25 Broad Street at The Exchange

whatever they told you, it was a lie.

building is probably the best building in financial..... especially the price con-paired to 15 William or 75 wall or gehry

as far as wanting to live there for 5yrs and if you are really worried about how nice the D/m is or if they are going to raise your rent ect....you should look into buying at 15 broad then you will not have to worry about the price changing.

I used to stay in the apartment of friends in that building, when it was still a rental. The building is very nice. And now that the FiDi has changed so much, it would be great to live there. I did hear about its troubled financial history, but it has a new developer, right?

gcondo-- I assume that, which is why I came on here to see what the real deal is.

urbanintllctl--The finished units looked amazing for the price they're asking. I don't know if it really has a new developer or what. My understanding is that Swig took out a loan to convert 25 broad rentals into "the Exchange." He then defaulted/"walked away" on this loan mid-way through this project, allowing Lehman Brothers Holding Inc. to foreclose on the property securing their loan. (Legally, I'm not sure if this foreclosure has been recognized by a court; it appears the building is still in receivership: http://www.observer.com/2011/06/zombie-lehman-eats-real-estate/.) In the meantime, it appears LBHI got approval from the bankruptcy court to put $40 million into "cleaning up" 25 Broad Street (i.e. removing the awful carpet and moving the building forward as a rental property.) I'm just curious whether Lehman's play here is to flip the property to someone else, to hold it and convert it back into condos, or perhaps to own it as a rental indefinitely. And what happens if the $40 million isn't enough to complete everything the receiver/Lehman wants to do? I assume Lehman's plan will be confirmed by then, but if it's not, what are the odds the court lets Lehman to spend more money getting this property in order?