“If we can create that perfect trend lifestyle for this building, for our targeted audience, we are not afraid to achieve $2,000 a square foot,” Woo said.

Although, this may be an overly optimistic target, one thing is for sure: there will be an upside.  According to the Wall Street Journal, the conversion to residential condos could equate to a $600,000 profit for each unit sold, assuming $1,000 sq/ft. basis.

Rob Stevenson, an analyst at Fox-Pitt Kelton, says that “any selling price north of $1,000 per square foot would drive more than $500 per square foot of pure profits (after selling costs) according to our educated ‘guestimates,’” .

The Art Deco building is the fifth tallest building in New York and had been owned by AIG since 1976 before changing ownership last year .

However, the property never reached occupancy as buyers pulled out with the softening market. As a result, any buyers that were able to close, swapped their condo for a unit next door at Oasis Tower II. Viktor’s bank (JP Morgan Chase) wouldn’t allow this, so he got stuck.

On the plus side, Victor and his wife and three children have access to the building’s amenities, including a  swimming pool and clubhouse, all to themselves.

SCI (Sports City International), a subsidiary or UAE-based Bukhatir Group (the company behind Dubai Sports City), has recently announced the start of a massive $5 billion sports-themed development in Tunisia, dubbed Tunis Sports City.

The project will cover a total of 256 hectares and is estimated to be completed by 2025. The first phase, “Cedar”, of Sports City includes the development of a first-class residential golf community comprised of high-rise apartment towers, villas, low-rise luxury residences, shopping mall and a PGA-certified golf course. The initial phase is slated to be completed in 5 years.

According to the SCI’s CEO, Paul Crosetta, 90% of the tower’s apartments have already been sold during the first week of sales.

New York’s legendary Upper West Side residential building, the Apthorp, now has 32 condos available for sale starting just above $1.5 million — a price reduction of 50%. The Apthorp occupies the entire block between Broadway, West End Avenue, 78th and 79th streets and will be undergoing a $30 million renovation in the upcoming months during a condo conversion process.

The prestigious building, once home to celebrities such as Al Pacino, Conan O’Brien and Nora Ephron,  has a September 15 regulatory deadline to sell 25 units (15% of the building’s inventory) otherwise the condo conversion process will be halted and the building will be reverted back to rentals.

“This is a once-in-a-lifetime opportunity to own a part of New York’s history at below market prices that will never be seen again – once we reach our conversion goal in September, prices will most certainly go up,” said Prudential Douglas Elliman chairman Howard Lorber in a statement last Tuesday.

“Once we reach our conversion goal in September, prices will most certainly go up,” says Lorber.

Whether this is true or not, garnering enough demand to keep the condo conversion afloat will be far from easy under the current market conditions in Manhattan.

In an attempt to get his deposit back, Shnaider filed suit in Manhattan Supreme Court last month and claimed the Brompton’s developer, The Related Companies, misrepresented the penthouse views, the height of the floors and a promise of direct access to a street-level gym.

Shnaider, a Ukrainian immigrant, has commercial real estate projects in Ukraine and Russia and previously partnered with Donald Trump to build Trump International Hotel and Tower in Toronto.

The Murano’s building owner, the Thomas Properties Group, will use the final bid prices from saturday as a basis to reprice the remaining 136 units in the building.

Accelerated Marketing Partners was responsible for completing the auction.

Terranea recently received a unanimous $8 Million stimulus package from the city of Rancho Palos Verdes to assure the opening.  The arrangement between the developer, Lowe Enterprises, and the city of Rancho Palos will allow Terranea to retain 10% of the hotel tax paid by customers for 27 months or receive $8 Million, whatever happens first.

The new 48-story, 270-residence Ritz-Carlton Residences in Philadelphia recently held a dedication ceremony to celebrate their opening. Prices for the condos range from $500,000 to $12 million and include signature Ritz-Carlton services and five-star amenities. The property is the tallest and most expensive residential building in the city, located on Avenue of the Arts.