Friday, February 11, 2011

Deal Signals Market Recovery

In 2007, before the financial world turned upside down, a condominium developer signed a contract to pay more than $33 million for a former assisted living facility in the heart of the West Village.

More than three years later, the developer, FLAnk, has closed on the purchase of the building on Hudson and West 12th streets. But, unlike scores of investors who walked from deals or renegotiated drastically lower prices with sellers after the crunch hit, FLAnk paid just a few million dollars short the full pre-crash price: $33.3 million.

After three years, a developer has closed on the purchase of a building at Hudson and West 12th streets.
.The deal is the latest sign that the city's residential development engine is beginning to crank up again. FLAnk was able to secure construction financing from Quinlan Development Group and M&T Bank to convert the property into 10 condos ranging from 3,300 to 9,000 square feet, according to Jon Kully, a principal at FLAnk.

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