Much like the Plaza, the renovation and partial conversion of The Mark?a luxury hotel on Madison Avenue?hasn't gone entirely according to plan. Despite triumphant early sales reports, The Mark ended up with only two buyers. We've known for a while that one of those buyers, Shalva Chigirinsky, sued to get his $4 million deposit back. We now learn that the other buyer did, too! Roberta Campbell had planned to purchase an $18.75 million unit, the Times explains, but found "missing cooktop grates, shower enclosures and a microwave; unfinished floors; and a lack of heat, hot water, gas and air-conditioning." Ruh-roh!
A judge ruled yesterday that Campbell has to forfeit her $4,687,500 down payment (and pay interest and "reasonable legal fees"). But it's all good, because Campbell has already moved on to a $17.5 million pad at 15 Central Park West, and we're pretty sure she can make back that $4.7 million on the resale. And as for The Mark itself, it rebooted and returned to market earlier this year.
Unfortunately, all seven of the building's listings remain unsold. And only the $60 million penthouse has avoided the visits of the PriceChopper. The rest received price cuts in June of up to 14 percent per unit. Here's the current slate of prices:
· Buyer of Co-op at Mark Hotel Loses Suit Over $4.7 Million Deposit [NYT]
· 1 Out of 2 Byers at The Mark Not Very Happy Right Now [Curbed]
· The Mark coverage [Curbed]