The problems at FiDi's Setai at 40 Broad Street (the Setai that's not next to a secret swingers club) range from lawsuits?over, for example, 'substandard lighting'?to accusations that the building ruined the economy of an entire country. Even the project's biggest fans would probably agree the luxury condo conversion needs help. Enter Ziel Feldman, a developer with a penchant for trying to rescue troubled projects. He's already picked up the Bryant Park-adjacent parking lot that was once slated to be a condo-hotel, and he's also hoping to snap up One Madison Park. But what about our friend in FiDi?
Sources tell the Journal Feldman will likely reach a deal with developer Zamir Equities for control of the Setai now that he's bought the building's debt at a steep discount. Feldman's reduced debt load could lead to major PriceChopping to get the rest of the units sold (only about 40 percent of the building is claimed, and sales are currently halted). Those days of record-busting sales were nice, but maybe it's time for the Setai to get real.
· Developer Ziel Feldman Strikes Again [WSJ]
· The Setai coverage [Curbed]