp [Curbed]

Apthorp Building

390 West End Avenue, New York, NY 10023