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Midtown East Luxury Rental Building Not Actually Happening

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We don't know yet what the 150,000-square-foot development site at 953-961 First Avenue will be, but we know what it won't be: The Oliver, the Alexico Group's planned 161-unit luxury rental project with the roofdeck rendered at right, which promised the first outdoor rooftop theater system in the city. Why not? Because loans on the project are in default and the bank is in the process of foreclosing on the site, Crain's reports. The loans are now for sale and will probably ring up at about $200/square foot, low for the neighborhood but a possible incentive to a developer interested in putting up a condo or rental building. The sale is but one of Alexico's recent money troubles?loans for several of the developer's hotels, including The Mark, have gone up for sale over the last month. Which we guess means we won't be seeing 56 Leonard anytime soon, either.
· First Ave. building site hits market via loan sale [Crain's]
· Alexico Group coverage [Curbed]