The marketing of the residential condominium project at Manhattan House at 200 East 66th Street has been turned over by O'Connor Capital Partners, the sponsor of the conversion, to the Corcoran Sunshine Marketing Group from the Prudential Douglas Elliman team headed by Dolly Lenz.
Ms. Lenz is the vice chairperson of Prudential Douglas Elliman and her name has been prominent in the many full-page advertisements for the conversion in various publications.
According to an article by David Jones in today's on-line edition of therealdeal.com, she was "officially notified of the decision late Monday, following weeks of negotiations involving frustrated apartment buyers, existing tenants and HSH Nordbank, the senior lender, according to sources."
The article indicated that sources said that "only about 25 percent of the building's 583 apartments have been sold and only about one-third of those have closed, as many buyers have walked away from their deposits amid concerns about the pace of construction at the building, and commercial banks have tightened financing rules on new condo sales."
Analysts, the article continued, "say that Elliman was not entirely to blame for the poor sales effort, but that the building was priced well above its market value." The article said that Streeteasy.com showed that 33 apartments were listed for sale with an average price of about $1,607 a square foot.
The New York City Landmarks Preservation Commission recently designated the Manhattan House apartment building on the full block bounded by Third and Second Avenues and 65th and 66th Streets as an individual landmark.
Manhattan House was designed by Gordon Bunshaft of Skidmore, Owings & Merrill, who became a tenant in the building. It was built by the New York Life Insurance Company and sold in 2005 to Manchester Real Estate, of which N. Richard Kalikow and Jeremiah W. O'Connor Jr., were principals, for about $625 million.
According to the October 11, 2007 second amendment to the condominium offering plan for the development, Mr. Kalikow was longer a principal of the plan's sponsor and Mr. O'Connor is the sole principal.
That amendment indicated that the total purchase price for tenants for about $958 million.
The development was erected in 1950 and marked the beginning of the age of "white-brick monstrosities" in the eyes of some observers and the first big splash of International Style modernity in the city to others.
The mammoth development actually is clad in a light gray-brick, but, niceties aside, it presented a "clean," "neat," almost Spartan appearance in distinct contrast to the historical styles of earlier periods and the Art Deco stylizations of the 1920s and 1930s.
Designed by Skidmore, Owings & Merrill and Mayers & Whittlesley, it was, according to Robert A. M. Stern, Thomas Mellins and David Fishman in their superb book, "New York 1960 Architecture and Urbanism Between The Second World War And The Bicentennial," "the most literal manifestation in New York of Le Corbusier's postwar conception of vertical living, which the master himself was not to realize until 1952 in his Unit¿ d'Habitation at Marseilles."
"Together with elegantly thin window frames of white-painted metal and carefully detailed balconies," the authors continued, "the glazed brick rendered Manhattan House a genteel manifesto for architecture's brave new world, a reassuring statement that Modernist minimalism had more than cost benefits. In addition, the slab offered a distinct contrast with its mundane surroundings...."
The building, which has a roof deck, has five projecting bays, each with two balconies and its entrances are along a curved driveway on 66th Street, which is lushly landscaped and the lobbies have floor-to-ceiling windows that permit views from the driveway through to the development's large gardens on the south side, that are walled from 65th Street.
Ms. Lenz is the vice chairperson of Prudential Douglas Elliman and her name has been prominent in the many full-page advertisements for the conversion in various publications.
According to an article by David Jones in today's on-line edition of therealdeal.com, she was "officially notified of the decision late Monday, following weeks of negotiations involving frustrated apartment buyers, existing tenants and HSH Nordbank, the senior lender, according to sources."
The article indicated that sources said that "only about 25 percent of the building's 583 apartments have been sold and only about one-third of those have closed, as many buyers have walked away from their deposits amid concerns about the pace of construction at the building, and commercial banks have tightened financing rules on new condo sales."
Analysts, the article continued, "say that Elliman was not entirely to blame for the poor sales effort, but that the building was priced well above its market value." The article said that Streeteasy.com showed that 33 apartments were listed for sale with an average price of about $1,607 a square foot.
The New York City Landmarks Preservation Commission recently designated the Manhattan House apartment building on the full block bounded by Third and Second Avenues and 65th and 66th Streets as an individual landmark.
Manhattan House was designed by Gordon Bunshaft of Skidmore, Owings & Merrill, who became a tenant in the building. It was built by the New York Life Insurance Company and sold in 2005 to Manchester Real Estate, of which N. Richard Kalikow and Jeremiah W. O'Connor Jr., were principals, for about $625 million.
According to the October 11, 2007 second amendment to the condominium offering plan for the development, Mr. Kalikow was longer a principal of the plan's sponsor and Mr. O'Connor is the sole principal.
That amendment indicated that the total purchase price for tenants for about $958 million.
The development was erected in 1950 and marked the beginning of the age of "white-brick monstrosities" in the eyes of some observers and the first big splash of International Style modernity in the city to others.
The mammoth development actually is clad in a light gray-brick, but, niceties aside, it presented a "clean," "neat," almost Spartan appearance in distinct contrast to the historical styles of earlier periods and the Art Deco stylizations of the 1920s and 1930s.
Designed by Skidmore, Owings & Merrill and Mayers & Whittlesley, it was, according to Robert A. M. Stern, Thomas Mellins and David Fishman in their superb book, "New York 1960 Architecture and Urbanism Between The Second World War And The Bicentennial," "the most literal manifestation in New York of Le Corbusier's postwar conception of vertical living, which the master himself was not to realize until 1952 in his Unit¿ d'Habitation at Marseilles."
"Together with elegantly thin window frames of white-painted metal and carefully detailed balconies," the authors continued, "the glazed brick rendered Manhattan House a genteel manifesto for architecture's brave new world, a reassuring statement that Modernist minimalism had more than cost benefits. In addition, the slab offered a distinct contrast with its mundane surroundings...."
The building, which has a roof deck, has five projecting bays, each with two balconies and its entrances are along a curved driveway on 66th Street, which is lushly landscaped and the lobbies have floor-to-ceiling windows that permit views from the driveway through to the development's large gardens on the south side, that are walled from 65th Street.
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.
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