Developers reap bonanzas. Not always.

An item about the conversion of an office building on lower Fifth Avenue (illustrated in the photo at left) caught my eye last week.

The Wall Street Journal reported that the building at 141 Fifth Avenue has finally sold its last two condo units. It happens that an unidentified buyer paid $12.9 million for the apartments, according to the newspaper.

You might think, as I did, that the developer of the 34-unit building cleaned up, with the average price per square foot of $1,700 and sales said to total $112 million.

Think again. Continue reading