“The unit owners will happily work together with Related to bring the building up to par as a first-class, luxury condo,” said attorney Marc Held,
Marc Held, a lawyer representing owners of the 46 units that Mr. Levy sold as condos before his conversion went down in flames, told the Broadsheet, “the unit owners will happily work together with Related to bring the building up to par as a first-class, luxury condo. Related is a fine organization that delivers a first-class product. That unit owners are hopeful that this is what they are going to do at 225 Rector. But only time will tell whether this will occur.”
January 13, 2011 1:15 PM Related Cos. to pay $82.8M for Rector Sq. project Gets the troubled residential tower’s 232 unsold units, plus garage and office space, from Anglo Irish Bank at bargain price; ongoing fallout from failed condo conversion. BatteryParkCityApartments Buck Ennis [+] Enlarge Battery Park City mixes apartment buildings, office towers and green space. Also See * Most residential landlords drop concessions * Surprising rebound in Manhattan apt. market Filed Under : Battery Park City, Construction & Property, […]
Levy, Deutsch hit with new $20M suit at Rector Square December 23, 2010 03:30PM By David Jones alternate text Rector Place and Yair Levy Embattled developer Yair Levy and his son-in-law Daniel Deutsch are facing a $20 million lawsuit from unit owners at the Rector Square condominium, alleging they failed to complete construction and pay common charges as well as illegally converted funds at the property, all before the building was foreclosed on by Anglo Irish Bank. The suit, filed […]
The unit owners are pleased that the court has prevented Yair Levy from getting out of his legal and financial responsibilities under the law by denying Mr. Levy’s claims that the attorney general’s office did not have the authority to act,” said Marc Held
“Clearly, a sponsor should be held fully accountable when he raids a segregated reserve fund account designated for the benefit of unit owners in order to pay for his personal Macy’s and American Express credit card bills,” said Held in an e-mailed statement. “Basically, Mr. Levy went for the grand slam, but struck out instead!”
Marc Held, a lawyer who represents the 304-unit building’s 72 condo owners, said he was disappointed that a private developer did not bid on the units Wednesday, which would have sped up the process.
New York Post Updated: Mon., Oct. 25, 2010, 3:43 PM home Lawsuit in hosp attack By JOE MOLLICA and WILLIAM J. GORTA A violent prisoner left uncuffed and unguarded in a Brooklyn hospital bashed a worker who was taking care of him, a lawsuit charges. Justin Houston — who was hauled to Brookdale Hospital by cops — lay in wait for Roxanne Sinclair, hiding his unbound arms under a blanket, the 50-year-old nurse’s assistant alleges. The cop who was supposed […]
Held said. “The reason why he failed is that he was either diverting or mismanaging the money, not putting it into the construction. When work stopped, the building looked like a war zone and it’s only because Anglo-Irish Bank was good enough to provide additional money to finish a lot of the construction while the building was in receivership that 225 Rector became livable for the tenants in recent months.”
“The Second Circuit got it right, there was no basis for an injunction and hopefully, the developers will do the right thing and return all the money to those who were under contract,” Held said.