20 Henry Developer: We’re Working on Quick Resolution

20 Henry Street Developer Shelly Listokin of Urban Realty Partners LLC comments to BHB regarding today’s news about an action brought against them by AIG. In an email Listokin tells us, “We are working to resolve things quickly with AIG, so that we can proceed and see the project completed. It’s a very difficult environment for real estate development all over New York right now.”

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  • AEB

    Translation: don’t hold your breath…..

  • fezziwig

    ..or hold your breath for the next five years.

  • CJP

    Ironically I wouldn’t mind buying an investment unit in the building if prices get to be a “troubled asset.”

  • Mickey

    It’s nice to see that some units of AIG are showing financial responsibility. Maybe there’s hope that they’ll pay back the US government after all. How did the developers run $20 million over budget?

  • William Spier, Ph.D.

    I knew this project was in trouble over a month ago. What I did not know was that the idiots at AIG bought in. I think Listokin paid something like $19M for the site with Landmark approval for the smallish building in the old garden. I might be wrong about the price. If I am in the ballpark, and if AIG money is in the purchase, no wonder AIG went belly up. Even without cost overruns, the market for new condos had to remain strong through 2010 for this project to make sense.

    My guess is that Listokin is really under water with this conversion and AIG has figured that out. AIG should go after Listokin for the full monty.