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Rector Square's Unsold Units Find Only One Taker at Auction

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Augusten Burroughs may not agree, but pretty much everybody else, from Sheldon Silver to the Attorney General, would file Battery Park City's Rector Square pretty firmly under "troubled." Only 72 units at the 304-unit building have been sold, and 45 tenants are still suing developer/ice bucket-wielder Yair Levy for $100 million. And then there's the matter of the bulk auction of the building's unsold units, which took place at New York Supreme Court earlier this afternoon. The project's main lender, Anglo Irish Bank, was hoping to recoup the $135 million it was owed on the project. But the building went for only $82.7 million at auction, to, uh, Anglo Irish Bank, Crain's reports. No other bidders showed up, not even the building's current manager the Related Companies, which had been expected to put in a bid. The building could continue its condo conversion attempt or remain as a rental, but so far, there are no clear answers about Rector Square's future. Which means it's living up to its Hell Building title pretty darn well.
· Failed Rector Sq. project seen as selling cheap [Crain's]
· Rector Square coverage [Curbed]

225 Rector Place

225 Rector Place, New York, NY 10006