The Durst Organization and Continuum Partners have worked out a deal for a short sale on the would-be site of Harlem’s tallest buildings.
The Durst organization, which had held a little under $100M of distressed debt on 1800 Park Ave, will now end up with control of the property. Two 32-story, pyramidal mixed-use towers with almost 700 residential units were planned for the site by the firm helmed by Ian Bruce Eichner (above).
The Durst Organization had initially sought a foreclosure to wrest control of the property from Continuum, and had scheduled an auction that was to be held last month, according to The Real Deal.
A dollar figure for the transaction, which first appeared on property records last week, isn’t yet known. Because work had begun on the project, whatever ends up being built there will be eligible to receive the 421-a tax abatement. [TRD]
