Uptown Partners, a co-developer in one of Harlem’s tallest luxury condominiums, has filed for bankruptcy protection.
The company originated and remains a minority shareholder in Fifth on the Park, the new 28-story condominium that faces Marcus Garvey Park. It co-developed what it claims to be Harlem’s first market-rate condominium, The Lenox, which is between West 129th and West 130th streets on Lenox Avenue.
Lewis Futterman, co-founder of Uptown Partners, insisted that the company’s Chapter 11 filing had nothing to do with its newest property, which was just topped out one year ago.
Read the rest: Crain’s
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Posted in: Real Estate
anon
March 17, 2009
for those of you in contract trying to get out of it-i’m just curious why? has it just taken much longer than you were told? are you unhappy with the construction? or are you spooked by the bankrupcy filling?
just curious….
DC
March 17, 2009
I am in contract (regretably) with them and am trying to get out of my contract. I heard that there is a new law, called the United States Department of Housing and Urban Development’s Interstate Land Sales Full Disclosure Act, which allows a buyer to back out with their deposits. I’m not sure whether it can be used in this case. More details at http://ny.therealdeal.com/articles/buyers-look-to-40-year-old-federal-law-to-revoke-contracts
Anybody else looked into this?
Concerned
March 14, 2009
Oh my, i’m in contract also, I asked for my deposit back in Dec and the broker just said “No Way”. How will this affect the monthly common charges? I wonder if Banks will still give the buyers loans……
iloveharlem
March 14, 2009
Leo, I’m with you I did not inject race in this. Only to clarify that race has nothing to do with this. But it will all flush out in the end like it always does.
John
March 14, 2009
I am one of the “99″ in contract. Not happy. Have you located any others?
JPZ
March 2, 2009
There is plenty of blame to go around for the fiasco which is the Fifth on the Park condos! It is a debacle so huge in scale that no one race alone could have achieved it.
Read our 8 articles of complete Fifth on the Park coverage here:
http://manhattankids.blogspot.com/search/label/Fifth%20on%20the%20Park%20condos
ManhattanKids will keep covering this story from all angles and will delve into the issue of the 46 affordable housing rental apartments next and the $12 million which the Curch received in 2007.
Also we are looking for some of the 99 people who are in contract on full market rate condos at $1,000 per square foot and their efforts to either get their 10% deposits back ($100,000+) or walk away before the April 2009 closing table.
Leo
March 2, 2009
An interesting, relevant story about the current economic conditions, and the potential impact on Harlem. And the biggest conversation on here is about race… amazing. And very very sad.
This development is a monstrosity. The Church sold out its community (i.e. let the development be built – which could ONLY be built on Church land for landmark/zoning reasons) for the money (upfront payment and ongoing rental income from its new apartments). Nothing unusual there – Churches of all flavors have a long history of being motivated by money.
I’m more worried about what will happen to our community if the City has to cut back the police, cut back the street-cleaning. If the supporters of the Harlem Children’s Zone stop donating. All the improvements we have seen in recent years might fall back…
iloveharlem
February 27, 2009
anon, didn’t say that. Just stating the facts. Which you probably know as well as I, but choose to omit some important ones.
anon
February 27, 2009
oh well then i guess he has no responsibility for it and we can go back to blaming the white man for it. hooray!!!
moki
February 27, 2009
white man? black man? you people are ridiculous. what kind of thought process comes up with such results? would it have mattered if the developer was chinese or albino?
iloveharlem
February 27, 2009
Joe Holland the “black man” is really a minor partner in this. His job was to bring in the church, which he has had ties with for decades, into this deal.
anon
February 27, 2009
Actually the developer is not “the white man”…Joe Holland is a black man. And construction is continuing so there doesn’t seem to be any reason they wont get their apartments and their new church. and if they don’t, I’m sure they can keep themselves warm at night with the millions they were paid on top of this transaction.
also-the apartments werent set aside for their elderly. they are rental units intended as income for the church. they can rent them to anyone they want, and the point is to generate more money for the church.
but if it makes you feel better to believe the nice innocent church who just wants a home for old people is being ripped off by the evil white man, then you just keep believing that. dont let facts stand in your way.
Anonymous
February 26, 2009
The story about this no one is covering is how that Church sold the land, and had a set-a-side for their Church members in a certain number of apts. Lots of Harlem churches bought into the promise that was sold to them (and I have to say it), by the White man, the Developer, and have not had that promise realized. How is that Church impacted, I believe 100+ units were set – a – side for their elderly at special rent rates. Harlem gentrification is vanishing. There is a ton of bad news for developments and pretty much zero positive news going forward. for a very long time.
anon
February 26, 2009
I wouldn’t say that they lost money but rather that they probably didn’t make as much ast they wanted.
D. Bell
February 26, 2009
…but after how long? Didn’t sell they way they anticipated and I’m sure they lost a lot of money as a result.
anon
February 26, 2009
But the Lenox is sold out i thought?
D. Bell
February 26, 2009
Their major liability was the Lenox. It just didn’t crack up to be what they expected.