NEW YORK CITY-After being faced with foreclosure, loan defaults and litigation, a formerly troubled condominium complex in Battery Park City has received a new lease on life. The Related Cos., the original developer of 225 Rector Pl., has bought back the building from Yair Levy and has reintroduced it to the Manhattan marketplace.

The company – also the developer of One Carnegie Hill on the Upper East Side and the Townhouses at Superior Ink in the West Village – is bringing 181 units back to the market with new amenities and design features. “The Related name alone is a powerful draw,” Sherry Tobak, director of sales at Related tells GlobeSt.com. “The fact that Related has taken over the building has drawn brokers to us and has drawn neighborhood buyers directly to the building because the reputation of the company is as such that people are excited to get into a Related building.”

Related, which developed the building in the early 2000s, sold the property to Levy in October 2005. After the building changed hands, an investigation by the New York Attorney General’s office revealed that Levy spent the residents’ reserve fund on his personal and general business expenses, GlobeSt.com previously reported. Residents sued, and in a June 2011 decision, a New York State Supreme Court judge banned Levy and his company, YL Rector Street LLC, from selling apartments in the state. The judgment also included a $7.4 million restitution to the Rector Square Condominium for defrauding residents and homebuyers.