Left behind: 5 NYC condo projects that were thrown overboard Joe Chetrit joins Ross, Milstein, Leviev & others in abandoning major condominium plans
The best-laid schemes of mice and developers oft go awry.
Yesterday, The Real Deal exclusively reported the Chetrit Group sold the Sony Building – the site of a planned ultra-luxury condominium – for more than $1.4 billion. The company’s boss, Joseph Chetrit, had proposed a 96-unit office-to-condo conversion, topped with a penthouse that would list for as much as $150 million. The new owners, Saudi-based Olay上海龙凤论坛sh1f an Group, are expected to scrap that plan entirely and maintain the tower as offices.
The news followed months of reporting on softening in the city’s ultra-luxury condo market, due in part to an overabundance of supply on “Billionaires’ Row” in Manhattan.
TRD decided to fire up the office time machine and look back at five major Manhattan condo projects that developers ultimately abandoned.
Leviev Clock Tower (5 Madison Avenue)
Africa Israel Investments
Offering Price: $703.7 million
Lev Leviev’s Africa Israel Investments bought the Clock Tower at the former MetLife building on Madison Square Park for $200 million back in 2007. Leviev submitted a 55-unit offering plan – “Leviev Clock Tower Condominium” – the following year, with a total projected sellout north of $700 million, an ambitious figure for the Flatiron District.
Although the plan was accepted in 2009, the company began rec爱上海同城手机版 ording major losses across[……]Read More »