Everybody but Augusten Burroughs has been waiting a long time for a ray of sunshine at Rector Square, the troubled Battery Park City condo conversion that was abandoned by its developer, foreclosed on, and auctioned in bulk. Finally, some good news! The Related Companies purchased the building from Anglo Irish Bank earlier this year, and Crain's reports that the developer plans to finish the condo conversion and begin sales again.
That still leaves the building's other big issue: developer Yair Levy's alleged raiding of the Rector Square reserve fund for, uh, payments to Staples. Related's got a plan for that, too, involving putting 3 percent of unit sales prices toward replenishing the reserve fund. That was easy! First on the repair list: finishing the $1.5 million replacement of the building's windows.
· Finally, good news for bungled Rector Sq. [Crain's]
· Rector Square coverage [Curbed]