Trading Places for Deutsche
News Article
Trading Places for Deutsche
Durst Fetner Associates has purchased the $131 million note on the residential development site at 855 Ave. of the Americas from iStar Financial, setting itself up to complete the foreclosure process and take ownership. An auction sale will occur within the next 90 days, said Hal Fetner, a partner with the Durst family. The site encompasses the entire block front between West 30th and 31st streets in the former Flower District. Over the last decade the avenue has become lined with brand new apartment towers all the way to West 23rd Street. The property was slated for an approximately 355,000-square-foot development by Yitzak Tessler and the Chetrits with a design by Costas Kondylis. New architects are being interviewed to develop a "green" building to fit within their portfolio, said Fetner. The note, he added, was purchased at a "modest discount."
Go to PublicationPublication
NY Post
Date
Jul, 07 2010
Author
Lois Weiss