Manhattan West has stalled, suspending construction until new financing can be secured. It’s kind of ironic, considering what the developer, Alex Edelstein stated in the press last year to another developer when his project was cancelled.
Gemstone Development who developed the Manhattan condos community on south Las Vegas boulevard has lost funding for the $350 million dollar project and is uncertain when new financing will (can) be secured, according to their CEO Alex Edelstein.
Manhattan West planned for 12 buildings, including a nine story tower that has already been topped off and was a mixed use project. The company is trying to finish the project for buyers that have already purchased condos and are still under contract for them. Another hurdle for Gemstone to complete the project is allegedly improperly built sections of the project need to be rebuild. That combined with the increased construction costs make the project’s future uncertain.
Hopefully they will be able to secure new funding and complete the project. Manhattan West had some of the most unique floorplans available in Las Vegas. Currently their sales center is closed, but I’m guessing it will be re-opened if new financing is secured.
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Pat Hurd 01.19.09 at 4:24 pm
I bought a condo from manhatten west in las vagus for my retirement, been tring to call them for weeks, I was suppose to close in Jan. Help, anyone have advice what I should do now?
admin 01.19.09 at 8:02 pm
Have you tried calling Gemstone directly. I know the CEO is currently seeking new financing to complete the project.
Pat Hurd 01.21.09 at 5:22 pm
I do not have Gemstone phone number, I have called the contact numbers I have but know one answers. If any one has that number please e-mail me at pathurd1@comcast.net In MN. things like this that happens we call the Dept. of Commerse, but Las vagus is different. Thank you, Pat
admin 01.23.09 at 12:46 pm
What has your agent advised? I sent you an email with some other information.
MW Buyer 01.26.09 at 3:54 pm
Anyone with questions about their ManhattanWest condominium purchases should call the title company, Title One, at (702) 853-5850. From what I understand, the deposits are going to be released back to buyers but I don’t know the time line.
Title One is holding all of the deposits in escrow in the meantime, and will have the best information as to when you will be able to get your deposit back.
Sam 02.07.09 at 2:27 am
I also have bought a condo unit at Manhattan West, and i have talk to title one and Gemstone but only once have i had talked to gemstone and they gave very poor answer the said just wait, but Title One was great and nice they answer alot of my questions and i was patient with them and today i recived a letter from Gemstones for the the refund they say they will return all the EMD to the people who bought it but didnt give an exact or an estimated time they just said in the year 2009.
MW Buyer 02.22.09 at 6:21 pm
The latest from Title One on ManhattanWest deposits is that the lenders have now also agreed to give back the deposit money to buyers. Title One said it should be about two to three weeks at the most before letters are sent out and once returned, checks are sent out. Good news for everyone who bought there. Nice to see that Gemstone did the right thing when things did not work out.
Jeremy 03.17.09 at 1:48 pm
Anyone get their check yet?
Pat 03.21.09 at 9:27 am
Received the letter weeks ago, still no check. Has anyone received their check yet?
Jeremy 03.23.09 at 7:34 pm
Just received my deposit check back in the mail today - and took it straight to the bank. Good luck everyone!
last first 04.23.09 at 5:21 pm
I would contact an attorney ASAP! A lot of condo developers across the country have halted construction due to the crashing RE market. If you are willing to wait for the build, then that’s great for the developer, and you will hopefully eventually get a condo as agreed. Otherwise, take a look at your purchase and sale agreement/contract, search it thoroughly for requisite dates (erection date, closing date, etc., etc., ) and bring the agreement to your attorneys office and start the proceedings to get your deposit monies back. FYI, a downcline in the market and a decrease in profits for the developer is NOT “force majeure” (i.e. unforeseen acts of God), and your deposit monies SHOULD be returned if the developer has not held up its end of the agreeement (i.e. condo is not complete). Hope this info helps.