You Windermere Some, You Lose Some

East Coast, Other
Tuesday, May 26, 2009
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The Windermere has seen better days, but will hopefully see them once again soon. (Courtesy LPC)

The Windermere has seen better days, but will hopefully see them once again soon. (Courtesy LPC)

The Observer is reporting that Windermere, an individual landmark dating from the late 19th Century located on West 57th Street, was recently purchased for $13 million, or an astounding $181-per-square-foot. The sumptuous red brick apartment building had fallen into disrepair some years ago after its Japanese owner apparently lost interest in it, leading to a lawsuit we covered last year.

Last Thursday, the commission announced [PDF] a landmark victory in its civil suit, which netted a record $1.1 million payment to the city, $2.6 million for seven displaced tenants of the former SRO, and an agreement from the new owner of the building to restore it to its former glory. (The suits had to be settled before the sale could go through.) So it looks like a win-win for everyone: An affordable gem for some enterprising developers, a windfall for the city, and a victory, most importantly, for those poor tenants.

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