The Apthorp, So Close but So Crazy

He said the group had also considered buying at 20 Pine, another Africa Israel building that bottom fishers descended upon when sales were slow: In January, a group called Venture Capital Properties sent letters advertising a 51.5 percent discount if the remaining 80 units were bought in bulk.

An hour after the conversation, Mr. Farricker’s site was pulled from the Web.

 

“THAT’S ALL A CROCK of shit,” the source at Africa Israel said about the Web site’s numbers. “The amount of misinformation and bullshit, mostly propagated by people who want to be bottom fishers, is tremendous. … Do I like it? No. Am I going to do anything to make it stop? No. What am I going to do? Jump up and down and scream? No. If it happens, it happens. At some point, people realize it’s bullshit.”

It’s not clear how low the Apthorp’s prices are allowed to go, but they have already reportedly fallen from the offering plan’s average of around $3,000 per square foot to $1,850.

“Look, there are a couple of really quirky old servants’ quarters that are really small and in weird places, and there are some—those that are totally trashed—that are going below $1,000,” the Africa Israel source said. “And with the exception of those, everything is going for considerably above.”

Still, even if the Apthorp meets its Sept. 15 deadline, profits won’t be huge. But the alternative is worse. “Let me put it this way: Even though we have, indeed, dropped the prices to accomplish that, I still, overall, feel good.”

mabelson@observer.com

The Apthorp, So Close but So Crazy