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Carter's View

The Lenox Condominium at 380 Lenox Avenue at 129th Street in Harlem has filed for Chapter 11 bankruptcy protection, accoing to an article in today's edition of by Amanda Fung.

Uptown Partners, the project's developers, have a $10 million mortgage due from Capital One on its unsold apartments" and Lewis Futterman, co-founder of Uptown Partners, told Ms. Fung that "we are inches away from a settlement with the park," addig that he "would surprised if this filing is not withdrawn in three weeks."

The attractive, 12-story, red-brick building hasa two-story stone base and was completed in 2007 and since then 59 of its 77 units have been sold.

The article said that the original mortgage for the building was about $20 million and that it expired last July and that the due date for the forebearance on that loan as Wednesday

Mr. Futtrman said that the condo is "financial stable with $300,000 in reserve funds," adding that 12 of the 18 unsold units are rented.

Uptown Partners was a minority developer of Fifth on Park, the 160-unit residential condominium at 1485 Fifth Avenue between 119th and 120th Streets that was topped out a year ago.

He told Crain's that contracts have been signed for 98 of its 160 units and that he expects the first closing to take place next month.

That building, which was designed by Fox & Fowle, includes a 38,000-square-foot church for the Bethel Gospel assembly and a 1,800-seat church sanctuary.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.