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Condo plan effective.

1049 Fifth Avenue, one of the most expensive residential rehabilitation projects of the decade, recently declared its condominium plan effective.

In order to be declared effective, a project must sell 15 percent of its units. 1049 has far exceeded this criterion by selling 25 percent prior to construction completion.

Heller Equities Incorporated is the developer of the project.

Buyers for the 13 of 54 residences sold hail from all over the world: 85 percent from New York, with the remaining from as far away as Australia, Hong Kong, Brazil and Saudi Arabia.
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Title Annotation:condominium rehabilitation project declared effective
Publication:Real Estate Weekly
Date:Aug 19, 1992
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