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052-55 Abandoned Condos Spread Se FINAL.Indd C ONDO PLANS COLLAPSE Van Cortlandt Park Riverdale Developers’ best-laid plansPark stymied by recession Tenafly Williamsbridge A roundup of canceled and reconfigured projects Parkaround New York City Bronx Park Harris Park Ewen Manhattan Park only condominiums, the building into one unit for $22 million, but Bronx 1 10 West 65th Street by Extell was converted by North Manhat- Park still found no takers. A lis pendens Palisades Interstate Development on the Upper West tan for commercial and rental usePark was filed against the property in Englewood St James Park Side, 87 units. Extell purchased after it failed to sell. (NewCliffs York August. (New York Magazine, Oct. the building in 2004 with plans Sun, June 12, 2008) Inwood Hill Park 19, 2008) Englewood y Hud so n Pkw y Henr INWOOD to renovate the mostly rent-sta- W 20 7th St v e Dyckman St bilized and rent-controlled units 8 The Campbell by Toja Enter- 1 0 thA 13 Lotta Condominiums by Gal v e Nagle A into luxury rentals or condos, but prises, 148 Chambers Street in Bronx Sela and Eli Idi, 159 West 118th Margare t Corbin Rd Roberto v e Clemente Fort Tryon State Park decided to make a quick double Tribeca, six units. Sales were de- Park Street in Central Harlem, 35 Fort Ge orge A Hylan on its investment by sellingTeaneck it to layed until early 2007 because of a Park units. A few of the units went into Cabrini Blv Cabrini d Riversid e Dr Crotona W 1 87th St FORT Park Touro College. (The Real Deal, fire during construction, and since GEORGE contract last spring, but when the v e Claremont Park Saint Nich olas A June 26, 2008) then nothing has sold. Some of the y Hud so n Pkw y Wash ington Brdg market went south the develop- Henr Manhattan W 1 81 st St Alexa nd er ra ns Ma ha tta n Exw y Ha milito n units are being marketed as rent- T B rd g ers rebranded the building the L- W 1 77th St a shingto n B rd g Geo rge W d Blv Cabrini 2 20 Pine — The Collection als. (StreetEasy) Dr e rside Riv Hostel. (New York Magazine, Oct. WASHINGTON Leonia High Bridge by Leviev Boymelgreen, 20 Pine HEIGHTS Park 19, 2008) Street in the Financial District, 9 Drake Hotel site by Mack- Dr HaRiver rlem v e Riv eDr rside ash ington A ash ington 413 units. Lev Leviev and Sha- loweOVERPECK Properties, 440 ParkFort Ave- v e 14 M127 by Cardinal Invest- Fort W Fort STATE PARK Edward M Morgan Pl Drakes Lee Macombs Park Riv e rside Dr W Edge combe A Dam Park ya Boymelgreen decided each to nue in Midtown. Macklowe tore W 1 58th St ments, 127 Madison Avenue in Riv e rside Dr W 1 55th St Fre de rick Douglass Blv d Macombs Dam Brdg Franz Sigel keep half of this tower following down the historic Drake Hotel Park Midtown South, eight units. Only v e HAMILTON 8th A their breakup. With roughly 60 as part of anPalisades assemblage that Dr eRiv rside HEIGHTS two units sold, so the developer de- Park (Sugar Hill) v e Ridgefield St Marys W 1 45th St Edge combeA 1 45th St Park percent of the units sold,Park Street- would be a mixed-use hotel, res- Brdg cided to market the rest as a high- Riverbank State Park Riv e rside Dr 20 Hamilton Grange Easy lists 59 rentals, and Curbed. idential and retail complex, and Natl Mon end, furnished hotel and short- W 1 38th St v e E 1 38th St com received word that 80 of the then ran into financial trouble. v e 19 stay rentals. (Sales associate) Saint Nich olas A Nich olas Saint W 1 35th St A dam Clayton Powe ll Jr Blv d E 1 35th St WEST Conv e nt A HARLEM CENTRAL St HARLEM Nicholas building’s unsold units are on the Recently, The Real Deal reported v e v e Park v e Marginal St Manhattanville v e 5th A Th ird A 1 2th A E 1 30 th St Saint Clair Pl Malcolm X Blv d Se cond A v e E 1 28th St market in bulk for $63.7 million. that publicly traded lender iStarCliffside Willis A 15 Morgan Court by Perlbinder E 1 27th St Edgewater Brdg Ridgefield Park W 1 25th St 7 E 1 26th St E 1 25th St Tribo ro ugh B rd g Hancock Pl 4 Little Financial is considering offers of Fre de rick Douglass Blv d E 1 24th St Realty Corporation, 211 Madison Randalls Ferry Se minar y Row Marcus Island Garvey Park Park yHud soPkw n y 1 20 th St Mount Morris Park W Park Mount Morris Henr 13 99 John Deco Lofts by Rock- roughly $160 million for its first Dr Morningside Avenue in Murray Hill, 40 units. 3 MORNINGSIDE v e HEIGHTS rose Development, 99 John Street position note on the site, a quar- W 1 1 6th St Morningside A W 1 1 6th St Manhattan E 1 1 6th St Perlbinder sold 19 of the units Morningside Park v e Jefferson Fairview Park in the Financial District, 442 ter reduction. (The Real Deal, Jan. EAST when the building first opened W 1 1 0 th St Fre de rick Cath e dral Pkwy Ce ntral Park N E 1 1 0 th St Manh attan A Douglass Cir HARLEM Riverside v e Frawle y Cir (El Bario) Park ribo ro ugh B rd g units. Rockrose purchased this 9, 2009) T in 1985, then marketed the rest Moonachie W 1 0 6th St A mste rdam A E 1 0 6th St Wards The Island Great Park B ro a d w a y Hill rental building to convert it into Dr FDR as high-end rentals. In 2007, the Astoria Park East condos. With slow sales, units re- 10 East River Project by East Riv- Meadow developer gut-renovated the re- v e Hds k y Pkw so n yHud Riv e rside Dr eRiv rside 97th St T ransv e rse Rd Henr W 96th St cently became rent-to-own. (New er Realty Company, First Avenue Madison A E 96th St maining units to sell as condos, Joan of Arc Park UPPER York Times, Dec. 27, 2008) between 35th and 41st streets in WEST E 90 th St but after selling only 11 of them, v e SIDE 6th St Transv e rse Rd Carlstadt 8 Queens v e Le xington A North Central v e Carl Park A Midtown East, 4,100 units. De- W 86th St Park E 86th St 1 st A Schurz started a rent-to-own program Bergen Park Great YORKVILLE v e Lawn UPPER 4 352 West 123rd Street in veloper Sheldon Solow’s partners Riverside EAST this past fall. (StreetEasy; sales Park Ce ntral Park W Columbus A W 81 st St SIDE v e W 79th St E 79th St ork A Y West Harlem, five units. The entire dropped out of the massive, mixed- 79th St T ransv e rse Rd associate) Guttenberg v e W 77th St The John Ramble Jay building is being offered for $4.2 use project south of the United Na- W End A Park W 72nd St Strawberry E 72nd St Fields yHud so Pkw n y 16 Sunnyside Garden Park million, down from $5.2 million. tions, and he doesn’t have an an- Henr Nobu Hotel and Residences LINCOLN Sheep ROOSEVELT 1 Meadow The SQUARE Mall ISLAND v e Greenland Park 5th A v e LENNOX A broker told New York Magazine chor office tenant. He’s also fightWest New- 65th Stre e t T ransv e rse Rd by Kent Swig, 45 Broad Street in York 3rd A HILL E 63rd St Heckscher E 62nd St v e y Hud soPkw n y Playground that the developer is “impatient” to ing with the State Department of A 2nd the Financial District, 77 units. Henr Damrosch E 61 st St Park Fdr Dr E 60 th St Queensbo ro B rg Co nn Queensbo ro bus Cir m Ce ntral Park S u l B rd g 22o C W 58th St Grand A Grand Plz rmy 9 sell and that the building may be- Environmental Conservation over W 57th St Lehman Brothers began foreclo- TURTLE BAY 21 (Midtown East) come a U.N. consulate. (New York $250 million in cleanup money. Dewitt E 53rd St sure proceedings in January on Clinton Park CLINTON v e Magazine, Oct. 19, 2008) (New York Post, Jan. 15, 2009) First A the mixed-use building, which THEATER E 48th St DISTRICT MIDTOWN v e also includes 128 hotel rooms and ande rbilt A V ve v e v e 12th A 1 1 th A v e W 42nd St Park A Unite d Nations Plz v e E 42nd St Queens Mid to wn T Weehawken v e DyeA r 1 0 th A unnel 5 by 11 7th A Bryant 13,000 square feet of retail. (New 446 West 38th Street The Exchange at 25 Broad 5 Park Linco ln T unnel v e nue Of Th e A me ricas Linco ln T unnel A MURRAY W 39th St HELLS W 38th St GARMENT HILL 10 DISTRICT 15 TUDOR Secaucus KITCHEN CITY Daniel Platousky in Hell’s Kitch- Street by Swig Equities in the Fi- v e York Observer, Jan.
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