(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)

NEW YORK CITY-AREA Property Partners has taken full control at the Apthorp from Africa Israel Group following a recapitalization of the landmark apartment building, a spokesman for AREA confirms to GlobeSt.com. Earlier this morning, the New York Times reported that AFI has relinquished control of the project, but will maintain an ownership stake in the property, according to documents filed with the New York State Attorney General Eric Schneiderman.

As a condition to the recapitalization, AREA Real Estate Finance Corp. (AREFIN), its debt fund, assumed control of Apthorp Associates LLC, the sponsor under the condominium plan. Apthrop Associates will continue as the sponsor going forward and will direct operations at the property. Broadwall Management of the Apthorp and Broadwall Consulting Services, affiliates of the Feil Organization, will continue in their roles as project manager and owner’s representative and Corcoran Sunshine Marketing Group will continue as marketing and sales agent.