The first time a scandal hit the Sloane Mansion in New York city was more than a hundred years ago. At that time the wealthy carpet manufacturer who was furnishing the new mansions, hotels and clubs of the city deeded a mansion on Upper East Side for his wife, who has taken up with another [...]
Financial troubles hit another RFR Holding’s property. About 60 days ago, the loan that covers 980 Madison Avenue was put into special servicing because the lease held by Gagosian Gallery the largest tenant in the building with about 25% of the total space was set to expire at the end of last month. In the [...]
Developer Trevor Davis urged today a US Bankruptcy Court judge to allow the sale of six condo units at 1055 Park Avenue. He claims that although the project slipped into foreclosure he has signed contracts for five units and expected to have the sixth and final contract signed by the end of this week, so [...]
It will take more than ten years to clear up all the shadow inventory in the residential real estate market in New York state, Standard & Poor’s Rating Services reported. That is more than three times longer than it will take the rest of the nation, which is due to the greater time it takes [...]
CWCapital has acquired a residential building at 615 West 186th Street in a foreclosure auction. The city records show that the investor paid $8.21 million for the 76,212 square-foot, six-story building. Attorney Dayton Haigney was appointed as a referee of the building by BofA, which filed a foreclosure lawsuit against Wadsworth Avenue Holding LLC. The [...]
New Yorkers who can’t afford a home, can rent one. But what happens if a bank takes over an apartment building? There are lots of New Yorkers who pay live in foreclosed buildings and they have now a word to say. With the help of elected officials New York City tenants sue banks to force [...]
A nearly vacant office building in Midtown Manhattan is set for foreclosure auction. Its condo conversion is a victim of the market crash. Lehman Brothers is the holder of more than $325 million of defaulted debt on the property located at 1107 Broadway. The 321,000 square-foot commercial real estate it has scheduled a foreclosure auction [...]
It looks like foreclosure prevention agencies did something wrong, or their advocacy wasn’t too good, because more than 120 legal aid agencies are facing foreclosures themselves in New York, the New York Times reported. This means foreclosures wash away the helping hand the government offered to them, and the have to face foreclosure be alone. [...]
Not everybody gets a second chance, but a failed project near Madison Square Park in Manhattan got it. Victor Homes, a New Jersey developer, acquired the debt of the four-story commercial building at 241 Fifth Avenue, that was planned to become a 100-room hotel. The company aims to take control of the property using a [...]
