Wednesday, January 17, 2007

More on the Broken Angel Condo Deal

Today's Daily News fills in more details about the story we reported yesterday about Broken Angel's future as condos, courtesy of developer Shahn Andersen. Creator Arthur Wood says he rejected offers of up to $1.8 million that would have destroyed the unique work of art he has created over time. Here's an excerpt from the story:
"It will be taller, more majestic. We may even light it up at night, and it will be nicer," Wood, 75, said yesterday.

He rejected offers of as much as $1.8 million that would have destroyed the 108-foot building in favor of one that will preserve it, he said.

He may even lose money, depending on how the condos sell, he added.

"It was tempting to take the money and leave, but I couldn't do that," Wood said. "The building is a living entity, and I wasn't about to abandon it."

Local developer Shahn Andersen agreed Saturday to buy a 50% stake in the structure, financing the rebuilding of Wood's creation with potential profits from condos.

While have concerns about a condo project, we're also realists about how things must be financed in an era whent the public sector is unwilling to help (and, in this case, has acted as the problem, rather than the solution.) We trust the team of Andersen & Wood will create a true Brooklyn landmark.

Related Post:
Broken Angel Sold and Saved: Will Become Condos

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