Anglo Irish Bank acquired unsold shares of the 304-unit condominium residential building at 225 Rector Square in Battery Park City in a public auction at the New York State Supreme Court this afternoon, with a winning bid of $82.75 million, according to an article by David Jones at therealdeal.com.

Anglo Irish, the building's senior lender, plans to resell the building to new investors, according to the bank's attorneys, who explained that the bank wanted to make sure the property had stable ownership going forward, the article said.

"The bank invested so much in [the building that it's interested in seeing that the building finds a good home," said Herrick Feinstein attorney Chris Sullivan, who represented Anglo Irish in its foreclosure case against the property, the article continued, adding that Anglo Irish originally filed to foreclose against developer Yair Levy in February 2009 after the developer failed to pay hundreds of millions in loans, common charges and payment to the Battery Park City Authority.

The property was placed under a court-appointed receiver, who hired Related Cos., the building's original owner, to complete construction and take over management of the property.

"An official from Related signed in as a bidder at the auction," the article said, "and sources expect Related to emerge as the likely owner of the property, once the bank buys the unsold shares and resells the property. The auction involved 232 residential units, the parking garage, a commercial space and the common spaces. There was one at least one other participant attended the auction but did not register and therefore couldn't make a bid."

"The unit owners are disappointed that their nightmare has not ended yet and that the reserve fund has not been replenished, however they look forward to working with the bank in any future owners of the sponsor's units to make this building whole," said Marc Held, who represents 46 unit owners at building, the article said.

Levy could not immediately be reached for comment.