Apthorp gets official OK for condo conversion

Apthorp gets official OK for condo conversion Landmarked West Side apartment house wins a thumbs up from state after months of scrutiny on the actual independence of the earliest buyers. By Amanda Fung Published: May 19, 2010 - 3:28 pm The controversial condo conversion of the landmark Apthorp apartment house on the Upper West Side has been approved by state officials—but with some stipulations.... [more]

Apthorp gets official OK for condo conversion Landmarked West Side apartment house wins a thumbs up from state after months of scrutiny on the actual independence of the earliest buyers. By Amanda Fung Published: May 19, 2010 - 3:28 pm The controversial condo conversion of the landmark Apthorp apartment house on the Upper West Side has been approved by state officials—but with some stipulations. The New York attorney general's office has since September been conducting a review of the conversion of the famed 163-unit building, which stretches one city block from West End Avenue to Broadway between 78th and 79th streets. Details of the stipulations could not be determined immediately, but a source said they revolve around construction matters inside the building. A spokesman for the attorney general could not be reached for comment. Stuart Saft, an attorney at Dewey & LeBoeuf, who represents owners of the Apthorp, also could not be reached for comment. Earlier this year, Dolly Lenz, a broker at Prudential Douglas Elliman who is marketing apartments at the Apthorp, said 36 contracts were signed. The figure was well above the number of units the owners of the building needed to sell if they were to have the condo-conversion plan declared effective. The owners had to sell 25 units, or 15% of the building's inventory, by Sept. 15 for the attorney general's office to declare the plan conversion effective. According to published reports, many of the 36 contracts have been under scrutiny for being deals with business associates of the owners, as opposed to individual buyers not tied to the owners. The Apthorp, constructed by the Astor family in 1908, was sold three years ago to the real estate firm Africa Israel and Mann for $426 million. The plan was to turn the landmark property's plush apartments into luxury condominiums. In 2008, Lev Leviev, the billionaire Israeli diamond merchant who runs Africa Israel, sued Mann's president, Maurice Mann, charging that he neglected the project and failed to manage the sales and overall conversion of the Apthorp. Mann eventually stepped down as Apthorp's manager and was replaced by Broadwall Management, an affiliate of The Feil Organization. The building has been home to several notable New Yorkers, including Al Pacino, Cyndi Lauper and Nora Ephron. It has been marketed by Prudential Douglas Elliman since July 2009. [less]