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Troubled at first, now a viable option for home

These notable buildings hit a few snags on the way up but were saved. Why they will still get rented.

The Continental

Developer: Tower 111, LLC and Goldstein Hill & West
Architect: Costas Kondylis and Goldstein Hill & West
Originally known as: Tower 111
Kind of looks like: The sleeve of a men’s button-down shirt.
Originally designed to be: Rentals
What went wrong:
» Almost never built
» Construction delays
Saved by: Cost-savings agreement with construction trade unions
Why it’ll still get rented:
» Asko washers and dryers in every apartment
» Empire State Building and downtown views
» Easy access to public transportation
Leasing and marketing: Citi Habitats Marketing Group
Size and pricing:
»53 Floors, 338 units
» Studios, 1, 2 bedrooms
» Starting at $2,610

New York by Gehry

Developer
: Forest City Ratner
Architect: Frank Gehry
Originally known as: Beekman Tower
Kind of looks like: A building from “Inception” or a sword from “Lord of the Rings”
Originally designed to be: Condominiums
What went wrong:
» Simply put: The Recession
» Financing doubts led to construction being halted at the 40th floor
» Forth side of facade “flattened” to cut costs
Saved by: Cost-savings agreement with construction trade union
Why it’ll still get rented:
» Over 600 unique layouts
» It’s the tallest residential building in North America — people will see it as an iconic place to live
Amenities: 50-foot pools, landscaped outdoor space, full health clubs
Leasing and marketing: Citi Habitats Marketing Group
Size and pricing:
»76 floors, 903 units
» Studios; 1-, 2-, 3-bed units
» Starting around $2,600

William Beaver House

Developer
: Andres Balazs and SDS Investments
Architect: Tsao & McKown
Originally known as: Kept same name
Kind of looks like: Cheese being grated
Originally designed to be: Condominiums
What went wrong:
» Condo sales suffered
» Buyers planned suit to get deposits returned
» $5.5M lawsuit filed against developer Tamir Sapir, followed by an argument by Sapir’s attorney that the client shouldn’t be held accountable due to a “deteriorating mental condition” he was suffering at the time
Saved by:
» Debt on building purchased by CIM Group, taking ownership of 209 unsold condo units
Why it’ll still get rented: If you’re in banking, why not walk to work?
Size and pricing:
» Studios, 1-, 2-, 3-bedroom units
» Starting at $3,325

 
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