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Developer Still Picking Up Where the Boom Left Off

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Last we heard from negative press magnet Sam Zell, he had picked up 500 West 23rd Street from fellow embattled developer Shaya Boymelgreen, with plans to revive the stalled high-end rental building. Now, the Journal reports, Zell and his Equity Residential cleanup crew are back in town. They've set their sights on 133-135 Greenwich Street, a vacant lot (right) that could be home to a 156,000-square-foot mixed use building but fell victim to the bust before the previous owners could build. The site's coming up for a bankruptcy auction this week, with a minimum bid of $14.5 million, though the bank has the power to reject any bids and hang onto the property. Why is Zell interested? Because the boom is back, duh! "New York is on fire," an Equity exec says. The market is "powering right through" new development inventory, "and the interesting fact is that our big-ticket, high-end, high-roller units are full." Color us skeptical, but hey, maybe this will mean the return of Greenwich South!
· Sam Zell Seeks Bigger Slice of Manhattan [WSJ]
· Sam Zell coverage [Curbed]