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, […]
The Real Deal: Marc Held, Partner at Held & Hines, LLP quoted about Rector Square 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 […]
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.
“Whoever buys these units will share the building with my clients,” said Marc Held of law firm [Held & Hines], which is representing the Rector Square tenants. “There is still work to be done at the building. The unit owners want the party that wins the auction to consider their interest, finish work that wasn’t completed by Mr. Levy and adhere to the original terms of the offering plan.”
The unit owners of 225 Rector Place are glad to see their nightmare will soon be coming to an end,” said attorney Marc Held, who represented about 46 unit owners at Rector Square.
