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Cuomo Investigates Battery Park City Condo Meltdown
By
Jen Chung
Published Apr 30, 2009
Modified Apr 30, 2009
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By
Jen Chung
Published Apr 30, 2009
Modified Apr 30, 2009
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The Real Deal reports that Attorney General Andrew Cuomo's office is looking into the "collapse of Rector Square, the Battery Park City condominium conversion." Developer Yair Levy defaulted on the 304-unit building's $165 million mortgage, sending the 304-unit building into foreclosure. Apparently the investigation is looking at "a possible diversion of funds during the conversion, which collapsed after Levy failed to pay millions of dollars in mortgage payments, construction costs, common charges and PILOT payments to the Battery Park City Authority." Levy has claimed he is broke, but the Real Deal points out he's been collecting $150,000/month from Rector Square's affordable housing tenants and parking garage tenant. In the meantime, Rector Square tenants, who are stuck in a limbo with questions about where their tax payments went and their renovations are still incomplete, are also filing to be a part of the foreclosure action on Levy.
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andrew cuomo
real estate
Rector Square
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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