A management deal has been reached regarding the Apthorp condo conversion at 79th Street and Broadway, according to a release this morning (reprinted in full below). The deal transfers management from Mann Realty to an affiliate of the Feil Organization, and thus seems to end what’s become one of New York’s juiciest real estate soap operas of late (more on the saga here in this week’s Observer print edition).
Mann Realty and Africa Israel, owners of the historic, landmarked Apthorp, one of the crown jewel residential apartment houses in New York City, announced today that they have reached an agreement on internal management issues, and all of the outstanding issues between them have been satisfactorily resolved.
Mann Realty and Africa Israel have agreed to place Broadwall Management Corporation and Broadwall Consulting Services, affiliates of the Feil Organization, as the new Management team in order to move the project forward in the most dynamic and efficient manner. The Feil Organization is a full service real estate firm based in New York City and an existing investor in the Project.
Mann continues as an owner and director and is pleased to make his expertise available to the Feil Organization as needed.
The parties also expressed gratitude to their lenders, Anglo Irish and Apollo, for working with them towards this positive resolution.