The Decline and Fall of 23 Caton Place


Last time we checked in on Caton on the Park, the aborted condo development across the street from the Kensington Stables it was last October and the site had already been frozen for six months. In its April issue, The Real Deal digs more deeply into the problems that have plagued the project. After paying $5.25 million for the property in 2005, developer Moshe Feller hired Karl Fischer to design a 107-unit, eight story condo building and, after some bad press for evicting the 13 horses that were housed on the site, got down to work. After numerous complaints about after-hours work and sketchy safety practices, the DOB issued a Stop Work Order last April when the building was about 40 percent complete. According to Corus Bank, which is currently pursuing foreclosure action against the property, cost overruns coincided with worsening market conditions. By June, with Feller unwilling to pony up more dough and his mezzanine lender in trouble, Corus filed to foreclose. According to one neighbor, area residents have come to learn the hard way that “the only thing worse than a new building that nobody likes is a half-finished building that nobody likes.”
Banks and Builders Battle [The Real Deal]
Little Progress on 23 Caton Place [Brownstoner] GMAP
Bank Sues Caton Place Developer [Brownstoner] DOB
Work Stops at Caton Place Condos [Brownstoner]
At 23 Caton Place, Laborers Labor on Labor Day [Brownstoner]

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