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Unsold Units at Rector Square to be Auctioned

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The troubled Battery Park conversion at 225 Rector Place aka Rector Square is likely to be taking the auction route in the not too distant future. Anglo Irish Bank is planning to auction off the remain 230 unsold units in a bulk sale in September. The bank foreclosed on the property in 2009 after the developer defaulted on about $117 Million in loans. The developer, Yair Levy, has seen his fair share of controversy in the past. Most recently, New York State Attorney General Andrew Cuomo sought to ban Levy from sales of any condos and filed a $7.1 Million suit claiming that Levy took the money from the Rector Square reserve fund and used it for his personal expenditures.

Some analysts are putting the pricing at $400 per square foot. This is a pretty stark drop from the over $1,000 per square foot the units that actually sold back in 2008 were asking. According to The Real Deal, "Analysts estimate that the unsold 230 apartments (some of which have affordable housing tenants in them) are worth no more than 40 percent of their prior market value."

·Rector Square's Unsold Units Near Auction [The Real Deal]
·Rector Square Coverage [Curbed]