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More Developer Mutiny, This Time at Tribeca Summit

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Battery Park City's Riverhouse is not the only luxurious new downtown development going through a shakeup of its chain of command. The original sponsors of the Tribeca Summit?the 65-unit condo conversion of an old warehouse at 415 Greenwich Street?are now out of the picture, the project having been taken over by financing firm KBS Capital Advisors as of February 23rd. The move is confirmed by a memo sent to all unit owners by the building manager, seen after the jump. Money concerns have plagued the Tribeca Summit for years, and a recent $9 million arbitration ruling in favor of a contractor couldn't have helped matters for developers Joel Silver and Ethan Eldon. Despite all this, the building has shown decent sales: Over 50% of the building is sold at prices ranging from $2 million to $5.45 million, and StreetEasy lists six more in contract. But no deals have closed since October, and a building tipster thinks this switch can help untangle the building's many messes:

It is not clear whether there was a foreclosure or if they simply declared bankruptcy and turned the keys over to the financier as it all happened very quickly and without any lis pendens that I could find. Either way this should be good news for buyers as KBS is a reputable firm and likely will be much easier to deal with as new sponsor. The building has been complete for some time and word is that current residents are happy, but sales have been stop and go due to the financial difficulties of original sponsor and their unwillingness to adjust prices to reflect current market levels.

The listings?including a $13.65 million penthouse?are still active, and the website is still EXceSSiVeLY TriBeCa, so this appears to just be a bump in the building's long and winding road. Do Tribeca loft shoppers now have the confidence to Ma Yo Mo? KBS sure looks motivated to cure the building's ailments:


· Tribeca Summit [Official Site]
· Tribeca Summit [StreetEasy]
· Tribeca Summit coverage [Curbed]