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Uncertainty Over Apthorp Rentals

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Ah, it's been a while since we've heard from The Apthorp. It seems some sneaky rental listings have been popping up in the building as of late. These include a $23,000 a month pad on the 11th floor and an $18,000 a month 3,000 square foot 4 bedroom unit. This spells trouble because when buyers in the building signed their contracts they were declaring their intentions to use the apartments for themselves or their family. The Attorney General approved the conversion plan on the building if the developer could get at least 25 units in contract. As of now 20 have been sold while 16 more are in contract. These rental listings are undoubtedly going to raise some eyebrows and invoke additional scrutiny at the AG's office since the sales will not count if they are being rented out.

Matthew Leeds, a real estate attorney, says "It raises questions about whether the assertion to live there was true at the time it was made. That in turns raises the question of whether that contract should count toward the plan's effectiveness." If Andrew Cuomo's office is to be convinced of some funny business going on here, steps could be taken against both buyers and the developer. Will it never end, oh Apthorp?

· Apthorp Rentals Raise Questions [WSJ]
· Apthorp Coverage [Curbed]

Apthorp Building

390 West End Avenue, New York, NY 10023