225 Rector Bankruptcy

A minor point that I AM SURE eager to bash banker types will ignore - 40 of those units are set aside for low-and moderate income people who are NOT bankers.

These people bought condos, and they own title to real property. The bank can only foreclose against the unsold units. It's hard to believe the Post couldn't be clear on this point. The operation of the building in the short-term, and the completion of any unfinished construction, however, is uncertain.

I thought something sounded fishy...

I was surprised really, sort of sad about it too, not that I know the building well, or the depth of the situation, but nonetheless, I hope that somehow it can be worked out for all involved.

I just wonder what happened to the residents or investors of 225 rector as of today.
Is there any improvement as of 19 months ago?

Several months ago the building went into "receivorship"(?)and I believe that some new banking entities were getting involved. Haven't seen anything recent in terms of sales or a settlement with prior purchasers, but have heard that many of the unsold apts are currently being offered as rentals, as an interim measure to pay the BPCA ground rents, etc while the litigation continues.

I see.
Well, I hope this means something positive, and the building could be finished.
Are people living there?

Nobody bid except the lender. Anglo Irish bought back their own note with a bid of $82.7MM

Unbelievable...what 's next? It does not sound very good...

I'm sure the Irish taxpayers are looking for the irish carpenters to bail them out. Oh shit, maybe it'll be the Chinese carpenters. Or maybe Mexican mariachi players.? Maybe some aliens from Jupiter will bail them out.

No seriously, I believe there are aliens. But im less sure they wanna bail out the Irish banks.

The Attorney General has a win in its suit against the sponsor for fudging the reserve fund: http://decisions.courts.state.ny.us/fcas/fcas_docs/2011MAY/3004014782010005SCIV.pdf