It's been a bad month for the Financial District's favorite fun-lovin' rodent. Earlier, Tamir Sapir?billionaire developer and a partner in the 47-story William Beaver House?was hit with a $130 million lawsuit from a fund controlled by the Blackstone Group alleging that he defaulted on a loan used to develop the sexed-up party palace at 15 William Street. Now, in court papers filed May 21, another lender (iStar) is looking to foreclose on the building's unsold units. Sapir and his partner on the project, SDS Investments, are both named as defendants, but André Balazs is not?leading us to believe that the maestro's much publicized involvement in developing the Beav was more of a consultancy type of gig. According to iStar's claims, there are 209 unsold residential units in the 333-unit building, where a bunch of listings were recently yanked off the market (and maybe now we know why). Based on other recent cases of lenders taking over properties, expect some hefty PriceChopping on the unsold units if iStar is successful. We're holding out hope that the scantily clad sports car scrubbers don't get laid off.
UPDATE: A tipster writes that the Willie Beav marketing website, which puts the apartment count at 320 simplexes, 10 duplexes and 3 penthouses, is incorrect: "Either marketing spin or a mistake. I have the official offering plan, which says on the front page "The Condominium has 320 Residential Units, 2 Commercial Units and 107 Storage Bin Licenses. One of the Residential Units, anticipated to be Unit 3-M, will be sold to the Condominium Board for use as the Resident Manager's Unit." So if the building started with 319 units for sale, it's now 34% sold.
iStar v SDS
· Sapir faces $130M lawsuit over Beaver loan [Real Deal]
· William Beaver House [Official Site]
· William Beaver House coverage [Curbed]