FiDi's Setai, a.k.a. Manhattan's other Setai, is probably missing the days when it was sued for not having appropriately 5-star lighting. Now it also has the collapse of the Irish economy on its conscience! Today's Journal brings confirmation of earlier rumors that the project had run into trouble with the bank: Ireland's
Anglo Irish Bank Bank Yet to be Named is putting the building's $147 million construction loan up for sale. The Setai's developers already defaulted on the building's loan once, in 2009, and now they've defaulted on the restructured version. Bids on the loan from potential buyers are due tomorrow, as the bank hopes to sell off some of its messiest New York properties soon to raise money (maybe all those buyers who backed out had the right idea). The building busted FiDi records back in 2008 by selling an apartment for $7.82 million. How far the mighty have fallen.
· Irish Bank Dumps New York Assets [WSJ]
· The Setai coverage [Curbed]